Bitcoin Forum

Why people are using nicehash? When I paid to mine Ethereum on it, several times, I received less than the price of Ethereum at that time. To be more specific: It gave me back 20% less money than I have invested. The same thing applied for a miner who rented his/her hash power. Received less than if he/she would mine on a normal pool.

So why people are using it? How is it profitable and for whom?

Because they're lazy and/or don't know any better.

Some people want to do it the easy way. With Nicehash, they get paid in bitcoins directly which is the only currency they understand and actually know how to convert into fiat. You'd be surprised how much extra people will pay for extra comforts in life. But in the case of mining, it makes less sense because we are mostly doing it for profit. But instead pay extra to get less profit. People are weird.

Because it's very easy. It's best way for newbies to get mining fundamentals. Also not everybody can spend enough time to check Announsment tread for choosing good coin for mining. And nicehash good from time to time on different algos when new popular project start. These points I tell as miner not buyer of mining power

nicehash is basically install-and-run. that's all.

Because they have lack of knowledge. The only real benefit (at lest for me) is sometimes to have high hashrate for a short time on a low diff. coin.

There are people who don't have mining hardware available with them. They can use nicehash as a good option.

Oh Boy, I'm starting to ask myself if I'm really Lazy, Lol ;D

Can't help, why do I end up using nicehash over other pools? Hmmmnnn..

One thing I know, I do realized, I get more profit, How did I do it? its a secret, lol,  and ohh, BTC reached an all time high..

that's how it is.. btw.. I don't mine ETH for a month now ;D

Some people only mine and earn BTC without trading or waiting for high coin price
but im not, mining coin, hold in my wallet and waiting for higher price

nicehash is ok for renting hash power and getting btc.

Usually Nicehash use newbies that are no so good informed about the concepts of mining. And it's easy to set up just install the software run benchmark and you good to go.

Nicehash is very useful for beginners. There is no problem. Installed software and everything. Don't even need to choose the algorithm. The software does everything for you. If you are going to engage in mining need to have the experience you need to constantly follow the price and time switching algorithms. It's all very annoying.

what other better than nice hash for d3 and l3

Your "secret" of autoconverting to BTC doesn't mean you got more just because BTC is high now. On the other hand if you had waited with selling alts for BTC... you could have made much more.

I haven't mined Eth since last July. There is/was always something much more profitable you just have spend the time looking for them.


So yeah, nicehash basically offers plug and play levels of ease of use at a pretty high convenience fee. Which, as jmigdlc99 said doesn't make much sense because most people are here for the ROI which it takes a huge bite out of.

Because it's quite easy. Dont need to consider which coin to mine, dont need to do much researches as well. And please note that even when we do researches carefully, there's no guarantee that we're in right coin. Also the profit comes quite regularly. And as you see, the BTC price is still a way advance than altcoins. So, Nicehash in somehow is a good option for someone. But for me, I prefer using GPUs to mine altcoins rather than Nicehash.

Nicehash has its place.  It's hard to start mining from zero.  You not only have to get a rig up and running, you have to figure out the miners, settings, stupid wallet  (spent days trying to download the blockchain on mist before giving up).  It pretty much took a month to really get mining.  I knew nothing.   During that time I was at least mining something.   

I still use winner for my mixed card rigs. 

Dat stupid nicehash... connection issue every second start...(ipv6 disabled already, didn't help)...

Do you mean the Nicehash miner.exe or the hashrate marketplace nicehash? The miner is shit, but the marketplace is good for selling hashrate. They are two very diffrent things.

Cause they love to be scammed.

they are just too lazy.
nicehash pay in BTC, so users must do nothing.

its reliable, easy to use, hassle free and important for me, allows a decent and steady profit control and prediction. Tried different pools and miners in the past and stuck with both nhm legacy and nvidia version for my rigs since quite a while.
Yes you can make more profit by manually switching algos, optimizing configs and watching the market etc., been there.. i prefer the comfort option here and willing to accept lesser returns as trade off.

In the End it really depends on your setup and *crypto-personality*, whatever floats your boat.

What is being discusses as the main topic?

Buying or selling hashpower?

*Buying. Well if someone want's new coins that are not on exchanges yet, and lack hardware, it is a good option.

