Nicehash and GPU Mining, my adventures and what led me to the simplest solution.
Well I’ll start from the beginning,
My best buddy passed and I was looking for something to debunk(was our thing). I stumbled upon crypto currency, and in my process of trying to debunk the technology I had to pursue all avenues.
I started with white papers, moved onto differences in algorithms even looking at specific encryption’s with no luck finding a fatal flaw other then “why do we agree to have value for something intangible?”. So I started mining on what I had available, xmr on my cpu. After a week on xmr-stak I had nearly $.20 lmao but still didn’t understand what I was missing.
So I took a new approach in my debunking, how did currency evolve. Originally it was by use vs demand and agreement by the populations for said item to have intrinsic value(sometimes enforced by “leaders”), such as salt or gold. Moving forward gold has become more intrinsic cost then intrinsic value meaning the price it costs to pull it out of the ground and refine multiplied by expense of transfer which sets the base price. Then moving into current day “money” again just an agreement for legacy banking to honour your fiat at its respective value with no longer any backing of gold to said fiat as it was originally implemented or created(ability to move gold value in a note easily hidden vs a huge payload easily stolen). So in short bitcoin is the crypto currency gold equivalent, limited market supply, intrinsic demand, intrinsic cost(mining), meaning it will always have a growing base price exception being lack of network support. Everything I read reinforces my belief that crypto is here to stay, no authority could unanimously shutdown any decentralized network look at torrents.
This is when I started sourcing parts, I was given an i5 3.4ghz CPU & motherboard(I’m not so tech here guys). I bought 16gb ddr3 ram for $100 found out after I only needed 4gb, bought a $40 ssd hdd. Was given a gtx 560 to start GPU mining with as I was searching for a distraction many of my close friend were really overly willing to help. After failing to install the cpu fan(broke the clips) and getting GPU stuck in case over top of screws(clip for releasing GPU hidden underneath) and not knowing how to power it with only 4 wire plugs when it needed 6, I went to the shop. $100 later it was running on windows 10, total $240. GPU was missing a fan blade so it viberates really bad but never failed.
I found that most mining programs confused me and the ones that didn’t weren’t as profitable plus you needed to research projects for holding or research exchanges for when and where to sell. I settled with minergate since it could easily do both CPU&GPU mining on xmr(coin of choice for beginner mining still on older hardware still). My rig was upto $3 a week and with some simple overclocking I was able to hit $5 at 400 h/s. I also selected minergate because of the xmr cloud mining lifetime contracts, after reaching $12 worth of xmr(3 weeks then price started plunging) I bought 19 h/s and current rate it will be 9 month roi.
After this I made my first purchase of crypto being imursed in the market and understanding the movements, I felt as if there was an amount of certainty in crypto. I HODL what I like and invest more into another cloud mining company hashflare. It was through hashflare reinvestment strategy I realized how bitcoin volatility can be used at an advantage watching the reinvestment cost fluctuate. I realized I want more bitcoin, the rest will follow or bust screw short term values.
I went out and bought a $200 gtx 1050ti only thing left on the shelf during boxing week sales. While researching WhatToMine for my best options on my new GPU I noticed multiple Nicehash listings and thought I had overlooked an entire algorithm. To my surprise I found the answer to my problem, btc no complications. Previously I had tried nicehash but it wouldn’t recognize my old GPU, success it recognized the new one.
I now average about $2.50 a day, roi on entire investment reaching 5 months give or take. 4 payouts too internal wallet on nice hash once every 5-6 days currently at 420k satoshi. All in all I’m happy with my indevour.
Conclusion, crypto currencies are in their infancy stages still. Their have been flaws but nothing fatal thanks to satoshi’s original white paper solution. We have on going problems but so does everything in growth including corporations. I’m certain the technology behind crypto currencies is here to stay and many currencies will find use case aswell. Yet I am still uncertain if it’s going to surpass legacy banking or be absorbed by it. I have enjoyed my learning experiences and eagerly await to see the outcome of this revolutionary wave crashing against the legacy banks.
I am now a hobbiest miner and crypto supporter, you can’t beat em join em!
Links (affiliate where applicable)
Nicehash simple GUI miner - https://www.nicehash.com/
Minergate GUI coin specific miner - https://minergate.com/a/5f54cf1b8d8d0e1aa822ae40
Coinbase crypto currency buy/sell - https://www.coinbase.com/join/5a0768b48f976a01b482cae1
Hashflare cloud mining - https://hashflare.io/r/BD386AE3
Crypterra cloud mining - https://crypterra.net/?code=CR4744