Okay BTC, Your Lagging My Mining Profits, Off To Get More Steem Power
Tonight I have come to the conclusion its time to go full time and mine for some Steem Power. Lately I have been directly mining a lot for Bitcoin but the ups and downs right now has me looking more at charts and I think its favorable to point my miners towards the collecting up of more Steem Power.
For those that missed last weeks post on how I do that, here it is in case you were wondering:
How I Mine for Steem Power and Get Weekly SP Boosts: Nicehash ➥ Blocktrades ➥ Steemit Wallet 😁
https://steemit.com/blocktrades/@sflaherty/how-i-mine-for-steem-power-and-get-weekly-sp-boosts-nicehash-blocktrades-steemit-wallet
So why my sudden decision to switch it up and mine solely for Steem Power?
Hard to believe my sudden choice to use all my mining resources tonight to shift to full time Steem Power mining is not without some major thinking and calculations. At this stage my original goal was to save up and grab a second Asus GTX 1080 for my PC to use as a Bitcoin miner with my first one. I seem to be pulling out decent profits with one and with my ASIC mining horde so I had plans to purchase another one. Plain and simple, they are constantly being sold out and price is getting outrageous on these things lol, you guys are buying them up aren't you? So I have scratched that plan for now and just sticking with the income I have coming in currently.
Today Bitcoin seems to be in a slump, this happens and sure it will recover but due to that i have been doing the math and by my calculations if it was to stay where it is for a week or so, I am actually not making much in profits by mining it directly.
So I was pondering and pondering if I should go back to Steem Power mining as a savings plan and it hit me that in a weird way you can look at Steem Power as a strange form of hashing power for mining. As you grow your Steem Power you get better upvoting returns and help others with those upvotes. Plus you seem to grow with earnings on your own articles. In a way you can view SP as the hash power you would have with any specific miner, and by the math I did, it would be better to mine to fill up my Steem Power as the price on it is reasonable.. It just seems to me the win win is coming down to SP and mining for it in the long run...work hard on my writing and have that backup savings grow.
So I will run a little experiment for the next 2 weeks for you guys. I will run for 2 full week runs, exactly as I showed you in the article above and see how much earnings expand by doing so. I am gathering though it will beat out scraping a little for the BTC wallet in the long run if I keep at it here with you all and focus. So lets hope this is successful, momma needs new shoes lol