Bittensor is a relatively new project, I first came across it November 2021 when a work friend gave me a heads up. I never bothered with Crypto before but this project interested me.
I began mining when it was relatively easy to do with CPU, on my best day I earnt 100 Tao with a $30 a month VPS. Gradually it became harder, and earnings dropped, I then purchased a 32 CPU core $350 VPS and my earnings went back up again. Then GPU mining was introduced, and my earnings dropped, so I tried GPU mining but my earnings were never the same.
There are plenty of Tao miners out there with 6x A6000 GPU arrays earning absolute bank, but I’m not one of them. You need to optimize your miners in a specific way, and to do that you need to understand how machine learning works.
I will spend more time trying to learn & become a better miner, but I am not ready for that time investment yet. I have switched to staking/validating for now.
I have a few thousand Tao, and that generates about 5 Tao a day being a ‘validator’, otherwise known as staking. I spend about $50 a month for a VPS, and that brings in 152 Tao, which at the current price of $20 (as of Nov 2022), nets $3,041 per month.
In the past 6 months, I have watched the price of Tao hover between $20-$30.
For those of you have never come across Bittensor & don’t own any Tao, you can still contribute and earn. This is what it will cost to begin:
- $20,480 USD for 1024 Tao (current prices of $20 per Tao) – 1024 is the minimum amount of Tao to be a validator.
- $100 USD per month for a VPS where the validator will run
Hypothetically if prices stayed at $20 USD per Tao, the $20,480 invested would return $10,035 per year, which is around a 49% ROI.