Mining with Nicehash, is it good?

[Grabuman]

Hi, i started mining some few days ago and i have been reading a lot about crypto currency.

For now i am just mining with a 1050, getting 1.2-2mBTC per day using NiceHash, but i wanted to know if this is recommend. I plan to stick with equihash until first payment comes(which as slow as it goes, it will go around end of september....) since i dont use a Nicehash account for mining.

But since i started i wanted to know this:

First of all i understand NiceHash works with several algorithms, and depending on the algo, you get paid in bitcoins, so, i mine Zcash, Lbry, and it converts me to bitcoins, which price has gone up these past day(first day i started it was like 2600usd, and now it is around 4000usd) so i get paid less, same things happens if the currency which is working it goes up or down.

While doing this, is this a good option? or it would be better idea to mine different currencys with another app(dont know many), store them and sell them to bitcoins? Can i get paid in other currencies with nicehash or i will be paid always in bitcoins?

If i decide to do some investment, for example a RX480, or a 1080(and later more of them), it would be better to store different crypto currencies while mining in other accounts? In my country electricity cost isnt very expensive(well.. depending in how much i consume, and my 2 PCs are turned on all day along, i am only mining with 1, since i dont use this PC for work)

Thanks for your answers

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[crazyivan]

Nicehash is OK, it s a tool for less experienced miners who do not want to play with exchanging their mined coins for other coins or BTC. You do earn a bit less as compared to mining coins directly since they do charge a fee for their service. Also, if you mine alts, you can time when to sell them and this might add additional profitability to your rigs.

If you do decide to go with Nicehash, I suggest you combine it with some other service like DMD multipool for example. DMD Diamond is a PoS coin which currently gives you 25% annual interest rate. This works in a way you mine via Nicehash, connect Nicehash payouts to DMD multipool which in turn buys DMD Diamond for you and delivers DMD to your wallet. Then these PoS coins stake and give you 25% additionally per year.

Here is a thread about DMD:

https://bitcointalk.org/index.php?topic=1931773.0

I do suggest you join DMD slack for more info, the address is in that thread.

Good luck bud.

[trecore4]

Its completely safe and profitable mining with Nicehash. I started with my two of the laptops and used only 4 CPU cores from both of them and which giving me almost 200 Sol/s. It is fine speed to get the minimum cash out limit achieved within 3 months. However I’m ignoring the electricity costs here. If we consider that one then I will need almost double the period of current speed.


But with graphic cards the speed of hash rate would be much higher and you will have great profits sooner than you think. I think you are depicting here that you will get the cash out by September month so you can recalculate from it whether your other miners will benefit you or not.


Plus Nicehash already tells you how much you will earn per day if you see on the “my stats page”.

[Grabuman]

Nicehash is OK, it s a tool for less experienced miners who do not want to play with exchanging their mined coins for other coins or BTC. You do earn a bit less as compared to mining coins directly since they do charge a fee for their service. Also, if you mine alts, you can time when to sell them and this might add additional profitability to your rigs.

If you do decide to go with Nicehash, I suggest you combine it with some other service like DMD multipool for example. DMD Diamond is a PoS coin which currently gives you 25% annual interest rate. This works in a way you mine via Nicehash, connect Nicehash payouts to DMD multipool which in turn buys DMD Diamond for you and delivers DMD to your wallet. Then these PoS coins stake and give you 25% additionally per year.

Here is a thread about DMD:

https://bitcointalk.org/index.php?topic=1931773.0

I do suggest you join DMD slack for more info, the address is in that thread.

Good luck bud.

Thank you. About mining other coins and storing them, i am thinking about it, but since i only use a 1050(not TI model) what i am interested in most, is to experiencie a bit in cryptocurrencies, i might add a 960 SSC from other PC i have, but for that i need to buy a better mobo(this only has 1 PciE and no other expansion port), i dont want to spend a lot in bitcoins right now, since price right now is a bit high... i prefer looking in alt coins.

I will look into DMD Diamond since i am looking for long term profitable this could be a good choice. But i will further look into it a bit more.

Its completely safe and profitable mining with Nicehash. I started with my two of the laptops and used only 4 CPU cores from both of them and which giving me almost 200 Sol/s. It is fine speed to get the minimum cash out limit achieved within 3 months. However I’m ignoring the electricity costs here. If we consider that one then I will need almost double the period of current speed.


But with graphic cards the speed of hash rate would be much higher and you will have great profits sooner than you think. I think you are depicting here that you will get the cash out by September month so you can recalculate from it whether your other miners will benefit you or not.


Plus Nicehash already tells you how much you will earn per day if you see on the “my stats page”.

Good to know that nicehash it is profitable, i wanted to know if mining other coins would get more profit, but if i cant expent much more than i am getting, then, its ok.

