For the past month I've been mining Burst (the Eco-Coin) with an 8TB HD. Let's see how well I'm doing.
Once I discovered Burst and how easy it was to mine I jumped right in. I bought hundreds of thousands of them back when they were trading at 77sat, today it's trading at 200+sat ➶ . I bought some assets and collect the dividends which are about a cup of coffee and a doughnut per week. I'm still holding on to most of my Uniburst asset but the payout has gotten smaller. I should probably start looking for another asset to switch to.
At the same time I committed to mining Burst but it did take a few months to get up and running with life and all that jazz. All I needed was a lot of free hard drive space, the more the better. The nature of Burst mining is quite different than most other coins. It's called POC or Proof of Capacity mining. So my graphic card and CPU are not running nonstop 24/7. It only requires a small amount of electricity every 4 minutes for about 3 seconds using less power per day than what a mobile phone would take to recharge from empty to full. This does depend on how big your rig is but it’s still dirt cheap.
Big or Tiny you can make some money, promise
This is why it is nick named the Eco-Coin. Also it's pretty much self running once you get all set up. You don't need to worry about the heat and keeping the rig cool, it's doesn't create heat. CPU and GPU cards break down and unless you're tech savvy this is really problematic, especially for a guy like me. With Burst I just down load as much of the chain on to my HD called Plotting. This can take time and this is the only time that mining Burst will use up more electricity. During this time your CPU will be running nonstop until the space you allotted is full. After that it’s easy street.
It took me several tries and then 14 nonstop days of my CPU running at the start plotting. I plotted 7,300TB using 75% CPU since I need to use my computer for other things at the same time. I'm sure I could have reduced that time by giving 100% power and not using my computer until it was done.
I had troubles but the fine folks over at https://www.burstnation.com/ were very patient and supportive during the weeks it took me to get it up and running. Thanks to them again Burst Community.
Well, I've been mining for a few weeks now in a pool. I bounced around a couple pools learning how it all works. Not all pools are suitable for all miners. Depending on the size of your plot(s) you can only join certain pools. Some want huge 100TB + only others want less than a 1Gig and some have a combination of anywhere in between.
As beginner I recommend http://pool.burstmining.club/ because their interface is easier to understand and learn from. I stared at it for hours figuring it out and what it all meant. For mining my Burst account name is BurstingTears.
Within minutes of mining and checking this website I saw I had hit a Token, I think that’s what Fastest Deadline means. Lol I was super excited and it was a good omen. However it almost never happens and the bottom half of the screen shot above is what I get more often in this pool.
I switched to http://burst.lexitoshi.uk/# and it’s much more rewarding for me when I get my daily payouts. Though this interface isn’t as easy on the eyes with my size hard drive I get better returns.
To be honest both interfaces suck and need a lot of work to make them user friendly or least not have parts over lap each other in a garbled mess.
This is what the miner looks like. Simple, this window along with the wallet must always be open and synced.
It runs in the background using up almost 0 CPU, you won’t even notice it other than the random clicks when the miner syncs with the chain every 4 mins.
Your rewards will be based on how many Burst Tokens the people in your pool find. I think 1 Burst Token has 10,00 Burst coins. The person who finds the token gets a bigger share while the other people in the pool divide up what’s left. This is also not an even divvying up. Depending on how soon your miner acknowledges the token the more of the shared portion you will receive. Some pools are 50-50 for the miner and the others. Some are 60-40 or 40-60.
The larger your plot(s) the more likely you are to find a token and be higher up in the shares. However it is, though improbable, possible to find a token solo mining with 1G but this is like getting hit by lightening. Pool payouts happen every 24 hours direct to your wallet.
These are my mining payouts since I’ve started mining. I will try Solo Mining for a few weeks after my next payout to see what’s best for me.
Now I know many people dislike Burst. I can understand why. It's incredibly slow transactions. I mean it's like retarded slow. When I make a transaction on Burst I literally leave my home go run some errands for a couple hours and still it hasn’t gone through even when I pay 35Burst for the faster speeds. Ugh!
Some people also say it’s faulty and not as secure as the more popular coins, I have no opinion on that as it is still out of my realm. I can tell you that it's meant to be used on the Burst asset exchange and they have a casino which keeps people buying the coins on the market, dirt cheap but there is a use and market for them that I do understand.
For The Record Burst Has NOTHING on Bitshares
Bitshares is a lot more advanced and offers more security and real life assets used in business projects for funding while Burst is mostly just assets dealing with Crypto in general, mostly its own stuff. It's also lightening fast.
The reason I mine Burst aside from the above mentioned is I can trade it into something else on the exchange to turn a bigger profit. (I mostly buy BTS and I’m waiting for it to reach a dime) Of course it’s all risk when trading on the markets but I’m doing alright thus far. Plus it won’t hurt so much to lose since I didn’t put much cash into the rig. I pretty much paid for everything with Steem and trade profits on the market. Burst is especially cheaper when compared to mining with GPU’s 24/7 using high energy costs and labour.
How much BTS have I bought with Burst since I started mining?
In total I am using about 5,000 BTS to chip away at the markets buying low and selling high. I do have a tens of thousands more I’m holding until the summer or when it reaches the sale order price set. I hope to keep increasing my long term holding of BTS using my Burst mining.
So all I can say is it works for me. I hope it’s working for many others too. The more people that start mining the quicker the transactions will become and there’s still tons of Burst to find. Their developers are still active and working to make it better.
(Edit day 4 - I should add please add me to your burstnation network my Burst nation ID is @SolarBurst)
Image credits and Sources
https://bitcointalk.org/index.php?topic=1323657.0
You can actually use any size thumb drive even one laying around your house. Even spare space on your computer.
https://www.amazon.com/ASICMiner-Block-Erupter-USB-Sapphire/dp/B00CUJT7TO
https://www.burstnation.com/wbb/index.php?thread/283-wow-get-a-piece-of-the-legendary-o-g-burst-mining-rig-on-the-cheap-but-hurry-it/