How do you rent hashpower from a pool /

[smho_16]

How can you rent hashpower, example from nicehash in order to use it on a pool and then to withdraw even with a loss your earned bitcoin with this renting contract? Not much into technology so I would love to hear a nice explanation to this.

[gt_addict]

It's pretty straight forward. Set up an account with nicehash. You will have a wallet address for you account. Transfer some btc from your regular wallet to you nicehash wallet using the address for your specific nicehash wallet (it will be clearly marked).

Go to you account section on nicehash and set up the pools you want to point the rental at. Same details as you would put in your miner but with a different worker name if you wish. Then go to the orders section and do a fixed or standard order for however much hash power you want to do. Fixed orders are unchangable once done but can be cancelled. Standard orders you can adjust the price you want to pay and the amount of hash power you want. But if you set the price too low it will stop. I usually do fixed for simplicity but you will pay a bit more.

Once set up the pool hashrate will show the additional hash from the rental. You don't collect the btc in your nicehash wallet you just get a bigger payment from the pool of you get a block. All the nicehash wallet is for is to spend on renting. If you mine to the wallet address at nicehash they will take the earnings as a donation.

All of this is written on their website but hope this has helped a bit.