Crypto Round-up or What I (L)earned during April

The world of crypto is very different to how I remember it from way back in 2009/10. It's been good to see how things have progressed. Now instead of a single blockchain they seem to be in double-digits (possibly even triple or more). Things which have stayed the same include wallets with 12-word security phrases to secure them and the odd opportunity here and there to earn a small amount of crypto-currency. Things which have changed include the number of exchanges to swap coins and tokens, games using blockchains and collectible NFT's with built-in provenance.

I think I can safely say that those with wealth have a lot more opportunities to invest in digital assets but only time will tell if the current plethora of chains and systems will continue; maybe some will contract or consolidate. It's hard to imagine what will happen at that point. A lot of their data appears to be provided by decentralised storage-providers while the blockchains appear to just hold account and transaction details. Will we eventually see entire blockchains being archived and if so, what happens to the items being traded on those chains if there's no way to update them? Maybe they will be moved onto other chains as 'wrapped' assets. Is the current situation a bubble and if so, when the first blockchain gets archived will we see a nervous shift back to physical collectibles and assets?

One thing I have learned recently is there are things called 'faucets' which are like dripping taps in that they reward you with tiny amounts of crypto for fulfilling certain tasks. I hadn't realised that these are very much a part of most modern blockchain systems, usually intended to whet the appetite and incentivise investment. I had no idea there were so many different versions of these until I saw this article about them from coinmarketcap.com. 

I suppose this will continue to be the case with blockchain games. While Alien Worlds has the potential for you to drop a valuable NFT, this does not seem to occur frequently so the trickle of trillium which can be converted into wax could now be considered a faucet in my opinion. Mining yields from basic tools have not recovered since the whole Binance project took off a few weeks ago. I would have liked to have been able to own land in the game however the current cheapest listing on AtomicHub is at 55,000 wax (about $14,000) which makes virtual land ownership very much a rich persons game (as in real life). At the moment it really feels like developers are selling off the treasure before they've built their game(s).

For those coming into crypto without capital (like myself), this world is full of barriers to entry. There appear to be those who get early access to crypto games who continually jump to whatever the latest game is only to cast it aside the following day for the next new best crypto game ever. As someone who put in many hours of gameplay into Guild Wars 2, developing a character and building up an inventory of relatively rare items I would urge developers to consider equalising opportunity for those likely to stick around. If you are always poor in-game, then you eventually stop playing. Those you sold your treasures to early on are not the people likely to be your long-term customers. They will sell their magic staves and swords the moment they show a nice profit. Unfortunately so will many newcomers to a game who suddenly find themselves torn between keeping a lucky drop or taking value from it to help with real-life problems.

Still I have digressed again and that was not the purpose of today's post. I said I would review how far I've got from an initial investment of absolute zero (when I said I had no capital, I really meant it). I am therefore very grateful of the people and developers out there who have enabled me to have greatly increased the value of my initial investment (of absolutely nothing). Rest assured once life gets back to normal, I shall remember where my crypto-victories came from. For now, let's have a look at those who've been a praise-worthy part of my recent crypto-exploration.

Theta.tv (article): (TFUEL)

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I've been running their edge node software on this PC and more recently on my older laptop. So far it has netted me 4.0427 tFuel. I love this project even though it's far from profitable. I have yet to see if they will transfer these earnings into my wallet. At a current price of $0.39, this equates to $1.58 which is more than I earned from watching content on YouTube during the same period. Last night I was watching the CryptoStache channel and the show ended with a raid. Essentially all the viewers jumped onto another streamers channel. This guy (Stumpie) then proceeded to dish out a bunch of freebies to the new audience. He had some interesting things to say about the crypto-verse and I wish I could have stuck around for longer but it was after 2am. I will be checking out his channel again soon (if only to find out what he uses on his rig to mine Etherium).

Update (9thMay21): Today my 4 and a bit tFuel have moved from the pending section in the node software to my Theta wallet. I will now have to work out what use it has from my perspective. I'm unlikely to ever stream myself so it may be a good way to support those who are building communities on theta.tv. It's great that I got this reward just for supporting something I believe has great potential. 

