Nice Hash Mining - Is It Profitable?

"Nice Hash mining, is it still profitable?"

I often see this question in facebook groups and forums asking if they will setup a mining rig to do NiceHash Mining (hashing), will it still be profitable? Short answer is yes, it is still profitable.

Compute your profitability

So, now you have your mining / hashing rig setup but you want to know if you'll be earning passive income or just wasting electricity.


Aside from the money you invest building your mining rig - the whole PC setup including the several expensive GPUs, you have an ongoing expense that you need to factor in unless you are getting it for free - electricity bill.

So, how much will I earn?

You can use NiceHash's profitability calculator to determine how much your mining rig can earn you. You just need to select your GPU and how much a kilowatt-hour of electricity you pay.

For example, at the time of this writing my GTX 1070 can earn me 0.00039821 BTC per day minus the electricity cost of 0.00019290 BTC giving you a total of 0.00020531 BTC or 39 Philippine pesos.

Using a conversion rate of (1 BTC = 190165.28 pesos)

Est. earnings per day 0.00039821 BTC 75.73 pesos
Est. electricity cost per day 0.00019290 BTC 36.68 pesos
Est. profit per day 0.00020531 BTC 39.04 pesos

Better computation

The computation above only accounts for the GPU / video card that you are going to use. To be more accurate on your computation of your profits, I'd suggest you to get a watt / power meter from your local electronics shop and get a more accurate reading on how much watts your mining rig is consuming.

Also, Nice Hash profitability calculator assumes that you don't set a power limit on your GPU which is commonly done on mining GPUs to lessen power usage with minimal effect on it's mining capabilities.


It's so low, why still mine?

During the previous days, the price of BTC has dropped and rise several times already. BTC and other cryptocurrencies at this point (or even in the future) is a very volatile market - don't invest money you cannot afford to lose (example: money for electricity bill). But...

BTC and other cryptocurrencies is here to stay

If you believe in the technology that powers Bitcoin and other cryptocurrency and you also believe that it is the solution to the problem it is trying to solve, then you should mine and accumulate coins.

If you only mine / sell hash power for the sole purpose of earning money through passive income, then you should think again if this is for you. There will be days when the price of BTC will be very high but the chance that it might drop to the price where it only breaks-even your electricity cost is very likely as well.

Caveat

As a non-professional investor myself, I still consider Bitcoins (and other cryptocurrency) - whether you are trading or mining or hashing is still a very high risk, high rewards investment. So, again, don't put money you cannot afford to lose, be educated around the technology behind it, and share the knowledge to others - because the more people uses these technology, the better future the "blockchain" will have.


Mark Hugh Neri

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