**Cryptomining: The Ultimate Guide**

Hey guys, this is Austin. This computer is making me money right now. While that might sound like some scummy pop-up ad, in reality, it's all thanks to Cryptomining.

You've probably heard of cryptocurrency, such as Bitcoin and Litecoin. These are digital currencies that are worth real-world money. For example, a single bitcoin goes for about $2400 right now. This has become a really big industry.

Not only has Bitcoin been recognized as legal currency in places like Japan, but you can spend Bitcoin at a lot of online retailers, such as Microsoft, buying games on Steam. You could 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'll immediately start crunching the numbers on different transactions that come its 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, as things like Bitcoin become more and more valuable, it can actually add up.

There are two different ways of getting your hands on cryptocurrencies 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 'em for cheap, sell 'em for more and you make a profit just like the stock market.

The other way is by mining. Every transaction is public, so what that means is that some computer has to do the work of deciding whether someone has money it needs to go to the other person, making sure that's a legit transaction. In the early days, you could use an ordinary gaming PC to mine Bitcoin, but as it's gotten more popular and more importantly, there's more and more competition for mining, it is pretty crazy to use a standard gaming PC to mine Bitcoin today.

There have 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 what are called ASICs, which are literally custom-designed chips that are purely made to destroy a PC at mining.

Today though, cryptomining has seen a major resurgence and a lot of that is thanks to a new option called Ethereum. Now, this is something that actually does make sense to mine on a standard gaming PC. So, we've been using this CyberPower PC that we did a video on recently which actually is now down to $650, which is kind of funny because thanks to cryptomining, even the graphics card itself sometimes will go up in price.

So, if you have a really beefy system with say, a pair of 1080 Ti's, you can be making a lot more money. On the other hand, if you have an older graphics card, it might not even make sense to mine in the first place. So, there is a cool calculator I have that linked into the description where you can plug in what your hardware is. It'll tell you roughly about how much you would make per day.

What doesn't really make sense is going out and buying a bunch of hardware just to start mining. This has actually made graphic cards not only out of stock in a lot of places, almost more important than that, really, really expensive. One thing that 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 kinda fun. The thing you 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 it will definitely shorten the lifespan of your card. This definitely isn't for everyone, but as a nerd, there's actually something kind of fun about this.

So, what do you guys think about mining cryptocurrencies? Let me know in the comments below and I will catch you in the next one.

WEBVTTKind: captionsLanguage: en- Hey guys, this is Austin.This computer is makingme money right now.While that might soundlike some scummy pop-up ad,in reality, it's allthanks to Cryptomining.You've probably heard of cryptocurrency,such as Bitcoin and Litecoin.These are digitalcurrencies that are worthreal world money.For example, a singlebitcoin goes for about $2400right now.This has become a really big industry.Not only has Bitcoin beenrecognized as legal currencyin places like Japan,but you can spend Bitcoinat a lot of onlineretailers, such as Microsoft,buying games on Steam.You could even purchase things with PayPalusing Bitcoin.It is a big deal.For example, if youfire up a mining programon your computer, it'll immediately startcrunching the numbers ondifferent transactionsthat come it's way.As a reward for doing all that hard work,you'll gain tiny, tinyamounts of cryptocurrency.Typically, this doesn't really equal much.However, as things like Bitcoin becomemore and more valuable,it can actually add up.There are two differentways of getting your handson cryptocurrencies such as Bitcoin.The first is really straightforward.You can buy and sell themjust like anything else.So, the market will go up anddown and it does that a lot,but the theory is, you buy'em for cheap, sell 'emfor more and you make a profitjust like the stock market.The other is by mining.So, every transaction is public.So what that means is thatsome computer has to dothe work of deciding thathey, someone has money,it needs to go to the other person.Make sure that's a legit transaction.In the early days, you coulduse an ordinary gaming PCto mine Bitcoin, but asit's gotten more popularand more importantly, there'smore and more competitionfor mining, it is pretty crazy to usea standard gaming PCto mine Bitcoin today.There has been othercryptocurrencies that have sprung upover the years.So, back in 2013, I hada few different Litecoinmining rigs set up and generally speaking,if you have a PC with a solidGPU, you can make that work.However, the issue is, as thingsget more and more popular,people design what are calledASICs, which are literallycustom-designed chips that are purely madeto destroy a PC at mining.Today though, cryptomininghas seen a major resurgenceand a lot of that is thanks toa new option called Ethereum.Now, this is something thatactually does make senseto mine on a standard gaming PC.So, we've been using thisCyberPower PC that we dida video on recently whichactually is now down to $650,which is kind of funny becausethanks to cryptomining,even the graphics card itselfsometimes will go for $650.Generally speaking, higher end AMD cardslike the RX 580 that'sinside is going to be yourbest bet for cryptomining.NVIDIA options also dowork pretty well too.If you have a lower end cardthat's maybe a little bitolder that's gonna draw a lot of power,you wanna try mining onthe CPU, it's generally notgoing to be worth it.Cryptomining really is all about the GPU.The actual setup for mining issurprisingly 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 optionsfor creating a wallet,but I use Coinbase.Not only is it fairly simpleas they do pretty muchall the work for you, butnot only can you buy Bitcoin,but more importantly, you cansell them or just spend them.For the mining program,a really easy optionis to use Nicehash.So, this runs as a normal Windows appand all you need to do islet it do it's initial setup,give it your Bitcoin wallet addressand it handles everything else from there.Nicehash does take three percentof everything that you minebut in return, it's acompletely automatic setup,so if you're not superfamiliar with this stuff,it works pretty well andit's even smart enoughto automatically pickbetween different algorithmsbased on what's goingto be most profitable.The cool thing is, sincethis is just a normalWindows program, you canmine whenever you want.So, say you wanna actually playsome games on your game PC,just stop mining for a few minutes.Once you're done, turn it back on.So I'm about to throwsome numbers at you guys,but please take all thesewith a giant grain of salt.This can go way up and waydown pretty much at any point.So right now, with thissetup over the last few days,it's averaged making about $2.10 a day.So, of course, you do haveto keep the electricity billin mind.So with this system andthe electricity rates here,it's pulling about 25cents worth of power a day.That might not sound likemuch, but when you add it up,that's about $57 a monthor about $690 a year,which is actually enough topay for the entire system.But, and there's a giant but,this changes all the time, seriously.So, just today, as we'vebeen filming this video,prices have changed a lot.So, earlier this morning,we were making about$1.90 a day.However, right now, we'redoing about $2.31 in mining.It really does change onan almost hourly basis.All of this is just an examplewith this single graphicscard inside this system.So if you have a really beefy systemwith say, a pair of 1080Ti's, you can be makinga lot more money.On the other hand, if youhave an older graphics card,it might not even make senseto mine in the first place.So, there is a cool calculator.I have that linked into the descriptionwhere you can plug inwhat your hardware is.It'll tell you roughly about how muchyou would make per day.What doesn't really makesense is going out and buyinga bunch of hardware just to start mining.So, this has actually made graphic cardsnot only out of stock in a lot of places,almost more important thanthat, really, really expensive.One things that makesa little bit more senseis if you already have agaming PC and you just wannagive this a try.It is kinda fun.The thing you need to keep in mind thoughis that this is going tobe essentially runningyour GPU at 100% 24/7.It's not necessarilygoing to immediately breakor anything, but itwill definitely shortenthe lifespan of your card.This definitely isn't for everyone,but as a nerd, there'sactually something kind of funabout this.So, what do you guys thinkabout mining cryptocurrencies?Let me know in the commentsbelow and I will catch youin the next one.