CryptoTab: Bitcoin (BTC)

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I still can't decide if it's a scam or not but it definitely pays out. This is faucet territory though. My main system varies from 2k to 4k hashes per second with my old laptop running at about a quarter of that rate. So far I've only hit the payment threshold once but after that I tried out NiceHash and have now decided CryptoTab is the lesser of two evils. It is definitely more of a mini-me than an Austin Powers but did pay out the 0.00001 BTC within 24 hours. I'm currently running it on my main PC, old laptop and now also on an antiquated system which I use as a crypto-heater in my office and I'm half-way towards the next pay-out. I gave CryptoTab a green-light after the first payment came through but have since revised this to an amber-light (use with caution). Their twitter account lacks any attempt to create an online profile and was also suspended. I also think it may be problematic to uninstall for many people should this ever be needed and they also show no interest in responding to their critics on TrustPilot.

WAX: Blockchain (WAXP, TLM, AETHER +more)

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Wax was great for me, partly due to timing and partly due to some inspired decision making on my part. I was lucky to get some above base-level mining tools in Alien Worlds which I sold when prices started rocketing. I was then lucky to discover selling TLM on Alcor. I was lucky to have found channels like CryptoStache on YouTube and I was lucky that I opted to buy a couple of R-Planet NFT's from the AtomicHub market because I liked the art. These rose in value just like the mining tools of Alien Worlds. I haven't sold them yet as I have them staked in the game and they are currently earning a small amount of passive income. I just have to log in now and then to claim the Aether (the reward token which can also be traded for wax via the Alcor exchange). So far I have not taken a penny out of the wax system as I believe it has the potential to grow huge. I also reinvested some into KOG's (Keys to Other Games) as I think their project looks interesting.

I staked some wax and reinvested my remaining wax into NFT's from the AtomicHub marketplace. When I sold my Alien Worlds tools I actually earned over $200 worth of wax due to an influx of new players. I started to buy NFT's from new artists - just art I liked and intend to hold. This included my R-Planet rigs NFT's which I bought not knowing they could earn staking rewards. Since the process of going from wax to other mainstream crypto still confuses me, I just keep reinvesting everything back into wax projects and I continue to play Alien Worlds. It's kind of hard to say how much I've earned from wax as it's all reinvested. Just like CryptoStache, I want to stash it rather than cash-out. The TokenHead wallet suggests my accounts are worth around $250 at present but this includes some dubious valuations of NFT's (it's not clear if these are based on listings or actual sales). Even so, this propels wax to the top of my earnings list for the month. It wouldn't be enough to live on but as a side hustle with long-term possibilities, I'd say it's the next bitcoin.

Brave Browser (BAT)

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Almost bang on-cue to ensure I don't forget about it comes Brave browser. Not only has it just announced the months earnings are ready to claim, but I think I also got a bonus 5 BAT for dragging the logo symbol onto an empty template space. My balance currently stands at 7.250 BAT (currently just over $10). I'm still a good way off the 25 BAT required to set-up the uphold wallet but it does appear to be growing slowly and it's more than I earned from using Google Chrome last month (which was nothing). 

Pi-Coin (PI)

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It was the discovery of this on 3/14 that got me looking into the crypto-world again. It's still under development which means you can't use it for anything yet but you can still get involved by downloading the app to your phone and pressing a button every day. As yet I can't see a need it fulfils but hopefully that will come around before or soon after the launch.

So that's the good guys, now for the ones I'm dropping this month.

NiceHash

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It was inevitable after my experience with trying to withdraw my earned bitcoin from their custodial wallet to my own. I now refer to them as Not-So-NiceHash and they will not be getting any more of my mining resources. It appeared more efficient than CryptoTab but it's quite boring to watch. Using CryptoTab instead allows you to turn any browser-game into a crypto-game so the slower earning rate can be offset by using it to play Alien Worlds or any other faucet you might want to try out. 

XMRig

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This is the miner I previously ran on my crypto-heater. It was great for producing heat, but I only earned 0.00001247 after 8 hours. With a minimum of 0.1 XMR for the payment threshold (about $42 at the time of writing), I've estimated it will take 334 days of running 24/7 to reach that threshold. Even if I was assured the $42 return and that would cover running the rig for all that time, I still wouldn't need to run it for 334 days per year. Here in the UK we usually get at least a brief summer when my heater is not needed. So XMRig has been relegated and the heater now adds a small extra boost to my CryptoTab earnings when it's running.

