Journey in to Cryptocurrency

Last week my new Windows PC with an RTX 3080 finally arrived, and I was lucky enough to get a 3080 before the limited hash rate version came out, and getting one without the hash rate limit got me thinking about digging in to cryptocurrency again.

This isn’t the first time I’ve dipped my toes in to the waters. My interest in cryptocurrency always seems to perk up when I get a new GPU, but after some playing around I concede that mining generate too much heat in my room for Texas summers, cryptocurrencies aren’t currently viable for normal transactions, or it is too speculative if I just wanted to exchange dollars for cryptocurrencies instead of mining them.

I was also afraid of losing my security codes, my PC wallet failing or getting hacked, or using a seemingly reputable exchange that would later collapse like Mt. Gox.

The concept behind cryptocurrencies, the blockchain, is a fairly simple concept that seems to have a growing list of practical applications and there are more accessible tutorials and explanations available now to make the concept of a cryptocurrency easy to understand. My favorite is “But How Does Bitcoin Actually Work” by 3Blue1Brown.

For my latest journey in to cryptocurrencies, I’m focusing on casually mining coins while it still seems viable with consumer GPUs. I’m trying out two mining programs: NiceHash and CudoMiner, and I bought a Ledger Nano S wallet to store my coins.

One snag I hit is there are minimum amounts that you need to have before you can transfer coins from your wallet with the mining program to another wallet. This is mainly due to the cost to transfer a currency from one wallet to another. After about 40 hours total of mining with NiceHash, I still haven’t meet the minimum amount.

I’m really interested in mining enough to transfer to my ledger wallet and then try to buy something with the coins in my wallet. I plan to deeply dive in to each aspect of this topic as I gain more experience.