Bitcoin Forum

There was no payout today in Nicehash.  Anyone else have that problem?

Yeah and looking at their facebook page, it looks like nobody has been paid yet today.  Probably related to the fact they they are supposed to pay back the first 10% of what was lost/stolen during the hack.

Their page shows "maintenance mode" on and off.

Of course they did not pay.  Just keep on prolonging everything because people flocked back to them when they came back up. They have committed to paying 10% back with no timeline on the rest. Ridiculous if you ask me. They could come back and say 10% per year for 10 years.  The only way to force them to pay is to stop using them till then start payouts.  What is there incentive to pay back in a timely manner if everyone keeps using them?

True, but then people would have to actually learn how to mine...

They don't give you payout timeframe estimates because they don't have the money to pay out, duh.
They need people to mine and pay them their high fees to accumulate enough to start paying back over time. Without enough miners they cannot commit to a timeline. Sounds pretty logical to me.

The OP is not talking about the re-payment of funds lost in the hack.  She is talking about the standard daily payout from the unpaid balance to the wallet.

Got the same issue here, lets just wait and see before we make stupid actions. If it continues for a couple of days we should get worried, but one day, its ok. Maintainence mode on the website aswell. They might be experiencing issues. The positive is that the earned unpayed isnt zero, its still the full amount.

Wouldn't it be funny if on the very day that they were supposed to begin paying everyone back ... BAM!  They get hacked again ... Lol.  I mean it wouldn't be funny, but you know ... Funny.

That's a lot of trust to put back into a company that really has not explained exactly what happened or where the money went.  I am not in the habit of blindly trusting a company that exhibited very poor security and handling of funds. So basically you are giving them 90% of the see right now and they are giving back 10% at a time.  Seems like they could easily raise that number but are choosing to pay back as little as possible.  Been in business a long time and this one amazes me how quickly people are supportive of them.

Definitely.
But even if their intentions are the best (and we have no obligation to believe they are), they wouldn't be able to pay back $80 million worth of lost BTC in the space of one month. Especially after having lost the confidence of a lot of miners.

I completely agree and wouldn't expect them to be able to pay 100% back in the first month or two. I just was a little shocked at 10% being so a low number and then no follow up information on a payout schedule for the remaining 90%.  They made a colossal screw up with money handling and they should be operating at a break even/small profit in order to pay everything back as quick as possible with dates set along the way.  Paying back 10% seems like they are still concerned with making as much as they can as a company instead of being more focused on repayments.

Maybe Nicehash is HODL'ing in anticipation the market improves in next day or two...before doing routine payout...  Market was hit hard yesterday.. seems like perhaps not a coincidence.

I mean if you are cashing out daily from what you are mining, the most you could lose is 0.01btc right? not really much.

Aand if that is a significant amount to lose for you, why are you risking it? Mine directly to a wallet you control the private key and be worry free.

In my case I pull in about 0.03btc each day on NH.  So right now, that is what I'd be out if they don't pay me for yesterday.  I switched all my rigs over the mph until NH pays me for yesterday.

I have done comparisons in the past between NH and MPH, and with NH now offering 0% fees to Coinbase, they edge out MPH in my most recent testing.  Of course it all depends on the market, what coin to  auto exchange to on MPH, etc.  I did apples to apples, auto exchanging to BTC.  NH is nice if you want a steady cash flow (NH >0%> Coinbase >1.5%> Checking Account) without speculating on which coins to hold, etc.

Btw, my link to start the reimbursement program is still inactive, even though they promised it would be accessible today

I am almost sure they are HODL'ing yesterday's altcoins before selling.   So far it's paying off because alt coins are going back up right now.   They figure what they are thinking "why sell at -30% when it will go up 30% the next day.. "

Nicehash? Altcoins?
Nicehash is not a pool, they are not operating with altcoins, but rather selling the hashpower

Exactly, they are only accepting payments in bitcoin and paying out in btc

OH that's right. Thanks :)

And that could very well be why they did not make the daily payout today, nor the 10% payback from the hack.  For all I know, their could be running on very thin margins right now...

What are their fees?

How would you suggest mining with minimal fees? At a pool with fees? With a miner that has dev fees? To a wallet that has TX fees? To an exchange which will charge TX fees? Seems like a lot of fees? You like Fees? You tires of reading about fees?

Their fee is 2% if you're using the free daily cashout to coinbase avenue.  If your payout is sent to an external wallet, it's slightly higher.

You can get your 10% payout from the hack now.  It's live.

Yes indeed.  Just processed mine.  Now I just need need my payment from yesterday.  At least they are making progress.  I'll stay on MPH for the time being though.

Are you the guy that Vosk interviewed for his YouTube channel?  If so, you're doing amazing things over there!!!  Loved that video!

According to the news article on their website the payment today was postponed until tomorrow due to the repayment (first 10% of the hacked funds) deal going live today.

That would have been my guess, but I wouldn't bet on anything with those guys at the moment.  I realize that the investigation into the security breach is still underway and they can't release some of the info about it, but still makes me a bit skeptical.  I just need more info.  I want the details.

On the other hand ... Now that they have added the free coinbase withdraw that can be done on a daily basis, the most you're ever going to lose is one day of profit, should something bad ever happen again.  But when I looked at the payout data on their site and saw that no one had been paid today, I did begin thinking ... Hmmm ... What's going on here.

Yeah I know what you mean. With the free daily coinbase withrawal option we have a few CPUs pointed there since they pay better then most places for Cryptonight, but we have all of our GPUs elsewhere and likely will keep it that way for the forseable future.

Yeah it's really nice the free coinbase transfer each day.  Then you can transfer to GDAX instantly for free.  Then do a Limit Order and pay no fee to convert to fiat, then hold the fiat there and buy the bitcoin low :)
It's really nice.  I believe GDAX is FDIC insured as well up to like 200k or 500k? i forget how much.

this is a bad idea. people think buy converting to fiat on their gdax account, that its not "really" fiat until they withdraw it. false. every single trade you make once your btc hit gdax is a taxable event. just hodl that shit. also, avoiding capital gains is 1 year from the day you can prove ownership.

If you're talking about the US, capital gains applies to profit, not ownership. Your capital gains tax applies on profit made since establishing ownership, so if you were to transfer current Nicehash balances held from December? Depending on how long they were in your wallet, you would likely be allowed to declare a loss based on current USD value. So exchanging for GDAX might actually be tax beneficial right now (if you need the deduction)...

My two cents is that if you are dealing with enough money that this is an issue, you should talk to your accountant before making any big moves.

And to clarify (I know you were not saying this, just trying to make what I'm saying as clear as possible), taxable transactions are sales, so the transfer from Nicehash to Coinbase is not the problem part as the coin isn't being "sold".

EDIT TO ADD: Also Nicehash did pay out today if you signed up for the payback program.

Thanks.  Yes, that was me.  :)

I have since switched to using Awesome Miner as my front end, but continue to mine the NiceHash Equihash pool using zm 0.5.8 miner.  Much nicer having control of all my miners from a single pane.

CrazyDane, do you find yourself making more with AwesomeMiner compared to Nicehash?

i ended up getting paid out. i dont use the nicehash software. i run my nicehash rig on equihash algo directly through smos. makes like easy.

https://play.google.com/store/apps/details?id=net.miner&hl=en

i use that app to remotely track my earnings. it makes speculation a little easy because you can track your earnings for the week on a graph vs whattomine telling you your earnings at that given moment.