Why Did I Just Invest In The STORM Token?

If you had the opportunity to read my articles on the top cryptocurrency to invest for 2018 and mining/investing cryptocurrencies with potential, you should understand that I’m a believer in value investing and, I am actively looking for cheap opportunities to make some nice profit.

What is the STORM Token?

The STORM Token is a token for the STORM Market- market which aims to create more earning opportunities for people around the world. Their moto is simple yet bullish- earn from anywhere, at any time, from any device.

However, they are not kids- they raised ~$33 million during ICO, and they already have a Google Play app with more than 1 million users! The app can be used by users to earn by playing games, watching videos and solving puzzles(machine learning, QA testing…).

Why did I invest into the STORM Token?

  • I’m not late

    Well, not exactly- I’ve missed the ICO. Still, the STORM token showed up on the markets just 6 days ago, and is currently available on HitBTC and Bancor Network exchanges only, with a current price of $0.029. Since the price is still under 3 cents, I can buy a decent amount of tokens and hopefully make some money in the long term.

  • Good idea

    Except Steem and Electroneum which both pay their users for certain work, there hasn’t been much projects like STORM Market. No wonder that many companies are using it for simpler tasks, cutting their expenses and speeding up their development.

  • Great team and even greater advisors

    Led by “The Business Prodigy” Simon Yu, their team is full of excellent people- blockchain and security specialists, people with wast experience as former Microsoft and Google employees and guys who had some great time at Silicon Valley.

    Should I mention some of their advisors?

    Bill Shihara
    CEO & Founder, Bittrex

    Anthony Di Iorio
    CEO & Founder at Jaxx & Decentral
    Founder at Ethereum

    Jeff Pulver
    Father of VOIP
    Vonage Founder & CEO

  • Technology

    The STORM Market is based on Ethereum technology, utilizing smart contracts to validate work and time committed, meaning payments are almost instant, with low fees and decentralized arbitrage of work completed and earnings made.

The Top CryptoCurrencies To Invest For 2018

Although we’ve seen some big drops in the cryptocurrency market(with total cap getting shorted by almost 200 billion over 24 hours period), mining is still very profitable and doing even better than when I started. Nicehash also came back, which I personally find as one of the best Christmas gifts.

But as I’m reading and watching more and more texts and videos on the cryptocurrency topics, it’s hard not to notice how fast the market is growing, and how many opportunities there are. It kind of reminds me of WordPress from 6-7 years ago, when I first discovered it. I would go to UpWork(called “oDesk” back then), and see ~100 new WordPress jobs coming out every hour. If you knew how to install a plugin, you could earn some bucks. And the more I was learning, the more I was making.

I’m feeling kind of the same with cryptos. Mining is going really good, I’ve made a decent profit which I will soon reinvest in additional GPU. I’ve started this blog, and made ~$200 from the Kryptex affiliate system(which I didn’t even recommend, since it didn’t work well for my equipment!).

Now, one thing that makes sense when market is growing exponentially is investing in it. If I invested in the every WordPress startup back when I discovered it, I would probably be rich by now. The analogy is not quite right, as WordPress was one direction in Web Development, but we can use Ethereum for a better comparison. If you invest in every company that was built on Ethereum, you will probably be rich in few years.

Investing always comes with a risk, and no one should ever put all of his money in a single asset. Plus, cryptocurrency markets are extremely volatile. Yet, they proved extremely profitable for so many people over the last several years. And I’m not talking about daily trading. While people are certainly making money with it, I’m not for it. Tried last year with FOREX, and it’s a pretty boring, starring at the screen type stuff.

So there comes the value investing. Over the past few weeks I’ve been totally immersed into all those live conferences, podcasts and tutorials on crypto trading and investing. And while listening to all those guys, from Warren Buffet to Chris Dunn, Tai Lopez, BTCKyle and all their guests, there’s one thing that gets repeated over and over and over again- invest in value!

And value investing is one thing that apparently works really good and is fairly easy to implement- don’t invest in anything you’re not well informed about, and passionate about. Take your time learning about company team, goals, current progress and future plans. Think outside the box and pick ones that really are going to make a difference. And then wait for them to strive, instead of sitting whole day at the screen, being afraid of losing your money. And of course, you can’t always win. But if you invest in projects that really matter, chances are that you will grow substantially.

