Mining Days are Here Again

[target2019]

When I was a boy said my daddy to me:
"Stay out of the mines, take my warning," said he,
"Or with dust you'll be choked and a pauper you'll be,
Broken down, down, down."

DOWN, DOWN, DOWN. Sung by William E. Keating at Pottsville, Pennsylvania, 1946. Recorded by George Korson. https://youtu.be/1sahkj7Qcic

I've disregarded Daddy's warning (as in the song lyrics), and jumped into the world of bitcoin mining. The basic tool (RAKWireless v2) cost me about $275 (now over $400), with a 4-5 month wait. I really had my doubts as to this happening at all. I had time to read articles about the Helium network and HNT. I was prepared for additional dissapointment if the mining hotspot ever arrived. This mining implementation relies heavily on the location of other hotspots around you, but I have just one, and it is very much outside the range of the LongFi technology. So my mining is minimal.

There are other manufacturers now, but this is the one I purchased: https://store.rakwireless.com/products/rak-hotspot-miner

The earliest result is that I made just over $1 value in HNT. The monthly cost is about 30GB of internet bandwidth, and 120W of power consumption. As you can tell, this will never amount to much ROI. Still, it is another diversion of interest.

 

[Time2]

DOWN, DOWN, DOWN. Sung by William E. Keating at Pottsville, Pennsylvania, 1946. Recorded by George Korson. https://youtu.be/1sahkj7Qcic

I've disregarded Daddy's warning (as in the song lyrics), and jumped into the world of bitcoin mining. The basic tool (RAKWireless v2) cost me about $275 (now over $400), with a 4-5 month wait. I really had my doubts as to this happening at all. I had time to read articles about the Helium network and HNT. I was prepared for additional dissapointment if the mining hotspot ever arrived. This mining implementation relies heavily on the location of other hotspots around you, but I have just one, and it is very much outside the range of the LongFi technology. So my mining is minimal.

There are other manufacturers now, but this is the one I purchased: https://store.rakwireless.com/products/rak-hotspot-miner

The earliest result is that I made just over $1 value in HNT. The monthly cost is about 30GB of internet bandwidth, and 120W of power consumption. As you can tell, this will never amount to much ROI. Still, it is another diversion of interest.

Did you mean to say 120kWH of power?


What is HNT?

 

[bloom2708]

Did you mean to say 120kWH of power?


What is HNT?

HNT is the cryptocurrency you are mining with the device.

 

[jim584672]

Back when Bitcoin was $13 I tried to mine. Found out if I ran the machine 24/7 for a year I MIGHT get one Bitcoin. Not worth the electricity costs back then.

 

[bloom2708]

Back when Bitcoin was $13 I tried to mine. Found out if I ran the machine 24/7 for a year I MIGHT get one Bitcoin. Not worth the electricity costs back then.

If you had 1 coin at $55,000 that would have likely exceeded the electricity cost.

Impossible scenarios looking forward. Looking back is a bit painful.

 

[jim584672]

If I only bought $1,000 @ $13 it would be $4,230,769 now.

 

[target2019]

My understudy has mined over 2000 HNT in less than a year. He has one device, the original Helium hotspot, and lives in a city with many others nearby.

 

[Texas Proud]

If you had 1 coin at $55,000 that would have likely exceeded the electricity cost.

Impossible scenarios looking forward. Looking back is a bit painful.

Lol, you can also be like my brother... early on got between 10 and 20 bitcoin on his company computer.... but then had the computer taken...

 

[Scrapr]

The earliest result is that I made just over $1 value in HNT. The monthly cost is about 30GB of internet bandwidth, and 120W of power consumption. As you can tell, this will never amount to much ROI. Still, it is another diversion of interest.

I picked up deposit cans & bottles today. I am at about $2.50 so far today with one more run (dog walk) left to go. I just checked your area & the franchise is open for can collectors. For the low price of $1.00/day you can double your bitcoin mining venture

 

[target2019]

I picked up deposit cans & bottles today. I am at about $2.50 so far today with one more run (dog walk) left to go. I just checked your area & the franchise is open for can collectors. For the low price of $1.00/day you can double your bitcoin mining venture

Thanks for the invitation. That would be a worthy activity. I wasn't aware there is still decent money in aluminum recovery. Around my neck of the woods I only find plastic bottles. Occasionally I might find a broken bottle in the street (oh those crazy teens) but it's very rare to find a can.

I am pretty evil these days, what with the extra impact of power consumption. Somehow I will make amends...

 

[Scrapr]

In Oregon cans & bottles (almost all) have a 10 cent deposit. Then if you deliver to the recovery place they put it on your account. You can use that account at the grocery store (but not costco!) and get 12 cents per I call it free money. If you found a dollar bill on the street every day would you walk past it?

Off to check..it's bottle recycle day! Always a big day

 

[yakers]

I If you found a dollar bill on the street every day would you walk past it?

Off to check..it's bottle recycle day! Always a big day

Made me laugh, an anecdote (never did the math) I liked is that we common folks usualy will not stop and pick up a penny, its not worth our time for the effort. Well Bill Gates & other billionairs would not find stopping to pick up a $100 worth their time.

 

[Scrapr]

Made me laugh, an anecdote (never did the math) I liked is that we common folks usualy will not stop and pick up a penny, its not worth our time for the effort. Well Bill Gates & other billionairs would not find stopping to pick up a $100 worth their time.

I'm sure Bill & Melinda will stop now that their net worth has been halved. But they will probably just ask their bodyguards nicely to see if that was a $1 or a hundy

sorry OP...thread drift

 

[Texas Proud]

Have seen a lot lately on the actual energy usage for this crypto currency... it is becoming (or already is) a large global warming component...


I have never figured out why some people think there is value in these... this is worse than beanie babies IMO... then again, on one of my online games a guy was talking about spending $700 to buy a component as he did not want to wait and do all the stuff you needed to get it free...

 

[target2019]

In Oregon cans & bottles (almost all) have a 10 cent deposit. Then if you deliver to the recovery place they put it on your account. You can use that account at the grocery store (but not costco!) and get 12 cents per I call it free money. If you found a dollar bill on the street every day would you walk past it?

Off to check..it's bottle recycle day! Always a big day

Do you drive there?

 

[target2019]

There was a Helium system upset earlier this week, causing my earnings to stay too low. After a day or two of things returning to normal, I earned $4.38 in the last 24 hours. Subtracting out $.02 for power consumption (5W), I am the modern day version of Rich Uncle Pennybags. No can collecting in the future for me!

 

[HenryD]

I've been following Chia for a couple of years and cobbled together a very small farming rig out of stuff I had lying around. The network space is growing faster than I can add plots though, so my estimated time to win is increasing I've seen one poster's junk rig get lucky and hit early, and right now he's $89,479 richer for nothing more than a bit of his time messing around with fun/interesting stuff. I look at it as (mostly) harmless fun with a very slim chance of success.

 

[target2019]

I've been following Chia for a couple of years and cobbled together a very small farming rig out of stuff I had lying around. The network space is growing faster than I can add plots though, so my estimated time to win is increasing I've seen one poster's junk rig get lucky and hit early, and right now he's $89,479 richer for nothing more than a bit of his time messing around with fun/interesting stuff. I look at it as (mostly) harmless fun with a very slim chance of success.

I've come to the conclusion that there's a large greed factor in this. I am always finding hotspots in a better spot, earning many more token per day. So the inclination is to buy another hotspot, and find an optimum location for it. There is also the promise of larger antenna (more money of course). For now I'm remaining calm and thinking through all the specs and suspect advice.