Which Makes More Money: Mining Bitcoins or Writing About Mining Bitcoins? (An Interim Report)

by Joey deVilla on April 18, 2013

gollum with a bitcoin

What I Made by Mining Bitcoins

As an experiment, I started running a Bitcoin miner at around the same time I published my article How to Mine Bitcoins for Fun and (Probably Very Little) Profit. It’s participating in BitcoinCZ’s mining pool, which is where I got this report on its progress:

bitcoin rewards

As I wrote in my earlier article, Bitcoin miners work by confirming Bitcoin transactions and competing to be the first to record them in the “blockchain”, a sort of general ledger of every Bitcoin transaction. These additions to the blockchain are called, quite naturally, blocks. A miner or pool of miners that successfully wins the competition to add a block to the blockchain gets 25 Bitcoins as its reward (creating the block also creates a 25-Bitcoin transaction), and in the case of BitcoinCZ, that reward is split proportionately among the various miners in the pool.

Looking at the BitcoinCZ report, I’ve made somewhere between 0.00036 and 0.00047 BTC since Saturday, depending on how pessimistic or optimistic you are. At the present Bitcoin exchange of 1 BTC = USD$94.13 (as of 11:57 a.m. today), I’ve made somewhere between 3.4 and 4.4 cents.

What I Made by Writing About Mining Bitcoins

As you’re probably aware, I make a little “walking around money” through the ads on this blog. Here’s that StatCounter report on how The Adventures of Accordion Guy in the 21st Century has been doing in terms of pageviews over the past week:

statcounter

Click to see the graph at full size.

The most-viewed article for the past week was How to Mine Bitcoins for Fun and (Probably Very Little) Profit; it currently accounts for almost three-quarters of all the pageviews. While I can’t get a direct report showing how much each article contributes to my ad revenues, it’s possible to come up with an estimation. My estimates show that in the past week, the Bitcoin mining article has made me somewhere between 32 and 45 dollars.

To summarize: I made 1000 times more money by writing about mining Bitcoins as I did by mining Bitcoins.

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