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Im not sure how nicehash works. I also do not use nicehash to mine or sell my hashing power..
But, i am pretty sure you would be better off taking that money you used to buy hashing power and put it into buying your own hardware. I know a few people that keeps investing into cloud mining, and i always suggest to buy your own hardware. Period!
Should be waaaayyy more profitable at the end of the day. Also you can also resell most hardware after.
Can you give us some details how much you paid and what kind of hashing power you got?

I actually have ordered my own miners from bitmain just waiting for them to arrive in november.

And yeah give me a sec, gotta log into nicehash to get all the info.

It's rather simple really,
If the people renting out their miners to nicehash could make more money by solo or pool mining, they would do so... They rent out their hashrate because they're getting more money from people that rent their ASIC time, than they would get if they would mine directly. So if YOU rent their hashrate, you'll mine less coins than your renting price.

Does that mean there is no way of making a profit? Not really, but in order to make a profit by renting hashrate at sites like nicehash, you'll have to investigate and mine coins that currently have a low diff, but have a potential to rise in the future. A second way of make a little profit is constantly monitoring all prices, and buy when, for some reason, the price dips for a couple of minutes.

By just renting hashrate at nicehash and pointing it to BTC, LTC, DASH,... you'll probably lose money.

 :)
nice hash is good but you need a bigger capital,
why because it will take time if your gonna get low hash
instead get higher hash which means higher coz but better return

How hard it is. It seems to me that it is much easier to do mining on their own. Free cheese only in a mousetrap. Best thing is no one sells. I always follow this rule. It is better to have a guaranteed minimum than to chase the big money and losing everything.

ya thanks for the advice guys. just figured there had to be a way to make a profit via buying hash power on nice hash since there does seem to be a lot of ppl buying it. but ya, u guys make valid points.

I think it's about how quick you can react to breaking news (it's like speculation)

e.g. Price of LTC skyrockets (thus mining profitability as well) and if you are able to purchase the hashes before the sellers are able to adjust the price you made a profit.
same for opposite. You see LTC price is going down. Assuming this trend will continue for a while the seller can undervalue his price a bit to ensure someone will buy it ... aka profiting as well.

Just guessing, I have not much experience in this field. 

I feel confused while reading this thread,. why did you suddenly buy hashing power from nicehash? without you know how the system works in generating litecoin.,. here is a great forum you can ask in advance to do anything that might not make you lose your money,, better you buy a new computer and some vga to do eth mining that has been proven to produce..

Hello guys,

I found a way to make money by renting power of nicehash... but it's hard... you need to monitor the prices and find a coin that is easy to mine. For example, a while ago I started mining Monero, renting nicehash cryptonight power, and in a few weeks I was be able to do 30% of profit... but as Monero price and diff rasied, it was suddenly no longer worth mining it.

To make things easier, I got NiceHashBot from github and I developed a Handler that checks the price and the mining situation online... doing that I mine only when is profitable (but it's getting more and more difficult to found a profitable cryptocurrency) .

I already rented to mine: Monero (cryptonight), Decred, Signatum (Skunk), Deeponion (X13), Linda (Scrypt), ZEC (Equihash) and ETC (DaggerHashimoto).

But, now a days, there is no currency that is paying off... although I believe it's temporary.

Nice man! Thanks for the info! Good job, will hit u up once i got sum money to invest in nicehash to see if anything is profitable! lol.

Use Bitcoin pool cloud mining very esay and profitable https://pool.bitcoin.com

Very good idea...

I have some Hashflare cloud mining contracts... the price is very nice for 1 year SHA-256 (Bitcoin) contract... it’s easy to manage and now is worthing at least 3 times what do you invest.

Try: https://hashflare.io/r/8091E3D (https://hashflare.io/r/8091E3D)

Staking is more better than having own hardware equipment or cloud mining or cryptocurrency trading,investing in some good potential cryptocurrencies.Hardware mining is less and less easy and for some popular cryptocurrencies it gives less and less profit.

Bigball, do you have any suggestions of coins to stake? At this moment I’m staking Deeponion and Linda... Linda pays a nice reward, but apparently is random.

Yeah I know staking is legit, this post is about nicehash though not staking.

Very well explained and i do agree on such thing.If you are really wise enough you will really target those altcoins which do have lower mining difficulty and with this way this would somehow give you the chance to be profitable but if you do stick on those Giants like BTC,LTC,ETH,DASH which do have enormous mining difficulty then its expected profits would really be lesser.This is why i dont really tend to rent any hashpower because i put always to my mind that its better to have my own physical miner than on renting on others hashes.

I currently buy hashpower from Nicehash and make a small profit.  I wrote the below if anyone is interested.

http://cryptoinformer.blogspot.co.za/

 :)

Excellent article - thank you. I know much more after reading it than I did before (myself, I'm a beginner at mining (https://bitcoin-investors.co.uk/2017/11/mining-bitcore/)).

