Should i mine bitcoin using nicehash?

[Leaded_gasoline]

Does nicehash harm my gpu? And how can i get my money from nicehash to my bank account?

[Eigenvektor]

As far as I know NiceHash mines whatever is most profitable right now. Bitcoin hasn't been worth it on GPUs for some time, so more likely it'll mine Eth or something else (it'll be converted to BTC aftwards). It isn't any more harmful than gaming for 24 hours every day (except load will be more consistent than gaming). Just make sure you have good cooling and a good PSU.

 

And maybe use their mining calculator to figure out how much profit you will make, if any (make sure to enter the power for the whole system, it'll only consider the GPU by default)

[Roswell]

With your GPU you'll probably break even at best, lose money to electrical costs at worst. If you live in a country where electricity is abnormally low in cost then you may make a very small profit.

[Leaded_gasoline]

2 minutes ago, Roswell said:

With your GPU you'll probably break even at best, lose money to electrical costs at worst. If you live in a country where electricity is abnormally low in cost then you may make a very small profit.

Well i'm not gonna mine for like 24/7 i will mine when i drink coffee etc.

[Moonzy]

1 minute ago, Leaded_gasoline said:

Well i'm not gonna mine for like 24/7 i will mine when i drink coffee etc.

mining on RX580 requires undervolting

 

and potentially requiring bios modding to make it perform its best, so look into that

[Leaded_gasoline]

Just now, Moonzy said:

mining on RX580 requires undervolting

 

and potentially requiring bios modding to make it perform its best, so look into that

Why i need to undervolt?

[Moonzy]

Just now, Leaded_gasoline said:

Why i need to undervolt?

you CAN mine without undervolting

 

it would be stupid to do so, for multiple reasons

[Leaded_gasoline]

Just now, Moonzy said:

you CAN mine without undervolting

 

it would be stupid to do so, for multiple reasons

Such as?

And this the results of the mining calculator:

[Eigenvektor]

1 minute ago, Leaded_gasoline said:

Why i need to undervolt?

Undervolting means less power consumed, which means less cost for electricity and less heat/noise (and less likelihood of a hardware failure).

 

Mining is about profitability, so you want your costs to be as low as possible. The more money you have to pay for electricity the less you'll be able to earn.

[Moonzy]

Just now, Leaded_gasoline said:

Such as?

main reason: higher power draw

therefore leads to:

- worse off for your GPU, to run hotter than it needs to be

- less profit, since you're paying more for electricity

 

2 minutes ago, Leaded_gasoline said:

And this the results of the mining calculator

click the gear icon and add around 70W to the wattage to include idling CPU and system with efficiency (that wattage shown is undervolted wattage for GPU ONLY so your system will consume way more if you dont undervolt the GPU)

[Leaded_gasoline]

2 minutes ago, Eigenvektor said:

Undervolting means less power consumed, which means less cost for electricity and less heat/noise (and less likelihood of a hardware failure).

 

Mining is about profitability, so you want your costs to be as low as possible. The more money you have to pay for electricity the less you'll be able to earn.

Well i just gonna mine when i drink coffee or when i idle on the pc.

[Eigenvektor]

Just now, Leaded_gasoline said:

Well i just gonna mine when i drink coffee or when i idle on the pc.

That's most likely not going to be hugely profitable to begin with and saving money on electricity would be even more important.

[Leaded_gasoline]

Just now, Eigenvektor said:

That's most likely not going to be hugely profitable to begin with and saving money on electricity would be even more important.

Well i can mine using my CPU. I just want to make a little bit money and a use for my pc.

[Eigenvektor]

Just now, Leaded_gasoline said:

Well i can mine using my CPU. I just want to make a little bit money and a use for my pc.

No, you can't realistically mine using a CPU. You need a GPU to be even remotely profitable. A GPU has much more performance per watt, so profitability on a CPU would be a lot worse.

 

With my hardware (RX 480, 8 GB) and current energy costs (28c/kWh) I would maybe make around 70c per day assuming 250w power usage for my total system, when running 24h a day. That's at best around 25€ of profits a month or 100€ a year. Not that much money to use on a PC.

[Leaded_gasoline]

2 minutes ago, Eigenvektor said:

No, you can't realistically mine using a CPU. You need a GPU to be even remotely profitable. A GPU has much more performance per watt, so profitability on a CPU would be a lot worse.

 

With my hardware (RX 480, 8 GB) and current energy costs (28c/kWh) I would maybe make around 70c per day assuming 250w power usage for my total system, when running 24h a day. That's at best around 25€ of profits a month or 100€ a year. Not that much money to use on a PC.

Here's the results of my CPU:

[Eigenvektor]

4 minutes ago, Leaded_gasoline said:

Here's the results of my CPU:

0.00000145 BTC profit per day translates to 0.043€ a day or around 15€ a year.

Your first screenshot translates to 1.47€ per day, so roughly 34 times as much.

This assumes the electrical cost used by NiceHash is correct for your region.

[Leaded_gasoline]

5 minutes ago, Eigenvektor said:

0.00000145 BTC profit per day translates to 0.043€ a day or around 15€ a year.

Well i will just mine with CPU because i have a liquid cooler on my cpu.

