Mining with Nicehash

[TransAmDan]

What is Nicehash?

• NiceHash connects buyers and sellers of hash-power. NiceHash is a broker between a demand-side and a supply-side.
• Note that NiceHash is not only a broker of hash-power. We also support the trading and exchanging of more than 48 cryptocurrencies.

I heard of nicehash back in the days when I was mining ZCash, i was using Slushpool back then, this is a similar platform. This tells you more about mining on Nicehash https://www.nicehash.com/blog/post/new-to-mining-mining-tips-for-beginners.

All you need is a fairly good GFX card. Sign up to Nicehash and download the software. This gives you a crypto wally for rewards to be paid in to. The route I take to get money out if to transfer the wallet contents into Coinbase which has a payment method direct into my bank again.

The card I started using is my 3 years old Geforce GTX1060. This version has 6GB of DDR5 ram, some only have 3GB. the 6GB is good as some crypto mining requires 4GB or more.

Such a nice heatsink design on this. The GPU gets warn so it needs a good way to extract the heat

What can this card make? Well there is a profitability calculator on their website where you can enter in your hardware and it gives you an ideal.https://www.nicehash.com/profitability-calculator
The GTX1060 card makes 0.00005562BTC, used 90Watts of power. So costing £0.35 a day to run, At the current bitcoin exchange rate of £26k it makes £1.44 a day. So it does make a profit.

There are loads of GFX cards out there some are more efficient that other. Usually the newer ones are more powerful than the older and also use less energy.
If your computer is on anyway, why not let it work for you.

 

[TransAmDan]

So what is the best GFX on the market to do this with? Well the most powerful is the new RTX3090, came out in September 2020, using the 8nm process, so its is very dense and more efficient in regards to numbers of hashes per watt (a 'hash' is a measurement of speed for crypto mining)

What can this card output, well it can so 125Mh/s, the card above(GTX1060) can do 18Mh/s. the RTX3090 draws around 280W to 300W. this is a lot for a card, but it can do raytracing, and output an 8K picture. its one of the most awesome cards for games. One day I will try out a game on it.

How big is the RTX3090 compared to a regular GFX card the Zotax GTX750. They are huge, and a great heatsink design. Its like a car radiator with pipes and fins. Takes in a 2 x 8pin power connectors, I guess with 300W @ 12V that's 25Amps, is that right?

Seeing the pair from the end, 3 x Display Port and 1 HDMI connection.

What can these make in the day? Each one can make around 0.00028039BTC a day, costs about £1.07 a day each to run. 0.00028039BTC at the current rate of £26k, is £7.29 a day earnings.

Okay its not going to make you a millionaire overnight. I do find it interesting watching the results and tuning the card for best results using less power.

So what is is actually doing? You grab work from the Nicehash website, it then processes that information, and sends the results back. you don't see any transactions, but you get paid commission on the amount of work you do. Well you don't actually do any work, its the hardware that does it. you just supply it with power and keep it running, you should be able to leave it forever with no intervention.

 

[TransAmDan]

There is a nicehash app, there is another called MfN, this has some nicer graphs and other information represented a little different.
Allows you to keep an eye on things seeing temperatures, and the hashing rates along with daily predictions of earnings.

Also some graphs on how its been doing over the last few days. You can see where I turned it off for a bit trying other things, like the Nicehash operating system, eliminating Windows 10.

Running all 3 GFX cards, motherboard, hard drive, 2 PC power supplies, it is drawing 760W at the wall. Verified with a TP-Link Smart switch, so i can reboot this from my phone if need be, but also lets me know how much energy it is using.

Viewing on the PC, I can remotely log in and view from other computers. It comes up with useful information. Hashrates, and also Efficiency. Aiming for 400KH/W on the 3090's but the 1060 is old and less efficient, so 200KH/W is about the best it can do.

 

[an88fiero]

I’m lost

 

[TransAmDan]

I’m lost

Mainly documenting things so when I look back I know what it was once like.

Basically by using hardware in a powerful computer it can earn you money. Crypto currency doesn't have a central bank, so all the processing is shared out to people that elect to take part, and you get rewarded a small fee as a thanks. Its something I like dabbling in.

 

[AmericanThunder]

Kind of like SETI with a financial reward.

 

[TransAmDan]

Kind of like SETI with a financial reward.

Yes correct.

 

[TransAmDan]

I have moved on from the Nicehash pool and now using ethermine.org.
I have also brought another RTX3090 GFX card to increase profits. The whole rig is using 1024watts. So its costing about 24kwh a day to run, about £3.84 of electric, of course when the sun is out its free
So what does it earn? Approx £10 per GFX card per day. I have 3 cards. Payments are made in ETH crypto currency, this is easily transferred into my bank within 10mins, I aim to do that monthly. This will pay for the card, although will take 3-4 months to make enough to pay for the cards, so fingers crossed the ETH crypto currency value says high to convert to GBP.