Categories
Crypto Mining

Nicehash review- more than 5 months later

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!

Categories
Crypto Mining

Bitcoin Hashrate up & up!

This is good news for us! I know quite a lot of investors do not really care that much about the bitcoin hashrate. Heck, it is not even on their radar. But if you were to look up at past history of the bitcoin hashrate, you would realize that hashrate is indeed very important. Miners (as in those people involved in mining Bitcoin) are always the ones who extremely sensitive to market sentiments when it comes to the cryto markets. It is their business to understand what is happening to the market. If the outlook for the particular cryptocurrency is positive, miners will tend to want to mine that cryptocurrency. It just makes sense. Why would you want to lose out when they are better and more profit-making cryptocurrency out there right? So if we are seeing Bitcoin hashrate going up, it means the outlook for Bitcoin is positive. And a high hashrate means better security for the Bitcoin network as well.

Of course the downturn just a few months ago were the result of several unfortunate events. One of them was the China ban in crypto mining. This has lead to the exodus of miners from China to various other countries. If I remember correctly, at one point in time the hashrate by Chinese miners comprise of over 70% of the worldwide hashrate. That is huge. Of course China’s dominance in hashrate had been flattering since then. As of June 2021, they only make up half as miners understood that the Chinese govt is not in favour of mining. For better or for worse, Hashshiny seems to have migrated to Kazakhstan and Burma. I myself have invested a little into Hashshiny in the hopes that mining will take off. Honestly, it is slow but at the very least it is steady. I do see some returns coming. But of course I am not telling my readers to go and buy hashrates from these resellers. In fact, I don’t think it is a good idea, especially most of the plans are at least 2 years. Who knows what will happen to mining in 2 years time? I am not saying that I think Bitcoin or Ethereum will collapse in 2 years time, but most specifically what will happen to mining for Bitcoin or Ethereum. Also note that when ETH 2.0 starts, it will transition to Proof of Stake. That means no more Proof of Work and what will happen to my investment for Ethereum in these hashrate companies? I have absolutely no idea.

The hashrate for Bitcoin has been rising since late June. And it does not seem to be slowing down anytime soon. Again this is good news for Bitcoin holders. Hopefully the hashrate will rise to the same level in May/June 2021 just before the crash. But once again, you should always do your own research. Just because historically it has been positive, does not mean that it will be the same in the future. But for me, I am bullish for Bitcoin at the moment. You can check out my post about my thoughts on Bitcoin.

Categories
Crypto Mining Mobile Crypto

Hi Dollars – strange one. But looks promising!

Yes this is yet another one of those “tap a few buttons” crypto mining app but it does not advertise itself to be doing crypto mining. The one thing that lead me to this application (actually not really an app) is that it actually does look very promising. Whether or not the price they state on their website is accurate or even close, I have no idea. And I am always telling my readers never to pay for anything on these kind of platform or application. Even if their intention is not to cheat you, you will never know when they will just call it quits due to some market downturn. And there is not much you can do if this happens. Your money down the drain. So a reminder that I am not endorsing this platform but it does look quite promising.

So basically what you need to do is to have either Telegram or Whatsapp and you will be able to get rewards once per day. First go to their website and at the bottom they have an icon for Telegram (if you are planning to use Telegram) or Whatsapp (if you are planning to use Whatsapp). You will need to use the instructions to get the rewards which consists of just typing “Hi” and following the steps provided. Sometimes they will ask you a multiple choice question, sometimes you will need to type down the answers. But it is very easy and should not take more than 1 minute of your time per day. At time of writing, you get 2.5 hi Dollars per day as reward. As to how much that is worth in USD, well you can check out their website. For those who do not use Telegram or Whatsapp, they have an Web App as well. I have tried both Whatsapp and their Web App, all is pretty easy to use. However do note that their service might get bogged down during certain periods so if you get an error message that the server is busy, you should try again later. [Update 12-Oct-2021] Their mobile app is about ready to launch.

