Playing with Cryptocurrency: Part 6 How Much Am I Making?
I’ve been playing around the last couple of months with crypto mining on my computer and phone. Now that I have some stats it is time to see if I am actually making any money from it. The places I have been trying this are on an old windows phone, my newer Samsung Android Phone and my 1 year old laptop with a NVIDIA GTX970M graphics card. Based on the cost of electricity in Europe, where I live, and even occasionally running these items from work where I don’t cover the full cost of the electricity, it is still cost prohibitive to use any of these option to make money from crypto currency. And that is just calculating cost of electricity vs income.
Bitcoin Miner App
Using the bitcoin miner app on an old phone and occasional my netbook and laptop, I am mining about 20 Satoshi per hour, which equals about 0.0018148560 USD. So less than a penny an hour. Running this on my computer doesn’t seem to do much better. This seems to be because it is easy to accidentally pause the app when working. I will say, so far, this is the only that I have actually received any payout with. I actually have some bitcoin in my wallet. So far I have made $2.30 using this method. Also since it is not resource intensive I don’t mind running it in the background when working.
Note: I have since stopped using this app. The amount of time it takes to mine such a small amount of Bitcoin is not worth it to me.
Using a mining script on my laptop with the previously mentioned graphics card I am averaging 0.000000551461 litecoin per hour. This is generally running in the background while working so the graphic card is pulling double and sometimes triple duty. This is making me about 0.00008693 USD per hour. Less than a penny and totally useless, as it slows down my machine making working difficult. So far I have made $0.01 using this method.
Lesson here is, you can’t mine litecoin using a graphics card anymore. I did just order a Scrypt USB-Stick Miner for mining litecoin. From what I’ve read it will take forever to recover the cost, but I’d like to give it a try anyway.
This one probably runs the most as I have it set on an old netbook that I don’t use much going almost constantly. Occasionally I will also let the app run on my android phone when it is plugged into the charger. The primary coin it is set to mine is Monero. On average I am mining 0.00000071367865. This comes to 0.00000071367865 USD per hour. Out of these methods for minding crypto Minergate has been the one I’ve used most, since I can run it on any machine as well as my phone. To-date I have made $0.12. Minergate as provided me with the least return on investment.
Yes, NiceHash is a pain to install. I received errors that I had to work past, my antivirus program doesn’t like it, and it is resource intensive when running in the background. Having said all that NiceHash has been the most profitable of the apps I’ve used. I made $2.74 so far using this one averaging $0.05 cents per hr. I haven’t received the actual payout yet because of the threshold needed, so we will have to wait and see how that goes.
Other Options for Making Money From Crypto
The other items I’ve looked at are straight up investing. In the US I setup an account with Coinbase. I invested $100 dollars into it and received an extra $0 dollar bonus using a referral. Yes, exchanges have been and can be hacked. As of right now I have less than $100 dollars in the account since the price of bitcoin has dropped since I started this experiment. But, should I ever get a decent amount of money I will move my currency to a wallet.
In Europe I went with Kraken after the terrible experience with Bitpanda. With Kraken I invested €40 euros. In both exchanges the full amount went into bitcoin. About a day later the market dropped in bitcoin. As of this posting my bitcoin in Kraken is worth €39.90 euros, and my $100 dollars in Coinbase is worth $98.53. And that is counting the $10 dollar bonus I received.