Fear and loathing with crypto currency: Nicehash
I thought mining crypto would be fast and easy. Wrong.
Excited to kickstart my crypto wallet from last post, I've been scrounging the couch cushions of cryptocurrency - mining it myself. My friend sent me a link to a miner app he uses on his home PC called "Nicehash". As a marijuana enthusiast myself, I always appreciate nice hash. Intrigued by its automatic choice of compatible algorithms and easy online tracker, I jumped right in.
Of course my friend is a computer nerd... I mean power-user. His graphics card blows mine away and is able to generate around $2.00 CAD/day mining. Unfortunately for me, my hardware is a little bit dated. Since I'm not skilled enough to set up miners myself, this program outsources all that to a pool and has me do the work for them. After enough work has been contributed to the pool, a payout is made to a bitcoin address. Since they handle the conversion and deciding what to mine for me, I figure a small transfer fee isn't a terrible loss. Eventually I would like to mine straight coins but that will take some figuring out on my part.
Here's the painfully slow progress of my mining adventure:
https://www.nicehash.com/index.jsp?utm_source=NHM&p=miners&addr=11N6oK13bRmpyCWVUbupX3FpsrhPPfJBj
Already generated $0.06!
My experiment will be to mine while I use the computer for basic tasks and while I'm gone. I shut the computer off when I sleep and obviously I can't mine while gaming. At this rate of around $0.10 a day, I'm sure it barely covers electricity costs and mining with older hardware is less efficient. I'm mining a coin called PascalCoin and it seems to be the most profitable for now. What can be said about PascalCoin? Well it's probably named after that godforsaken programming language, and further than that I don't know. All that matters is it gets mined and converted to bitcoin and sent back to me.
1 day of mining pascal is more than 1 month's worth of interest.
We all know banks are a scam. I have an account at one of Canada's big 5 banks myself but I barely earn any interest on my savings. Why is that? Because they pay 0.0050 % (yes that's right) per year on accounts under $5000. It's pretty pitiful. Why not just keep my money on hand and pat myself on the back for "mining" some interest to make up for the bank's lack of incentive? Also, they allow you 1 deposit and withdrawl a month for free. After that it's $1.00 for every transaction. In comparison Bitcoin fees are generous.
You know what though? I don't want to make money just by having money. It's against common sense, benefits the super-wealthy way more than myself, and besides Jesus himself got pissed at moneylenders in the bible. Maybe it's a bit old-fashioned but I want to earn money from work. So why not put my PC to work for me too?
Day 2: Ethereum way up, time to sell? also someone sent me 0.001BTC!
My point in writing this is not a dig at mining, I just have shit hardware it seems. In fact it's actually a dig at the mega banks, who expect us all to give them the privelege of hanging on to our cash in exchange for practically nothing. I can find more change lying around in the car or under the couch than I get paid in interest. I get to save it in bitcoins rather than Canadian dollars, a huge bonus.
Conclusion: Mining and steemit is more profitable than keeping money in the bank.
Next article: Faucets - free money on tap? Think again, noob.
Let the truth be told! I always tell others about how banks don't even yield us a great monthly interest. I use this example to let them see the power of the money I show them even though it's not life changing, YET!
https://steemit.com/gaming/@tradz/ibuypower-gaming-p-c-0n-sale-calling-0ut-serious-gamers-and-0r-average-miners
EDIT:
I hear everyone saying that Zca$h, Pascal and whatever is more profitable to mine via 'NiceHash' but I beg the differ! I don't even choose what coin it mines for me, it selects based off of my system and honestly it doesn't really matter what coin because if say, the bitcoin price crashes, so does your balance thus allowing you to have to wait for your payment longer. I just wrote an email to Nicehash just now because I was on the verge of getting paid out in a weeks time(started Sunday as I was paid out on Saturday) but for some odd reason today, my balance barely moved? & bitcoin was floating around the same level allday? I made over $2 when the price was lower earlier this week? I think they caused this to happen, sort of a scheme to make me 0r us wait longer so that they can get a bigger portion of the fee;( "Conspiracy"!
How is that I was making over $2 a day to it being stuck today, hmmm! But when I do receive that payout next week I'll be happy that it stacked up but still, I am a trader in need of capital to trade with which is the reason of me doing this, to give me a shot@taking $12-$15 in turning that into a $100 within a week which I've done countless of times.
Keep up the great work@least your mining Steem(S.P. ;)
In a way you could consider posting mining STEEM! but frankly, it doesn't compare at all. The monotony of mining crypto is just like real-life mining.. slow and boring. Posting on STEEM is an adventure, with a great community to back it up. As for my buddy Pascal, he can continue doing automated crosswords or whatever the hell it does. Did a block with 6.603/2 difficulty on my GPU so that sounds pretty dope to me.
How did you do that?
@markush
Again, like I continuously say here@Steemit, "It's All About The Forex-Market"! High leverage! And the beautiful thing is that we can now use the infamous 'Bitcoin' to trade Forex-pairs - https://1broker.com/?r=6673 with many other platforms that are out as well. 1Broker allows up to 200 X leverage on certain pairs(not all pairs). And a platform by the name "Evolve-Markets" which was once 'Bit4X' allows up to 500 X Leverage which I WILL be using on perfect set-ups.