I have been “minting” hi Dollars for about a month already. They do feel legit to me. No advertisements but they do try to get you to buy their hi Dollars via their own exchange. And if I am not wrong, the hi Dollars will only be released periodically (Daily) so you will not get one lump sum. Even the rewards you get will be held for 1 year before being released. If you ask me, I think this is a good thing. You will not see the crazy wild swings in the price if investors get amounts of hi Dollars over time. This is what I think will happen to many of the mobile crypto tokens. If imagine what will happen on the day when Pi gets launched and is available to trade at exchanges? Those who have been mining Pi for years will rush to exchanges and offload their Pi, sending it crashing to the ground. We have seen this happened plenty of times when cryptocurrencies are launched right? It does seem that the developers have put in some thought into the project. At least they are most unlikely those who just wants to quickly make some profit and then do a rugpull. Furthermore that domain name probably is worth something if you ask me. Hi.com is not a cheap domain. Just like bee.com. So these fellows do have at least some financial muscle behind the project. Whether it is a good thing or not remains to be seen. However it is interesting to note that their website state that they are “not for profit”.

The hi Dollar team claims that they are now on the Ethereum (ERC-20) network and plans to switch to their own blockchain technology soon. Yes you heard me right – they are planning to develop and use their own blockchain network (hi Chain/hi protocol). If you ask me, that is one very ambitious project they have there. Not too sure whether they will succeed though. I would rather they concentrate on developing their applications and ecosystem rather than trying to go into blockchain itself as well. For those interested, you should check out their whitepaper as well. Apparently they have links to a certain Singapore foundation which is kind of cool. And from their whitepaper, it seems that their core business will be currency and cryptocurrency transfers and savings. I am guessing some sort of Defi service as well. Their web wallet is up and running and seems to be able to support a few cryptocurrencies and they should be adding more in the future. So all in all they did do quite a lot of work already. And oh, they are getting listed on Uniswap soon.

So if you are willing to spend just like 1 minute everyday getting rewards, you might want to check out Hi.com [referral link included]. You can also make use of my referral code – blong1234 . If you have friends or relatives with their own referral link, you should use theirs. And apparently you do get downstream referral rewards as well. And looking from my first few referrals, they are indeed quite generous. Their purpose is of course to get more users into their network. You will probably need to complete some form of KYC in order for the hi Dollars to be used, so please be aware. I am pretty sure most if not all of the mobile crypto mining applications will require some form of KYC as well. But overall I think that Hi Dollars is quite promising. If you check their website, they did list down their team members. So….

Categories
Crypto Mining

Hashshiny review – get your hashrate here?

I am a bit hesitant to do a review on Hashshiny as these will usually need a long time to do any real review on them. Why? Well because these sites that sell hashrates or hashpower, they will require the “purchasers” to sign on for a few years at least. And in most cases, you will not see any profit for the first year or so. That is how it works. You buy the hashrate and they will do the mining for you. And it takes time to recover your initial investment.

For those who don’t know how these kind of crypto mining works – it is essentially just the same as mining on your own but this time, these companies will purchase, maintain and do everything for you. You just purchase the “hashrate“. Basically paying them to mine for you. Yes at first it might sound strange. Why would these companies need someone else to “purchase” (or more correctly “rent”) the hashrate for them when they have the equipment and the manpower and facilities already? Well because it takes time to mine and cost money to maintain the equipment. All these electricity, internet access and manpower costs money. And as a business, you will need to always keep up with all those ASIC equipment to ensure that you will have the most efficient hashrate to maximize profits.

Anyways I have been with Hashshiny for a few months already and it seems to be okay. Don’t see them trying to run away with my money, even though I honestly didn’t put in too much money. Just a few hundred dollars into BTC and Ethereum mining. Even after the China ban on crypto mining in China, they have shifted relatively quickly to Myanmar and Kazakhstan. And they are actually based in Hong Kong, so they might have a little more leeway as compared to the other mining companies in China. However it is interesting that they have shifted some of their operations to Myanmar as it is not the most stable of places right now. Nevertheless everything seems to be running fine on their side.

The website interface can be a bit clunky and not very intuitive. But come on, all you need to see is the hashrate you have purchased and the amount of cryptocurrency you are getting in return right? They offer mining for BTC, ETH, ZCASH, DCR, DASH & LTC. Not really that much of a variety and it seems that they do not have DOGE support either. Kind of strange though. Seems that it is a waste to mine LTC and not DOGE at the same time. And please note that they have a minimum payout amount, so please be sure you will hit at least the minimum payout before you invest. And with prices dropping significantly these few weeks, you will have to wait for a while because you can withdraw those coins. So I would recommend you only to invest into such mining facilities if you are willing to wait for some time. Of course it depends on the amount of hashrate you purchase. And note that their contracts are 2 years! And I surely hope that I am able to withdraw after the contract is over. Who knows, I might even make some profit out of it. But honestly I am not that optimistic.

