Mining Bitcoin at Home: Week 8 Update by oleg326756

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mining · @oleg326756 · Dec 21 '16

$0.08

Mining Bitcoin at Home: Week 8 Update

<html>
<p>Hello everyone!</p>
<p>Another week has passed and on Christmas Day it will be exactly two months since I started my mining operations at home. In these two months the miner has earned a quarter of the price I paid for it. So far so good! More details in the weekly update below:</p>
<p><img src="https://lh3.googleusercontent.com/vJgnP355w5hNGBomXrowbgHB0V3SCcsViY8sgT-ZM_8PLl6wOQkIFsp-ESA3YgH8iN8EwhfI8VdWs-4rjzWVqKD0vqmkfoeyU7UXbez26JgC0wHLSwxPEtXRttubuu46IUKw7dcqfqfeEubqpjgVRIRpGD8yR7R1v25P75Vsp9fOIR7Y2dPkN5uU_2kLyp28TGM-2guMy9O8ZYKNcHumHYHQiymS4200L2IBhGxSy1hZmteZfJkugODL4JNgooMVTUEN52AFKduvaodNYDh0DpOAuOJ5Ps4SOvYRcM76Oxp89rFsw_Bk6Es0840wW0dkbuY3FFd_HGVILj974c8Cddk2XOkFQZmJ6YfWHhOvee9WgeEK5RMvYemnHj7NVUN4KCP7PyeC-YUj52KWlHlVxETk8s_aTJHxiAR9FnQS5AVjDob-Xtco2MmHQUwSUs6vSFyPlk0lkOwYQNvdb0Hi19O-QPIMc_izLtuI6p9BrM2uek8I7IGRTbHe-QBjdjM7Lb5YnX2NP63_R5n1Vz6OxI4MykQ3-X51FNsXzUgNDkQMhzB1O8ptooxU_1fyn6UvM3w662pb3bbsDnAMY8oAiLXQtZt44QlyntbLnR4Vk-FqnXLo5Xo3H05Z3bT_fz6wbhe3k_rAt4DkSA6Yl9-EqC3SlIRtwXqqxIycJFJxK4M=w873-h626-no" width="871" height="625"/></p>
<p><em>Who’s keeping me warm in the midst of the Swedish winter? This metal box is!</em></p>
<p>Just like in the past three weeks, I am continuing mining exclusively on Bitcoin.com’s mining pool. I see it as the winning strategy at this point, considering everything I learnt about mining on different pools in the first month of my home experiment.</p>
<p>The two most important changes from the previous weeks, however, are:</p>
<ol>
  <li>The drastic increase in the computational difficulty of Bitcoin’s hashing function.</li>
  <li>The drastic increase in the total computational power of Bitcoin.com’s minig pool.</li>
</ol>
<p>The combined effect of these two factors can be clearly seen in the weekly earnings in the table below:</p>
<p><img src="https://lh3.googleusercontent.com/4Me8mBayu33JhAqtveS-ysfuU5IZa8W52vPU4TbqVU0-nv-jvrtyS9oqCcULHnWzDPsDS5OYFmBxNm5RG-8dpKIPr9PH2vXTRFyqWHvPVVX03r9hDsRrr9m_B2rytrkCVpn30fi8HhaAB28YfxtXgXC3sWYX-JdgFUS9O5lqby02YX0hBNyyAI5MO2zaiCKPSpMdxTuFoofATPQscCky1vnDX9fULrLQ3Otga34S8r0yYCZ3rCzCUq7kYitvq6lwa7btiD6fdzCy0WCJk2qq2NKC89pPLXdxpdk0mJa63IBm2K1mYZW-UM0JOoCkkKh-C2Udv5sqxLIrR_Ij4MWdSQwBYCZoN650CacbcQ8E3bKWh2UDb_QoGOrxkc2kYwpswA8ulaWBNtHl1PZqCmPP65tCcP_SumWUOyVBv9TPse-_zXG0SD5oxM3mQ1gIULRNtefwOz4ARZqU85C-DANrItkQ0tfIXQOvOxkpw7KtvqTZ8cRFXFeKcBrjlu35uGFid8M6Zmpv6V6-rR9GGCuH4HU4lNBg9zuysTlyJnxFSMEP8DzlJ3S9UwZZpyufXsz_2kTC3nNOhqIKdQgm6b9tYFOyB5KB96CC9lvTC2gZBpp1R-t1k205ry3YTHNsRS8NKkDGmWNaYZZ61r2UUvCJ8tJO-XK3es_5fIM-Ke7EsaA=w696-h320-no" width="696" height="320"/></p>
<p>For the first, my miner’s share in the pool’s mining rewards per block found has decreased, because the same amount (12.5–13.5 BTC) has to be divided between more of the pool’s members, often with mining equipment more powerful than my Yukon SP30 (mining at 4 THash/s). Secondly, it’s becoming harder to find new blocks with the increased difficulty of the required computations. Thus, our mining pool has been founding fewer blocks in this past week.</p>
<p>As you can see, this week my mining profit has dropped by about <strong>0.01 BTC</strong> compared to the week before. I’m curious to see if the earnings will stabilise somewhat for the coming few weeks or if the drop will continue further. You and I will know the answer in the next week’s update. So stay tuned and leave your feedback in the comments section below!</p>
<p>&nbsp;<strong>Previous Updates:</strong></p>
<ul>
  <li><a href="https://steemit.com/mining/@oleg326756/my-new-miner-has-arrived-first-impressions">Week 0: Unpacking and Setting-Up</a></li>
  <li><a href="https://steemit.com/mining/@oleg326756/mining-bitcoin-at-home-week-1-update">Week 1 Update</a></li>
  <li><a href="https://steemit.com/mining/@oleg326756/mining-bitcoin-at-home-week-2-update">Week 2 Update</a></li>
  <li><a href="https://steemit.com/mining/@oleg326756/mining-bitcoin-at-home-week-3-update">Week 3 Update</a></li>
  <li><a href="https://steemit.com/mining/@oleg326756/mining-bitcoin-at-home-week-4-update">Week 4 Update</a></li>
  <li><a href="https://steemit.com/mining/@oleg326756/mining-bitcoin-at-home-week-5-update">Week 5 Update</a></li>
  <li><a href="https://steemit.com/mining/@oleg326756/mining-bitcoin-at-home-week-6-update">Week 6 Update</a></li>
  <li><a href="https://steemit.com/mining/@oleg326756/mining-bitcoin-at-home-week-7-update">Week 7 Update</a></li>
</ul>
<p><img src="http://www.wakeupcall.se/images/oleg326756.png"/></p>
</html>