Still lots more things on my radar to try out so I will keep the articles coming for as long as I can. This week I've discovered chain(o) games and been hearing about music NFT's on Phantasma and a secret society experimenting with a human blockchain?. I also saw an advert for an interesting looking project called Kanaria however as the image below shows its already beyond my means.

There always seems to be so much going on in crypto.

Not-So NiceHash :((

Well I was trying to compare NiceHash O/S with CryptoTab and I thought the signs were good. Over the past couple of days I have mined for approximately 32/48 hours to reach the payout level of 0.00001 BTC. That would have put NiceHash in the lead by about 24 hours however they have shot themselves in the foot metaphorically speaking.

Yes they made it difficult to start with by insisting I use 2-factor authentication to add my bitcoin wallet address. This meant installing a Google authenticator app on my phone (which I never wanted) and turning on 2FA on a Google account which I had to link (which I also didn't want to do as I don't use my gmail address for mining). It also states on the set-up pages for this that there may be a 24 hour delay if you don't already have this authentication system set-up. Not only that but my 0.00001002 balance from the mining screen appears to have shrunk to 0.00000983 by the time it has appeared in my NiceHash wallet.

However the real kick in the teeth is the new minimum required to withdraw from the NiceHash wallet to my own atomic wallet. Yes below you can see the minimum is not 0.00001 but 0.001 or to put in another way, 100 times the amount I just spent 2 days mining. So at the prospect of having to mine for another 3,200 hours to get a pay-out, I'm opting to say so long Not-So-NiceHash; thanks for stealing my fish (electric eels?).

Well if that's how NiceHash want to support miners I'm done! After going through all that additional hassle just to be confronted with this:

Statistically it may have been the faster miner but this is just so shady. So if I might make a suggestion to the 'Nice' people - maybe you could update your earnings estimate page. Here's my suggestion for how it could look.

So I'm calling it - NiceHash are dishonest. They failed to state that mined bitcoin would remain in a custodial wallet until reaching 100 times what appeared to be their minimum payout level. If I had known that in advance, I probably would not have even tried their service. I will put this one down as a learning experience.

Tomorrow is my planned review of the past month of crypto-learning and I realise I have barely scratched the surface. There is just so much stuff out there.

Usual disclaimers apply.

Cryptotab update: AMBER light

I have updated my guidance on using Cryptotab. Before installing it, check out my update here.

Original Article:

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So far in this series of articles, I have covered getting paid in crypto while you browse the web using Brave browser or Cryptotab (affiliate link / Non-affiliate link), getting started with Alien Worlds (a free-to-play digital card-game which occasionally pays out random NFT prizes) and also how you can earn tFuel by watching video or setting up a Theta node.  I've also covered the process of trading in TLM virtual ore from Alien Worlds for other crypto.

Today we have an update on my bitcoin mining article from last week and I must admit a bit of a change of heart. If you saw my previous article, you may recall I was a little bit suspicious of Cryptotab due to it's multi-level-marketing tactics and their claim that you could probably earn enough within the first 24 hours to reach the threshold for a payout and the way the hashing speed seemed to dip without their being a correlating dip in processor usage.

You may recall, I left my PC running for a couple of days to see how long it would take to reach that magic 0.00001 BTC to trigger the payment. The result was about three days (although after two nights I decided I didn't want to leave my PC running 24/7). Well due to the suspicions I've voiced before, I decided to take another look at NiceHash (non-affiliate link). 

Although this PC is getting on a bit, it is my main machine and has a nice sized monitor. That means I have most of my data on it and I'm wary of installing random downloaded programs from the internet for obvious reasons. That's why I was quite interested in testing out NiceHash O/S - essentially a linux installation which you install on a flash-drive. Using this meant I could disable my drives in EUFI/Bios when booting and just use the flash-drive to boot into their linux install. This is a good solution as it keeps my data safe while utilising the hardware to earn bitcoin. Nicehash also has a profitability calculator on their website so when it appeared to have higher earnings potential than Cryptotab, I felt I needed to give it a go to see if Cryptotab was as bad as I thought.

