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I have been playing around with mining various cryptocurrencies for a while now. I always liked the idea of contributing to a blockchain by passive means and earning rewards for it. Now I will be the first to state Proof of Work blockchains are TERRIBLE for the environment. I hope and wish that all blockchains go the way of Ethereum and transition to proof of stake but only time will tell. I only mine with the little GPU's and CPU's that I have already available.
I have messed around with mining for a while and I think I have stumbled across the best entry level mining operation for beginners. It is called NiceHash.
NiceHash is an all in one mining software. What happens is you create a account . Then you download the NiceHash software onto your computer. It will look for any CPU or GPU's you have connected and benchmark them. What this benchmarking does is that it tells NiceHash what the total mining hash power that CPU/GPU can perform and what is the most cost effective crypto to mine with it.
After the benchmarking is done it will auto start a mining software that works best for that device and start mining. All you the user has to do is run the program every time you start your computer and it will start mining the best possible crypto for you. What is nice for me (and maybe you to) is that NiceHash doesn't pay you in whatever crypto your GPU or CPU is mining for. They pay you in BTC regardless of what you are mining.
For example my Ryzen 7-3700X is mining for XMR at the moment. My Nvidia GeForce GTX 1050 TI is mining for Ravencoin at the moment. However I am accumulating BTC for both of them.
You can see that I am not mining on NiceHash with my RTX 3060 and that is because I am mining for Ravencoin separately with it so I actually earn Ravencoin.
The way NiceHash works is that they pay out every 4 hours. All that you need to do is have over 1,000 BTC satoshi's (roughly $0.40) worth of mining and it will pay you automatically. It's dead simple and truly all that you need to do is create a account and run the software and they take care of the rest. This is what the crypto world needs for new miners as it lowers the bar on entry.
I know mining can be daunting some times. Shoot there were times I was completely lost trying to mine a new cryptocurrency and had to ask people on Reddit and Discord on how to configure things.
With NiceHash and mining with my CPU and 1 GPU I make about 0.00001000 BTC a day which at time of writing is worth $0.45.
I get a little more then 1,000 satoshi's because it pays out every 4 hours so if I am at 999 satoshi's at the start of the new 4 hour period then I will accumulate more and then get paid out after the next 4 hours. Something to note there is transaction fees as well. So even though payout is at 1,000 satoshi's, if you are at exactly 1,000 and it pays you out you may only get 980 satoshi's after the transaction fee's.
- It's the easiest mining software that I have used so far.
- It mines the most effectively that is can for your devices.
- You get paid out in BTC regardless of what you are mining.
- You can start and stop specific devices at anytime from mining. If you need to do some CPU intensive work you can stop the mining with 1 click and then restart it with 1 click when you are ready to mine again.
- They have a mobile app that you can check up on your miners and remotely start/stop them or check how much you have earned so far.
- They even have NiceHash OS which I have not used but is nice to see as an option.
- I can't change the payout threshold. For once I would want to raise the threshold to say like 5,000 satoshi's so that I would only pay the transaction fee every 5 days instead of every day.
- In the USA, you are not able to switch cryptocurrencies. It appears that in other countries you are able to convert that BTC to other cryptos and then withdraw to your personal wallet. I can not however.
It would be nice to mine for whatever currency your card is best at and get paid out in BTC. Then be able to swap it for SHIB and withdraw it but I can not. Hopeful you will be able to.
- I can't find a way to throttle down the mining load. I do not want my CPU to be mining at 100% 24/7 so I wish there was a way to set it to like 80% utilization but if that's possible I have not found a way for it.
- It did not auto select the region I was in for mining, so if you are going to mine with NiceHash once you have it setup go into the app and select your region manually.
There is no referral link or anything like that so just go to https://www.nicehash.com/ and create an account and get started making the money honey!
