How do I start mining old coins
Can You Really Make Money With Bitcoin Using Your Gaming PC?
People who mine cryptocurrency have the price of GPUs. If you are a gamer and you already have a powerful GPU in your gaming PC, can you really create additional cash mining cryptocurrencies (like bitcoin) with your PC?
We're not talking about setting up a dedicated mining rig or getting too technical here. And we definitely don't recommend buying hardware just for my purposes. We've seen reports that anyone with a reasonably powerful GPU can simply download easy-to-use software and get that GPU working, and we've tested that.
Publisher's Note: At the time of this writing, Bitcoin was worth it, we were using an NVIDIA GTX 980 Ti graphics card for mining. Your results will vary greatly depending on your hardware and the price of the cryptocurrency at that moment.
How does mining work?
If you're unfamiliar with mining, here's how to make it work. The software is basically using up the resources of your GPU that are currently working. As a result, your GPU uses more power than when it is idle, which in turn increases your electricity bill. It also creates extra heat so you need to make sure your PC is properly cooled. Technically, mining means solving mathematical equations for the blockchain.
CONNECTED:What is a "blockchain"?
You probably don't play 24/7 (everyone needs sleep sometimes!) So the cryptocurrency miner software can turn on the GPU power when you're not using it. You have to stop the mining software if you want to use your GPU for gaming. However, that's easy if you're making money while it's not in use, right?
What is NiceHash?
NiceHash provides simple software that allows you to create a NiceHash account, download the NiceHash graphical miner software and click some buttons. This makes you a "seller" of computing power.
Compute "buyers" place ordersThe NiceHash marketplace and NiceHash software on your computer automatically process the most profitable orders. You're part of a large mining pool where you're mining altcoins for someone. NiceHash pays you in Bitcoin.
NiceHash is easy to use and any gamer can do mining by installing and running a graphical application. But is it worth it?
How Much Money Can You Actually Make?
The real question is just how profitable is this mining. NiceHash has a profitability calculator page that tells me that I could make about $ 70 per month after electricity bills and $ 0.10 per kWh in electricity prices using my NVIDIA GTX 980 TI hardware. However, this is an estimate based on the previous month's result.
You will make more money when you have a faster GPU because it can do more of the work. However, if you have to pay more for electricity, it will cut your profits.
NiceHash's profitability calculator sounded pretty good. So I installed the NiceHash software and let it run for a day.
I was disappointed with the revenue, which was projected to be somewhere between $ 1.50 and $ 2 a day - before the cost of electricity. Assuming I've been running NiceHash 24 hours a day.
Speaking of electricity costs, I connected my PC to a Kill-a-Watt and measured the electricity consumption. The PC consumed approx. 65 watts when idling and could use approx. 300 watts when mining.
So to convert watts to kWh per day and then see how much that costs at $ 0.10 per kWh, let's do the following calculations:
300 watts * 24 hours per day = 7200 watt hours per day
7200 watt hours per day / 1000 = 7.2 kWh per day
7.2 kWh * $ 0.10 = $ 0.72
In other words, if I keep my PC running all day, it will cost me $ 0.72 in electricity. With an average of $ 1.75 from mining, I could make a dollar a day after the electricity bill.
We can argue about this math - maybe the pc would have to run all day anyway, so you're only considering 235 watts of power, for example - but that won't change things too much. That's a very small gain in terms of overall heat build-up and possible wear and tear on my computer's components. So I'm not going to mine with NiceHash on my PC.
The NiceHash calculator is a bit misleading because it trumpets the previous month's numbers, but it seems accurate - if you look closer. If you look at the numbers, Nicehash says I made $ 1.43 in profit on the last day. That's roughly what I saw. This also corresponds to the average profit for the past week.
So, when using the NiceHash Profitability calculator, look at the "1 day" information instead of dealing with the optimistic "1 month" figure that is driving NiceHash forward. The income from mining with a consumer graphics card is clearly declining.
In my experience, you won't be making a significant amount of money mining, even with a top-end graphics card. You could make more money owning a newer, faster graphics card but definitely not buying a graphics card just to mine the cryptocurrency.
So try it yourself
If you want to mess with NiceHash and see how your hardware works, you can very easily. Just go to NiceHash.com and register a new account. You are a "seller" when you sell your computing power.
After creating an account, download NiceHashMiner software and install it on your PC. Launch it, enter the email address associated with your NiceHash account, then let it run some benchmarks.
CONNECTED:Bitcoin is not a currency, but an (unsafe) investment
Once everything is done, you can click "Start" to start mining and "Stop" to stop mining if you want to use your GPU for something else.
In the lower right corner of the window is a "Fan Control" button. Click it to have your GPU fan run at maximum speed when you need cooling. Be sure to monitor the temperature of your GPU to prevent it from overheating.
Everything happens automatically in mining. A prompt window will appear with information about what is currently going on, but you can simply ignore it.
Remember that while NiceHash shows your earnings in USD, it actually pays you out in Bitcoin.
Note that service and redemption fees apply to load the Bitcoin from the NiceHash miner into the NiceHash wallet or an external Bitcoin wallet. There are also additional transaction fees if you sell Bitcoin and want to convert USD to another currency. And of course, all of these fees will reduce your profits too.
Photo credit: Yevhen Vitte / Shutterstock.com
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