Ethereum Mining

In March 2021 I found myself increasingly drawn towards all things blockchain, with Web3 and cryptocurrencies being my largest interests. Up until that point I had invested in various cryptocurrencies; however, I had never looked into supporting a currency by mining it.

Come early May, with a bit of luck I was able to get my hands on three RTX 3070s, which my partner and I used to set up our first mining rig. With the help of resources like WhatToMine, Reddit, and various videos on YouTube, we built the setup, started mining Ethereum, and clocked the GPUs in such a way that maximized earnings and minimized expenses (which in this case was just electricity usage). A few months later, I got my hands on two RTX 3060 Tis and added them to the rig as well. At its peak the rig was mining a total of about $25 USD worth of Ether per day and during the rig's lifetime we were able to mine several coins of Ether.

On September 15th, 2022 Ethereum changed its network from proof of work (PoW) to proof of stake (PoS), meaning it could no longer be mined. We went from mining Ethereum to mining Ergo (ERG), which proved to be fairly profitable for several months, but nowhere near as profitable as Ethereum.

A few months later when the profitability of mining ERG began to decline we decided it was time to get out of the mining space, and by December 2022 we sold all five of our GPUs thereby ending our mining journey. We ended the experience in the black and with a newfound appreciation for the blockchain and doing our part to contribute towards decentralization.