[Roswell]

3 minutes ago, Leaded_gasoline said:

Well i will just mine with CPU because i have a liquid cooler on my cpu.

You're putting in (I assume) the wrong electricity costs into the calculator. Unless you actually only pay like $0.03 per kW/h...

 

Mining on your CPU would give you a few pennies per day with that electrical cost if you did it for 24 hours straight. You would lose money if your electrical cost was more in line with most of the world at $0.12~ per kW/h. Your GPU would give you maybe $0.30 a day if you mined for 24 hours with average electric costs, maybe nothing at all if your build isn't super efficient.

 

If you're wanting to do this because you're not the one paying the electric bill, just stop. Because what you'll be doing is essentially stealing from whoever pays for it. Every dollar you make will cost the person paying the bill a dollar on the bill. You'd be better off just asking them to give you money instead of potentially stealing it from them.

[Leaded_gasoline]

1 minute ago, Roswell said:

You're putting in (I assume) the wrong electricity costs into the calculator. Unless you actually only pay like $0.03 per kW/h...

 

Mining on your CPU would give you a few pennies per day with that electrical cost. You would lose money if your electrical cost was more in line with most of the world at $0.12~ per kW/h.

 

If you're wanting to do this because you're not the one paying the electric bill, just stop. Because what you'll be doing is essentially stealing from whoever pays for it. Every dollar you make will cost the person paying the bill a dollar on the bill. You'd be better off just asking them to give you money instead of potentially stealing it from them.

Well how can i research the price of the kwh?

[Roswell]

Just now, Leaded_gasoline said:

Well how can i research the price of the kwh?

Your power bill. Yet somehow I feel like you're not the one paying for it... If so, you're basically asking us how to steal money from the person that is.

[Leaded_gasoline]

Just now, Roswell said:

Your power bill.

Ok.

[tikker]

2 hours ago, Leaded_gasoline said:

Well i'm not gonna mine for like 24/7 i will mine when i drink coffee etc.

Mining only during short breaks is hardly worth it, so make sure you do the math on how much crypto you will earn (use a mining calculator) and how much it costs you to obtain it (by checking energy usage and cost).

 

3 hours ago, Leaded_gasoline said:

And how can i get my money from nicehash to my bank account?

Through Coinbase or another exchange. Pretty much anywhere you'll have to verify your account before they allow you to withdraw fiat money, keep that in mind. That means ID verification and such.

[Leaded_gasoline]

1 hour ago, tikker said:

Mining only during short breaks is hardly worth it, so make sure you do the math on how much crypto you will earn (use a mining calculator) and how much it costs you to obtain it (by checking energy usage and cost).

 

Through Coinbase or another exchange. Pretty much anywhere you'll have to verify your account before they allow you to withdraw fiat money, keep that in mind. That means ID verification and such.

Well if i mine with my CPU because it has liquid cooling.

[tikker]

19 minutes ago, Leaded_gasoline said:

Well if i mine with my CPU because it has liquid cooling.

The cooling solution is irrelevant. It's the same answer with the addition that CPU mining is even less worth it than GPU mining. Your 9400F will give you $0.13 per day if your electricity is free according to NIceHash's calculator. That means 24/7 mining.

 

Ignoring the rest of the system, the 9400F's TDP is 65 W and under load it consumes something like 117 W. That means mining for 24 hours you will consume something in the range of 1.6 - 2.8 kWh. Even if your electricity is mega cheap at like $0.10 you will be paying $0.16 - $0.28 to obtain $0.13 worth of crypto. In other words, you are LOSING $0.03 - $0.15 ever day. Add to that that you say you plan on mining only during breaks and you are operating at a huge loss.

 

You'd be wise to figure out electricity costs and the required price increase in BTC to make a profit. If it costs you $0.28 for every $0.13 that you gain, you lose twice that what you gain, meaning BTC will have to double in price for you to just break even. In other words, at this moment BTC will need to jump to ~$70k again before you've even made up for your loss. Then it needs to rise even more for you to make any profit.

[Leaded_gasoline]

14 minutes ago, tikker said:

The cooling solution is irrelevant. It's the same answer with the addition that CPU mining is even less worth it than GPU mining. Your 9400F will give you $0.13 per day if your electricity is free according to NIceHash's calculator. That means 24/7 mining.

 

Ignoring the rest of the system, the 9400F's TDP is 65 W and under load it consumes something like 117 W. That means mining for 24 hours you will consume something in the range of 1.6 - 2.8 kWh. Even if your electricity is mega cheap at like $0.10 you will be paying $0.16 - $0.28 to obtain $0.13 worth of crypto. In other words, you are LOSING $0.03 - $0.15 ever day. Add to that that you say you plan on mining only during breaks and you are operating at a huge loss.

 

You'd be wise to figure out electricity costs and the required price increase in BTC to make a profit. If it costs you $0.28 for every $0.13 that you gain, you lose twice that what you gain, meaning BTC will have to double in price for you to just break even. In other words, at this moment BTC will need to jump to ~$70k again before you've even made up for your loss. Then it needs to rise even more for you to make any profit.

So i need to mine with GPU but how can i look to the temps?