I might invest later in bitcoin directly but first want to have some experiences mining and "investing" hoping to not lose it or just learning how bitcoins and alt coins market changes everyday

[jossiel]

Rx480's gpu cards are very rare now, try to look for some other newly released cards that can give higher mHs.

Nicehash is a good direct bitcoins paying mining place.

But if you want to try claymore, try to research it.

[BitcoinSupremo]

Nicehash is perfect for newbies as it is pretty straight forward and it explains everything to you through the 3 tabs there are there, mainly with Advanced tab there.

However if you mine in a pool with a specific miner like Claymore,EBWF etc you can make 5-10 dollars a month more per GPU you are using.

[frowsiter]

snip

If you just wanna get the experience of how mining works then Nicehash is great place to work with. Yes it will provide you good experience with your graphic enabled laptop or desktop too. It is so nice that technology has moved greatly and we can start mining with just bunch of algorithm. Nicehash will benchmark everything for you and will tell you capabilities of your computer within few minutes. There app is very handy and the whole process is automatic. With just few clicks you can set up whole thing. :-)


Good way to experience the mining. And yes of course buying the bitcoin or other coins directly is always the easiest way to go for profits. Mining is for those who are passionate about it. Because it will take time to get ROI and then profits afterwards.

[Grabuman]

Rx480's gpu cards are very rare now, try to look for some other newly released cards that can give higher mHs.

Nicehash is a good direct bitcoins paying mining place.

But if you want to try claymore, try to research it.

Mmm, would a 580 would still be useful? or should i look into Nvidia, straight to a 1080(non Ti, quite expensive), from nicehash profit calculator, i saw it would give me around 2usd per day a 480-580 and 2.15 a 1080, and i can get a 580 for a little more than half of 1080s price miningEth, but Nvidias do better mining Equihash in Nicehash.

Nicehash seems, nice but i guess since bitcoin price is going up, i am mining less amount of equihash, which, i get the same in usd, but it takes longer to get 0.01 to get paid from Nicehash...(now it says october) if i would mine directly Equihash i guess(which is 95% of what i am currently mining, or Lbry if i use Nicehash 2 beta), i might store and choose when to sell currencies, to get better profit, but it would be better to add more cards to mine better.

[jossiel]

Rx480's gpu cards are very rare now, try to look for some other newly released cards that can give higher mHs.

Nicehash is a good direct bitcoins paying mining place.

But if you want to try claymore, try to research it.

Mmm, would a 580 would still be useful? or should i look into Nvidia, straight to a 1080(non Ti, quite expensive), from nicehash profit calculator, i saw it would give me around 2usd per day a 480-580 and 2.15 a 1080, and i can get a 580 for a little more than half of 1080s price miningEth, but Nvidias do better mining Equihash in Nicehash.

Nicehash seems, nice but i guess since bitcoin price is going up, i am mining less amount of equihash, which, i get the same in usd, but it takes longer to get 0.01 to get paid from Nicehash...(now it says october) if i would mine directly Equihash i guess(which is 95% of what i am currently mining, or Lbry if i use Nicehash 2 beta), i might store and choose when to sell currencies, to get better profit, but it would be better to add more cards to mine better.

How many 580's do you plan to start? If you will only going to mine with a certain gpu or only one.

It will totally useless, but you can have some hybrid 1080's, 1080ti depending on your budget.

Well that's mining always risky, more cards higher hash, more profit.

[swogerino]

Now it is a gamble to start investing into graphic cards knowing that their profitability is going down everyday. You can do so if you want to collect and hold bitcoins and this is a nice way to start, maybe in the longer run the price will be up and you can be in profit. Nicehash is very good for this option so no need to change if you want to collect and hold your bitcoins.

[Grabuman]

Rx480's gpu cards are very rare now, try to look for some other newly released cards that can give higher mHs.

Nicehash is a good direct bitcoins paying mining place.

But if you want to try claymore, try to research it.

Mmm, would a 580 would still be useful? or should i look into Nvidia, straight to a 1080(non Ti, quite expensive), from nicehash profit calculator, i saw it would give me around 2usd per day a 480-580 and 2.15 a 1080, and i can get a 580 for a little more than half of 1080s price miningEth, but Nvidias do better mining Equihash in Nicehash.

Nicehash seems, nice but i guess since bitcoin price is going up, i am mining less amount of equihash, which, i get the same in usd, but it takes longer to get 0.01 to get paid from Nicehash...(now it says october) if i would mine directly Equihash i guess(which is 95% of what i am currently mining, or Lbry if i use Nicehash 2 beta), i might store and choose when to sell currencies, to get better profit, but it would be better to add more cards to mine better.

