We’re mining Ethereum again – This is how much we are making
Toward the end of 2017, we switched the software on our GPU mining rig from Claymore – mining Ethereum – to NiceHash.
Our returns with Ethereum had been dropping rapidly, and the amount of time it took to mine 1 ETH had grown from just over 200 hours to 800 hours in three months.
With the price of Bitcoin rising as our Ethereum returns dropped, we switched to NiceHash – which let us mine altcoins which were then exchanged for Bitcoin.
All was grand from there, until the massive NiceHash hack in December 2017.
NiceHash was taken offline while the hack was investigated and our 6x RX580 rig was left idle.
This proved fortuitous, however, as the start of our Ethereum mining coincided with a sharp rise in the cryptocurrency’s price.
0.5 ETH
When we started mining Ethereum in June 2017, it was worth around $360 and we made 1 ETH in under 10 days.
This slowed to 1 ETH every 33 days around the middle of September 2017 – when Ethereum had dropped to $260.
With the returns dropping both in terms of Ethereum and US dollars – and therefore rand – we switched to NiceHash to bring in Bitcoin.
After the NiceHash hack in December – where we lost around $50 worth of Bitcoin at the time, as it was in the NiceHash wallet – we downloaded the latest version of Claymore.
The plan was to mine Ethereum in the interim while NiceHash was secured and brought back online.
NiceHash has since come back online, but our rig is still humming to the sound of Ethereum mining – thanks to its rise in price.
Our Ethereum returns are still low, and we currently average a bit under 0.5 ETH per month – with the rig performing at 120Mh/s.
However, as Ethereum is sitting above the $1,200 mark (at the time of writing), our US dollar returns – and by extension, our rand returns – are much higher than when we switched to NiceHash.
At the current rates, we are set to make $600 – R7,400 – per month mining Ethereum, without taking mining difficulty changes into account.
With Ethereum looking relatively stable above the $1,000 mark, our mining rig is set to run Claymore for the short-term at least.
Ethereum price chart
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