How to make a profit from buying hash power from nicehash?

[Uao]

I currently buy hashpower from Nicehash and make a small profit.  I wrote the below if anyone is interested.

http://cryptoinformer.blogspot.co.za/

 

Solid read, thanks. As a quick feedback, I suggest you increase the font size on your blog for obvious reasons.

[Jiwa]

Nicehash is up again!

[muzuca]

Nicehash is up again!

And the most important, they will refund everybody next year... this was a great news.

I will reinvest for sure... but nowadays I'm investing in cloud mining to make some profit and then I will return in nicehash.

If anyone test nicehash for now, please share the coin that is profitable.

[h0lybyte]

People are actually not making money from buying hashing power, there are some newbies who still try to throw their money in this profitless  way.
Some members are still encouraging mining contracts even though they know this method will put you in loss as their is no guarantee if the website runs away with your money. It is more better for security of your money if making investment in bitcoin than to put money in cloud contracts

[bananaman9]

I currently buy hashpower from Nicehash and make a small profit.  I wrote the below if anyone is interested.

http://cryptoinformer.blogspot.co.za/

 

Very informative and helpful mate, thanks very much!

[muzuca]

What coin do you are using to make profit nowadays? I’m trying DeepOnion (X13) and I’m having 10-15% of profit.

[vizmod]

Right now I am making some profit renting to mine Ethereum. The Key to making profit is not to deposit BTC to your Nicehash Wallet. You will eat to many Transaction Fees and you loose money. I have 6 AMD R9 290 GPU's mining with Awesome miner (Profit Switching) to my Nice hash wallet. Sense it mines directly there I bypass all the transaction fees from (CoinBase, Poloniex, Bittrex). I love getting contracts even if they are going  break Even. My Rig mines most profitable to nicehash and then I get a contract to get coins that I am wanting. Kinda like coin exchange without transaction fees. I buy a contract with my BTC in my Nicehash wallet and get a contract for Sia coin. I know I am going to break even at the end. Thats OK I was wanting the Sia coin in my portfolio to med-long long term and the coin is at a very cheap price. Not you have to do a pool Fee. So pick your pool wisely and get a pool with a low fee. Most are 1% which is still cheaper than transferring coins from coinbase to an exchange.

So in all the Profit comes from selling your mined coins on exchanges as the coin price goes up. I use the contracts as a tool to get the bypass transaction fees and I can get coins for my portfolio that my GPU rigs can't mine as if my rig mined it. That is my use for the contracts even if it is not an immediate profit. No way I can stock up on Sia coin while low price with my GPU's, so what my GPU's makes I can get the contract and have Nicehash ASCI miners mine and deposit into my account. All Transaction fee free.

Hope this made since.

[muzuca]

Right now I am making some profit renting to mine Ethereum. The Key to making profit is not to deposit BTC to your Nicehash Wallet. You will eat to many Transaction Fees and you loose money. I have 6 AMD R9 290 GPU's mining with Awesome miner (Profit Switching) to my Nice hash wallet. Sense it mines directly there I bypass all the transaction fees from (CoinBase, Poloniex, Bittrex). I love getting contracts even if they are going  break Even. My Rig mines most profitable to nicehash and then I get a contract to get coins that I am wanting. Kinda like coin exchange without transaction fees. I buy a contract with my BTC in my Nicehash wallet and get a contract for Sia coin. I know I am going to break even at the end. Thats OK I was wanting the Sia coin in my portfolio to med-long long term and the coin is at a very cheap price. Not you have to do a pool Fee. So pick your pool wisely and get a pool with a low fee. Most are 1% which is still cheaper than transferring coins from coinbase to an exchange.

So in all the Profit comes from selling your mined coins on exchanges as the coin price goes up. I use the contracts as a tool to get the bypass transaction fees and I can get coins for my portfolio that my GPU rigs can't mine as if my rig mined it. That is my use for the contracts even if it is not an immediate profit. No way I can stock up on Sia coin while low price with my GPU's, so what my GPU's makes I can get the contract and have Nicehash ASCI miners mine and deposit into my account. All Transaction fee free.

Hope this made since.

Nice.