How many 580's do you plan to start? If you will only going to mine with a certain gpu or only one.

It will totally useless, but you can have some hybrid 1080's, 1080ti depending on your budget.

Well that's mining always risky, more cards higher hash, more profit.

For Now.. 1 580, my 1050, and my 960(overclocked a lot from factory).

[giveen]

No it isn't I've tried it and here's my experience :
I tried mining xmr in starting with 0.08 btc i had the lowest rates so my money lasted for a day. I earned 5 xmr which wasn't bad because the price was 0.018 around that time. I sold all and made a quick profit.
Second experience is probably the worst one i decided to select slushpool and they shared rewards with the most hashrate i had a good hash rate but during my period it took 6 hours to find a block and i got 0.08 zcash while i had spent 0.1 btc.
I had a good and bad experience with it.

[taxmanmt5]

I have nothing against nicehash , but I did find it a little confusing simply because there are so many things being done at the same time. I do want to suggest a website that is easier. I am not an advocate for this website and I've only used it three or four times over the course of five years. It is called prohashing.

[Qunenin]

What this website gives you the ability to do is to mine different coins, but they have your payout coin be the coin of your choice. In other words, you can mine whatever and get paid in Doge or whatever other coin. I do find one drawback to their website, if you mine and get a balance of a coin that is not very popular it may take a long time, like a week, to get that coin paid out to you.

[a31078]

NiceHash, the most advanced crypto currency cloud mining, hash rental service and multipool. We offer you to buy or sell hashing power without ... This is what nice hash is all about.

Nicehash is just a hash power renting services, you buy and decide where to send your hash power, i support other people that nicehash is a good and legit services.

[noormcs5]

What this website gives you the ability to do is to mine different coins, but they have your payout coin be the coin of your choice. In other words, you can mine whatever and get paid in Doge or whatever other coin. I do find one drawback to their website, if you mine and get a balance of a coin that is not very popular it may take a long time, like a week, to get that coin paid out to you.

This really would be true of other websites did the same thing because quite simply if there isn't any mining being done on the blockchain then that coin can't move forward transactions with any speed. One other drawback, sorry, is that if you are renting mining speed from another source sometimes they have trouble connecting to the website. However it is much simpler, and you might find it a little easier to use.

[jossiel]

Rx480's gpu cards are very rare now, try to look for some other newly released cards that can give higher mHs.

Nicehash is a good direct bitcoins paying mining place.

But if you want to try claymore, try to research it.

Mmm, would a 580 would still be useful? or should i look into Nvidia, straight to a 1080(non Ti, quite expensive), from nicehash profit calculator, i saw it would give me around 2usd per day a 480-580 and 2.15 a 1080, and i can get a 580 for a little more than half of 1080s price miningEth, but Nvidias do better mining Equihash in Nicehash.

Nicehash seems, nice but i guess since bitcoin price is going up, i am mining less amount of equihash, which, i get the same in usd, but it takes longer to get 0.01 to get paid from Nicehash...(now it says october) if i would mine directly Equihash i guess(which is 95% of what i am currently mining, or Lbry if i use Nicehash 2 beta), i might store and choose when to sell currencies, to get better profit, but it would be better to add more cards to mine better.

How many 580's do you plan to start? If you will only going to mine with a certain gpu or only one.

It will totally useless, but you can have some hybrid 1080's, 1080ti depending on your budget.

Well that's mining always risky, more cards higher hash, more profit.

For Now.. 1 580, my 1050, and my 960(overclocked a lot from factory).

So only 3? I guess it will not be worth it because it will consume a lot of electricty.

And the return for the profit isn't that big, because it's like this. More gpu = more profit.

While lesser gpu = less income.

[ss890]

Yup nicehash is good option to choose from current list of online mining pool providers. Nicehash automatically sets up all the things that is algorithm for the best profitability is chosen automatically depending upon your graphics specifications or the hardware that you have connected to it. Zcash with 1050 TI is always great to mine and anyway benchmarking will be done automatically so you just start mining with it. :-) If you already started mining then there will have a display which will forecast your revenue which will be generated in a day.

[Ctn]

Not that much into GPU mining or Cloud mining but does it really matter? I have read many times that these type of mining are now out dated and they does not generate as much profit as of your investment. However, GPU could be profitable little enough but won’t be good in next year or so. If nice hash can cop up with the hashing rate and provides perfect algorithm then why no, anyone can prefer it. But my mind say, what its GPU, will it be worth it?

[Qartersa]

I would say nowadays it isn't worth mining unless you are doing it by yourself and you have low electricity cost. Regardless of the prices of bitcoins or whatever, the problem is when it does go up so will the number of miners that will come out. Meaning the chances of your or your pool getting bitcoins will go down or that it will be divided with more people mining in the same pool.