So I've been mining away with my 1070 and racked up a fair amount of bitcoin in my coinbase account, my question is what is the easiest way to convert bitcoin in my coinbase wallet to AUD, ie in my bank account or cash
Edit
I'm using nicehash which mines other cryptocurrencies and then converts to bitcoin.
how exactly does coinjar work??
Should I Start using coinjar as my main wallet??
Signup?
Verify identify
Verify bank account
Transfer BTC
Withdraw to bank account
Should I scrap using coinbase and use the wallet from coinjar?
I'll suggest btcmarkets , cause coinjar has its own rates
I'm curious, how many hours have you put into mining and how much are you expecting to get?
Only came across your post because I've set up email notitication on "1070" lol
I've mined for around a month almost 24/7 and earned around 0.0298 bitcoin, roughly $100. However this isn't accounting for electricity cost.
I have a 1070 too but decided not to mine Bitcoin as it is too hard. How do you mine Bitcoin in times like these.
When you are sleeping I guess. People leave their PCs on all night and night time electricity rates are cheaper
but isnt it too hard to mine bitcoin at this stage. like how many days 24 hours does it take to earn one bitcoin?
https://www.nicehash.com/?p=calc
With a 1070 GTX… You would need to mine for 365 days to earn 0.67163979 BTC, which would be worth about $1742.55 USD at current Bitcoin price. However, during that period, your power bill would be $328.42 USD. So $1742.55 - $328.42 = $1414.13/profit per year. This is based on .25c USD per kWh.
Remember that BTC gets harder and harder to mine each month which these calculators don't factor. So the $1414 profit would most likely be false, as it generally gets 5% tougher each month, so basically your monthly profit declines 5% each month.
BTC gets harder and harder to mine each month
No-one is mining BTC with their GPU. Nicehash is mining other coins (altcoins) that CAN be mined with a GPU, and that are profitable right now, then trading them, and then paying you in bitcoins (since these are easier to spend).
basically your monthly profit declines 5% each month.
Also the price is hitting historic highs over the mast few months, so if it crashes again your profit goes down even more.
Still, if you already have the GPU, why not?
I use nicehash which mines other cryptocurrencies, converts it to bitcoin and deposits in my wallet
Coinspot
Do you need to get verified to convert bitcoin to aud??
Yes .. you need to
mining away with my 1070
how many do you have?
these are sh1t for bitcoin anyway.
it would legit take years to mine one bitcoin
exactly my thoughts. are you mining, and if so which one?
unless you are totally off the grid or stealing electricity there is no point in AUS
better ROI if you buy , hold and sell.
yeah precisely my thoughts. even solar panels are bursting in Victoria. Apparently they can't stand the cold.
Right now, if he mined for 24/7 for a year, he would earn about 0.67163979 BTC, which is $1742.55 USD at current Bitcoin price. See my post above.
You’d pay more in power.
Power might cost at most around a dollar a day
@tuzii: That's not true… go look at a profitability calculator.
Although, they are based on current rates that can fluctuate.
It's going to be pretty close to the mark with a 1070 @ around $1400USD per year after electricity (based on 0.24c AUD per kwh which is what Synergy charge me per unit according to my bills).
Just one 1070, I got before the mining boom
I'd just spend it on Amazon vouchers, Steam credit, etc, if you're going to be spending any cash on those anyway…
I. am. so. Confused.
People ar emining money. This is beyond me. And I'm a millenial.
wish all these crypto knobs would stop inflating graphics card prices…
haha
Coinjar