👍 sirwinchester, fyrstikken, ezzy, sqube, gringalicious, cryptos, allasyummyfood, doitvoluntarily, kus-knee, getonthetrain, daveks, seanmeeh42, englishtchrivy, svamiva, strangerarray, kooshikoo, kennyskitchen, majes, stephen-somers, crowdfundedwhale, luisucv34, joanaltres, pickoum, kingscrown, oleg326756, robotev, steemvest17, inphiknit, sgtechservices, nin0000, dman57, billykeed, giftedgaia, smysullivan, the-ego-is-you, innafanz, lasseehlers, idnit, steem1653, digit, jdbry, idnit1, steemradio, lazariko12, murh, codydeeds, sonyanka, mrfoot, mistere, bugs, cherished, the-architect, alexma3x, adelja, smileyface, springtime, delightful, charm, simplest, victorious, angels, legends, alphailluminatus, idnit7, and 13 others

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vote details (77)

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murh	1,504,068,759	11%
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kus-knee	106,472,611,075	100%
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sonyanka	926,547,308	100%
billykeed	5,654,793,875	100%
ezzy	150,711,655,488	100%
strangerarray	28,694,432,756	100%
steem1653	2,493,295,070	60%
luisucv34	14,880,500,834	100%
nin0000	6,266,698,050	100%
kooshikoo	26,274,150,180	100%
allasyummyfood	112,370,555,546	100%
steemradio	1,706,545,508	100%
sirwinchester	258,027,463,763	44%
cryptos	119,979,693,796	50%
giftedgaia	5,254,438,061	100%
alexma3x	448,569,824	30%
lasseehlers	3,191,431,170	100%
englishtchrivy	40,956,973,866	100%
daveks	72,573,626,778	100%
getonthetrain	82,690,536,070	100%
doitvoluntarily	108,881,641,189	100%
the-ego-is-you	3,538,705,343	100%
gringalicious	145,102,514,655	100%
inphiknit	7,995,446,670	91%
pickoum	12,477,404,757	66%
robotev1	104,632,574	30%
robotev2	104,353,512	30%
robotev	10,047,891,207	30%
comeup	109,957,785	30%
seanmeeh42	57,358,843,244	100%
majes	19,348,522,529	100%
steemvest17	9,848,847,244	100%
digit	2,305,577,329	100%
jdbry	2,285,410,086	100%
idnit	2,806,005,475	100%
innafanz	3,329,939,431	100%
adelja	429,907,743	100%
joanaltres	14,135,983,549	20%
oleg326756	11,228,119,647	100%
sqube	147,372,459,159	100%
crowdfundedwhale	16,601,720,140	50%
nigelmarkdias	129,251,405	100%
mrfoot	862,568,742	100%
mistere	614,364,928	100%
smysullivan	3,579,714,012	50%
dman57	6,043,899,637	100%
bugs	569,826,953	100%
idnit1	1,709,887,854	100%
codydeeds	1,140,613,563	100%
cherished	514,251,910	100%
the-architect	514,249,924	100%
idnit0	154,399,384	100%
witidnit10	107,153,339	100%
alphailluminatus	244,600,160	100%
smileyface	409,888,278	100%
angels	393,157,831	100%
springtime	409,887,716	100%
delightful	409,887,575	100%
charm	409,887,574	100%
simplest	409,886,973	100%
idnit2	124,296,528	100%
idnit3	121,272,331	100%
idnit4	122,516,479	100%
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@englishtchrivy · Dec 21 '16

