I got home late last night and now, after a night of refreshing sleep, I have finally got a chance to reacquaint myself with my two mining machines. One of them was mining Bitcoin since October last year, while the other has been mining Dash since April.
The things were about to change, however…
There were three things I have been wanting to do this past week, but couldn’t (as I was away from my crypto assets). Now that I am home I could finally do them:
Checking on my Bitcoin Cash and transferring it to a split account on my Ledger Nano S. I had to update the firmware and reinstall the wallet apps on the device, but from then on things went smoothly and now my BCH is secured. (A big shout-out and thanks to @crypt0 for posting a guide on how to do it here on Steem).
Switching my Dash miner from mining exclusively Dash on a P2P pool to mining whatever coin is most profitable at the moment on a multi-algorithm pool (Mining Pool Hub). The reason for that was that the Dash network hashrate – and consequently difficulty – has increased dramatically lately. Namely, it increased four-fold (crazy!!) since the beginning of June, due to some serious mining hardware, dedicated X11 ASICs, hitting the market. As a result, I saw the revenue stream of newly mined Dash shrink noticeably in the past three weeks that I was on vacation. Under these new circumstances making profit with my Baikal Cube 300 MH/s was possible only if I:
a) I put it for sale on eBay in the hope of recovering the cost of original investment in it; OR
b) Switched to mining on other algorithms (X11) that haven’t been as dramatically affected by the difficulty increase as X11 and Dash have been.
As I feel sentimentally attached to my little Baikal Cube, I decided against putting it up for sale. I am now mining other X13/X15/Quark/Qubit coins with it, with miner switching automatically to the most profitable one, and the payouts arriving converted to Dash. I plan to do a comparison of profitability before and after this change of strategy.
I also decided to try mining Bitcoin Cash on my Bitcoin miner. I know it’s not as profitable as mining Bitcoin at the moment, but I am doing it for fun anyway, and because I want to support the new chain with my tiny hashpower. Also, it might actually turn to be profitable, if the price of BCH reaches at least one-sixth of BTC (currently at about one-tenth). It’s not a completely unrealistic scenario, if you ask me.
What do you think of these newest changes in my mining strategy? Good? Bad? Stupid? Please share your opinion – and your own mining experiences – in the comments below!
@crypt0 for posting a guide on how to do it here on Steem).