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Exploring the World of Spec Mining
In today’s article, we’re kicking off a new series on the channel that dives into the realm of speculative mining. This series will explore different algorithms and cryptocurrencies that have entered the market recently or have been around for a while but have not gained significant traction. We will put our graphic card to the test, set up a wallet, and kickstart the process of mining.
The Journey Begins with Ethereum POW
A New Coin on the Block
The cryptocurrency that we will focus on in this article is Ethereum POW. This coin surfaced abruptly and unexpectedly as a direct result of a few people losing interest in Ethereum’s transition to Proof of Stake. Despite the sudden emergence and speculative nature of Ethereum POW, it was highly discussed and anticipated.
Setting Up A Wallet
Just like with any cryptocurrency, the first thing we need to do before mining Ethereum POW is setting up a wallet. Unfortunately, I wasn’t able to find many wallets that support this particular coin, except one recommended by Ethereum POW’s developers.
This wallet is not yet available on commonly used platforms like Exodus, Zelcor, Crypto.com, or Coinbase, but it is expected to be supported soon.
Test Mining with a new Graphics Card
Now with our wallet set up, it’s time to begin mining Ethereum POW. For my test run, I will be using a ROXTRIX 3060 TI graphics card that I picked up today from a local seller for $300. This card is massive and is amongst the largest in my collection.
The card will be set up on my test bench and will be used to mine Ethereum POW using the Hive OS mining system. Now, let’s dive into more detail about setting up and optimizing the parameters for efficient mining.
Overclock Settings and Energy Efficiency
Getting the best out of spec mining relies heavily on powerful graphics cards and optimal overclock settings. Since Ethereum POW runs on ethash, it’s best to use the overclock settings suitable for this type of mining. After several trial and error sessions, I decided to use a locked core clock with a rate of 1500 and a memory limit of 2600. This setting delivered a stable and satisfactory hash rate of 62.4 h/s.
However, setting up the optimal overclock parameters is just one aspect of spec mining. An equally crucial aspect is to measure the energy efficiency of the mining operation.
According to Sebheslow’s spreadsheet, an efficient mining operation with a locked core clock of 1500 and a memory limit of 2600 should yield a hash rate of 62.4 and utilise approximately 152 watts of power. In reality, my test run drew about 180 watts from the grid, which, after subtracting the baseline consumption of the rig (27 watts), results in a net power usage of 153W. This is pretty close to the theoretical value from the spreadsheet and is deemed satisfactory.
Spec Mining in Time
After 30 minutes of mining, the hash rate stood solid at 62.4h/s. The market price of Ethereum POW varied during the mining period, displaying the volatile nature of cryptocurrencies, and stood at around $10.41 by the end of the run. While the actual profitability from spec mining depends largely on various factors, including the cost of electricity in your region, the hash rate and overall performance were encouraging.
Where to Sell Your Mined Coins
One of the key considerations while spec mining is how to sell or exchange the mined coins. I found two platforms that allow you to trade Ethereum POW, namely KuCoin and ByBit. While these platforms may not support a direct trade from Ethereum POW to Bitcoin, they do allow for conversions to USDT or other coins.
Spec mining is an exciting branch of cryptocurrency mining that offers the potential for substantial profits if done right. Ethereum POW, while new to the market, has demonstrated promising aspects and characteristics, making it an interesting option for those looking to dive into the world of spec mining. Using the right gear and settings, efficiency and profitability can be maximised.
In future editions of this series, I will be exploring other cryptocurrencies such as Caspa, Avian, and MeowCoin. Stay tuned for more on the world of spec mining. If there are specific coins you’d like to see examined, feel free to leave a comment below. Happy mining!