CRYPTOMINING #Helpful Post

hey guys sawsan this computer is making

me money right now

well that might sound like some scummy

pop up ad in reality it's all thanks to

crypto mining you've probably heard of

crypto currencies such as Bitcoin and

litecoin these are digital currencies

that are worth real-world money for

example a single Bitcoin goes for about

2400 dollars right now this has become a

really big industry not only has Bitcoin

been recognized as legal currency and

places like Japan but you can spin

Bitcoin a lot of online retailers such

as Microsoft playing games on Steam you

can even purchase things with PayPal

using Bitcoin it is a big deal for

example if you fire up a mining program

on your computer it will immediately

start crunching the numbers on different

transactions that come it's way as a

reward for doing all that hard work

you'll gain tiny tiny amounts of

cryptocurrency typically this doesn't

really equal much however it's things

like Bitcoin become more more valuable

it can actually add up there are two

different ways of getting your hands on

crypto currencies such as Bitcoin the

first is really straightforward you can

buy and sell them just like anything

else so the market will go up and down

and it does that a lot but the theory is

you buy them for cheap to sell for more

and you make a profit just like the

stock market the other is by mining so

every transaction is public so what that

means is that some computer has to do

the work of deciding that hey someone

has money it need to go the other person

make sure that's a legit transaction in

the early days you could use an ordinary

gaming PC to mine Bitcoin but it's

gotten more popular and more importantly

there's more competition for mining it

is pretty crazy to use a standard game

PC to mine Bitcoin today there has been

other cryptocurrencies that have sprung

up over the years

so back in 2013 I had a few different

litecoin mining rigs set up and

generally speaking if you have a PC with

a solid GPU you can make that work

however the issue is as things get more

and more popular people design work

called Asics which are literally custom

design chips that are purely made to

destroy a PC at mining today though

crypto mining has seen a major

resurgence and a lot of that is thanks

to a new option called aetherium now

this is something that actually does

make sense to mine on a standard gaming

PC so we've been using the CyberPower PC

that we did a video on recently which

actually is now down to $650 which is

kind of funny because thanks to crypto

mining even the graphics card itself

sometimes we'll go for $650 generally

speaking higher-end Andy cards like the

rx 580 that's inside is going to be your

for crypto mining and video options also

do work pretty well too if you have a

lower end card that's maybe a little bit

older it's going to draw a lot of power

you want to try mining on the CPU it's

generally not going to be worth it

Crypton mining really is all about the

GPU the actual setup for mining is

surprisingly straightforward a lot

better than it used to be so you just

need three things a PC to do your mining

a Bitcoin wallet and a mining program

there are lots of options for creating a

wallet but I use coinbase not only is it

fairly simple as they do pretty much all

the work for you but not only can you

buy Bitcoin but more importantly you can

sell them or just spend them for the

mining program a really easy option is

to use nice hash so this one's a normal

Windows app and all you do is let it do

its initial setup give it your Bitcoin

wallet address and it handled everything

else from there nice hash does take 3%

of everything that you mine then

returned it's a completely automatic

setup so if you're not super familiar

with this stuff it works pretty well and

it's even smart enough to automatically

pick between different algorithms based

on what's going to be most profitable

the cool thing is since this is just a

normal Windows program you can mine

whenever you want so say you want to

actually play some games on your gaming

PC just about mining for a few minutes

once you're done turn it back on

so I'm about to throw some numbers at

you guys but please take all of these

with a giant grain of salt let's can go

way up and wait I'm pretty much at any

point so right now with this set up over

the last few days it's average making

about two dollars and ten cents a day so

of course you do have to keep the

electricity bill in mind so with this

system and the electricity rates here

it's fully about 25 cents worth of power

a day that might not sound like much but

when you add it up that's about 57

dollars a month or about six hundred and

ninety dollars a year which is actually

enough to pay for the entire system but

and there's a giant but this changes all

the time

seriously so just today as we've been

filming this video prices have changed a

lot so earlier this morning we're making

about a dollar ninety day however right

now we're doing about two thousand

thirty one cents in mining it really

does change on an almost hourly basis

all this is just an example with this

single graphics card inside the system

so you have a really beefy system let's

say a pair of 1080 eyes you could be

making a lot more money on the other

hand if you have an older grabbe's card

it might not even make sense to my in

the first place

so there is a cool calculator I have

that linked in the description we can

plug in what your hardware is it will

tell you roughly about how much you

would make per day what doesn't really

make sense

is going on buying a bunch of hardware

just to start mining so this is actually

made graphic cards not only out of stock

in a lot of places almost more important

than that really really expensive what I

think makes a little bit more sense is

if you already have a gaming PC and you

just want to give this a try it is kind

of fun I'm thinking need to keep in mind

though is that this is going to be

essentially running your GPU at 100%

24/7 it's not necessarily going to

immediately break or anything but we'll

definitely shorten the life span of your

card

this definitely isn't for everyone but

as a nerd there is something kind of fun

about this so what do you guys think

about mining cryptocurrency let me know

in the comments below and I will catch

you on the next one