As money from mining is going to bring the new equipment and slowly grow itself, I’ve decided to take my affiliate earnings and invest them in some of the projects I really like and foresee a bright future for them. Below are my top projects to invest in:

Bitcoin

The big father of all cryptocurrencies, created by the mysterious Satoshi Nakamoto(which could be anything from smart man to certain government agency). Once mined in seconds, it became a serious project eventually growing to current price of $13,610 per coin.

Pros: With this year growth of 13000%, it is certainly a coin to watch for in 2018. Just a few days ago Bitcoin value went to as much as $20,000! It is the first ever cryptocurrency, and most widely spread through the mainstream. Bitcoin is also implemented in most places, and we can use it to buy almost anything- from food, fiat money, cryptocurrencies, web services, even cars. And lets face it, there is a trend hard not to notice- when Bitcoin goes down, 95% of cryptocurrencies go down and vice versa. That’s why many people call it a digital gold or gold 2.0.

Cons: Right now, Bitcoin is fairly slow and transactions are fairly expensive. Besides that, it is operated by consensus, which proved insufficient when dealing with those issues. Also, it is very expensive, meaning you probably won’t earn much unless you invest much.

Ethereum

Second largest cap of all cryptocurrencies in a total of $71 billion, and a current price of $731 per ETH.

Pros: Technology for sure. It is based on Blockchain as Bitcoin, but it invented smart contracts- “applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference”. Since 2014, many companies recognized the potential and started investing in the project, many of them also building their businesses based on the Ethereum technology.

They have a strong team of developers, and one of the co-founders- Vitalik Buterin- was enlisted in Bloomberg’s list of top 50 most influential people.

Cons: With current price of $731 it might be “late” to invest if you have small capital. Still, it certainly is one of the best investments and should bring good gains in long term.

Ripple

Another very interesting projects, mostly focused on banks and their needs.

Pros: Built for large projects, mostly suiting banks and financial institutions, Ripple(XRP) is a well thought large scale project built to meet the needs of the biggest markets. It is extremely fast and functioning properly since it’s release in 2012. With it’s current price at ~$1 per XRP, Ripple is a good shot for investors with small capital. Unfortunately we missed the train from few days ago, where XRP increased around 500% in value in less than 24 hours.

Cons: With ~40 billions XRPs already in play and ~60 billions more to be released  gradually, it’s hard to expect great gains in short term. Jed McCaleb, co-founder of Ripple, don’t like where Ripple is heading, thus he moved to Stellar team, which is my next favorite cryptocurrency.

Stellar Lumens

An open, global financial network where all actors – be they people, payment networks, or banks – have equal access & economic participation.

Pros: With transactions averaging from 2-5 seconds and international payments for a fraction of a cent, Stellar Lumens seems to have a bright future. With people like Jed McCaleb(lead developer and co-founder, previously founded eDonkey, Mt. Gox and Ripple), Matt Mullenweg(founder of WordPress.com), Greg Stein(director at Apache), Patrick Collison(co-founder and CEO of Stripe) and many other great heads- I’m very excited about the opportunity to invest in Stellar. Especially at the current price which currently stands around $0.2.

Cons: Similar to Ripple, it does have a lot of coins(released ~17 billion and a total of ~100 billion), so growth will take some time.


Monero/ZCash

One thing I instantly loved about cryptocurrencies is their anonymity. Of course, I’ve fallen under the mainstream influence, and it took a while to learn that most of them are actually pseudo-anonymous, meaning you do have a random generated wallet which you don’t have to tie to your real name, but all transactions between wallets are fully transparent on the blockchain.

Pros: Luckily for us who love this idea of anonymity and for those who love black markets- Monero and ZCash are the two currencies fixing this problem. Monero came with a ring-signature feature, which utilize user keys in order to validate transactions(thus making them anonymous). ZCash on other hand uses “snarks” or zero-knowledge cryptography, which makes all transactions and their meta data encrypted! They both have grown greatly over the last two years- more than x100. They are being used for quite some time, and their anonymity functions does seem to function- which made them a preferred method on black markets.

Cons: The governments love their money and control. While there is an argument that Blockchain is transparent, there is no such argument for Monero and Zcash. It will be interesting to see how the governments will proceed and will they allow the anonymous currencies to grow substantially.

