Mining Ethereum until Minimum Payout raised 500% - UGH!

Mining Ethereum until Minimum Payout raised 500% - UGH!

I like mining!  I'm not going to lie, part of it stems from the fact that when you tell people who know nothing about crypto that you mine you get a lot of interesting responses.  They have heard about mining, especially Bitcoin, but most know absolutely nothing about it.  How does it work?  Aren't you destroying the environment?  Isn't it just all a scam?

I also like mining since it was a simple act, or what should have been simple, of starting to mine Dogecoin with an old laptop that got me into the whole crypto game about two months ago.  It is kinda like that first kiss, you will never forget.

As a noob to mining, I took a fairly easy route of downloading unmineable software and off I went.  I had four different machines mining, two CPUs on Dogecoin and two gaming computer GPUs on Ravencoin and Ethereum.  A couple of things became pretty clear soon.  First, mining with CPUs is a total waste of time.  Secondly, mining solo is not much better.

So I made a January goal to finish up the mining and move to a new platform focused on pool mining with the GPU's only.  The first thing I focused on was hitting the 30 coin Dogecoin withdrawal limit so I set one of my GPUs to the meme coin and knocked that off pretty quick.  With Ravencoin I was already well past the minimum of 50 coins so I pulled the plug here.  That didn't go so well as you can read in my article - That's so Raven - My First Lost Crypto Story.

The final step would be to hit the Ethereum minimum of .01 coins so with both GPUs on it I was closing in at .00832872 coins mined so far.  That is, until unmineable yesterday raised the payout to .05 ETH.  Now I just want to switch out a couple of letters and turn it from ETH to WTF...

Listen, I get the high gas fees on Ethereum, but to increase the payout 500% - the audacity.  Anyone currently mining ETH should be grandfathered for a certain amount of time rather than given no notice and rather than sticker shocked.

So I can either just simply cut bait and lose about $25 worth of work (much of that may have been lost in gas fees anyways) OR keep plugging away which will take a few months most likely with both GPUs focused on it.  I'm only bringing in about .0005 per day so I'm calculating around 83 more days until the minimum payout is actually reached. 

I'm also not a big fan of the fact that I have my Kucoin wallet set up to receive the coins and have no option to change that.  Moving it from there to one of my preferred wallets will only cost more in gas fees.

I knew getting into crypto would come with a number of challenges and I would suffer a few setbacks but mining takes it to a whole new level on multiple levels...  I'm on the verge of losing almost every single coin I've mined on two GPUs now for two months if you include the Ravencoin.  I guess crypto ain't for the faint of heart.

What would you do?  Keep plugging away or set up a new pool miner and take the loss?



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Focused on all things crypto

Journey through Crypto, from Newbie to ???
Journey through Crypto, from Newbie to ???

Born in England, raised and educated in Michigan (Go Spartans), now living in Texas. Retired early after doing well in the markets and now turning my attention to another type of investment. Follow one man's journey into the world of crypto and let's learn from each other...

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