Did you know you can earn some passive income with nothing but your gaming PC and some electricity? That’s exactly what I’m going to be running you through with this short guide. With the right GPU, you could earn up to £3 per day and that’s after taking into account electricity cost.
What is NiceHash?
Before I crack on with this guide, it’s important to get something out the way: I’m not directly mining cryptocurrency, but rather selling my spare computing power to a pool of miners to “pool” resources together for better efficiency. I get paid by NiceHash in regular four-hour intervals each day in Bitcoin. So, I’m mining and earning crypto indirectly.
But why use a service like NiceHash instead of doing everything yourself? It’s possible to choose a mining suite, fire it up, create some bash scripts for everything to run automatically, and leave it running, but this may not be the most efficient method. NiceHash will automatically switch to the most profitable method. That’s what’s magical about it, it’s entirely hands-off.
The drawback to NiceHash and similar services is the hash rate isn’t always best, meaning you could theoretically get better speeds on your own. There’s also the small fee NiceHash charges for the luxury, but for most people (myself included), this is well worth the charge. The best part is NiceHash even has a profitability calculator to showcase just how much you can earn. And this calculator isn’t an estimation. It’s pulled from actual earnings by connected accounts.
You don’t always have to have your PC running either. I have a small mining rig running constantly (which also helps to keep the office warm during winter months), but also run NiceHash when I’m using my mind desktop. Most tasks aside from gaming do not use my GPU at all, so if I can make some coin while browsing websites or reading email, all the better!
How to mine crypto on your PC
Now that I’ve explained a little about what we’ll be doing, here’s how to get started in but a few steps.
- Visit NiceHash and create an account.
- Download the NiceHash Miner.
- Launch NiceHash Miner and enter your wallet from the website.
- Click the play button and wait for the software to benchmark your PC and start earning Bitcoin.
That’s all there is to it! You’ll see a deposit into your NiceHash account every four hours, so long as you make at least 0.001BTC. If not, it’ll be held in the pending pool until the net payout.
Now that you’ve earned yourself some Bitcoin, it’s time to store it securely in a cold wallet (not on an exchange like CoinBase, CEX.io, or a service like NiceHash). I use CoinBase’s Wallet app for Android and iOS, though you can find literally hundreds of them out there. Depending on how secure you want your assets to be, it’s even possible to pick up some physical storage like the Ledger Nano X and Nano S.
If you fancy tracking its value and do some investing to bolster your crypto collection, I recommend using my dividend portfolio tracker spreadsheet, which can also be used to track your performance with cryptocurrencies like Bitcoin and Ether.