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Welcome to the Hobbyist Miner Channel
This space is dedicated to miners worldwide who, like me, venture into the world of cryptocurrency mining. This journey commenced approximately 45 days ago with the acquisition of my first mining rig. Since then, I have learned many lessons, not only on the mining process but also on its financial aspect. My journey comprises determining the right setup, analyzing the profit margins and breaking even.
The First Mining Rig
My first mining rig is a six GPU mining setup, currently averaging 13-14 mega hashes. Having been running this rig for 32 days, I found that it met all my initial expectations. The exploration of its performance, potential profits, and break-even point presents an engaging story.
Analyzing the Performance of the Mining Rig
How Much Ravencoin Have We Mined?
Upon diving into the data gathered over 32 days, I found that I have mined a Ravencoin total of 3030. The setup I used is based on the Kapow algorithm with T-miner on the Two Miners pool. The average hash rate is 80 mega hashes.
The Financial Aspect of the Mining Rig
The cost of setting up the mining rig was a crucial factor to consider. Necessary components donated by a friend included a Vetta frame, Asus B250 mining motherboard, and six GPU risers. I spent a total of $243.97 on additional parts: a 750-Watt Bronze power supply, an HP power supply breakout board, and various cables and splitters. For future expansion, I invested in cooling fans, additional power supplies, and longer USB cables. When adding the $649.98 spent on the six Sapphire Nitro RX 474 4GB GPU cards, the total cost of this six GPU rig sums up to $893.95.
Evaluating Profits and Break-even Point
Assessing Daily Profits from Ravencoin Mining
With the current Ravencoin daily mining rate of 94.6875 and its existing price of 0.18 USD, the resulting daily profit is about $17.41.
Determining the Break-even Point for the Mining Rig
To find out when I could expect to break even, I divided the total expenses by the daily profit, coming to approximately 51 days. The reality is that this break-even point seems attractive because of the substantially cost-reducing donations received at the start. Accounting for future rigs, where every component will be purchased, the cost and, therefore, the break-even point are expected to be significantly higher.
Everyone’s journey of cryptocurrency mining is unique and depends greatly on their individual setups and costs. In my case, I am making $17.41 a day off of Ravencoin, mining 94.6875 coins per day. Though I started with lower costs due to donated equipment, these figures provide realistic expectations for those venturing into mining.
As William Feather once said, “Wealth flows from energy and ideas,” and the world of mining is merely a testament to this. With each passing day, the exploration of mining continues to surprise, challenge, and gratify miners worldwide, just as it does for me at the Hobbyist Miner Channel.
Please subscribe, drop any queries or insights in the comments below, or inform me if you notice inaccuracies in my calculations. Your feedback helps to grow and refine this mining community.