Cardano

Cardano(ADA) went onto the market on October 1 with a value of $0 and, 3 months later it is already worth $0.42 per coin. With current coins number placed as high as 31 billion, and a market cap of $11 billion, this cryptocurrency is certainly worth taking a look at!

Pros: It has it’s own Daedalus wallet. Right now it supports only ADA, but it will soon start supporting Bitcoin and Ethereum storing. The Cardano development is being conducted by the 3 amazing cryptocurrency companies- Cardano Foundation, Input | Output and EMURGO. When you take into account that Charles Hoskinson, a former CEO and co-founder of Ethereum is working for Input | Output, you start getting a better picture about the credibility of this project. They also have plans to implement staking concept in 2018. All in all, they did a whole lot during the last 3 months, and so did their price!

Cons: Same as with Ripple and Stellar Lumens, Cardano comes with a lot of coins, thus it’s growth will certainly take some time.

Verge

Verge uses multiple anonymity-centric networks such as Tor and I2P. The IP addresses of the users are obfuscated and the transactions are completely untraceable. It also comes with the “SPV” technology, which makes the lighting fast transactions possible- around 5 seconds. The Verge price per coin has grown significantly- right now it’s being traded for $0.2 and having a total market cap of almost $3 billion!

Pros: The development team doesn’t seem lazy at all- they already have as much as 12 desktop wallets for various platforms, 2 mobile wallets and 5 “other” wallets(like paper wallet, web wallet etc). Besides, it is a completely decentralized and open sourced cryptocurrency.

There is currently a supply of around 14 billion Verge coins, and with a maximum supply of ~16 billion coins, we should expect low inflation and price growth over time.

Cons: There’s not been much info on the the lead developer, and since the Verge recently got a lot of social media coverage it could be in a sort of a bubble.

NiceHash Back Online!

After 15 days, NiceHash is back to business(or is it?). Anyway, if you didn’t figure it out yourself, https://www.nicehash.com/ is online. All passwords and 2FA verifications have been reset, and there’s a separate balance and “old-balance”.

More info to follow soon.

You have to generate a new mining wallet as well

Took me a few seconds to generate a new wallet, run NHML v1.8.1.5, update my wallet address and start mining. On first sight, everything looks like two weeks ago, functional and making sense. Right now it’s mining Equihash and CryptoNight algorithms, reporting $6.70/day for my equipment, which certainly isn’t bad considering they’re up since two hours ago.

And it turns out earnings are instantly the best in the business

Over the last 9 days or so I was mostly mining Electroneum(both because it was profitable and for long term), but since NiceHash went back, I wanted to compare it with the best NiceHash alternative– WinMiner. Surprisingly, even though ZenCash and ZCash are quite profitable right now, WinMiner estimates only around $5.30/day for my hardware.

Compared to $6.70/day by NiceHash, which came back less than 3 hours ago, it’s no wonder so many miners prayed for NiceHash comeback.

Note: Sorry for the difference between numbers above and screenshots, as well different desktops in screenshots. The Win 10 update crashed my rig while writing this post, so I had to reinstall it. The rig is same in both screenshots and earnings comparison is accurate.

However, some questions remain unresolved- when and will they bring the lost money back to miners, and is their updated security going to stop attacks in the future?

When will miners get their hard earned money?

When you’re inside NiceHash dashboard, and click on “Old balance”, there’s a note below balance saying: “The exact date of reimbursement for old balances will be announced by January 31, 2018.”

After 15 days of darkness when it comes to stolen funds- they spoke something about it. This means that there will be up to two months gap between the hack and the date of announcing the date of reimbursement!

But we could consider it as a step. Recovering and paying of $70 million is not something many companies can do quickly. After all, until yesterday no one could say if and when NiceHash will come back online, and up until today no one knew if they are even planning reimbursement or not.

NiceHash vs hackers from now on

One thing we all probably learned- don’t store large amounts of cryptocurrency inside online wallets. Otherwise, no matter how much careful you are, you may lose a lot of money! One thing to see in the following days is how many big players have left NiceHash(both miners and buyers). Judging by the first few hours- it’s all nice and shiny- but we still need to be reassured of NiceHash security and see all parts of the platform up and running again. Right now stats doesn’t seem to work, withdrawals are currently disabled and payments are supposed to get processed once a day.

Bitcoin Video Lectures

The internet is flooded with texts and tutorials about Bitcoin, cryptocurrencies and mining. And as time goes by, there’s more and more content on these topics. Unfortunately, most of this material is junk, and when it’s not, it’s usually not well structured.