Now I’m mining BWK, but with the market those days was difficult to make profit. Do you know any other coin to mine renting hashpower?

[2alt]

Here is what I do.

1) When coin difficulty is down. Mine on a solo pool and smash it with a high hashrate. You have to be realistic on what you are mining, but it is a gamble. As here you are getting the full block reward. I have lost, but have also scored huge.

2) You can supplement your own hash with low priced bought hash. Prices vary greatly, so you will get it in waves, but keep what you are paying cheap and you will profit.

And mine for smaller pools.

Really it is all luck and nothing different than pulling a slot machine. Much more fun, though

[rama_rao]

I created a Google Sheet to help who wants to try rent some hashpower on Nicehash and don't have idea what coin mine.

Link: https://docs.google.com/spreadsheets/d/1ieCRDdoGP_j20MeojLMvKafFb46bTisn1on_EUEBL-8/

The sheet connects in whattomine and nicehash API and combined do some calculations of each coin profitability.

Use this information just for fun! :-)

There is some problem with profit percentage calculation. You need to do Profit/nicehash price to get profit % because nicehash price is your initial investment. Your losses should never be more than -100% as shown in sheet like -1000% ans stuff. Modify the sheet to fix this.

[Tekno2020]

interesting read

[alekseirubin]

I'm trying to make Nicehash rent calculator for GPU Algos (currently Ethash and Equihash). You can try it here → https://mining.alekseirubin.com/

[prokerduit]

I recently tried out nicehash to see if i could make a profit from it, I deposited btc to my account on nicehash and then i purchased scrypt hashing power to mine litecoin, but I ended up losing half of my money doing this...So I am wondering how exactly do people make a profit from buying hashing power from nicehash? And what did I do wrong? lol. Seems like a good way to throw your money away the way I did it..

Thanks

BTCKayaManBTC

You are too brave if I think, because you do not have any experience but you still plunge into that world. and consequently you lose half of your assets. maybe this is a lesson.

[signofnero]

Never understand those people who work with cloud mining. Its just a cemetery for money. thats why i've never trying using cloud mining 

[leea-1334]

I know this is a sudden old post months old but just in case new people are enticed. One big word of advice. Stay away from cloudmining. If you really, really want to play with cloudmining, at least use a free one like eobot. But it is like faucets, a waste of time. If you earn a little money, great, but why not just buy and hold crypto. At least whatever happens with value,,, you always have the coins.

[prokerduit]

I recently tried out nicehash to see if i could make a profit from it, I deposited btc to my account on nicehash and then i purchased scrypt hashing power to mine litecoin, but I ended up losing half of my money doing this...So I am wondering how exactly do people make a profit from buying hashing power from nicehash? And what did I do wrong? lol. Seems like a good way to throw your money away the way I did it..

Thanks

BTCKayaManBTC

why do not you just mining, if you want to be lucky better looking in a sure and secure business. if you are so much money, better donate it to me then i will accept it with pleasure.

[2alt]

The thing is you have to know how to mine, and how mining works. Mainly diff. And how soloing works. And you gamble.

Go for a solo zec block. 10 ZEC, over 2k. Put $1000 down on the hash, and go when ZEC diff is down. About a 20-30 minute run. You might get 0 blocks, but a good chance to get 1.

ZEN is another great coin to solo.

Dont buy nicehash and join a pool with 100's or 1000's of people, you can never make money.

[watergold]

I just found out when doing transactions that reportedly can get a big profit, after I read the above topics instead to be the opposite of losing hamir half of the asset. may be tried by using small capital as experimental material.

[zagorx1]

I don't know if it could be interesting for anyone but I add some custom field on my pool poolmin.com for helps nicehash bot.


If you call https://poolmin.com/api/currencies you can get some customized field:


Difficulty: Coin difficulty get in realtime
Blocktime: Elapsed seconds since the last block is found (Useful if you search stucking blocks - The blocks after stucking block will have lower difficult)
Elapsed_avg: Elapsed average in seconds for the last 10 blocks found (Useful for estimating real network hashrate)


For info and inquiry our email infopoolmin.com or join telegram chat

[Opay.Jr]

Nice thread, help me to decide rent hash on nicehash