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Author Topic: Is NiceHash more profitable than Bitmining  (Read 5278 times)
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May 17, 2017, 07:54:14 PM
 #1

Hey I'm pretty new to mining,
I was playing around with my PC and found that NiceHash gives out about £2 per day on my 1070
However I keep reading that GPU mining isn't really a thing anymore ( yes I know nicehash isn't a mining pool )
I was considering setting up my old PC which has a HD 7970 as a miner on NiceHash and using that money to then buy 2nd hand RX470s/RX480s which are around £90, using NiceHashs' profibillity calculator I found that you get a ROI on a new RX470/480 in about 86 days considering my electicity price is 3.66p/kWh (0.5 cents/kWh).

Comparing this to a Antminer S5 which you can pick up 2nd hand for around £200 seems like GPU mining on NiceHash should be obsolete. However when calculating the profitability of an S5 it turns out that you would be loosing money/ not getting a competitive profit margin.

Can anyone explain why NiceHash is more profitable and also give there opinion whether I should buy an ASIC card or buy RX480s for NiceHash?
You can also point me to other posts about this if you've just read one. But I could't work it out, only really found this (https://bitcoinworldwide.com/mining/hardware/antminer-s7/) which just tells me even the S7 is not profitable
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May 17, 2017, 08:10:29 PM
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Additionally If anyone could point me over to how you actually get money out of nicehash as after re-launching it, it comes up with a 0 balance and nothing has been put in my bitcoin wallet. I suspect its something to do with the receive address of wallets only lasting a little while
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May 17, 2017, 08:19:43 PM
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I don't have a clue what you're talking about. Are you talking about just mining bitcoin? Yes, in that case it's a waste of time if you're not using an ASIC. Same thing applies to Litecoin. I believe any coin that uses those algos can be mined using those ASICs.

But there are a boatload of alt coins that can be mined with GPUs "only" (could CPU mine as well technically). Etherium is a very popular one right now and a lot of people are building/expanding their GPU rigs to mine that. Latest I saw was people were probably going to move to 570s for reduced power consumption. I think ZCash is also popular to mine right now. But there's plenty you can make money on with GPU rigs.

As for getting paid, I don't really know. There is a minimum you have to reach before you get paid though. Maybe putting your addresses into the online form shows your pending balance.

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May 17, 2017, 08:30:52 PM
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I use Nicehash and I think it's awesome..  Grin
bettercrypto
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May 17, 2017, 10:21:54 PM
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I use Nicehash and I think it's awesome..  Grin

I use nicehash and I think it is ok, not superb or not so-so. If you are renting hash in there and plan to mine bitcoin, you will only find yourself being bankrupt.  Aside from that, the limit hash is not implemented, sometimes you are hashing 3x your suppose to be hash making you lose minutes to hours.



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May 17, 2017, 11:47:00 PM
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I use Nicehash and I think it's awesome..  Grin

I use nicehash and I think it is ok, not superb or not so-so. If you are renting hash in there and plan to mine bitcoin, you will only find yourself being bankrupt.  Aside from that, the limit hash is not implemented, sometimes you are hashing 3x your suppose to be hash making you lose minutes to hours.

Is it even paying off to invest in alt-coin cloud mining? Did u invest a lot or something smaller maybe? I was thinking of investing something into some cloud service but kind of sceptical about it, tbh.
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May 18, 2017, 04:37:56 AM
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I use Nicehash and I think it's awesome..  Grin

I use nicehash and I think it is ok, not superb or not so-so. If you are renting hash in there and plan to mine bitcoin, you will only find yourself being bankrupt.  Aside from that, the limit hash is not implemented, sometimes you are hashing 3x your suppose to be hash making you lose minutes to hours.

Is it even paying off to invest in alt-coin cloud mining? Did u invest a lot or something smaller maybe? I was thinking of investing something into some cloud service but kind of sceptical about it, tbh.

I've been playing around running the numbers the last couple days. "Assuming" a $1600 USD bitcoin price, cloud mining from one company would take 19 or so months to pay off. Buying a S9 and running it in my home would take just over 6 months to pay off. Cloud mining would be set it and forget it though but of course you'd have to really believe the company would be around in a couple years. Nicehash however is more about doing your research and calculation to get the best profit which can be much better than the other options.

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