Is using NiceHash worth it anymore?
One of my best friends introduced me to Mining using my home PC. I don’t mean Cloud Mining or leasing rigs, I mean doing it properly. Doing it yourself!
He went a little mental, buying these open-air chassis with motherboards that could house a dozen video cards, talk about OTT! Well, it was his thing and he regarded it as an investment and perhaps it is. We will have to see.
I was a little more conservative but still splashed out quite a wodge of cash to gain myself TWO Nvidia GTX1070 video cards, a new PC as the old one was 10 years old and all the peripherals that are necessary for building a mining rig.
I used NiceHash simply because it’s easy to use. No dedicated software, no mining pool setup, and easy withdrawals to my Coinbase account after ‘Mining' 0.00100000 BitCoin that are FREE and instant. That’s right no mining fees and no waiting for your payout transaction.
NiceHash uses whatever algorithm is the most profitable but will pay in BitCoin. That works for me.
On February 11th 2018 my yield was over $6 a day, and the BitCoin being mined was 0.00069443 (this value does fluctuate).
Today, April 6th 2018 the yield today is just $1.72 a day with a BTC yield of 0.00026102.
It is true that it is substantially less but why? The big reason, of course, is that BitCoin price has more than halved since January 2018.
The fiat value is also more than half of what it was. That’s because the algorithms being used are to mine Alt-Coins and they have generally done even worse than BitCoin.
It does seem rather pitiful, should I sell my GTX1070 cards and call it a day?
Hell no! If the price of BitCoin increases, so does my value. I’ll continue on probably losing money through electricity costs at least for now but I have faith that history will repeat itself and BitCoin will substantially rise later in 2018.
This is a STEEM reprint of a post from 2 years ago.. - NiceHash is still going but with the value of Alt-Coins being so bad compared to BTC I would say, it's not worth using unless you want a huge electricity bill.
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