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.
Have you tried signing up to an exchange that can change crypto to SGD without jumping through hoops? There are two local exchange that I know, Tokenize and NuMoney. Both are local start ups and they accept local fiat to crypto and vice-versa.
I think it is more profitable to buy eth and go hodl then mining if base on your post above. It may take you 14 months to recover just your cost. I strongly believe 14 months time eth is going to the moon. Hope so. LOL
I am casual reader of your blog from time to time, and was surprised to see you venture into crypto mining.
I have the same experience when i started my 1st rig last July, never build a PC before hence my first rig was built by a carouseller (of course at a premium price without any after sales service haha).
Nonetheless, I’ve taken the rig apart, resold the 1060 gpu, bought more 1070 gpu and eventually settled my rigs with all AMD Rx gpu as they are way cheaper than Nvidia cards, the resale value is not bad as well.
Till date I have built 4 rigs (sold 1, 2 in friend’s DC, 1 in my spare room), the journey is fun and yet challenging – troubleshooting the rig becomes my new hobby, somehow i enjoy it very much. My wife did complain the temperature rise due the rig at home, guess I have to move it out soon haha…
There is actually a local telegram group with Singapore miners sharing experience / knowledge, let me know if you are interested to join 🙂