The main reason why I am slightly more confident (and I really mean just slightly) about Hashshiny is due to the fact that they have allowed users to now support liquidity pools. So basically they will help you place your recently mined cryptocurrencies into various liquidity pools to earn the most returns. So at least your crypto will not be sitting idly while they slowly mine for you. But if you ask me, it might be a better idea to just withdraw them out and put them into pools yourself. But that is just me. It is very convenient though. And you don’t need to worry about gas fees when transferring to other yield farming platforms or pools.

And if you are asking me whether I would recommend Hashshiny to park your funds or even your cryptocurrencies? Well, I will get back to you in a few more months. At the moment, I would say maybe you should stay away, especially considering there are a lot of negative comments about withdrawals and poor returns on the Internet about Hashshiny. As for me, I take it as a learning experience. I didn’t really put much money into this anyway.

Categories
Crypto Investments Mining Mobile Crypto

Crypto income – my “passive” income strategies

A good advise I would like to share with everyone new to crypto investment or passive income generation is never to put all your eggs into one basket. Sure when things are good, everything is rosy and dandy. But then things does south and it often happens in the cryptosphere, that is when everyone panics and make very rash decisions. And that would very likely let to disaster. That is why I never put all my eggs into one basket. When I invest, I throw into a good number of different strategies. These range from old old crypto trading in the exchanges, putting cryptos into lending platforms, doing staking with my cryptos, small scale mining in pools, mobile “mining” and even joining cloud mining groups. I even put a small amount into those unknown coins in the hopes that it will one day explode for me to cash out.

For those who like to YOLO, I would recommend you to make sure you have a backup plan. YOLO on the crypto world is rather dangerous to say the least. You will never know if one day Elon Musk will start attacking your DOGECOIN which you have put your life savings into or that one day some government institution decided that BTC is a threaten to their banking monopoly and decided to ban Bitcoin mining as an excuse. These things do happen on a regular basis.

Here are some of the my passive income strategies.

  1. Good old crypto trading – I put a portion of my salary every month into buying crypto in the hopes that they will rise in price. In most cases I will hold them for the long term. Note that unless it is currently a bear market, “long term” would mean a few months at most. Yes I have a few tokens which I am very bullish about their future but for most cases I will only hold for a few months at most. However if you are a good trader and would be willing to spend a considerable amount of time looking at charts, buying and selling crypto could possible make you some consistent money. But for me, I think it is still a bit too much work, especially for a small time trader like myself. I usually trade on Binance. You can follow my step by step guide on how to buy your first crypto on Binance here.
  2. Staking – As I mentioned above, there are a few tokens which I am extremely bullish about. Some of which we are able to stake the tokens. Basically this means that you help to secure the network with the staked tokens and in return more tokens will be rewarded to you. These usually have a “lockup” period where the tokens cannot be used and in the end of the lockup period, you will get tokens back. I currently am staking ADA and CAKE tokens. Their returns are quite good as well.
  3. Lending platforms – I have a few tokens in various “centralized” lending platforms – namely Nexo and Celsius[referral link included]. These tokens will generate me passive income as interest rates. The tokens I deposit into lending platforms are then used to lend to borrowers who pay interest rates and part of which is given to the person who deposit into the platform. However note that if you are more into trading, it might not be a good idea to keep on transferred tokens from one wallet to another as there are transfer fees involved. And some transfers take a long time. However some of the stablecoin interest rates are as high as 12% APY. And even other altcoins, their interest rates are way better than if you keep funds in most banks. Yes, I do keep my tokens on two different lending platforms – Nexo and Celsius. It is also a good idea to compare the different rates between them. Note that there are also decentralized DeFi platforms like AAVE on which to earn interest on. Some of which are very interesting.
  4. Mining – For me, mining forms a pretty small portion of generating passive income. This is because I have only like 3 rigs to do mining. However they are still sources of passive income. I am estimating about USD4-5 per day. That works out to be about USD 150 per month. I mean it is certainly not the greatest but at least I am putting my computer to work right? Check out my blog post on my rig mining adventures here. I usually mine Ethereum on Nicehash and Monero.
  5. Cloud mining – These are perhaps better described as buying hashpower or buying hashrates. So you pay for the hashrate while the provider will do the mining for you. The equipment, space and electricity is all handled by the provider. Yes I am not making like 100% returns in profits but at least my money is not sitting ideal in the bank with 0.3% interest rate. Risk of course includes the provider shutting down or the country in which the provider is operating in decides to ban mining (like China).
  6. Liquity Provider – This is a higher risk investment to get passive income. What you do is add two tokens into a liquidity pool and the tokens are used for trading in decentralized exchanges like UNISWAP or PANCAKE SWAP. In return you get a cut of the exchange fees. However there is a big risk called impermanent loss and can be quite substantial if there are major price swings when the liquidity provider takes out his/her tokens from the pool. So please be careful when joining such a pool. Please have a look at my blog on being a liquidity provider here.
  7. Mobile Crypto Mining – Yes those little apps on the phone which users have to tap like once per day to get tokens. I am not very bullish on their prospects but if a least one or two of such projects were to succeed, surely there will be some returns. Just spend like 5 seconds of your time daily to tap and hope one fine day the tokens will be worth something. The more popular of such applications are the Pi Network and Bee Network.

