Thoughts On Crypto Mining On A Smaller Budget

If I have learned anything during my short time mining for cryptocurrency, it's that the only constant is change (yes, that old saw remains true). 

My approach to mining is that it is an interesting hobby, not a retirement investment or a major wealth builder - and I am certainly glad of that, as I don't think my nerves are cut out for such volatility. 

It's not only the financial aspects - crazy market swings over a couple of days, sometimes a few hours - but the ongoing battle of getting the work done (profitably) with ever-changing requirements that make it a sometimes tough road to successfully navigate.

There are a lot of factors working against someone like me - namely, someone with a few mid- to low-range video cards. Rising video memory requirements, increasing "difficulty"  and other changes in profitability (market price), all tend to either limit the type of coins one can mine, or how quickly they can be mined.

This is to a degree my own "fault"; I did not/do not feel comfortable investing a lot of money into hardware. So, trying to mine while in competition with folks armed with racks of $1,000 video cards or specialized ASIC miners is a bit daunting.

On the other hand because I do continue to treat it as (just) an interesting diversion, it does take a lot of the real or imagined pressure off. It therefore is still fun, fiddling with hardware and tweaking settings to squeeze out a little more performance, and I am making money as I convert my mined coins back into dollars.

It has been an interesting couple of months, and I still am glad I took the plunge and tried doing this. I don't know how long it will "last" in the sense of how long someone like me can continue to mine profitably with the changes going on. Months certainly, possibly a couple of years - beyond that I doubt it. 

With my attention span, that's probably long enough.

No comments:

Post a Comment