Mining and cryptocurrencies are dirty words to many of my readers. It’s very dirty for other people to build their own gaming PC in a retail landscape that has seen AMD and Nvidia graphics card costs inflate to unbearable levels. Seriously, it’s now particularly less expensive to buy most boutique or customer systems than to build them yourself. Now may not be the right time to start DIY. Maybe you don’t have a preference for setting up a crazy mining rig. But for those who own a gaming PC, you may be surprised to see how much money you can make mining with it and how simple it is.
When I stopped mining crypto in 2013, getting a consumer to work was a challenge. Basic knowledge of Linux and terminal commands was required. Now I’m dipping back into those waters and found that it’s incredibly simple to get it up and running on a Windows PC using software called NiceHash. No command lines, no confusing configuration files – they’re there if you want them. Just an installer, a few quick automatic benchmarks, then your GPU or CPU (or both) will put their hashrates to work for you. The software even generates a Bitcoin wallet address for you.
[Editor’s note: Investing in cryptocurrencies or tokens is highly speculative and the market is largely unregulated. Anyone who considers it will be willing to lose their entire investment. ]
3 Things About NiceHash
Before I get ahead of myself, let me lay down a few important comments. Don’t skip these!
First of all, NiceHash doesn’t use your PC’s hardware to directly mine cryptocurrencies like LiteCoin, Ethereum, or Monero. Instead, it automatically sells your PC’s hash strength to other miners who mine those coins, thus contributing to a pool’s combined strength. The reward? NiceHash will pay you in Bitcoin at normal intervals. You can then transfer your earnings to an exchange like Coinbase and buy cryptocurrency if that’s what you’re looking for, or simply attach a bank account and make a withdrawal.
The second thing is, for me, what makes NiceHash so appealing. Your hashrate — or the power at which your GPU can mine — is always being directed to what the most popular crypto coin is. It’s completely hands-off. Before your first launch, the software will benchmark your hardware’s hashrates for a variety of algorithms that correspond with those coins. Then at regular intervals it auto-switches to the most profitable one (to see these on your own, visit a site like WhatToMine.com). This means you’re maximizing profit without needing to invest time in constant research or speculation.
And third thing: if you need to get serious about mining, NiceHash may not be for you. Users may see higher hash rates and therefore greater profits by doing things like updating their GPU BIOS, command line-based clients, overclocking and undervolting, and installing select drivers such as AMD Blockchain Controller. But if you just need to click one button and start making profits, NiceHash is the simplest button.
How Much Can Your GPU Make?
So let’s talk about money. For the prices below, I used NiceHash’s profitability calculator and assumed a power charge of $0. 10/kWh, which means you’ll see a profit after paying for the power consumption of this GPU. Your mileage may vary, that’s an understatement in this case. The price is changing, and those calculations were based on a US dollar price of $11,655 on January 19. As the price of Bitcoin increases, so do your potential profits. Of course it’s true.
All GPUs indexed below have been tested in the company’s laboratories and are derived from estimates and actual user benefit figures. For my part, I can verify the accuracy of the Radeon RX 580 and Nvidia GTX 1060 gains.
Monthly benefit for some Nvidia GeForce cards:
Even a 3GB GTX 1060 is a smart little miner and at the same time incredibly energy-efficient. For those who like something similar to a 1080?It’s a wonderful piece.
Monthly benefit for AMD Radeon cards:
I included AMD’s higher-end 7000 series cards here because they’re not too shabby and tons of people still use them. As for AMD’s latest Vega cards, they may chew through power, but they also spin a decent profit after the electricity bill gets paid.
And some processors by measure:
Yes, you can actually use higher-end CPUs (expect a dollar or two per day max), but it will render your PC unusable for day-to-day tasks. And you can use NiceHash with your gaming laptop, though I caution against putting both your GPU and CPU to work simultaneously due to thermal and throttling concerns.
Obviously, those profit figures will vary for you, especially since you will most likely use your rig and not just dedicate it to mining. Again, if you have a spare GPU that you are using, you can seamlessly insert it into your PC and tell NiceHash to use it and not your compromised gaming GPU. Better to pick up Bitcoin than dust.
At the very least, I think most people can get enough out of it to buy a new game every month. Remember that mining can reduce the life of your GPU.
If you check it out, let me know how it goes!