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.

My Bitcoin and Ethereum Speculation

Previously, I blogged about how to open a Coinbase account to purchase Cryptocurrency such as Bitcoin, Ethereum or Litecoin which has been the hottest topic in town recently.

Around 1 week ago, I did my first Bitcoin purchase of S$200. For first time buyers, there is a Buy limit of S$200 imposed by Coinbase. After you done your first purchase, the buy limit will start from zero and increase day by day until it reaches back to S$200. On Monday, I bought another S$200 of Ethereum.

My current total speculation is S$400 with gains of S$49.91. That is a gain of 12.48% over roughly 2 weeks.

My experiences with Bitcoin and Ethereum are:- Read More

How to Open a Coinbase Account

Cryptocurrency has been the latest talk in town. Recently, I have been reading up on Bitcoin, Ethereum and Litecoin. There are many news how Bitcoin soar pass 18K and higher. Typing “1 BTC to SGD” gives you the above exchange rate. 1 Bitcoin is equivalent to SGD$19,249.98.

I was wondering how we can purchase them in Singapore. After googling, I found an exchange called Coinbase that lets you buy and sell cryptocurrency.

I also found out there are also other financial bloggers that uses Coinbase and I decided to try open an account. Read More