One of the most asked questions at leetpro.co.za is how to enter the digital currency market.
“I want to mine crypto currencies, can you help me get started?”
Well, there is no quick start and it takes a lot of research. Service providers and suppliers like Leetpro are extremely competitive and love staying on the forefront of technology. To get you going, Leetpro has compiled this basic basic start-up guide. Do keep in mind that there is a lot more to it, and for more you can set up a training session with Leetpro.
If you are asking the above question, you probably already have a vague idea about what bitcoins or altcoins are and how they work, if not you might also want to read and watch:
GPU mining (mining with your graphics card) in four steps
Needless to say, you need an internet connection.
• The first step is to open an account at a local trading platform. There are a few but two popular ones are www.altcointrader.co.za and www.luno.com . You will need to prove your existence in the form of an ID, proof of residence, bank account and a few other things.
• The second step is to download a mining programme. For the absolute Nicehash is recommended. It converts altcoins you mine with your graphics card into bitcoins. You just enter your bitcoin address that you get from your trading platform (usually found under account or deposits, it’s a very long address with numbers and letters) and it will mine it directly to that account. Nicehash takes a small amount of bitcoin as payment for using their programme. They too do a lot of research and update their programme accordingly. Are there more profitable ways to mine with your GPU? Certainly, but until you yourself have done more research and to switch to something else, stick to Nicehash.
• The third and most important step is to check your profitability: do the math. Nicehash has a tab at the bottom that gives you an estimate of how many dollars are mined daily. The graphics card uses electricity to mine.
Nvidia Geforce 980TI
$1,71 per day (Nicehash bottom tab)
250 Watt (google card power usage)
1 unit = 1000 Watt per hour
250 Watt/1000 = 0.25 units per hour
0.25 units per hour X 24 hours = 6 units
Let’s say you pay R1.50 per unit (refer to your utility bill):
R1.50 x 6 = 9 (R9 per day electricity costs)
$1.74 x R13.15 (USD/Rand exchange) = R22,88
R22,88 – R9 (power usage) = R13,88 profit per day.
R13,88 x 30 = R416 profit per month.
Keep in mind that your card will be working on maximum level and you will not be able to game or do anything requiring your graphics card while mining.
• Lastly, sell your bitcoins for ZAR on the local trading platform and do a cash-out into your bank account if that is what you prefer. Alternatively you can use bitcoin to buy things. There are many websites that take bitcoins as payment, www.takealot.com and www.bidorbuy.co.za are just some examples of websites in South Africa that accept bitcoin as payment. If you Google “things I can buy with bitcoin in South Africa” you will find anything from a place to stay in Dullstroom to shoes. Always remember that keeping your coins as an investment is also a good option. Find more ideas for how to spend your Bitcoin from Bitcoin 101: (Everything you wanted to know about the Cryptocurrency).