This is a SECRET why? because if you don't know, the U.S. has a law to where we can only trade using up to 50 X leverage but Crypto allows us to use more ;) How would this work when the government starts to set new rules on these coins, I don't know but I am taking advantage of it right now so that when new rules take place, I will have enough money to start making good money using 50 X which is still good.
Since Mar.2014 which by the way, this is my 3rd year anniversary 0f learning of Bitcoin and digital currencies ;) , I was on a bigger mission than just wanting to invest in Bitcoin. I'm one of those individuals who want to see fast results, I wanna see that fast ca$h! cuz I ain't got time to play! The funny thing is that I found out about trading way before finding out about Music/Bitcoin but somehow strayed away from it:(
I'm out for that freedom(independence)! These 9-5 jobs just can't cut it for me, it's like a trap especially for the young persons who are not educated on how to invest and we all know most of us aren't! Even I wasn't! I chose to self-educate myself on how to save, invest and what not!
We work so hard for a small paycheck(odd jobs) and when we get the money, we blow it like we just know we have job security when in fact we don't lol
I held my first job for 8yrs but was young & dumb and had nothing to show for it@the end of the term except for maybe growing in terms of how to deal with ppl. But most of these jobs are killing us(literally). Most of us work in plants with bad surroundings of bad particles floating around us killing us slowly & we there ALLDAY long;(
0k now I'm ranting on so, I will STOP for now & save for when I shoot LIVE vids of me doing my Forex Trades. I already convinced @Craig-Grant about Burstcoin and look how far he took it with his money! He blew EVERYONE out the river on his Burst holdings making me feel weak sauce lol but I aint' mad! So just think if he got into the Forex-Market, oh boi! He and his family would be VERY wealthy indeed right now instead of waiting for Bitcoin and other currencies to blow up(like most).
I have all the proof if you would like to see, email me@[email protected] With a $1000 trading account and using $1000 on a single trade(sometimes less 0f course), I was able to make $200 in minutes! It was a crazy thing to see! Yes I'm down on my money I put in and the reason why I say 'down' is because I haven't lost my money yet as I am still fighting to get back up to par ye dig! Like the CAvs coming back from being down 3-1 in the NBA Finals ;)
Like all successful ppl who made it, they had to lose money 0r be down for awhile, in order to learn the game, $imple as that! I cannot wait to inspire others. I had to learn money management, when not to trade, you know, the traps the market has that keep all newbies under water.
I finally figured out a plan to never be down again. Just don't be GREEDY!
Example: The most I made in one day was $1000 0ff of using a $1000 on one trade. Why did I decide to keep playing? I guess I was in a rush to prove to my family that I can make thousands in a day ha! Which I can but still, I was going way too fast! That last trade killed me as I had no STOPS in play and I just hated the fact of losing any money. So now I know that we have to have small losses from time to time and when we WIN BIG, those will make up the losses feel me!
Now I will use a $1000 to make $200(maybe a bit over) and GET OUT! A thousand a week plus is not bad considering I was only bringing home $200 and even LESS@ certain jobs i had, a week?
Why not get in & scalp a quick $200 & be happy, right! Now I'm learning how to beat the GAME and I want to show and teach others. SORRY FOR THIS LONG POST but if your serious, you will READ ;)
TO BE CONTINUED...
Thanks for your reply! I like your style. Let's get money and lets do it now! haha thats the motto
For me 9/5 is not wrong if its a cool decent job! But I like business to much to work for a boss who can (try) to tell you when to do something. Im not a dog..
But damn a 1000 a day by investing a 1000. I really got to explore this cryptoworld...
But like you said EVERBODY who made money spended money first.
Thanks for taking time to response
Goodluck N Bless
Yes Yes Yes and my mission as of now is to turn $12+ back to a $1000 which I can IF I just have more patience. They say "if you can't trade small money, then what makes you think you can trade Big m0ney"(more so with leverage). But from experience and also hearing 0f a few successful ones out there, I know for a FACT that Big m0ney is easier to trade with as you don't have to wait so long to hit a nice size amount of money. When I'm trading my $12 I tend to get GREEDY when I'm up say $50-$60 - I wanna keep going as I'm in a hurry to reach back up to my $1000 ha!
So yeah, Big m0ney is where it's@!
So in general the thing you do is buy low wait and sell high. But only with crypto currency?
Wow! I write blogs on top of blogs haha Sorry @stonefood ;)
And one last thing, communication is KEY! Up top you read me speaking on how Nicehash seems to be doing something tricky. So, after they received my email, I see that my money is back up to par and I will indeed get paid out this coming wknd oppose to having to wait till next week ;)
Gtta fight for what you want!
@markush
The platforms I'm using to trade are bitcoin-denominated. We just use Bitcoin rather than say USD 0R EUR etc...
I trade specifically one pair only @this time of my Forex career. I trade the usd/jpy pair. I started out trading only the EUR/USD but that pair was way too volatile for me@the time!
Pairs are easy to understand once you get a grip on it - https://www.fxcm.com/
https://admiralmarkets.com/education/articles/forex-basics/understanding-the-major-currency-pairs-in-forex-trading