Before we go, I need to reminder readers that I am no financial advisors. This blog is about information and is meant to educate readers to what is happening in the crypto world. You should always do your own research!

Categories
Crypto Mining

Interesting history behind Nicehash

Some of you guys should already know that I am crypto mining on Nicehash. Basically I mine Ethereum on my gaming computer and get paid out in Bitcoin. As to whether it is really that profitable, well only time will decide. Psst….not really that much profit broskies! Especially if using only a single rig for mining. If you want profitability, I guess you will need to get a good number of rigs and be very efficient especially in terms of energy consumption. Yes mining takes up lots of energy and in countries where the cost of electricity is high, it will usually not be profitable to do mining. Furthermore you will need to tweet your graphics card to give you more hashrate.

Anyways I have been reading up a little on Nicehash recently and it seems that the founder of Nicehash – a certain gentleman by the name of Matjaž Škorjanc has quite a reputation. Seems like he was involved in creating malware botnet called Mariposa Botnet. A Botnet is basically a group of compromised computers on the Internet and their purpose is usually malicious. Just think of them as a group of computer (usually after being infected by malware) on the Internet which can be controlled by someone and made to do attacks. And this particular botnet application is supposed to steal passwords and credit card information. Seems like Matjaž had been a naughty boy. And the FBI seems to be on him for a long time. But this is as expected. I mean if someone created a malware that caused lots of problems for innocent users, surely the FBI should go hard on him.

It is also rather ironic that Nicehash were a victim of an attack themselves. Apparently through some form of spear phishing in Dec 2017 and 4,700 BTC was stolen from their wallet through some “CryptoNeuro Trader” application. Where is Matjaž’s skill when it is most needed eh? And recent news seem to suggest that this attack was done by some North Korean hacker group. And this hacker group apparently are part of the North Korean military. I guess when the world can do nothing to you, why not just go hack everyone for profit. There is basically nothing to lose. And looks like it is very profitable. The North Korean hacker group also targeted an Indonesian cryptocurrency company in 2018 as well. Seems like the North Koreans understood the value of cryptocurrencies much better than the rest of the world. Especially governments around the world.

And it seems that this North Korean hacking group is pretty well known in the community. There are primarily known as Lazarus Group and Advanced Persistent Threat 38 (APT38). But I am guessing the FBI won’t do much to these groups all the way in North Korea. It is not like they can go ask Kim to extradite the group to the US right?

It is also interesting to note that after the hack, Nicehash did pay back the customers ALL the funds that were lost. Their repayment program started in February 2018 and by Dec 2020, they repaid 100% of the funds lost. There was also an conspiracy theory that this hack was actually some sort of an inside job. And they did it because they knew that the price of Bitcoin was going to tank and they would be able to cash out first to the profit from the sale before slowly returning to their customers. Well the FBI report do seem to prove that theory wrong.

Now we can all look at Matjaž past history and think ill of him. But he did the right thing. He could have simply just close Nicehash and ran away as it is kind of difficult to even do much as most of the customers of Nicehash would probably not be in Slovenia. Much more than I can say of plenty of other financial institutions. Just imagine if our local bank was hacked, what would they do? Probably run to the government and beg for handouts. Or even ask for protection against those whom they owe money to. So if you have been mining or trading in Nicehash, I don’t think you have much to worry about. Hopefully they have improved their security. Note that in 2018 to 2020, it is the bear market for cryptos and Nicehash still managed to pay back their customers. Now if that does not stand for something, I don’t know what is. So kudos to Matjaž and the team at Nicehash.