I’m very happy that I found these lectures from Princeton University, and I’m sharing them here today in case you didn’t already find this great material.

The lectures approach is theoretic, however I found them pretty interesting and certainly not boring(as you can expect from many university classes). For example, Lecture 5 is called “Bitcoin Mining”, but you won’t find anything practical, like which mining application to use, what pools are the best nor what’s the most profitable coin(lectures are dating back to 2014 anyway). Still, the lecture explains what exactly the miners are doing, how the equipment evolved with difficulty, what are it’s environment effects etc.

If you’re interested in cryptocurrencies, I encourage you to take a look, you’ll certainly learn something valuable. If your equipment is good for CryptoNote mining, I encourage you to take a look at Electroneum mining as well, since it’s certainly the most profitable coin at the moment.

Lecture 1 — Intro to Crypto and Cryptocurrencies

Lecture 2 — How Bitcoin Achieves Decentralization

Lecture 3 — Mechanics of Bitcoin

Lecture 4 — How to Store and Use Bitcoins

Lecture 5 — Bitcoin Mining

Lecture 6 — Bitcoin and Anonymity

Lecture 7 — Community, Politics, and Regulation

Lecture 8 — Alternative Mining Puzzles

Lecture 9 — Bitcoin as a Platform

Lecture 10 — Altcoins and the Cryptocurrency Ecosystem

Lecture 11 — The future of Bitcoin?

Lecture 12 — History of Cryptocurrencies – Bonus Lecture

Mining Electroneum – $10/day with just 1.5KH/s

Following and participating in BitcoinTalk forum does pay off, and although not everyone’s going to share good, profitable news, you still can stumble upon some. And that’s how I figured about the current profitability of Electroneum mining.

Since NiceHash hack, most of the miners are trying alternative apps that mine based on current profitability, like Kryptex, MinerGate and WinMiner. Some of us are also considering long-term mining tactics as current profitability for most coins is not that much profitable ATM.

So when I found out that Electroneum is highly profitable right now(thanks to the folks from BitcoinTalk), I’ve decided to write this article and share it with you. I mean, if your mining hardware is optimized for CryptoNote algorithm- you should not miss this opportunity. Making $10 per day with just 1.5KH/s wasn’t possible even when NiceHash was there in all its glory. I’ll first write a bit about Electroneum itself. If you don’t care about it, you can skip to Electroneum mining, pools and exchange info.

What is Electroneum?

Electroneum is the first ever British cryptocurrency. The first ICO happened on September 14, and according to the data from their site it went quite well- they’ve raised 42k ETHs and 4k BTCs which is a large amount of money these days!

The coin was developed in order to target the mobile gaming and online gambling markets, and it was projected as a user-friendly cryptocurrency, where both wallet and coin mining can be done directly with just a mobile app. Besides that, they also have a very secure paper wallet, which might be interesting to the long-term investors and anyone looking for the most secure way to store their coins.

This data was mostly taken from their own website and, since they are quite new in the market, I believe the more skeptical folks would wait a bit longer. But, Electroneum can already be traded on Cryptopia, and with the current price of 0.11$ per coin- it is highly profitable.

How to Mine Electroneum

Funny enough, even though one of the main purposes of Electroneum is to make mobile mining possible, their apps are still not publicly available, which is not true for their blockchain. But, we are miners and won’t mine it on mobile anyway 😀

  • Get the mining software that suits you and start mining

    If you’re just an average PC user, you can find a dedicated Electroneum miner for Windows PC, which is really easy to set up and run(like an ordinary app). If you’re on a Mac or Linux, there are downloads for you at the bottom of the page.

    https://downloads.electroneum.com

    If you’re a serious miner, or want to become one- you’ll be glad to know that Electroneum is based on CryptoNote algorithm(same algo is used for Monero for example). This means that you can use the same apps that you used or are using to mine Monero- Claymore CPU/GPU miner, XMR-Stak etc.

    For those more curious. here’s a thread with a lot of valuable info on Electroneum mining:

    https://bitcointalk.org/index.php?topic=2345911.0

  • Electroneum mining pools

    Official pools:

    https://eupool.electroneum.com/

    https://uspool.electroneum.com/

    They worked fine in the beginning, but as time went by they started going down from time to time. Their fee is also pretty high- 4%.

