Minnow Mining Crypto Week #1
100% Steem Power!
I've been following cryptocurrencies for a few years now and just recently started looking into mining. I know! Everyone says you're wasting your time. I'm late to the party which is usually the case. Well luckily for me, and you, it's not too late. After a little research I found I could still turn a modest profit without much investment.
I dabbled with various CPU/GPU standalone miners and MinerGate before deciding on the NiceHash miner. It's all fairly straightforward to get going with NiceHash. Their website explains everything in detail. It is important to note that my AV (BitDefender) flagged one of the NH bundled miners as a virus which was actually a false positive. I have since started using Windows Defender with no such warning.
I initially mined with my CPU and GPU but decided that mining with my graphics card was sufficient. My GPU (RX 460) is what I would consider mid-range at best. I picked it from Amazon for 150 USD. In hindsight I wish I would've grabbed the RX 470 instead but I still need to upgrade my power supply before that happens. I do plan on putting together another mining rig and possibly one more after that.
So last night I received my first payout (0.00453546 BTC) which comes out to about 2.77 USD. I didn't install this graphics card until last Wednesday so that payout is considerably less than my current expected weekly payout. NH will pay up to 4 times a day if you meet the required minimum amount but since I'm just a little minnow that's not happening anytime soon.
The profitability calculator I used for my GPU isn't quite accurate as it assumes my card cost 215 USD which is 65 more than it actually did. I ran the calculator on the RX 470 and the ROI on that one is very good at 182 days. Serious miners will run multiple cards on one machine so once they reach that ROI their income really kicks in.
Thanks for reading and see you next week!
good info