- Do you like money?
Better yet, do you like free money?
Well, the value of Ethereum
and other cryptocurrencies has rocketed so high that even
if you're running an older PC, it could be worthwhile
for you to start mining while your system is idle.
So NiceHash sponsored this video where we'll
be showing you guys how you can mine
on your existing hardware as an easy way to make a couple
of bucks with almost no downside,
especially while the weather's cold
and you'd be paying to heat your house,
anyway.
(opening music)
You're probably already familiar with cryptocurrencies
decentralized digital currencies with no direct tie
to government issued notes or coins,
particularly if you already watched our mining series
from a few years ago.
But how many of you are actually doing something about it?
Particularly those of you with a graphics card
that has six gigs of memory or more.
It may come as a surprise, but
if your power rates are cheap enough, thank you BC Hydro,
it's gotten really really easy
to tune your system to profitably
mine crypto when it would otherwise not be doing anything,
and conveniently it's still winter
and a gaming rig is actually no less efficient
for heating your house than an electric heater would be.
But then there is the question
of why bother, didn't Bitcoin just have a major correction
and we have no way of knowing what's going
to happen to Ethereum now that Eth2 is live,
sure, but there's also almost a two year window
for you to mine Ethereum normally
until it's supposed to fully transition
to a proof of stake system rather than proof of work.
And yeah, Bitcoin is currently down
but also sometimes it goes up.
So if the whole set up can be done
in less than an hour, which it can, it's probably
not a bad idea, like subscribing, not a bad idea.
Don't miss our upcoming GPU reviews.
Now, NiceHash Miner has been available for years now,
but it's also been a few years since we've talked about it
and they've made some pretty cool changes.
In a nutshell NiceHash built a system where you essentially
sell your computing power to the highest bidder,
who then uses it to mind a specific coin.
They get the coins that are generated
and you get paid in Bitcoin based on current market rates.
This is really helpful
for folks who are looking to acquire Bitcoin,
since Bitcoin now requires ASX to be mined effectively.
And of course, if you want something else, other than Doge,
you can trade for it on the exchange.
Now, NiceHash isn't the only option,
and large-scale commercial mining operations
wouldn't use it, but frankly
we don't have much interest in helping those guys.
And NiceHash has been our tool
of choice for small time, personal mining, for ages now.
One of the reasons, is that pretty much every piece
of mining software requires you to either turn
off your antivirus for all third party algorithms
or allow absolutely everything through.
Both of which are obvious security risks.
By contrast, NiceHash's new QuickMinor is digitally signed
and doesn't require any third-party software
for overclocking, undervolting or mining.
And since it only uses their in-house developed excavator
miner and OCTuner, you don't have to grant permissions
to any suspicious software.
For those of you who are concerned about security risks
this should be a huge load off your mind.
Of course, it does come with a drawback.
With NiceHash's traditional miner,
you can swap algorithms on the fly to make a bit more money
by targeting the algorithm with the highest payout.
QuickMinor only Mines Ethereum using DaggerHashimoto.
With that being said, Ethereum is currently dominating
the market, so it shouldn't be a huge deal for the moment.
One of the other big concerns that gamers have
about mining is of course wear and tear on their,
especially right now, expensive graphics card.
Now, as we demonstrated a few years back
there is no performance difference
between a worn out GPU and one that's brand new.
At least as long as everything else is equal.
The challenge here, is that modern graphics cards
dynamically adjust parameters that do affect performance,
like core clock, according to thermal and power limits.
And here's the thing, Silicon does degrade
over time and the more heat
and the more voltage, the faster it degrades.
So we want to minimize both of those things.
That's for QuickMiners built-in automatic
GPU tuning functionality comes in.
So all we got to do is go to nice hash.com/maya/mining/rigs.
And there's a yellow optimized button here.
This is pretty sweet.
So you can either light or medium optimized
let's just go light mode.
And then you can probably actually hear the fan
profile change over there
but that's not the only thing that's happening.
At the same time, it's going to undervolt
and over clock the video memory
to maximize the efficiency of the card.
- Actually they're reducing the core clock
and then reducing the power target to match demand.
It's not quite undervolting, but I mean
I guess it's close enough.
They'll be getting to that a little bit later.
- Now it only works with 20 and 30 series Nividia GPU's,
at least for now, but as long as you have
at least six gigs of Vram, you can also use their guides
to manually tune your 10 series card.
It should be noted that for now AMD cards
require an alternative overclocking utility.
If you want even more efficiency, or if you're like,
I'm heating my basement with this thing who cares?
You can right click the system tray, go to OSI tune
and go all the way down to the bottom.
This Autotune right here should be able to get you
either slightly better efficiency
or maximum balls to the wall speed.
If you want to play around manually
you can do that as well.
And NiceHash has a full set
of guides that you can check out on their website.
Based on the method we just showed you guys
we're sitting pretty at around $5 per day
of Bitcoin that is depending, of course
on current prices.
Which isn't at the point where
I would recommend spending scalper prices on a new GPU
hoping to make back your investment.
But as my Grand Pappy always said,
you can never have enough free money
to spend at lttstore.com.
He's right you know, great water bottles over there.
By the way, before you leave,
we do want to offer one final bit of advice,
not about tuning your rig
or buying graphics cards, but about wallets.
If you're going to hold any amount of cryptocurrency
we would strongly encourage you to get some sort
of hard wallet or your own digital wallet that you control.
because whole crypto exchanges have basically
vanished overnight and you never know who's going
to get DDoSed or hacked or have their founder die next.
So it's always best to keep your own coins safe
with yourself.
Now in the interest of full disclosure,
NiceHash was actually hacked a couple of years ago.
However, unlike most other services and exchanges
they actually used their own money to eventually
pay back everyone who had a new crypto go missing
in full during the attack, which is actually the only reason
that we were comfortable working with them on this project.
Because remember guys
it's not your mistakes that define you.
It's how you handle the fallout after.
Just like I would never make the mistake
of not telling you about our sponsor, NiceHash.
If you guys haven't figured it out yet
it makes it easy to turn your PC into a mining machine.
No registration is needed and they even act as an exchange.
So you can trade your coins into other cryptocurrencies.
You get paid in Bitcoin
every four hours, and they're quick.
Miner was made completely
in house to make it safer and easier to use than ever.
So to learn more and register today
check out the link down below.
How many of you are already mining with NiceHash
or another service by the way, leave a comment below.
And if you haven't already, make sure you check
out our mining adventure series from a few years back
it's obviously a little older now
but there's still a ton of really good information
in there about cryptocurrency and mining.