Dedicated mining rig and wallet

Psittac · April 11, 2021

I have used nicehash off and on the past few years and that's what I am using now. I just wanted to see if there is a more profitable system to use on a machine that is dedicated completely to mining. I have my old computer set up for remote desktop and that's all it does, I will be setting up another machine for only mining as well. Can someone give me a basic idea of what my options would be so that I can research them further? Both machines are nvidia based.

Second question, can someone explain what the benefit of a hardware wallet is and also what happens to your currency if that wallet stops functioning?

I'm certain these two answers are readily available but I prefer to learn by asking instead of searching

Eigenvektor · April 11, 2021

25 minutes ago, Psittac said:

Second question, can someone explain what the benefit of a hardware wallet is...

https://en.bitcoin.it/wiki/Hardware_wallet

tl;dr: It's more secure than a software wallet

25 minutes ago, Psittac said:

...and also what happens to your currency if that wallet stops functioning?

No access to private keys > no access to wallet > no access to money

As always, if something is valuable, you should have backups or in this case an alternative method of access

tikker · April 12, 2021

Assuming with "stops working" you mean it physically broke, hardware wallets (or any wallet really) will have a recovery phrase with which you can recover your your wallet in case it breaks or something.

The security benefit of hardware wallets is that your private keys are stored on that physical device. An unplugged USB stick in a drawer has no internet access whatsoever and is thus less prone to being hacked.

j1philli · April 18, 2021

On 4/11/2021 at 11:02 AM, Psittac said:

I will be setting up another machine for only mining as well. Can someone give me a basic idea of what my options would be so that I can research them further?

For your mining options on a machine that is only mining I would use the NiceHash OS to get the best performance with little maintenance. I use the nicehash ecosystem because I can access all the different types of machines from one dashboard. For example I have my dedicated mining rig running NicehashOS and 2 windows machines running Nicehash quickminer that I turn off of mining during the daytime and back on before I go to bed. All of this I can do from my phone or any desktop and it shows all your systems in one place for great monitoring. I have seen lots of hype around HiveOS as well but my experience has been that it takes a lot more to setup and maintain profitability.

On 4/11/2021 at 11:02 AM, Psittac said:

Second question, can someone explain what the benefit of a hardware wallet is and also what happens to your currency if that wallet stops functioning?

On 4/12/2021 at 9:10 AM, tikker said:

Assuming with "stops working" you mean it physically broke, hardware wallets (or any wallet really) will have a recovery phrase with which you can recover your your wallet in case it breaks or something.

This is pretty much spot on. I use a Ledger Nano X partnered with my iPhone and it works amazing. They give you the back up phrase on setup of the device that should never see a digital form, it should be written down physically and stored somewhere extremely safe because it can fully recover your wallets ownership.

Only purchase from Ledger directly unless their website sends you to somewhere local to buy it. Also the exchange that is built into the app has high fees for purchasing crypto compared to other options I have in Canada so my suggestion is to explore your options.

I can't recommend the Ledger highly enough though. I have never run into a coin you can't store with it and I'd say my interest is mainstream to partially matured coins. I have never have it error out or glitch when going to use it. Any other questions on hardware wallets let me know!