Musk Ends Support for Cryptocurrency Miners: Impact and Analysis

Introduction

Welcome back to the hobbyist miner channel. Today’s discussion is going to center around a cryptomining topic that is generating quite a buzz within the mining community – the sudden shift to Ethereum Classic. For those of who you aren’t familiar with what we do here at the hobbyist miner channel, there’s always new content about crypto mining to help you stay ahead of the curve. Let’s delve into this.

Renovating the Crypto Mining Basement

Before we get started, it’s worth mentioning that a significant chunk of time was recently spent clearing out the basement in readiness for renovations. The idea is to create a dedicated space for mining, where mining rigs can be set up and a lot of stuff related to crypto mining stored.

This soon-to-be mining room will be about four and a half feet wide and will span the whole length of the basement, providing ample space for the mining operation. Additionally, this room will be wired up with a 3 30 amp 240 volt, which means there’s room for expansion.

Why Ethereum Classic?

The hot topic of the day, however, is why there’s a sudden rush towards Ethereum Classic. Just so you know, Ethereum Classic has experienced a crazy growth over the past few weeks. From a value of $18 – $19 at the beginning of April, the coin has skyrocketed to a whopping $123, marking at least 30% growth in a day.

For those miners who’d started mining Ethereum Classic way back in November, the tremendous growth must be having them singing. Think about it – if back then the coin was valued at around $14-$16, and now it’s trading as high as $150, that’s a massive profit in just six months!

Moving from RavenCoin to Ethereum Classic

This explosion of Ethereum Classic value is the reason why most miners, including those who had been mining RavenCoin, have been suddenly switching to Ethereum Classic. RavenCoin has been fairly consistent in the 15-17 cent mark, with some fluctuations like when the coin value peaked at 24 cents but later dipped to 12 cents.

So, when you contrast that with the potentially big returns currently being offered by Ethereum Classic, it’s not hard to see why a lot of miners are choosing Ethereum Classic. It’s worth noting that, until recently, RavenCoin had always been held in high regard due to its profitability margins and low difficulty level.

Personal Experience

From a personal perspective, I also tried mining Ethereum Classic three months ago. At that time, it was valued at about $15, and RavenCoin was highly recommended due to the profit margins and the difficulty levels it was offering. However, a decision was made to switch over to Ravencoin. Retrospectively, if I had kept mining Ethereum Classic, I’d be reaping big.

But as they say, better late than never, right? I have now switched back to mining Ethereum Classic.

Metrics and Mining Profitability

Here’s a quick rundown of the profitability and some statistics. With two mining rigs currently putting out about 325 mega hash, and considering power costs, the estimated profitability per day right now is about $35 on Ethereum Classic and $26.70 on RavenCoin. This is a stark shift from a couple of days ago when RavenCoin had always been significantly higher than Ethereum Classic.

Projected to a month, it costs just under $50 for power, and with Ethereum Classic’s current value, the mining profits sit at over $1000. It’s incredible.

Conclusion

This unprecedented shift to Ethereum Classic is a phenomenon that nobody saw coming. However, miners need to stay updated with trends, even though it’s not recommended to switch every day. It’s helpful to check at least every two weeks or once a month to know which coin is most profitable.

The big question is: did you make the switch to Ethereum Classic and how is this impacting your daily profitability? Remember to leave a comment, give a thumbs up, and subscribe to stay ahead with all things crypto!