I have been playing with Steem mining. I got the software running, but I'm really not sure how much progress it's making. After running overnight it's still showing blocks estimated to take around 900 minutes (15 hours), which is no better than when it started.
It's showing some with 450 minutes, but I'm not sure any actually get completed. I set it to run 2 threads so my quad core CPU would still allow me to use the PC. I'd expect it to work on a couple of blocks to completion, but maybe it's doing something else. I really don't fully understand how the mining process works.
In any case, I am unlikely to actually profit from this. The mining queue still shows two people getting almost all the blocks. There seems to be some debate about whether they have managed to produce a GPU app or maybe they just have access to lots of PCs. Steem mining was intended to be CPU based to make it more accessible. I assume that's by making it memory intensive.
So, all I may be producing is heat and a higher electricity bill. I wasn't expecting to get rich from this, but I can't stand waste, so I will shut it down for now.
Let me know if you find any good explanations of how the mining works.
Can you tell us what is your configuration? HW, VM, ... ?
I am asking because I set up an Ubuntu VM with 4 cores and 4GB RAM and it was not working. Later was told that this is not enough.
AMD A8 4.1GHz. On Ubuntu, but not a VM. Only let it use 2 cores, and I'm sure that's not enough to get anything, but it was running.
Since August 27th, there are two mining groups that have started taking over mining which has made it impossible for any small guys to hit blocks now. See the mining witness list and you'll see rabbit and gxt-1080-sc https://steemd.com/witnesses
So basically all the mom and pop miners are getting wiped out now that this big operations have moved in. Feels like Walmart has moved to town. :(
I actually followed your guide https://steemit.com/steem/@incomemonthly/setup-steps-for-steem-mining-in-windows-after-august-15th-hard-fork which is really good by the way. I've been running it for a couple days with no results, and now I know why!
I thought mining SP would keep away the big miners because they need money rolling in to pay the high electricity bills. So I'm surprised they are willing to wait 2 years for any payouts. Must be some big whales that already have other accounts they are making bank with.
I'd like to support the community with my computing power but it seems some powerful people at the top could careless.
I looked on the mining part of Steem a week or two ago also, when I found a small tutorial on how to do it. But as you say, the blocks sais they will take a tremendous amount of time to be included and you can't really see how it all works. The reward of 1 STEEM per block included didn't really cut it for me to be running a miner.
It would be great if it was easier for anyone to run a client to make the network mining more diverse and get a small reward for it. But as it is now, running 24 hrs and not getting anything because 2 users has most of the power doesn't work well.
I was just interested to try it. We've seen the arms race with bitcoin mining. I guess Steem could go the same way. Might have got something if I'd been there at the start
True, but I decided to try to write some great posts instead :) They give me more Steem than mining can do in the pace my machine can do it anyway :P
Likewise. Posting and commenting is fun anyway
I looked into STEEM mining about a month ago, but a friend who's a programmer said the code looks to vulnerable to him. So he advised me not to play with it at this time.
So i'm looking more into buying STEEM now, but i can't seem to buy bitcoins to buy STEEM either XD
Greedy SOBs are ruining it for the average minnow
You just joined the ex-steem mining crew
https://steemit.com/steem/@bola/steem-cpu-mining-i-surrender
Seems to be a growing crowd. I can't justify running it just for fun
That mining business isn't for me neither I'll stick to blogging ☺️
CPU mining is effectively dead now, two miners have effectively worked out how to run GPU miners and are dominating the queue. As such everyone else is basically turning off their miners as it is impractical and in effective cost wise. You can find out more here.