No, I am not paid by Nicehash to advertise for them. I just feel that in the cryptosphere where there are so many scams, lies, deceit and rug pulls, Nicehash does stand out to be rather different. And it is indeed very refreshing….If you want to read what I am mining at Nicehash, take a look at this post.

Categories
Crypto Mining

Making passive income – staking ADA (Cardano)

For those who are uninitiated, there are different types of blockchains for different cryptos. The most famous is of course proof of work. Basically these cryptos depends on huge amounts of computation power to create blocks (ledgers) and help secure the network. Popular proof of work blockchains are Bitcoin, Litecoin and Monero. There is yet another mechanism called proof of stake. These are different from proof of work as they are dependent on the amount of cryptocurrency you “stake” in order for the user to “mine” blocks. In most cases, the more tokens you hold, the higher the chance you get to “mine” a block. In other words, to get the most reward you will need to have a lot of coins in the first place. The advantage is that it is supposedly “green” as you won’t need the energy consumption as for proof of work.

Staking is a good source of passive income as well. They will usually require the “staker” to add into a staking pool a certain amount of tokens which will be held in the pool for a fixed amount of time. For direct ADA (Cardano) staking however you will not be able to take out your coins from the pool until the staking period is over. So please beware.

As I usually hold most of my cryptocurrencies in Binance [referral link], I will show you how to get into staking in that exchange platform. Note that you can of course stake your ADA in the official Cardano wallet called Daedalus Mainnet or their lightweight web wallet Yoroi. Go to your spot in Binance and on the right click on Earn. You will be presented with the “Locked Staking” option. Click on that.

Scroll down till you find the ADA token and choose the duration. In most cases, the shorter the duration, the higher the APY (aka returns). However this means that you will need to come back often to do staking once the staking period is over. As you can see for the 15 day staking period, the estimated APY is 17.79%! Not too bad if you ask me. But do note that sometimes the staking pool will be full so you will not be able to stake the 15 days duration if you miss the opportunity as it can be very popular. And as the 15 days staking interest is so much higher than the 30 days interest, sometimes I wait for a day or so to check if there are any availability in the short period pool slot. So if you are ready to stake, click on Stake Now. But before you do that, make sure you understand that if you redeem earlier, you will lose all the interest you have accrued. Yes so please be sure before you do any staking.

Once you ensure that everything is fine, tick their service agreement and then confirm purchase. Not too sure why it is called an “purchase” but I am guessing it is a “slot” to purchase. Anyway you are done. It should start earning rewards the next day. A gentle reminder that the APY is an estimate only. Should always be prepared that there will be some fluctuations in the rewards. This is crypto anyway. The crypto market is known to drop drastically when Elon Musk sneeze or the Chinese government goes and ban Bitcoin for the 50th time.

If you are interested in maximizing passive income returns on your cryptos, you should take a look at the list of those staking in Binance as well. Some of the APYs are quite good. Sometimes when the market is down and I have some spare stablecoin available, I will scroll down this list and see which tokens are giving me the best returns from staking. If you were to look at the above example, Matic is giving a 43.29% APY for the 15 day staking period! However at the moment the slots are sold out. But how about ATOM? That is 34.47% staking APY returns! This is what I call a nice passive income. But not exactly as you will need to come back 15 days later and do another round of staking if there are available slots.

May the passive income gods bless your returns many fold! If you are looking for a guide to start buying your first crypto on Binance, it is available on my blog here. Or if you are interested in my other passive income strategies?

Categories
Crypto Mining

Monero mining – switching from 2miners to MoneroOcean

I have been mining Monero for a few months now. Not to say that the mining has been profitable – in fact it is not really that profitable. And it seems that mining at 2miners, the reward rate does seem very inconsistent. Sometimes I do get the rewards but at times even half a day can go by without any block reward (XMR). Perhaps it is because there are that less miners in the 2miners Monero pool or something but it can be rather frustrating for the miner.

