Mining, Steem, Reddit and Money - Why I both love and hate the internet.
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I'm getting ready to order parts for my first mining rig this week. With a view to expanding this over the next 12 months, I'm using this as a "Proof of Concept" effort, in that if it proves to be profitable, I'll be expanding to 40-60 cards early next year.
So what does this have to do with Steem and Reddit?
Well, once upon a time, I'm sure many of you were similarly nervous about getting into mining. There are profits to be made if you do things right. After 3 months of research, every time I think I'm ready to dive in, there's a cause for concern. Right now, I'm debating 1060 6Gb vs RX 580 8Gb, and considering things like the amd hashrate drop coming soon, other alt coins etc., I'm more confused than ever!
Back to the reddit/steem thing. While reddit people reply quicker than on steem, there is less encouragement there than here. I've been greeted with "this noob is in for a big shock" over there. Nice. Encouraging. But they've also got some good guides. So, rant over.
In conclusion, confused and stressed about GPU choices, nervous about actually getting into mining, mildly miffed with reddit.
Should I actually get into mining at this stage?
Just an FYI there is no way to mine steem. It switched to DPOS so if you were planning on mining it well your out of luck.
that's an interesting post thanks a lot for sharing it and keep on posting ;)
Thanks! Its a confusing endeavor, and its very frustrating when people are so negative about it. On paper, i think theres money to be made, especially when i see posts by people running 50+ cards. Im thinking that a lot of it comes down to how you manage your setup, but i could really use some advice from some more experienced miners!!
Perhaps I am wrong but is mining not going to places where electricity and hardware are cheap? Not something for the average user.
Yeah the electricity cost is a big one. Fortunately, solar technology is making leaps and bounds. My electricity (and heating) is already being cost offset by solar. It works out at about 3c/kWh.