Have you heard you can use your pc to make money… mining cryptocurrencies? If you’re reading this article, then very likely. But amid 2018’s digital token gold rush, popular YouTube starlets are taking the topic mainstream.
Anyone who’s bot involved with bitcoin or other cryptocurrencies has very likely bot asked about how to make money mining. For newcomers, it’s often the most compelling facet of the industry.
Bitcoin mining has bot off-limits to most average users for years thanks to ASICs. But it’s still entirely possible to mine tokens like Ethereum’s ether with a consumer graphics card (or GPU).
Technology YouTuber Austin Evans has Two.Two million subscribers. His movie “Cryptomining” already has overheen 340,000 views after two days.
Evans describes how to mine ether on a sub-$700 gaming PC he built, with a Radeon RX 580 graphics card.
He also notes that, thanks to the cryptomining resurgence, even the GPU itself could cost $650 if you can’t get your mitts on one. Bitcoin and litecoin miners caused a graphics card shortage te 2013, and it’s happening again now thanks to Ethereum.
NCIX Tech Tips has 1.1 million subscribers and has racked up almost 67K views for their mining movie. This movie describes a more advanced mining equipment with numerous GPU cards:
You can tell the movies are aimed at an uninitiated audience – they each spend the very first few minutes explaining what cryptocurrencies (especially Ethereum) are and how they work.
Evans recommends the NiceHash mining software for Windows and a Coinbase wallet, NCIX recommends Claymore’s Dual Miner and MyEtherWallet.
If Mining Goes Mainstream, Is It a Bad Sign?
Investor and political advisor Bernard Baruch famously said te 1929: “When beggars and shoeshine boys, barbers and beauticians can tell you how to get rich it is time to remind yourself that there is no more dangerous illusion than the belief that one can get something for nothing.”
Note, wij’re not calling thesis YouTube presenters shoeshine boys. Some describe their years of prior practice mining bitcoin and litecoin – so chances are they’re not beggars either.
The YouTubers also aren’t shilling or selling snake oil – both guides mentioned above mention the caveats such spil price fluctuations, power costs and the likelihood of your equipment being obsolete before it pays for itself.
However their target audience – and those people at parties who know nothing about cryptocurrency but ask you how to get into mining – may be the people Baruch wasgoed talking about.
Gamers Wish the Tutorials Would Zekering
Judging by the comments below each movie, not everyone is blessed about newcomers getting into GPU mining. Ter fact, a good overeenkomst of the comments sounded like this:
8BTC.com News also reported on the animosity VR gamers have for cryptocurrency miners te China. GPU card prices have doubled at some retailers, and most are out of stock anyway. Wholesalers have bot accused of hoarding GPUs for their own mining pleasure.
Some even posted their wishes for a crypto price crash to zekering the craze. To the cards and their manufacturers, however, it’s all just numbers to be crunched.
Spil William Gibson wrote ter Searing Chrome, “the street finds its own uses for things”. And the street, it seems, is interested te cryptocurrency mining right now.
Is the fresh rente ter crypto mining a good sign or not? Let’s hear your thoughts.