Then I read about MoneroOcean and their algo switching miner program (basically a modified XMRig that does benchmarks for different algo and use the most effective one) which is supposed to set your miner to the most profitable algo for your rig. Yes Monero is supposed to be ASIC-resistant and they do use a number of algorithms to help fight against ASIC mining. If I am not wrong, the developers even change these algorithms frequently to ensure that there is no ASIC miner being made for Monero mining. Cool right? Do note that I mainly CPU mine, so the hashrate depends mainly on my processor(s). I have one sad rig using the new generation Ryzen and a few older ones. They seem to be working fine but the inconsistency at 2miners really irks me. So now I started changing all my rigs to the MoneroOcean pool.

And yes the consistency has improved quite significantly. I am getting rewards constantly. Of course the rewards per block found is much less as MoneroOcean has way more miners and rewards are shared. They are also a pool! However MoneroOcean have way more hashrate to compensate. As to whether it is more profitable – well it is pretty hard to say exactly but I think it has improved. Not by a lot but still a slight improvement. Their modified miner is supposed to fine the best algo for your computer right? And you should only use their modified miner which can be downloaded from their website. At the time of writing, their pool fee is 0% and the only way they make money is via withdrawal fees. Even their modifier miner is free without any donation to the developers. I will update this in a few months time to give you guys a fuller picture on the profitability.

As to the interface and user friendliness of MoneroOcean? The interface is okay. Nothing crazy to shout about. Gives you everything you need to know in one page. But the web interface is pretty slow and sluggish. Probably because I am in Singapore and their servers might be located far away. 2Miners however did not give me any issue though. Fast and responsive. When I refresh, the page refreshes nearly instantly. But seriously if you come back from work and you are hoping to see at least something in your rewards but discovered that no blocks have been mined – your morale and the will to keep on mining pummels. I think I will just stick with MoneroOcean if the rewards remain more consistent.

Yes my hashrate is pathetic but I usually CPU mine. Don’t really have lots of the newer computers with the latest processors at hand. I take it as an hobby. And it helps to secure the network as well. And those Ryzen processors seem to be doing a better job than Intel processors in getting those high hashrates. Not too sure why though. It could simply be the Monero algos being designed for AMD processors rather than Intel. If you are serious about Monero mining, there are plenty of guides out there to optimize mining. Seems that memory and memory timings also factors a lot when doing Monero mining. But I won’t go through the details here. And no, I will not recommend solo mining. It will probably take very long time to even hit a block and that means even less consistency! Always join a pool when mining.

Do note that if you are thinking of making profit with Monero mining, you should not only concern yourself with the hashrate, you should also be wary of electrical costs in your country. If you are living in Singapore with high electricity bills, you will most likely not make any profit at all. In fact, you could be making a loss after deducting costs. So please beware. I also mine with Nicehash using my graphics card. Mining ETH but getting payout in BTC with Nicehash. It is a GTX 1660 Super.

Update 4-Jun-2021: Yes the returns for MoneroOcean is better than 2Miners. Have gotten nearly over 30% more rewards than in 2Miners.

Categories
Crypto Mining

Mining with Nicehash

One way to earn cryptocurrency is to actually “mine” for them. Cryptos like Bitcoin and Litecoin are proof of work, which means that in order for the network to process transactions, some computation power is needed to help create new blocks (decentralized ledgers) in the blockchain. This is done by miners with computers, graphic cards or with specialized machines known as ASIC miners. ASIC meaning Application-Specific Integrated Circuit and these equipment are designed specifically for mining a particular cryptocurrency. And the reward for miners doing all the work are the coins. Note that in most cryptos, who gets to create the blockchain is random, thus the more computation (aka hashrate) the higher the chance of getting the reward. That is why miners are competing against each other trying to get the highest hashrate.

So if you have a pretty high end computer and graphics card, you yourself can join a pool to mine. Mining alone is pretty difficult nowadays and you might have to mine for a long time before you even hit a block. Of course it is random but joining a pool makes it more consistent. So individual miners now join pools to “pool” their resources (their hashrate) to do mining. The Nicehash miner actually mines Ethereum but miners are paid in Bitcoin. You can also mine Monero with your CPU at the same time. I normally run the Nicehash miner with CPU mining on when I am not using my gaming computer. Your system will be sluggish if you use it while mining.

As for the profits – well not really that much. I get around EUR14 per week with my Nvidia GTX 1660 Super 6GB and about EUR 5 per week with the Minero CPU mining. It is okay for passive income/investment. I just let it run the entire day. Electricity charges should also be an important consideration as some countries the electrical bills can be quite high. So please check the charges first before you do any mining. And please ensure that your computer has plenty of cooling as the mining process is pretty intensive. Look out if your system overheat. You won’t want your house to be on fire right?

