My Ethereum Mining Journey 4 Months Update

At that point when I build my Ethereum mining rig back in February, 1 ETH equals to roughly S$1,774.26. At the point of writing this post, 1 ETH roughly equals to S$962.80. Base on a weekly mining reward of 0.08064665 ETH generated from my Ethereum mining rig, I am able to mine a total of roughly 0.08064665 x 4 weeks = 0.3225866 ETH. Based on current price, this equates to S$307.88 per month. Of course, this is before the deduction of electricity costs. If I deduct away the cost of electricity (estimate S$95 monthly), the remaining profit is roughly S$212.88.

The price of Ethereum is extremely volatile. As you can see, the value of Ethereum fell by almost 50% since February. This month, we see the price of Ethereum recovering slightly back to the 1K price levels.

With Coinbase pulling the plug on Xfers, I have signed up for a new wallet with Coinhako. There are mixed reviews for Coinhako but this is the only cryptocurrency wallet I found in Singapore that supports Xfers. I personally like Xfers as it is extremely easy to cash out the profits from the sale of Ethereum to my bank account.

As the price of ETH remains depressed, I guess it might take longer for me to break even my initial cost of investment of 3K for my Ethereum mining rig.

Coinbase Pulls Plug on Xfers

The journey into Cryptocurrency has not been easy. Recently, Ethereum has been on a downtrend with prices falling below USD$500. Today, I received a notification from Coinbase, the digital wallet that I am currently using to cash out the Ethereum from my mining (Profit Update After A Month of Mining Ethereum).

Coinbase notified that they are going to sunset Xfers on 15th May 2018. Currently, if you sell Ethereum using Coinbase, you can deposit the sale profits to Xfers and then use Xfers to transfer the cash to your Singapore local bank account.

On May 15th, 2018, Coinbase will pause the ability to buy or sell digital assets using the Xfers integration.

The growth of cryptocurrency interest within Singapore is heartening. However, we soon realized that the Coinbase/Xfers integration is not suitable in its current form to handle the growth. This change will allow both companies to prioritize efforts to provide a better payment experience for customers and focus resources on new projects. – Coinbase FAQ

What Is the Impact to Singapore Customers?

You can still pay for your purchase of Ethereum or Bitcoin using your credit card but you cannot sell Ethereum or Bitcoin on Coinbase! OMG, this means there is no way for you to cash out your digital assets!

I guess I have to source for a new method to cash out my profits from Ethereum. Can someone share an alternative?

Profit Update After A Month of Mining Ethereum

I have been mining Ethereum for slightly more than a month since I built my own Ethereum mining rig in end January 2018 (Read more here: My Sweet Retirement Builds A Cryptocurrency Mining Rig).

Below shows the Ethereum I have sent to my Coinbase account from another the wallet that I received the mining profit. For your information, Coinbase does not accept mining profits directly. As such, you need to use another wallet to receive the profits such as MyEtherWallet.

As you can see, a full month of mining roughly works out to be S$497.76 of profit. Just to test out whether my Xfers Account is working, I cashed out S$11.95 on the 17th of February 2018. Coinbase has a flat charge of S$1.00 for selling and depositing the cash into Xfers. Read More