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.