Still, mining on your own is far better. You need to ready/study/try/fail, that gives you an experience that
you can later use to your advantage.
Using nicehash is easy, but other than earning a bit of btc it doesn't make your rich, doesn't give you experience.
Nicehash are enriching themselves because you pay some fees there.

I find that NiceHash pays more in the end, and it's much easier to use.

Like most miners I started with NiceHash but switched to pool mining after a while. But after doing some comparisons, I found that NiceHash paid at least as much, if not more, and it paid in the currency I wanted -- Bitcoin.

* = the reason why I pointed my rigs at nicehash for some time during the first few days of ETN.  So many orders were being placed for cryptonight hash that it was impossible to stay away.

Nicehash is easymode. Start program to mine and get paid in btc.

I am on nicehash this week since the bitcoin outpaced anything else. I have found that mining other pools can be far more unreliable and confusing. I did not make as much money mining XMR last week as I am making on nicehash this week. For example it sucks when you are stuck trying to find a block after 2 days and getting capped at max effort and then...blaaa blaaah... convert to bitcoin in the end anyway. I found that some pools scam you and don't actually pay you what you mined so there are other risks as well in dealing with someone who is not as established.

I run all AMD so cryptonight works best for me. I will take any recommendations for good XMR or cryptonight based currencies that pay well.

nicehash is easy to use but sometimes theoretically is more profitable. so using it is just simply and sometimes profitable. :)

A lot of PPLNS-only pools can scam miners by claiming to have bad luck. NiceHash is pay per share, which means it's easy to verify that they are paying you properly. I always use pay per share pools if I can, even if the fees are slightly higher.

I use Nicehash because is super easy to setup and I always want to receive my payments in BTC whenever possible. I know how to mine directly in Equihash EBWF CUDA miner and also on Claymore 10.2 Dual Miner but I prefer Nicehash for the simple reason that I don't have to go through exchanges in order to exchange my Ethereum or Zcash for Bitcoin and paying several times the fees, fees for exchange and fees for withdrawal.

that's good to know

Don't get me wrong dude, I don't use nicehash miner, I just used their pools, I have already done my calculations and it turn out that I do take more profits from it than holding alts and trade, its just suit in my requirement I guess.

I don't see where hashing sellers are really losing much. Nicehash's fees are maybe 1-2% higher than a normal pool but with nicehash you auto switch to the most profitable algo on the market. For instance when Electroneum launched recently it was extremely profitable to mine, and without having to know anything about it, deal with faulty pools or anything, I got extra profit on the spot for about three days that more than made up for their extra fee %.

Do you mean the nicehash miner or the nicehash pool?
I use the pool because it is easier to just get paid in btc, even if they pay a little less, getting payed in other coin and then converting it to btc takes some fees anyways.
I don't use their miner to mine, but I do use their legacy miner to do benchmarks.

Funny how I just posted something like this in another thread...

Bottom line is I'm not lazy, I want convenience to transform electricity into a widely accepted form of currency the fastest way in order to achieve ROI.  Others can call it what they want, it doesn't bother me.  If pool miners would honestly document their time + fees + management of multiple wallets + blah blah blah and compare it to NH you might be surprised.  I made a killing with new forks pulling 2x my daily BTC reward...all while pools bent miners over...hmmm BTG launch for a recent example?  I made mad money on that fiasco for days while every pool but suprnova screwed 100% of all hashing power with 0 or little payouts...

I know they charge higher fees, I accept that fact because there is no free lunch.  I didn't go balls deep in mining to hodl a coin at $0.02 or ICO praying for liftoff to the moon.  I intend to get to ROI as fast as possible.  Once the business case makes good, then I can hobby mine some and hodl and play the long game.  I see my mining rig as a money pump and using my anology, the least amount of moving/complex parts to make that pump work is my objective.

I am mining with 7 x 1070 + 2 x 480 and pull in $25USD daily [@ current BTC price], 24 hour average paid directly in BTC...  all while mining all possible GPU based algorithms, with one program/setup all on the same rig.  4 more 570 on standby going live this week and plan for over $33 USD/day once live.  I hold 1 wallet, no exchange crap necessary and convert directly to gift cards to either buy more hardware, groceries or other living expenses.  My 13 gpu rig has much time invested to tweak to extract max hash per watt.  Just because I use NH doesn't mean I'm stupid and rock my shit at 100% TDP with default clocks... I can't speak for the other noobs though, lol.