    Additional pools that you should check:

    http://www.electroneum.space

    lots of workers there, miserable fee- 0.1% only 🙂

    http://electroneum.vip/

    I’m currently mining on this pool as all the pools from above were offline yesterday when I was deciding which one to give a go. They have a small fee of 1% and do seem to work very well.

What to do with mined Electroneum

For me, Electroneum stays as a reminder that I should follow my own heart and brain when making decisions. I found out about it a month ago, and wanted to give it a go, but after talking with some friends I gave up.

Right now, I can mine around 100 ETN per day with my hardware(1.5KH/s only), and I’m pretty sure the difficulty was much lower back then, so it’s clear I could have made a very nice profit if I mined from the beginning.

I like the coin, and since Electroneum mining is very profitable right now($10/day) and I’m satisfied with about $5/day(considering my investment in hardware so far), I’ll be doing a 50-50 split. I will be cashing out half of mined ETN, and keeping half in case the price goes up.

Of course, each of us has his own starting positions and goals, so you should do your own math and do what you think is the best for you. I hope you enjoyed this text, and also that you will make some money with it. Good luck!

Investing/Mining Crypto Currencies with Potential

Blockchain and cryptocurrencies are probably going to change the world a bit. More precisely, they’re already doing it. And even though the previous is correct, most people just see an opportunity to get rich quickly, which is perfectly fine. It’s also doable, considering the market cap growth and the opportunities popping out at every corner.

This article tries to point out an interesting(yet simple) strategy, a strategy I’m so bullish about right now. And while I’m going to continue in a miner manner, it is perfectly applicable for investors in crypto currencies as well(I’m actually stealing this strategy from investors space).

Ladies and gentlemen, one of the oldest tricks in the book:

Buy when it ain’t worth shit, sell when it’s worth a fortune(or a dollar). If you’re a miner like myself, this might suit you better:

Mine when it ain’t worth shit and difficulty is funny, sell when it’s worth a fortune(or a dollar).

The idea is fairly simple and easily applicable, yet many people ignore it, thus cutting their income potential. If you know anything about Bitcoin, you probably know how it wasn’t worth shit some years ago, yet one bitcoin worth is around $16k at the moment, and recent high went as up as $18k.

Now imagine you mined Bitcoin back in 2009 or so. And mined let’s say 1000 of them(which was fairly quick and easy back then). If you sold those Bitcoins today, you would make $16 million dollars!

Luckily for all of us, there will be(and have been) quite a few opportunities like this.

You see, since the birth of Bitcoin, it started becoming obvious how great and applicable technology it has brought. And soon after that realization came another one- it’s not perfect. It’s great, but can be improved and made so much faster, more secure and practical.

And smart people took the opportunity. Some invested in Bitcoin mining and buying, others started implementing blockchain to the real world problems. 9 years later we have 1000+ cryptocurrencies and a market cap of $426 billion(with constant growth).

While Bitcoin may die(due to its slowness, high fees and small blocks), or stay(as a crypto equivalent of gold and the father of all cryptocurrencies), it is most likely that Bitcoin itself won’t become the main payment network.

The question is- which cryptocurrency will? And the most likely answer is- many of them, or at least some of them!

The point is, you can use NiceHash(if it gets back online after a disaster), or NiceHash alternatives for immediate money making. But you should play smart and mine at least a bit of currently less profitable(or even unprofitable) coins as an investment that can explode at any moment.

5 Crypto Currencies that you could mine and make a fortune with:

CryptocurrencyWasn’t worth “shit” onCould have made you a large profit on
EthereumDecember 2016($8)08. December 2017($454)
LitecoinMarch 2016($3-4)08. December 2017($130)
MoneroAugust 2016($2)08. December 2017($275)
DashDecember 2016($10)08. December 2017($734)
BitConnectMart 2016($2)08. December 2017($386)

Imagine that you have mined 1000 coins of each a year ago or so. With a growth of 3000% to 20000%(x30 to x200), it’s clear that you would be a millionaire already!

And the same applies to the investors who don’t mine- if you bought 1000 of each coin and invested $26.000 in total, you would have around $2 million dollars now!

