At first I wrote a whole post about how I have tried and failed to begin mining. However, I gave myself a bit of space and a few days away from trying to sort out my mining issues.
The Story Until Now:
I bought an old-used desktop about two months ago not knowing really anything about what it could mine or really much of anything about computer components. During my reflection on my passive income for the month of June I recognized how unprofitable the computer was (and how much it was actually costing me in electricity to run it). The 240 Gpu that was in the PC was so old that it was unusable for mining, a fact that I did not know until after purchase. So then I started keeping an eye on the various GPU marketplace reddit pages until I found a 1060 3gb GPU for around MSRP. I had a lot of fun learning how to remove and add the new GPU drivers, installing the shiny new GPU and installing a brand new PSU to power it. Then, my frustrations began.
Prior to buying the new GPU I had read that Ravencoin was mineable on a 3gb GPU IF it was mined on Linux. Since RVN was often quoted as being the most profitable coin for a 1060, I installed Linux on my PC (the SSD was too full for a partition so now my Windows is gone). Alas, the DAG file was still too large for the GPU. I swallowed that loss and switched to mining Ethereum Classic. There are several other coins that Cryp0zone says is more profitable to mine, but, they are various alt-coins that (A) I know nothing about and (B) when I looked into them their communities are 2-3 years dead. I really don’t want to chase profit day by day, especially when I have a small understanding of mining algorithms and I don’t want to waste my time mining for dead projects.
Nonetheless, the daily profit crypt0zone quotes me at is a measly $.01 per day, and that’s where I fell into my pit of despair. I had spent several hundred dollars, several days of research and constructing, all for .01 a day? Here is my quick choice of Linux came back to bite me; Nicehash quotes me at $.26 per day with their algorithm…but their only choice is a buggy USB driven software that is thus far inoperable on my computer. After several failed attempts at running NiceHash on my desktop, I gave up, threw in the towel, and started looking for an exit on the whole scheme. I was disheartened and ready to liquidate my computer and put it on buying Bitcoin to collect an APY.
That was my mindset for two days; kicking myself for rushing into a project that I knew nothing about, not doing my research before hand and ultimately tossing cash on the fire. After two days of not even being able to look at my desktop, I had a change of heart. (Currently I deliver pizza while I’m attending graduate school.) Amidst my despair, I delivered a pizza and received my tip, part of it being a $2 bill. It feels and sounds ridiculous to say, but something about having that $2 bill in my pocket brings me hope that if I hold onto my equipment and push past all the difficulties I’ve been having with mining, I believe that I can succeed with it.
The Story Starting Now:
Today I am resolved to sort out the mess I’ve made of my mining PC, in whatever way that may be. I don’t think I need to find a way back to the Windows OS I so quickly did away with. However, I think Nicehash is my best option that I have available to me today. So my first order of business is to sort out the Nicehash USB software. Once I have that resolved, I need to repay myself for the money I’ve put out for this project (that was rent money!) so that I can feel balanced enough to move up from the 1060 3gb. On top of that, I plan on waiting out the hyperinflated prices of the current GPU market, I recognize that I was lucky to get a used GPU close to MSRP and I don’t intend on dishing out money for scalpers selling their overpriced chips when the chip shortage is (hopefully) coming to an end.
In the end, I’m not entirely sure if I’m making the wrong or right choice in this matter, and I don’t think anyone could really say one way or the other. I know that I don’t want to give up on mining, I’ve been attracted by the premise of minting a currency that I can own from the hard work of the devices I have stewardship of. To give up on that goal of mining for ME is not possible. I have every intention of building more mining gear in the future as I learn more about the process, for now this is my starting point and it seems to be as good as any place to start.
Thanks for reading, I hope you all are well