I finally got tier 2 verification on Kraken which meant that the whole “from mining to money” process should be working.
Recipe for making your GPU buy you beer in 12 easy steps
- Download and install Mist and create a new Ethereum address. Be prepared to struggle some when syncing with the chain and keep the developers tools console open to see when/if things fail. I guess UX isn’t yet a top priority.
- Protect your encrypted key files and your password. Losing them means losing control over your funds.
- Install a miner such as Claymore.
- Tune your GPU for mining.
- Join a mining pool such as Nanopool or Dwarfpool and start mining. Eventually you will get a payout and have a balance on your address.
- Join an exchange such as Kraken so that you can trade crypto for your currency of choice. In fact, do this as early as possible since it takes time to get verified for fiat currency deposits and withdrawals. Maybe I was unlucky but it took me three weeks. After getting in touch with them on Twitter they fixed my verification within minutes though.
- Generate a deposit address on Kraken so that you can deposit the Ether you’ve mined.
- Transfer some ETH using Mist from your address to your new Kraken address.
- Sell ETH for EUR (or whatever is convenient for you).
- Set up your regular bank account in Kraken for withdrawals and make a SEPA transaction.
- Wait a day or two (actually took less than 24 hours in my case) and voila, money:
- Buy beer
Rinse, repeat, buy more hardware and mine until the Ice Age hits or Casper makes mining obsolete. Then switch to mining a new crypto currency if there are any profitable ones left or sell your GPUs and short the NVIDIA stock since the second hand market will be flooded with hardware.