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.
Thanks for sharing! What’s going to happen when proof-of-stake comes along to eventually replace proof-of-work? Are you planning to mine another currency?
it will be interesting if this can be consistant for the next few months. as the ETH mining will get more difficult.
Btw, how difficult is it to switch say, from mining ETH to BTC? is there any hardware / software changes required?
also , did u place it in an aircon room or such? i have seen pics whereby the owners put a huge blower to reduce the heat.
Thanks for the info.
Time to buy a second miner?
You have not factored in the cost of equipment. What is your ROI on that investment.?
Hi Andreas, I spent roughly 3K on the mining rig. Still recovering back the cost.
Hi again,
I think your electricity bills may fluctuate, Because the way SP power charges is they charge based on forecast and not on actual usage.So it will be good to see the bills for the next few months then average it across. I currently have 1 rig based on 6 GPUs giving a hash rate about 180, i have the room fully airconditioned running it 24/7. Using a fan is a good idea but my room got no window leh. my bill is about $200 SGD(excluding my normal electiricy expenses)
Happy to share!
Hi Teck Beng, unfortunately I do not have the luxury of air con. I just a normal fan to blow the heat generated away. I also leave the windows open for air ventilation.
Logically you can’t take it as actual profit as your cost of the rig has not been recovered yet. As mentioned in your rig building post, estimated six months before recovering cost. Maybe you could consider mining alt-coins and see if it can be flipped back to ETH for higher profit?
Hi AK, thanks for the advice. That’s right, I am still recovering the cost of my mining rig.
Hmm, unless there wording in the article has been changed, I see no problem with it being called profit since the key term isn’t “Net Profit”.
It’s a good gauge of gross profit before you start deducting PPE depreciation.
Hi,
I am new to mining too.
Understand the minimum payout for nanopool was 0.05 Eth, how long it took before it appear in your ETH wallet?
Also noticed that during mining, there is prompt like “Socket was closed remotely (by pool), it this normal?
Hi, I am not using ethermine. During mining pool (server) maintenance, they will usually swing the connection to another secondary server. During the swing, you may encounter socket closed remotely (by pool) error. After that, it will connect back successfully after the swing is complete. It happens for ethermine too.
I am also using nanopool. just got the system running for 1.5 days. so far myetherwallet still show 0 ETH.
understand it will only deposit once it reach 0.05 eth.
was wondering if you exit and re-join the mining pool, would the earning of the ETH be resetted or continue from where u stop.
I am also using nanopool. just got the system running for 1.5 days. so far myetherwallet still show 0 ETH.
understand it will only deposit once it reach 0.05 eth.
was wondering if you exit and re-join the mining pool, would the earning of the ETH be resetted or continue from where u stop.