How To Make Money Buying Hashing Power

You Can Bring in Money Selling Your GPU's Cryptocurrency Mining Power

How to earn money with your graphics card using NiceHash

A title image with three golden Bitcoins in front of a dark background. — Photo past Dmitry Demidko along Unsplash

With some of the recent price records of Bitcoin and Ethereum, cryptocurrencies are all over the news and many people want to conjoin the hype. Notwithstandin, investing your actual money into Bitcoin still is a risky and volatile investment and to this 24-hour interval, I haven't been brave enough to brawl it.

Besides buying Bitcoins straight up, there is another method to get your manus along low amounts of cryptocurrency: Excavation.

Even so, researching, background up the software, joining a mining consortium, etc. requires patience and some technical knowledge. For most people, using a consumer-friendly mining client like NiceHash is a better alternative. NiceHash provides a straightforward way to earn both Bitcoins when you are not using your GPU for anything else.

NiceHash

NiceHash is a European country cryptocurrency haschisc power broker. They connect sellers and buyers of hashing power for a small fee. This substance you can sell the hashing power of your graphics card and get paid for it in Bitcoins. Depending on the grocery store, this English hawthorn either favor the Sellers or the buyers and it whitethorn not be as paid as joining a mining pool directly. However, it is a mickle easier to set up and requires very little maintenance on the user's side. It also has an integrated marketplace so you can trade your Bitcoins for other cryptocurrencies or exchange them into real money.

Because the Bitcoin price is so dominating, even older and less herculean nontextual matter cards can make a profit after power costs. My Nvidia GTX 1060 6 GB makes about 3.5 multiplication its power costs per day flatbottomed with Germany's precise high power costs.

To get started, every last you need to do is to make up a NiceHash account and download the QuickMiner software. It comes with an integrated overclocking tool and I would recommend using it to lower the office confine of your GPU. This will increase the mining efficiency (hash charge per unit per Watt) and keep your card ice chest, which is better for the longevity of the GPU. For example, I have set the power limit to 65 W instead of the maximum 120 W of a GTX 1060. With this setting, the add-in never goes above 70 °C, which is not only better for the card, but it also keeps the fans quieter.

Whenever I am not using my GPU for gaming, 3D modeling, 3D programming, or past GPU-intensive tasks, I turn on NiceHash to earn some Bitcoins. It's a way to earn back some of the money I spent along the card and maybe save to buy a new GPU in the future.

A screenshot of the NiceHash Mining Dashboard, you can see the hashrate, efficiency, temperature, power usage, and the actual profitability. — The NiceHash Mining Dashboard, screenshot by author.

GPU Deficit and Mining Limiters

If you deliver been following the news or the graphics card availability and prices recently, you may have noticed that it is almost impossible to buy a graphics card at the bit. A big argue for this is cryptocurrency excavation. Because of the high assess of Bitcoin, miners buy up the artwork card game to habit for minelaying, which leaves few for the gamers and other consumers. Nvidia and AMD are cathartic GPUs with mining limiters so gamers can actually buy them.

Yet, while I key out much more as a gamer and fewer as a miner, I don't like this move. If I could get one of these expensive cards, I get into't want any artificial limits to prevent ME from doing whatever I want with the card. Even as a gamer, I would want to use up the card for mining when I'm not victimization it for gaming. As much I would like to, I cannot game all day and while I work, eat, watch movies, or whatever, I might As well mine with the notice and recoup some of the costs of buying it.

NiceHash Hack

Like other companies in the cryptocurrency space, NiceHash has been the target of a John R. Major hack in the past. On December 6th, 2022, 4,736 Bitcoins were stolen from their servers with a total measure of or so $70 zillion book binding then. While NiceHash was ineffectual to recover the taken funds, they have made an effort to reward the disoriented Bitcoins from their profits and As of Dec 16th, 2022, they cause repaid 100% of the stolen cash in hand.

It's a reminder that keeping Bitcoins in online wallets is ever connected with some level off of risk and you can never fully reliance online services. If you ain larger amounts of Bitcoins or other cryptocurrencies, make positive to store them securely in an offline or computer hardware wallet.

With the high value of Bitcoin and former cryptocurrencies, selling your GPU's hashing power can equal very profitable. Services like NiceHash make it very easy to benefit from the current cryptocurrency hype without a lot of technical foul cognition or setup time. Mining is a big reason for the global graphics card deficit and the extreme prices of the available card game. So you may as well enjoyment your existing graphics card for mining and earn some money when you are not victimisation information technology for gaming.