Earn Passive Income With NiceHash
You have likely never heard of NiceHash. Neither had I until about 3 weeks ago.
You have heard of Bitcoin though! Unless you have been living under a rock that is anway.
Well, if you happen a gaming PC or laptop then you could be missing out on some totally passive income.
Think of NiceHash as Bitcoin mining. Technically it’s a little different in that I am “selling” my GPUs power and being paid directly in Bitcoin or BTC.
Currently, 1 BTC is trading for £27,200! Just a few years ago it was around £100 per coin.
How To Earn Money With NiceHash
The first thing you need to do is check if it will be profitable for your PC or Laptop.
Head over to Nicehash Profitability Calculator from here you can select your GPU and enter the rate you pay per kWh for your electric. Google for the average in your area if not sure.
Note – If your electric is included then it can be much more profitable!
Once you have plugged in the numbers, you will know straight away if it’s profitable or not.
Meaning you will make more than it would cost in electricity. As an example, my kWh is around 17p, this is pretty expensive and it’s still worthwhile me doing.
Download NiceHash and just let it do its thing. It auto switches to the most profitable algorithm and is totally hands-off.
Actual profitability can vary throughout the day. I started doing it on the 27th December and it has been running 24/7 since.
I expect anywhere from £60-£100 per month in profit. After accounting for electricity. Add another £25 profit or so if your electric is free.
In my PC sits an Nvidia RTX 2080Ti that is over two years old now and has barely been used really.
It has been put through its paces with the recent release of Cyberpunk 2077 but aside from that has had little use really.
With the price of Bitcoin and Ethereum going through the roof, mining or using NiceHash is more profitable than ever. Ethereum is Bitcoins little brother so to speak.
Its the second most popular crypto, its similar in some ways but very different in others. I suggest you watch some Youtube videos if you want to know the difference.
Transfer From NiceHash To Coinbase
Once you have enough Bitcoin in your Nicehash wallet you can transfer it to Coinbase for free.
From Coinbase you can either keep it here (as I am doing currently) or convert it to your local currency and transfer it to your bank account.
This is what I did. It is $100 or the equivalent in GBP. Currently, it says deposit £73.57 and get £7.35 in Bitcoin. I added a couple of extra pounds just to be safe.
Also, Coinbase has a rewards feature. I earnt an extra £30 in about 10 minutes by watching a couple of small videos!
They are one of the biggest and most secure exchanges out there.
I have so far made two transfers over form NiceHash into Coinbase, one for about £30 and one for about £25.
Technically you are transferring the BTC so the price can move pretty drastically.
Already I have £300 worth of Cryptocurrency. For now, I shall not be adding any more of my own capital just the proceeds from mining.
As long as it is earning me more than the cost in electric I shall just let it run. Why not? Its essentially money for nothing seeing as I had the GPU anyway.
Even if the profitability drops sharply, anything is better than nothing right?
My plan is to convert some of the Bitcoin to Ether so I am more diversified.
Who knows, five years from now Bitcoin and or Ether may double in value so I shall be holding onto it for the foreseeable.
Should I Buy A GPU To Use NiceHash
The biggest problem is nobody can even get the latest GPUS at the minute.
They are very profitable and far more reasonably priced than what I paid for my 2080Ti just over two years ago. Couple that with the new consoles they are very hard to get currently.
The ROI is massively sped up though with the GPUS.
Personally, I think if you are going to be buying the GPU anyway then it makes sense to use NiceHash to offset the cost or even completely pay for it given enough time.
Those that don’t use the GPU to game normally build a rig with 6 or so GPUs running. A huge initial outlay but at current profitability would likely pay for itself in around 8 months. From then on its pure profit.
My GPU Settings For NiceHash
Here are the setting I have setup in MSI afterburner for my 2080ti. I highly, highly suggest you tune your own GPU but use my setting as a guide.
Do not leave your GPU at stocks settings it will massively eat into your profits.
- Power Limit 53%
- Core +0
- Memory + 900Mhz
- Fan 60% fixed
With the above settings on NiceHash (mine is set just to ETH), I am getting a hash rate of 59MH/s with a power draw of 160w on the card.
This has drastically reduced the power the card draws. When gaming its more like 300w +.
For mining Ether, the most important thing is the memory speed I have found. I kept reducing my power limit until I saw a drop in hash rate then stopped.
Even moving down to 52% power limit dropped the hash rate a fair bit. Moving up to 54% made no difference at all.
Likewise, I keep increasing my memory clock until it crashed. Then backed off a little without affecting the hash rate.
Fan speed was dialled back and fixed to 60%. This is practically inaudible but keeps the card at 59 degrees Celcius. At that temperature, I am happy to let it run 24/7.
Previously with my normal gaming overclock setting the temperature would be about 82c.
I hope some of you with gaming PCs or laptops can start generating some extra passive income with Nicehash and Coinbase.
As always thanks,