I’m late to the Cryptoparty. I wasn’t impressed with cryptocurrency when everyone else was and when you started talking about hash rates and mining pools and such my question was “how do I turn that 0.0033 bitcoin into two deep dish pizzas, a two liter, and a tip without bartering?”
Due to my work circumstances I have a machine at home that’s on 24/7, and now I have a pretty decent video card with a monster GPU so I decided to dive in as it was now financially beneficial.
Equipment: computer with a good GPU, phone with Cash app.
I supply no options for mining or crypto to cash. This is just what I did. Feel free to comment with better.
I signed up for an account (free,) at NiceHash. It seemed from what I could find to be the simplest user side, although with a very well publicized hack in the past I decided I wouldn’t trust them to hold a whole lot of my earnings but I didn’t have too much problem with $20 or so hanging out there.
I will note, I have not investigated many other options yet because these last two months have been otherwise slammed for me. Feel free to suggest any other mining options in the comments section.
Basically the way the NiceHash model works is you run a program that mines for various cryptocurrencies in a pool, you donate about 1% of your earnings to NiceHash, they have a wallet that stores your payments (estimated in Bitcoin,) and you can transfer said money to most other crypto wallets once the balance reaches a little over $10.
There’s a fee for processing a Bitcoin wallet transaction of 0.1% or slightly more depending on blockchain conditions. Looking at my three transactions I think I’m at six cents in processing fees. Here’s the fee schedules.
Over the course of two months I’ve made about a buck a day give or take for electric, and as Bitcoin went from $7,100 USD a coin to $9,841 I saw a 28% increase in the currency I mined at the beginning.
But you know, this is just one option you can do others. Took about 10 minutes to set this up.
Bitcoin to pizza
I’ve got to preface this section with an admission that I didn’t use it to purchase pizza, I bought some stock. I’m trying to keep my slightly more imaginary money in imaginary places.
I use the Cash App by Square. I already had this as I have a couple of tenants who pay me via this so it was already there.
Oh yeah, if you sign up for the cash app here, I get $5 and you do too. I mean, you don’t have to, it’s just somewhat beneficial and, hey man, it’s $5.
OK, in the Cash App you can send and receive payments, invest in stocks for, they claim, free, and buy and sell bitcoin.
That last part is what you’re going to use to turn crypto to deep dish.
After signing up for the Cash App, a Bitcoin wallet sign up is an option. You’ll need to be approved for this, took about 11 hours from my application until I get approved.
I transferred the contents of my NiceHash wallet over to my Cash App, click the squiggly line (not the Bitcoin deposit/withdraw,) choose what amount to sell, pay a crypto to US currency processing fee (appears between 1.75% and 2.5%,) and bam, there’s cash in your account.
You can transfer that money to a bank, buy stocks, also looks like there’s a prepaid debit card you can also use but that’s not something I’ve tried.
Is this the way to go?
Maybe. As stated, this is what I did, not a whole lot of research, it works, but there’s probably more profitable ways that are as easy.