@oleg326756  I went to a btc meet up last Sunday and met 2 German guys there and one of them knows about Steemit already but hasn't given it  a try yet, I showed them my page and they scrolled and checked out some of the comments, resteemed posts on it and authors who commented found one about mining - that's the only thing that got them reading 
so you're doing a great job!

👍 oleg326756

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properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
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@oleg326756 · Dec 21 '16

Wow, that's amazing, @englishtchrivy! Thank you for sharing this with me! And thank you for spreading the word about Steem among bitcoiners. In fact, we do the same at our Bitcoin Meetups in Uppsala and Gävle. We mention Steem and talk about it and other blockchain technologies, not only the Bitcoin Blockchain.

Right back at you: keep up your great work! ;)

👍 the-ego-is-you

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the-ego-is-you	0 B		3,538,705,343	100%

@fatso · Jun 23 '17

Thanx for the post ,i love mining ,though i don't have mining equipments, im bless to have a platform to do that
#bitclub

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@getonthetrain · Dec 21 '16

How profitable do you think it is compared to your ongoing expenses?

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@bugs · Dec 21 '16

This is the question every miner is asking.

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@oleg326756 · Dec 21 '16

Great question, @getonthetrain, thank you!

No ongoing expenses whatsoever. My electricity costs are included in the monthly rent, at a flat rate (that is, independent of the actual amount of electricity consumed). Thus, for the purpose of mining profitability calculations, earnings = profit. If it wasn’t for this particular circumstance – plus a bunch of other favourable factors, such as: the low price of the miner I found on eBay, no sales tax since the seller too was in the EU, no external PSU required, since the miner comes with two built-in ones, plus the cold Swedish winter that helps to keep the miner and the apartment cool – I probably wouldn’t have started mining at home in the first place.

👍 getonthetrain

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@kus-knee · Dec 21 '16 (edited)

Interesting project and the "free" electricity is key to your success. Do you expect to be into profit in another 6 months?

**@kus-knee (The Old Dog)**

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1 reply

@kingscrown · Dec 21 '16

mining at home esp in winter is great :)

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@oleg326756 · Dec 21 '16

True that! I'm not sure it will be possible to continue in summer. Maybe in a cool cellar with good ventilation…

properties (22)

@linkback-bot-v0 · Dec 23 '16

This post has been linked to from another place on Steem.


  - [Is lazy curation a new Mining ?](https://steemit.com/steemit/@svamiva/is-lazy-curation-a-new-mining) by @svamiva

  - [Latest Headlines in All Things Crypto - 12/21/2016 - Bitcoin Currently $837 / Steem Currently $0.13](https://steemit.com/bitcoin/@dailybitcoinnews/latest-headlines-in-all-things-crypto-12-21-2016-bitcoin-currently-usd831-steem-currently-usd0-13) by @dailybitcoinnews




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@screenname · Dec 21 '16

Re: Mining Bitcoin at Home: Week 8 Update

<p>This post has been ranked within the top 80 most undervalued posts in the first half of Dec 21. We estimate that this post is undervalued by $5.03 as compared to a scenario in which every voter had an equal say.</p> 
<p>See the full rankings and details in <a href="https://steemit.com/curation/@screenname/the-daily-tribune-most-undervalued-posts-of-dec-21---part-i">The Daily Tribune: Dec 21 - Part I</a>. You can also read about some of our methodology, data analysis and technical details in <a href="https://steemit.com/curation/@screenname/introducing-the-daily-tribune-most-undervalued-posts-of-nov-04---part-i">our initial post</a>.</p>
<p>If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.</p>

👍 fyrstikken, the-ego-is-you

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@svamiva · Dec 22 '16

Hi Oleg,
I wrote a post recently comparing your mining experience with mine experience of curation on Steemit, you might be interested
https://steemit.com/steemit/@svamiva/is-lazy-curation-a-new-mining

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@oleg326756 · Dec 22 '16

Oh, it looks really interesting, thank you for sharing! Reading it now. :)

👍 svamiva

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