So this is where it gets interesting. Last Saturday I got to the earnings threshold for Cryptotab and applied for the payout. I then set-up my NiceHash O/S flash drive and ran it for the rest of the day. Unfortunately I didn't note down the exact details of when I started and stopped mining and there might have been a small amount of balance left in the account from a previous mining session. I will therefor have another go at this later to confirm the details tomorrow. Here's the thing though. My dashboard currently looks like this:

I reckon that balance is mostly derived from the session on Saturday and I'm pretty confident I had it running from 11:30 until 8:30 (so a total of 9 hours). I'm going to be a bit generous and say lets call it 8 hours. If so, 24 hours of running NiceHash would net me three times 0.00000371 or 0.00001113 BTC in 24 hours. This is good as just like Cryptotab, NiceHash has a threshold you have to reach before you can apply for a pay-out. It also happens to be the exact same amount... 0.00001 BTC.

I've just suggested that NiceHash has the potential ability to earn three times faster than Cryptotab, so why does this article suggest I'd prefer to endorse Cryptotab which is so much slower and possibly quite dubious? That requires a bit more insight into how I spent my time on Saturday.

So while I spent a few hours in the garden, it was fine to leave my PC running NiceHash O/S. I could even log into the web-site from my laptop and watch what it was doing. I could see that my BTC was going up by what appeared to be one pence per hour. Now if you've been following these articles, you'll know that I understand my systems here are not making as much money as the electricity costs. However I'm using the fuel payment system which I would be paying anyway, so I don't have to put card-details into any financial sites and make a minimum investment. I have no interest in becoming a crypto-trader only interested in using crypto to make money. Instead, I've been using mining to generate heat in my small office. This means I don't need to pay to heat the whole house using gas central heating, especially if I'm the only one home. My heating is a by-product of earning rather than just trading money for fossil fuel usage so by earning crypto I'm actually getting discounted fuel - as long as the crypto really does end up in my own wallet.

While I was watching that NiceHash earning counter slowly rise, I was very aware of how not having access to my main PC was affecting me. I could have used my time to post here, to play with Blender, surf the web, check my email, use social media etc. I know I can do a lot of that on other devices, but it feels more comfortable on my main desktop PC. Not having this meant I was not playing Alien Worlds, earning NFT's and trillium while simultaneously earning bitcoin with Cryptotab (at a 33% slower rate). Remember that earnings prediction from NiceHash (0.76 GBP)? How does that compare to my actual 8 hour session... well if I've earned 0.15 GBP that suggests my daily rate will be 0.45 GBP. So while I'm not denying that on the whole NiceHash appears to be the more profitable, you also have to take into account the loss of PC usage for other things. 

Suppose I had dropped a standard drill NFT in Alien Worlds on Saturday. At the current time they are for sale on the AtomicHub market for 45 wax (currently around $12 or approximately 8.64 GBP). Of course there is no guarantee of this but it is something to be factored in. As I already have this card, it must have dropped in the last four weeks and therefore have the potential to be awarded once per four weeks. If I drop another, I could sell it at this (admittedly currently-inflated) price. What about other rarer NFT drops which I haven't had yet? Also due to the banter-bag crew currently telling their followers to buy TLM, there is the potential to earn more Wax by trading this too using Alcor. This is something which has to be factored in and that's why I'm currently favouring CryptoTab over NiceHash. To add the icing on the cake, my first payout from CryptoTab has now arrived in my own Atomic wallet. It took about a day, and while it's a trivial amount it does prove that CryptoTab are good on their word and DO pay once you reach the earnings threshold. Here is your proof:

I don't plan to completely ditch NiceHash. I think I still have a use for it yet. As my PS4 is also linked to this monitor, next time I go through a gaming spell it could be something I run on my PC in the background. I would like to test if they're also good on their payout threshold as you never know when Cryptotab might collapse or get called out as a Ponzi scheme due to all that MLM malarkey. At the moment though I have lots of webby stuff to get on with (like this blog) so for me Cryptotab is currently the tortoise that's winning the race while the hare sleeps.

Hope you're enjoying the articles; usual disclaimers apply (now at the top of the articles). This is for entertainment and education and your experience might differ as my results are no doubt influenced by luck, the timing at which I started playing crypto-games and the moves by big financial institutions to allow their investors to syphon earnings potential from anything possible; yes it's easier to gamble on whether or not the price of any crypto will increase by tenfold in six-months time than it is for gamers to swap a few wax tokens for Enjin coins. I will get there eventually