Cryptocurrency Mining Earnings and Cryptocurrency Market Prices

Hey there, Happy New Year! I was waiting for some new hardware before writing an article, but it turns out I’m still waiting on my credit card by Payza, which I plan to use when converting Bitcoin to USD.

While waiting on the card and the hardware to buy with mining earnings, I’m trying to learn at least a bit per day on cryptocurrencies. Right now, I’m reading a kindle version of “Mastering Bitcoin” by Andreas M. Antonopoulos. which still haven’t made me bored, although it is fairly technical.

I also watch lots of interesting videos, both by industry leaders and suspicious speculators, as well read news from few crypto portals that I’m subscribed to.

And over the last few days, I could not fail to notice an increased dose of pessimism floating around the cryptocurrencies space. There’s been news on the Ethereum bug in fees, Microsoft banning the Bitcoin payments, the TRON token accused of speculation, the XRP going mad in few days then falling down twice as fast, the investors losing the money because CoinMarketCap excluded 3 South Korean exchanges without notice …

And that’s just some of the “bad news” I remember from last week and really mostly today news. On top of that, prices are mostly falling for the last 3 days. The shit storm is just about to start- one may think. But wait, is that really the case!?

While there have been some bad news, there have also been quite a few good ones. For example- market cap rising around $100 billions over the last week or so. Yeah yeah yeah, it did drop from $800 billions to $700 billions over the period of 24 hours, but it first climbed $200 billions(from $600 billions)!

And I’m seeing this in reality as well- earlier today, I went to buy tickets for Saturday night, since Oliver Huntemann will be playing in my city and no one sane would miss that. Coincidentally, the shop that sells tickets for the event- WinWin- is probably second largest IT equipment store chain in Serbia, with tens of stores all over the country. I’m waiting on my tickets, two guys come in and the story goes like this:

2 Guys- Hi there, we’re looking for some AMD cards.

Me(to myself)- Haha, I’m wondering if these guys are miners.

WinWin Stuff- Haha. Only Vega cards.

2 Guys- Wtf.

Me(to myself)- Man, the cryptocurrency market and mining earnings are doing really well actually.

WinWin Stuff- Will have them by the end of January.

WinWin Stuff- I mean Vega cards. Don’t expect other AMD cards before March.

2 Guys- :O

Me- 😀 😀 😀

Cryptocurrency news are mostly bullshit, as any other news

Imagine the investing based on the news only. It’s a nice thought, but certainly not a smart one. The news have a simple purpose- to get noticed. The headlines are catchy, the content full of noise. The truth is somewhere in between, but unreliable unless confirmed from other sources.

News From CoinDesk Daily

received at 3:39pm


News From Cointelegraph

received at 4:13pm


And even if the news were reliable, it is true that the cryptocurrency market is very volatile, so the news would have to be volatile as well. It’s a crazy market, but a growing one. And crying for the Bitcoin drop from $20k to $14k won’t change that. At least not after the Bitcoin rise from $1k to $20k over a period of less than a year.

my small crypto investing portfolio(from affiliate earnings, not including mining earnings), old 2-3 weeks top!

Cryptocurrency Mining Earnings- How it’s going?

After two months of learning and preparing, I’ve built my very first rig, planning to get ROI after 5-6 months. Right now, I’m looking at ROI getting close to 4 months. And I’ve had quite a lot of problems with internet connection and Win10 updates fucking up my system, which I hopefully fixed after getting back from NY holidays.

In one of my first writings on the best gpus for cryptomining, written at the end of November and before NiceHash got hacked, AMD RX 470 was making an average of $1.85/day. Right now, it’s making up to $3.78/day! And while the screenshot below shows $8.60/day for my rig, it’s quite normal for me to see more than $10/day(like right now), and I don’t remember when I last saw less than $8/day.

And when you compare the NiceHash earnings over the last 4 months, it’s not hard to understand why there are less and less graphic cards in the stores:

As you can see in the four pictures above, the mining earnings have quadrupled over the past four months!

Never invest money you can’t afford to lose!

The blockchain technology is amazing. The cryptocurrency market is existing and has grown 4000% over the last year. You can hear miners complaining, yet making amazing profits and doing better and better. Cryptocurrency market predictions for 2018 are mostly positive and even bullish. No wonder you can read in news about people investing borrowed money in Bitcoin and cryptocurrencies. And that’s a risky business.

The cryptomarket has grown extremely over the last year. And there’s been a pretty much constant growth since the invention of Bitcoin about 10 years ago. However, it’s extremely volatile, and unlike anything we had before- both technology and prices speaking. And importantly enough- it’s mostly unregulated at the moment. This is why it’s extremely important not to take risks you can’t handle, and never invest money you can’t afford to lose.

The cryptocurrency market is definitely hottest market right now, and avoiding it means you’re missing out the best opportunity to earn serious money “over night”. However, the market has shown us how investing with reasonable risk(let’s say 10-20% of your total capital) is more than enough to make you rich if you’re patient and play smart.

So do it, play smart and get rich! Quickly, but without losing a fortune if things go downwards.

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.

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!

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.