I bought my shares with them on October 1st and purchased some additional shares two weeks after that. No other shares were bought. I did get some additional shares through referrals (I opted for commissions to be paid in shares rather than dollars), which added about 13.5% additional shares into my account. Without those, ROI would have taken a week longer.
I thought I’d provide a regular update on how my cryptocurrency investments are going on a roughly weekly basis. Hopefully, it will provide readers looking at this type of investment with some information to make their own decisions on.
Mining At Home
I’m not currently mining at home. My mining rig (a PC with a Sapphire R9 280x video card running BAMT 1.6) has been turned off for a few months now. Electricity where I live costs almost three times what it does in the USA, so that killed any remaining profits in the rig.
As you’ll know from my other recent posts, I’ve invested some money with GAW Miners and their Hashlets for cloud mining altcoins. These pay out about 0.9% (just under 1%) per day, so they look to be a good place for long-term investment. They also have a thriving community and it’s there that I first learned of LTCGear, the subject of this review. Litecoin Gear (LTCGear) have been around for well over a year, a pretty long time where Bitcoin/cryptocurrency companies are concerned. Initially the owner sold FPGA (Field-Programmable Gate Array) scrypt mining hardware to customers. But …
I wanted to give an update on how my mining contracts with GAW Miners have performed over the 1 month I’ve had them.
GAW provide three types of mining contracts known as “Hashlets”.
1. Genesis Hashlet (SHA-256)
These mine Bitcoin directly and hashlets are sold in units of 10Gh/s. Fees of $0.02 per 10Gh/s per day are charged (Gh/s is a measure of hashing power – if that means nothing to you, think of it as a set amount of computing power dedicated to mining). I don’t have any of these hashlets.
When I started this site, my entire focus was on Bitcoin with it having come to public prominence in November 2013. I realized though that the Bitcoin gold-rush was over – those who’d bought the crypto-coins (or mined them) when they were valued at dollars, or tens of dollars, had seen their value skyrocket over the course of 2013.
Here’s the latest update on my Litecoin Mining Rig…
Having successfully built the rig and known that all the components were working, it was time to install an operating system. Since you can’t transfer Windows 7 hard drives between PCs and I didn’t have a spare eSATA hard drive lying around, it looked like running Linux from a USB key was the way to go.
Three days ago (Friday), the other mining rig components I ordered – the the ASROCK motherboard [UK], RAM [UK] and processor [UK] arrived. So now I had everything I needed to finally build this Litecoin mining rig…
Except I forgot to order a WiFi card! Never mind, I could take one from an old PC I hardly use any more.
With everything now ready, I could start assembling the PC.
It’s been many, many years since I actually built a PC from bought components so naturally I made a dumb mistake!
In my ignorance of the subject, I thought that Bitcoin was the only virtual currency in existence. It turns out that’s not the case. While media attention has focused on Bitcoin, other forms of virtual currency have been created in recent years.
I became aware of these while I was researching Bitcoins and how to mine them.
Bitcoin Mining Not For Me
Having looked into Bicoin mining in an attempt to get on the bandwagon, it became clear very quickly that using your own mining rigs was just not economical. CPU mining died out in 2010 and GPU mining (using …