Not impressed with Scrypt Coin mining !

Hello Folks… if you have been following along from the beginning of this blog, you will know I have only been at this crypto coin mining thing for less than 2-months now.  However, one gets an education fast when money is involved, I think you would agree.

Well… After hours and hours of trying, I am simply unimpressed with mining Scrypt coins.  For me, with my current equipment, I can’t seem to make any decent profit.  And in fact I have probably lost some money when electricity and initial equipment costs are factored in.

Now, I’ll clarify… part of my problem is, the miner I have uses about $3.45 a day in electricity.  I’m using a Zeus Thunder X3.  It hashes in the 27-30 Mh/s range.  Given that hashing power, and my average electric costs, I need to make at least $3.45 a day just to pay the electricity.  At only 27-30 Mh/s I have found I am rarely making that.

Now, another clarification… coin price.  Coin prices fluctuate widely.  If you can catch a decent coin price, AND not too many people are mining it, you might make a decent buck or two.  But trying to catch that combination is like trying to catch a falling star.  Over the month I have tried at least a dozen coins, and not one has been profitable at today’s coin prices.  I still have the coins, so if the price shoots up I might be in good shape, but for now… I remain unimpressed.

Compare the above to my SHA256 (Bitcoin) miners and it’s not even close.  I have 4 SHA256 miners mining Bitcoin, and probably make in the neighborhood of $200-$300 a month net after electricity costs.  The 4 miners generate over $700.00 gross revenue at the current BitCoin price.  If/when the price of Bitcoin goes up, these Bitcoin miners will be real money makers.  (and if I had tomorrow’s lottery number I’d be in good shape also, so don’t put too many of your eggs in that basket).  But, if you believe in the crypto-currency concept, you have to believe the price will rise eventually.

Now… when the technology of Scrypt miners catch up to the efficiency of SHA256 miners, then it’s likely some decent money can be made.  There is one miner being advertised, Hashra.  It sould like a good one… in fact maybe too good to be true.  If you do some research on the company you will find many MANY complaints about pre-paid orders that have yet to be filled.  Also, of late, the web site is down – not a good sign – ever !  But… if they can deliver the machines, they are advertised as 100+ Mh/s, at only 600 watts of power, for only $450.00 (you supply the power supply).  Like I said though… maybe it’s too good to be true, we shall see.

So… more later, but for now a reminder.  If you want to be alerted when a new post is published, sign up (subscribe) to receive an alert when a new post is published.   And if you have any questions, please feel free to “leave a comment” using the link provided at the bottom.  AND… if any of this has been helpful, you can say thank you  by buying me a coffee by using the tip jar address.  Thanks so much !

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