I know this is off subject but how do u turn bitcoin to your gift cards. I have been looking for ways to turn bitcoin to cash. Gemini seems like the way.  I was going to do debit cards but since the visa shit seems like all bitcoin debit cards do not work in the us.

i think only newbies who got attracted by the lucrative market of cryptocoins get involved in it and then after suffering a few losses they either quit nicehash or quit crytocurrencies.. nicehash basically profits from the low knowledge of investors and rips them of their money..

I totally agree. NiceHash has been, by far, the most lucrative alternative for me as I have a day job and cant actively monitor the "altcoin market" and switch to whatever coin is most profitable at any given time.

Because they don't want to be complicated, don't have time to change coins manually or just nicehash their knowledge

I started out with NH like a lot of other newbies and switched to NHLM when it came out.

I have since switched to nvOC and was mining ZEN for a good while and holding.  Then sold when it hit $13 (yes I should have waited until it hit $26 for double the profit, but I pulled the trigger to soon).  At any rate, I still did well.

Since then, I have been locked in on mining ZEC exclusively and about once every week or two, I exchange my ZEC holdings for BTC.  I try to time it to when ZEC is peaking, but it can be tricky.

I have 7 rigs that between them have:

21x 1080Ti
9x 1070
3x 1070Ti
5x 1060 3GB
7x 1050Ti

I'm pulling in about 0.35 ZEC per day on average.

After reading this thread, I'm tempted to try NH again so see if I'd do better.  I know I'm missing out on profitable alts for short bursts when they happen, but as others have mentioned, I have a day job and don't have time to switch 7 rigs around to mine whatever is the most profitable at any given time.

Are you sure you did the right thing. Just my advice for comparison try to install the old version software and new version. Perhaps the old version will bring you more income. I always use nicehash. I like it, but it seems to me that programmers who are working with this service very bad. I've never met them prograne software without bugs.

Thread was not started about sellers of hash power, but buyers :) I'm also interested is it profitable to buy hash power in situations other than appearance of new coins and price peaks. Or you mine and just wait for higher price?

Any pool miners wish to disclose their daily hauls?  I see plenty of hate for NH and its users, can someone please provide DATA to label me simple, lazy, and a noob?  I will start with a full disclosure...

7x1070's @ 60% TDP + 1x480 @75% TDP + 1x470 @75%TDP = 0.0022-0.0026 BTC Daily (Or $21-24 USD @ Current Rates)

It switched Algo's during my photos

https://i.imgur.com/CKiJNT0.png

https://i.imgur.com/dGtsV0X.png

I've heard that many people use this site to download viruses-miners there. And then they infect other people's computers. But it's illegal, you can not do this

Sometimes the profitability of a certain coin rises temporarily to a level where it is cheaper to rent hash power from nicehash and mine than it is to buy the coins on the market. Problem is that you may not be the only one getting that idea and difficulty rise quickly when the nicehashers arrive at the mining pools.

But in theory there can be occasions when it is profitable to rent haspower, mine and sell mined coins at market. It could be a small unknown coin or a new coin on the market that is over valued by traders.

The miners selling hash Power does not need to know which coin is profitable. They get somewhat acceptable profit without having to bother searching after what to mine.

From my friend I understood it's just simple way to mine and not to do anything.

He just using nicehash because he doesn't want to do anything else and he is ok with that.

So it's basically only because of the laziness.

The fact that it pays in BTC is a good reason. Right now BTC is the safer bet in a very high risk market.

If you mine to hold any other altcoin you will need more luck than doing this way with nicehash, as you can check by yourself, mostly of coins are droping in value when compared to BTC price (parameter that people tends to ignore). If you can have either BTC or ETH for example and choose the later, even if ETH rises 10% it's no indicator to a best profit, you need to check if ETH increased or droped value when compared to BTC, if it droped, even a bit, it means that BTC was a better option.

Since this is the case nowadays for the majority of grand coins, it means that BTC is not only a safer bet for being more widespread, but it's a safer bet for having a tendency to hold more value when compared to other coins.

I understand that you can have more profit if you "sniffdog" coins yourself, but not everybody can live it like this or have enough time to do so.

