Documenting Ethereum Mining Journey – 1st look

I recently began a journey into mining cryptocurrency. I have read many reasons not to get into the industry as well as testimonials for why to get into it.

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I have chosen to try my hand at it. In reality, the cost for getting into it was not that stifling. This is because I am already an adept video game player and content creator. This means that I have all the base necessities, at least, to give it a shot.

Documenting my Ether mining journey – first update – Photo by David McBee on Pexels.com

My experience in crypto

I am completely self-taught when it comes to crypto and finance in general for that matter. I only know what my personal research has shown me. I am 2 days into the mining process so, that is the bulk of my experience in mining.

A look at my goods (GPU’s):

  • 3070
  • 2080
  • 1660 Super

I had some GPU’s already for use with gaming set ups. Those graphics cards are listed above. They are not exactly the best for mining; however, they were sitting 3 feet away from me at the time I started my journey.

I am not 2 days into my journey. A small amount of ether is beginning to populate my account. How much have I made so far?

Income

I am on DAY 2, and have collected an unpaid balance of approximately 0.003106 ETH. This amount of Ether has a value of just over $10 USD.

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Expenses

This is only the second day of my journey. I have not made enough Ether to send to my wallet as of yet. Therefore, I have not had to pay any transaction fees. There will be a .9% fee collected by my pool as well as gas fees. (More on gas in another article).

The only expense I have at this point is electricity. The monthly bill will have the final decision on this; however, my calculations say that in the previous day plus – I have accrued an additional $2 in electricity costs.

Final thoughts.

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We are all out here searching for these blocks. I do not plan on making that much profit until I am able to successfully process my first block. I cannot wait to deliver that update. Stay up to date to know when it happens!

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