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RE: Gridcoin Pool Mining 101 - Start Here!
It will, unless you are running particularly old hardware (with some exceptions), or you have very expensive power in your area.
Regardless, the primary end goal here is moving humanity forward through encouraging, promoting and supporting scientific research. Even if you break even, that is a phenomenal goal to achieve!
I currently have 8.196¢/kWh Would that be considered high /low/ middle? I'm doing it on a desktop computer core i5 with at GTX 970. Do you think that would break even, better, or loss? I love the encouraging, promoting and supporting scientific research side of things, but I can't afford to do it for free. My notion is to roll it in to steem once I have a decent amount. I am mining as we speak. Just have not received any coins yet. I don't have a clue how long it will take on my rig.
In my books 8.196¢/kWh is very cheap power. Your CPU may or may not run profitably as it is, depending on what i5 you have. Regarding the GPU, you can definitely break even on that, as it is almost top-of-the-line from last generation.
Remember that the price of GRC is currently practically bottomed out, like most altcoins, as investors are moving their money into BTC. When BTC settles or corrects, I would expect a significant rise in GRC price. Best to mine when it's easy!
About receiving coins, have you sent a beacon yet? If so, have you staked a noobie block (about 1 GRC)?
That makes sense. Would the same be said of the Steem price? ie. It's affected by the move of investors to BTC? That would explain a lot. I hope it settles soon! Lol. I don't have bitcoin.
I have not sent a beacon yet. I don't have any coins to send lol. I tried the traditional faucets, but they were all dry last time I checked. I'm mining in a pool at the moment. Once I get a few coins I'll send a beacon. I'm still not clear on why I have to do this, but I think it is something I'm supposed to do as early as possible.
I would definitely say so. If you look at the altcoin market, everything (bar a few) has been falling as investors move onto the BTC train.
You only have to send a beacon if you want to solo mine. So, if you are happy pool mining, you don't have to do it at all. The beacon registers your CPID with the Gridcoin network, which allows the network to reward you for the research you have done. When pool mining, you are mining for the pool CPID, so the pool has to send the beacon (which it did when it was first formed).
In my opinion, the best faucet is here. That is also the home of our best block explorer.
Yeah, that is what I figured. I do want to solo mine eventually. I'll check that faucet out. Can you explain to us what magnitude is? How is it earned? What effect does it have on your earning?
Sure. When you run any BOINC project on your machine, you earn credits. The rate at which your earn credits is called Recent Average Credits (RAC) by BOINC. Your magnitude on each project is a function of your RAC, relative to everyone one else on Team Gridcoin's in that project.
RAC builds up over time, and takes about 4 to 5 weeks to peak. This means your mag will also peak after 4-5 weeks.
Your magnitude is the translated to how many Gridcoin you mint per day through a number called the mag_unit. Currently this is 0.175, meaning that for every unit of magnitude, you will mint 0.175 GRC per day.
I just checked out that faucet, and it requires my cpid. I don't have a cpid because I'm only mining in a pool. So I guess I'm out of luck on that one too. It's ok, I'll just wait for my pool payout. Ideally you would say solo mining is the way to go long term though?
My bad on that one - I had forgotten that @sc-steemit (who operates that faucet) recently changed the rules to only accept CPIDs and not wallet addresses to prevent abuse.
I definitely think solo mining is the way to go long term - it is how the system was designed to be used. You will be able to participate in community votes, stake interest on your whole balance as soon as you mine it, and improve the security of the network. You will also not be paying any pool fees.