Very good article... congrats!

Do you have any coin to suggest mine using nicehash today?

Solid read, thanks. As a quick feedback, I suggest you increase the font size on your blog for obvious reasons.

Nicehash is up again!

And the most important, they will refund everybody next year... this was a great news.

I will reinvest for sure... but nowadays I'm investing in cloud mining to make some profit and then I will return in nicehash.

If anyone test nicehash for now, please share the coin that is profitable.

People are actually not making money from buying hashing power, there are some newbies who still try to throw their money in this profitless  way.
Some members are still encouraging mining contracts even though they know this method will put you in loss as their is no guarantee if the website runs away with your money. It is more better for security of your money if making investment in bitcoin than to put money in cloud contracts

Very informative and helpful mate, thanks very much!

What coin do you are using to make profit nowadays? I’m trying DeepOnion (X13) and I’m having 10-15% of profit.

Right now I am making some profit renting to mine Ethereum. The Key to making profit is not to deposit BTC to your Nicehash Wallet. You will eat to many Transaction Fees and you loose money. I have 6 AMD R9 290 GPU's mining with Awesome miner (Profit Switching) to my Nice hash wallet. Sense it mines directly there I bypass all the transaction fees from (CoinBase, Poloniex, Bittrex). I love getting contracts even if they are going  break Even. My Rig mines most profitable to nicehash and then I get a contract to get coins that I am wanting. Kinda like coin exchange without transaction fees. I buy a contract with my BTC in my Nicehash wallet and get a contract for Sia coin. I know I am going to break even at the end. Thats OK I was wanting the Sia coin in my portfolio to med-long long term and the coin is at a very cheap price. Not you have to do a pool Fee. So pick your pool wisely and get a pool with a low fee. Most are 1% which is still cheaper than transferring coins from coinbase to an exchange.

So in all the Profit comes from selling your mined coins on exchanges as the coin price goes up. I use the contracts as a tool to get the bypass transaction fees and I can get coins for my portfolio that my GPU rigs can't mine as if my rig mined it. That is my use for the contracts even if it is not an immediate profit. No way I can stock up on Sia coin while low price with my GPU's, so what my GPU's makes I can get the contract and have Nicehash ASCI miners mine and deposit into my account. All Transaction fee free.

Hope this made since.

Nice.

Now I’m mining BWK, but with the market those days was difficult to make profit. Do you know any other coin to mine renting hashpower?

Here is what I do.

1) When coin difficulty is down. Mine on a solo pool and smash it with a high hashrate. You have to be realistic on what you are mining, but it is a gamble. As here you are getting the full block reward. I have lost, but have also scored huge.

2) You can supplement your own hash with low priced bought hash. Prices vary greatly, so you will get it in waves, but keep what you are paying cheap and you will profit.

And mine for smaller pools.

Really it is all luck and nothing different than pulling a slot machine. Much more fun, though :)

There is some problem with profit percentage calculation. You need to do Profit/nicehash price to get profit % because nicehash price is your initial investment. Your losses should never be more than -100% as shown in sheet like -1000% ans stuff. Modify the sheet to fix this.

interesting read

I'm trying to make Nicehash rent calculator for GPU Algos (currently Ethash and Equihash). You can try it here → https://mining.alekseirubin.com/ (https://mining.alekseirubin.com/)

You are too brave if I think, because you do not have any experience but you still plunge into that world. and consequently you lose half of your assets. maybe this is a lesson.

Never understand those people who work with cloud mining. Its just a cemetery for money. thats why i've never trying using cloud mining  ;D ;D ;D ;D ;D

I know this is a sudden old post months old but just in case new people are enticed. One big word of advice. Stay away from cloudmining. If you really, really want to play with cloudmining, at least use a free one like eobot. But it is like faucets, a waste of time. If you earn a little money, great, but why not just buy and hold crypto. At least whatever happens with value,,, you always have the coins.

why do not you just mining, if you want to be lucky better looking in a sure and secure business. if you are so much money, better donate it to me then i will accept it with pleasure.

The thing is you have to know how to mine, and how mining works. Mainly diff. And how soloing works. And you gamble.

Go for a solo zec block. 10 ZEC, over 2k. Put $1000 down on the hash, and go when ZEC diff is down. About a 20-30 minute run. You might get 0 blocks, but a good chance to get 1.

ZEN is another great coin to solo.

Dont buy nicehash and join a pool with 100's or 1000's of people, you can never make money.

I just found out when doing transactions that reportedly can get a big profit, after I read the above topics instead to be the opposite of losing hamir half of the asset. may be tried by using small capital as experimental material.

Nice thread, help me to decide rent hash on nicehash  8) 8)

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