5 not-mineable currencies that you could invest in and make a large profit

CryptocurrencyWasn’t worth “shit” onCould have made you a large profit on
IOTA(MIOTA)July 2017($0.16)08. December 2017($4.5)
Ripple(XRP)March 2017($0.006)08. December 2017($0.25)
NEM(XEM)February 2017($0.006)08. December 2017($0.49)
Stellar Lumens(XLM)April 2017($0.003)08. December 2017($0.13)
NEOMart 2017($0.12)08. December 2017($37)

Do you find the tables convincing?

I do.

Long term mining and investing in cryptocurrencies is not easy nor is it a game. And you should never invest all of your capital nor earnings in them. Still, you shouldn’t ignore the opportunity either.

When you look at the tables above, they look like a fairy tale. Yet, the tables are showing the accurate data. But, as technology and crypto markets advance, some will stay where they are, some will go to the the top and some will crash in their own misery.

Smart crypto mining/investing

When you mine or invest- try doing it the smart way.

If you mine the most profitable coin ATM and exchange it for BTC or USD often, you’re mining tactic is profitable but won’t earn you a fortune unless you invest a fortune(it proved itself as a great and profitable business though).

When you spend some time reading white papers, checking trends and learning more about a specific cryptocurrency, and decide to mine it for long-term- you’re on the way of making some real bucks.

One of the best things about smart mining/investing is that you can start with very little capital and still hope for large gains(as low as $100 can make you $10k in few months to one year).

And even if you’re a big miner and can’t risk a lot due to the high equipment and electricity costs- try dedicating some of your resources to mine coins with low profitability and big potential.

Obvious mining/investing

Certainly the best and the least risky way to make big money while investing almost nothing is to be there from the very beginning.

And the above also applies to both miners and investors. When a new coin sees the light of the day for the first time, it’s network difficulty is usually funny and rewards are big(in terms of coins). Same goes for their price, and similar price can be found with ICOs(initial coin offering), where you can buy lots of coins before the coin is even working.

As NiceHash is down, and WinMiner is having scaling issues at the moment, I’ve decided to give Bytecoin a go. In March 2017, a single Bytecoin worth was around $0.00005. Right now a single Bytecoin worth is $0.002. If I started mining it in March, I would already be rich.

But it’s not late, since the emission and the total amount of coins is big, and with just 3 GPUs I can mine around 1000 Bytecoins per day. So what I’m going to do is mine 10.000 of them over the next 10 days. If they ever become worth a dollar, I’m going to make some really nice profit. If not, who cares because my investment in this coin is very small. And then I’m going to do the same with another coin I like, and another coin… And one day I may become rich.

NiceHash Alternatives

As you could read in my recent update, NiceHash announced they got hacked less than 24 hours ago. Since it’s unclear at the moment if and when we will be able to mine on NiceHash again, I’ve spent most of my afternoon researching and trying out the best NiceHash alternatives.

The criteria I used was as follows:

  • Profitability

    Should be the obvious one, at least for us who mine to make a profit.

  • Payment methods and minimums

    I really like my mining power calculated and paid in a single currency, even if the pool uses it for mining multiple cryptocurrencies. Low payouts are nice and practical feature as well.

  • Ease of use

    I’m in IT for 16 years already, but many people are not. And even I don’t like playing with consoles and config files if there’s a GUI that can get me the same or better results.

The best NiceHash alternatives at the moment

The first one I tried out was the only one I knew about- MinerGate. It’s the first mining pool I met back in August, when I started learning about the mining and cryptocurrencies world. I think it’s not bad. The main disadvantage for me is that there is a separate balance for each cryptocurrency you mine, and there has been a lot of reports of people getting less hash power than on other pools.

On top of that, it crashed my rig several times in several hours, and GUI miner reported only 1KH/s, while I was easily getting 1.5KH/s with NiceHash, and I’m getting 1.5KH/s even with Claymore GPU Miner connected to MinerGate XMR/XDN pool. I thought it’s not bad to use it until NiceHash get back, but at that point but at that point NiceHash was only temporarily down as far as we knew. Then the official press release went out, and it started getting clear that maybe I am looking for a more permanent solution.

So I did some digging and decided to try out KryptexThe website looked promising, so I gave the app a go on my laptop and it surprised me even more. Quick install, clean interface, quick benchmark… Unfortunately, after installing it on a rig, it started to disappoint. Once again, the installation, setup and benchmarks were quick and easy, but it failed on the most important criteria of all- profitability.

