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.
Many readers are curious about the Electricity bill incurred from mining. As you can see from my electricity bill below, there is a significant increase in electricity consumption ever since I started running my Ethereum mining rig 24 hours a day, 7 days a week.
My normal household total electricity consumption is roughly 438 kWh per month. After running a mining rig, it shot up to 882 kWh in February 2018. This works out to be 444 kWh of additional electricity consumption by the mining rig. Based on the rate of S$0.2156 per kWh, the cost of the total electricity consumed by the mining rig is S$95.7264.
Monthly Mining Profit = S$497.76
Monthly Electricity Cost = S$95.73
Profit after deducting electricity cost = S$402.03
That’s it, if you are ready to jump onto the cryptocurrency wagon, sign up via my referral link (Coinbase), you and me will get SGD13 of free bitcoin! For instructions on how to open a Coinbase account, read more here How to Open a Coinbase Account.