Yes it has been that long. I actually cannot believe that I did crypto mining using my gaming rig for more than 5 months. That would mean that I did not game on my machine for that long. However admittedly I have not been seriously into gaming for long than that. It must be my age I guess. I used to play for hours on end. And during the weekends, I could be stuck on my computer playing computer games for the entirety of the weekend! Nowadays if you ask me to play for more than 2 to 3 hours, I would be extremely exhausted. No I do love gaming. But the body is weak. I guess nowadays I would be watching others game instead. All those streamers and what-not on Youtube or Twitch. But hey, don’t laugh. It comes a time when you will be in the same shoes as me. Our bodies just aren’t suited for sitting in front of a computer and staring at the monitor for long periods of time.
Anyway enough of my gripping. I am here to do a more detailed review on Nicehash. So as mentioned, I have been mining Ethereum on Nicehash for more than 5 months. And it has actually been great. All my payouts have arrived on my Binance account without any issues. There were times where my BTC only arrived a few hours but that would most likely be due to the network being congested. Yes the Nicehash site seems to be down a little too often and I have no idea whether during those downtime I am getting paid or not. However from what I heard, it seems that Nicehash is often targeted by others. So it could just be their website or IP addresses being attacked. While the rest of the mining operations are functioning as per normal. I do not have anything negative to say about Nicehash beyond that. They have been good to me so far.
For those who don’t know, Nicehash has an exchange as well. So you can mine your Ethereum which pays you in BTC and you can then swap for other cryptocurrencies directly from their website. Do note that there are different withdrawal limits that you have to consider. So make sure you check carefully if you are intending to withdraw after that. I myself have never used their Exchange services. I mean I am withdrawing to Binance, so there is not a real need. As for their exchange fees, they have a different fee structure than most. In the beginning, the exchange maker and taker fees are not really that competitive. However if you do lots of trading, you will actually pay lower fees the more you trade. And this is for lifetime! This means the more you trade and upon hitting a certain level, you will never go back to the higher fee level. Very interesting if you ask me. With that said, I don’t see the trading volumes on Nicehash being that great. I think rather go to a real (major) exchange to do my trading.
As for profitability? Well it is honestly hard to say. Electricity isn’t exactly cheap in Singapore but with just one CPU and one graphics card running, I don’t think I face much of an increase in electrical cost. And yes, the amount of BTC I get from the mining isn’t really impressive either. However I do take it as a passive income stream even though it barely hits SGD 50 per month. At the moment, it is quite nice as BTC has increased in value recently. But during the June, July, August and September periods, it was bad.
If you are interested, you might want to check out my initial review on Nicehash. I did not have any major issue with their mining software – I did have to restart my computer a few times during my 5 months mining. But that should be pretty normal. Other than that, crashes are few and far between. And even if it did, their software will automatically restart the mining program for you. Note that I am mining both Ethereum (graphics intensive) and Monero (CPU intensive). Everything has been more or less stable for me. Yes the computer is pretty new. So here is hoping that it will stay the same for a long time to come. Take care!