My small combo of one AMD 270x and two AMD 470x GPUs just couldn’t pass the $80/month mark. Since I have been recently making around $180/month with NiceHash, and even just mining Monero or Ethereum without profitability switch is more profitable- it was clear this is not a satisfying solution.

On top of that, once logged in to the web dashboard, I noticed that, although the website does look good and functional, it is in mixed
Russian and English, which does look a bit unserious and undeveloped. Still, I would encourage you to try it out for yourself as it does look promising, and you might get better results since there could be an incompatibility with my specific setup, or it may work better with NVIDIA rigs.

Third time lucky

I actually found WinMiner before Kryptex, but Kryptex looked more modern and promising(based on the look only). Turns out I was wrong.

WinMiner is officially my NiceHash replacement at the moment. Installation and setup is very easy, and it makes around $180/month for my rig, which is satisfying considering my mining power. Same as the previous two, it’s easy to set up and works for all AMD/NVIDIA/CPU, and it doesn’t act buggy as MinerGate does.

The only disadvantage I thought I was going to write about WinMiner was payment methods, as I read on bitcoin talk how they pay in US dollars only. But once I got into the web dashboard, I figured WinMiner actually has by far most payment methods available!

With nice profitability, ease of use and various payment methods, I cannot do anything else except encourage you to try it out yourself. It’s not in the business as long as NiceHash, but with only $10-$20 minimum payment limit(depending on the payment method), it does seem worth trying.

NiceHash alternatives breakdown

WinMinerMinerGateKryptex
Profitability(1x270x + 2xRX470, no OC)~180$/month – looks similar to NiceHash~150$/month mining XMR/XDN combo, if you can run it stable on your rig(s).~80$/month
Ease of useEasy for non-tech people.Easy for non-tech people.Easy for non-tech people.
Payment minimum and methods$10-$20(depending on payment method)

PayPal
Bitcoin
Ethereum
Litecoin
Amazon Gift Card
iTunes Gift Card
Contact for alternatives

There’s a separate balance for each cryptocurrency and each have different limit.

Example:
Monero Wallet – Minimum payment at 0.1 XMR

Payments in Bitcoin.Minimum payment 0.0002 BTC.

NiceHash Hacked

After more than 10 hours of being down, NiceHash came up with an official press release– stating they got hacked!

Unfortunately, according to this release, it’s not just a security hole they’re trying to patch- their Bitcoin wallet has been compromised, meaning millions of dollars(in Bitcoins) could be lost, and who knows what else.

What’s even more troublesome is that this is not an isolated case. In 2014, Mt. Gox, the largest crypto exchange platform at the time, got hacked. Once handling around 70% of all Bitcoin transactions worldwide, they eventually filed for bankruptcy and had to close their platform, due to 850.000 Bitcoins being stolen($450 million worth at that time)!

At the moment it’s not clear if NiceHash will survive this attack, and if prosecutors will be able to find the attacker(s), but it’s safe to say that I was lucky enough to withdraw all my earnings from NiceHash yesterday.

Lesson learned

Although most cryptocurrencies are much more secure and more anonymous than “regular” currencies, we are still responsible for the security of our own crypto wallet.

While temporarily storing the cryptocurrency in an online wallet temporarily is okay(be it on exchange or a mining pool), when your wallet gets fatter, it’s a smart choice to move those earnings into your own wallet(desktop, hardware or even paper one).

As proven time and time again, the big systems are faultier than the simple ones and have more security holes. They are also more attractive to hackers as #1- they are much more worthy, and #2- it’s easier to identify their wallets.

What next?

For those of you who held a significant amount of Bitcoins on NiceHash, and those guys who created and/or work for NiceHash- I hope NiceHash will overcome this attack and together with prosecutors bring the attacker(s) to justice.

This is a very serious matter, and for many miners(especially those who have confidently stored large amounts on NiceHash), this could be a disaster. I wouldn’t want to be in their skin, waiting for more details about this attack and fearing of losing it all.

Still, those guys and we, the smaller miners, have another thing to think about- will NiceHash eventually come back and continue? Or are they done? Whatever the answers to these questions are, it could take days or weeks to get them, and time is money- especially in crypto mining business.

While we can always use other pools, NiceHash offered something fairly unique for miners- mining algorithm switch based on the best profitability and payment in Bitcoin, both of which I loved.

I’ve spent most of my afternoon looking at the alternatives, and I’ll write about that as soon as I find some that work.