Let’s start things off with the most basic of basic details about crypto: the wallet. Cryptocurrency Basicsīecause I’m a crypto n00b (Google is over here if you don’t trust my research), I bumped into a bunch of “What?” questions over the past week, so I am hoping that my outgoing cryptocoin ineptitude will help other novices get started quicker. I will say up front that your CPU is not going to generate nearly as much revenue as your GPU, but in most cases, it’s something, and still worth doing. You can hit up the article Jason wrote to see a range of current graphics cards and their expected revenue, or check out the official NiceHash calculator and see more specific values based on your own, real power cost. Telling someone that they can use their 1080 Ti to earn $150/mo hits home more than telling them they can mine one of the many cryptocurrencies in hopes they’ll be worth something someday. I’d still likely be sitting on the sidelines if not for Forbes‘ Jason Evangelho writing a great piece recently explaining in a very clear way what you stand to gain. Still, I needed a blunt hit to the head, or at least a figurative version of it. This is despite a bunch number of friends (hi, Anthony!) encouraging me over the past year to get into it. Further, if the gear you have is more than a couple of generations old, be prepared to weigh the pros with the cons (sometimes, power costs might rule out using older gear for effective mining).Īt Bitcoin’s current value, a GTX 1080 Ti can generate ~$5/day with NiceHashĪs you may have suspected already, I’m no cryptocurrency expert. If you have a single, modest GPU, it may not be worth it to you. Before going further, you need to consider whether or not you want to run your gear as hard as mining requires. This article is written from the context of using the hardware you already have kicking around, to generate extra money in the background while you go on with your day. Under no circumstance do I encourage anyone to purchase hardware for the sake of mining.
In this particular case, that just so happens to involve digital coinage. Thus, I don’t endorse really anything here, except using the hardware you have to make you money.
Over the course of the week, I’ve warmed up to it a little bit more, but until the legalities are clear, and hacks stop happening at exchanges, I personally don’t feel that confident when managing cryptocurrency outside of my own wallet. I didn’t really care about cryptocurrency until a week ago, and at first, it was only because I knew it could make me money. That’s an unsafe game to play, so I’ll be clear about a couple of things up-front. People hope that by initially absorbing an initial price gouging, the hardware can eventually negate the loss through mining. To look at Newegg and see a $649 SRP GPU sell for $1,300 is infuriating, and it’s a secret to no one why it’s happening. Ipfs vs filecoin.I’ve talked a lot in the past about mining, but to my recollection, every instance was tied to a rant about what it’s done to graphics card pricing.
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