Lol ... I wouldn't call someone lazy who uses NH, even if they have been using it for as long as it has been around.  Perhaps the difference in profit isn't worth the time it would take them to do anything more with it at the present time.  Is the difference in profit worth quitting your full time job for?  Maybe if you work at McDonald's or deliver pizza, it is. 

Is the difference in profit worth the time it would take away from your other obligations?  Each person has to answer that for themselves.  The answer isn't the same for everyone.

Nicehash is easy to use and is more profitable.

It is easy to use, but could you please try to explain how it is more profitable? Whattomine in 98% of cases shows something other is more profitable, sometimes even >15%. So, please explain, I would like to learn how it is more profitable.

I do not understand either why people use Nicehash. Maybe it is due to alot of people promoting it for the referral income which you can find here: https://www.nicehash.com/referrals
If you have a Youtube channel and get a lot of people using their service through their referral link it will give the promoter a nice reward.

A few months ago when I was actually checking it out I in the end figured out that the buy and hold strategy would be better longterm. Some people might not do that due diligence and end up buying hashpower.

İf there is a profit miners will take it without promise. Most of people renting power becasue they can earn more than mining for themselves. People who is buying that power  don't know how to calculate profit or they found better altcoin which is working with same algorithm.

Renting hash power for profit on nicehash or similar service is complete nonsense, because, as you already experienced, you even will not get back your investment. But there are same reasons, that give although sense to rent hash. You want to "buy" cryptocurrencies on an auctions platform or online shop, that doesn't support/allow exchanging currencies. So you choose an indirect way through renting hash power for one or two days. The second reason may be, to mine an altcoin , that is only offered by exchangers, you don't use. Also fun is a reason to rent hash power on nicehash. I pointed for example my hardware to eobot pool, so I could see the data and calculated profit and boost the cloud mining power.

Everyone who used Nicehash from the very beginning and did not exchange the BTC into the Fiat is now in a huge plus. Even if we say that people who use Nice lazy, we can say that they are wise and ordered their time for personal purposes and not in search of optimal pools and miner settings. :P I am using the pools from the moment I enter the cryptocurrency and probably in bad state at deposit value.

It is because there are some people here who are lazy but they want to earn bitcoin without doing anything  here, that's why they invested in this kind of pool mining system.

Because it is easy to use with more profitable. People need bitcoin without taking risk, for that nicehash is very suitable. People have no time to watch altcoins market can prefer this pool mining system.

This.

I would go further and say more but  I will say this.

Some pools pay 1 time a day.

That is 30 times a month.

Nice hash pays  4 times a month.
 
if that is going into a core wallet.

when you pull the coins out

 the nice hash method = 4x fees
 the other pools =           30x fees

big difference.

I find I now get about  .5 btc incoming   each month  I rather pay 0.0004 fee to move it then a 0.0030 fee to move it.

With btc hot  and waiting a week to get coin  the price has risen very steady and I may have sold faster then I did sell btc.

I have reached the point in mining that I can only lose by mining and holding too much coin.

the weekly nice hash payments make sell coin an easy decision.

You've nailed it bro, I guess I'm not that lazy after all.. secrets has been revealed..Lol

cheers for the BTC back to 11k

I don't know. They just evidently stole 17 of the 72 dollars I had in my account from mining with them.

No, it wasn't a payout. No, the BTC price did not drop.

And, no, I wasn't seeing things.

It was just stolen, evidently.

I have started a support ticket.

Hmm. Not so great dealing with people who will do this. I asked them if that was how they made their money.

Edit: money reappeared, back up to where it should be.

Weird?

Gives me confidence to continue, though.

And, hurray, Bitcoin!

I'm surprised this thread hasn't begun discussing the hack. Is Nicehash finished?

Probably because there is another thread where people are talking about it.  No one knows if they are finished.  They have said that they are working on restoring service.  Hate that it happened, but for me personally, I only lost $8usd and it forced me to learn how to mine singles.  I'm loving it.

lol pretty sure nicehash is done for, if they come back. people are going to ask for there money and if they don't get it most will sue them for it. if they come back it means they have money somewhere. there's NO chance of nicehash coming back and people all be like ohh its okay ill just use them again and forgive them for allowing there coin to be stolen in the first place, they were stupid enough to not have hardened security measures in place, it serves them right to not come back if they do they will have this hung over there head for a long long time.