The Nicehash installation and setup is pretty straight forward. However beware that the your computer’s anti-malware system might detect it as a malware. This is because lots of hackers and scammers trick users into installing mining software on their system. It was pretty common several years ago when mining on CPU was still profitable. Once you have installed the software, it will automatically start mining. Note that you will need to create an account with Nicehash first. Your earnings will be in your account and you can transfer the BTC to other wallets once you have accumulated enough BTC. Again, there is a withdrawal fee. If you are transferring to a Coinbase wallet, the withdrawal fees are waived though.

For those looking for a little more profit, they can tweak the settings on the Nicehash software. I would suggest beginners to go for the lite or optimized settings first. And once everything is stable and heat is not an issue, you can try for the medium settings. And no, don’t go beyond that. Remember your graphics card is very costly and getting a replacement is going to be painful. And it is now even more costly than before. Everybody wants to mine! You will never be able to get a suitable graphics card at MSRP prices anymore. Checking the online prices on even older used graphics card gave me quite a scare as well. So take good care of your graphics card!

Nicehash has a pretty nifty web interface where you can control your mining “rigs”. You can see the profits being generated, the history and can tweak the setting mentioned above via this web based interface. And of course you can check it anywhere you want. Very convenient especially for those with multiple rigs to configure and monitor.

Note that profits will vary on your computer setup and can change from time to time, depending on the difficulty, number of total miners and the prices of Ethereum and Bitcoin. So please make sure you check whether it is actually profitable for you or not. It makes no sense to do it at a loss, unless you are taking it as a hobby (which is actually a very fun hobby).

Nicehash Website: https://www.nicehash.com/

They have a nice profitability calculator as well. Please check out which hardware is supported by Nicehash.

Categories
Crypto Mining

China Bans Crypto Mining

What does this mean for us, the common folk?

Well for me I don’t think it will affect us that much, except for the Crypto marketing crashing every time the Chinese government makes a statement or if they just sneeze. Have you seen the market lately? Roller coaster. And not those meant for 10 year-olds either. Kind of sad to see the Crypto market so volatile even when there are so many mature projects out there like Ripple and Cardano.

Anyway back to the topic at hand – what does it mean for the rest of us? If Crypto mining is profitable (and it should be considering that there are a lot of miners out there), people will continue to mine. Big mining corporations will continue to mine. If there is money to be made, it will never go away. As China bans mining, these companies will just move out of China to other countries where electricity is cheap. And with our beloved Elon Musk coming out to proclaim the need for “green” Bitcoin, these Chinese miners could potentially look for partners in the US or even Europe as well, where such renewable energy sources are more established. Anything good for the environment is good for us as well.

It is interesting to note that most Western mining companies do rely on some forms of renewable energy. They have too right? Because if they don’t it might not be profitable for them to do mining and it is nearly impossible to beat the Chinese miners if they use conventional energy sources. If the Chinese miners come in with their huge resource, we might just see the huge boom in renewable energy usage and also research. Furthermore one of the biggest problem with renewable energy is that these are usually located in remote areas – like dams for hydroelectricity, geothermal (aka areas where there are volcanic activities) and could make use of any excess energy by building their mining centers nearby.

And it is good for Bitcoin and other proof of work cryptocurrencies if the majority of the hash rate is not located in one country. Who knows what a government might do if they could just take control of Cryptocurrencies. A successful 51% attack on a blockchain network means the end of that particular Cryptocurrency and spells disaster for the rest. Especially if the cryptocurrency in question is a very popular one like Bitcoin or even something lesser known like Litecoin. The trust in cryptocurrencies would be severely eroded and might never recover. Crypto mining moving out of China might just be a blessing in disguise for the whole industry. Sure, there will be mistakes and uncertainty in the transition period but in the end, I think it is a good thing. We just have to hang on (for dear life). Read to my article on why I still think Bitcoin is relevant.

It is also interesting to note that China did come out and say that they will ban Bitcoin mining in March of this year as well. In fact, nearly every year the Chinese government have been making statements about reducing energy consumption but it still seems to me that the miners are still around. I myself invested in Hashshiny and their mining operations are supposed to be in China. Have not received any email from them about their operations moving away from China either. So lets not be too worried about the China ban. And you can also mine cryptocurrencies yourself. I am mining with Nicehash.