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

[Kayaman85]

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

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[Chan8]

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

Im not sure how nicehash works. I also do not use nicehash to mine or sell my hashing power..
But, i am pretty sure you would be better off taking that money you used to buy hashing power and put it into buying your own hardware. I know a few people that keeps investing into cloud mining, and i always suggest to buy your own hardware. Period!
Should be waaaayyy more profitable at the end of the day. Also you can also resell most hardware after.
Can you give us some details how much you paid and what kind of hashing power you got?

[Kayaman85]

I actually have ordered my own miners from bitmain just waiting for them to arrive in november.

And yeah give me a sec, gotta log into nicehash to get all the info.

[mocacinno]

It's rather simple really,
If the people renting out their miners to nicehash could make more money by solo or pool mining, they would do so... They rent out their hashrate because they're getting more money from people that rent their ASIC time, than they would get if they would mine directly. So if YOU rent their hashrate, you'll mine less coins than your renting price.

Does that mean there is no way of making a profit? Not really, but in order to make a profit by renting hashrate at sites like nicehash, you'll have to investigate and mine coins that currently have a low diff, but have a potential to rise in the future. A second way of make a little profit is constantly monitoring all prices, and buy when, for some reason, the price dips for a couple of minutes.

By just renting hashrate at nicehash and pointing it to BTC, LTC, DASH,... you'll probably lose money.

[akirasendo17]

 
nice hash is good but you need a bigger capital,
why because it will take time if your gonna get low hash
instead get higher hash which means higher coz but better return

[Lieldoryn]

How hard it is. It seems to me that it is much easier to do mining on their own. Free cheese only in a mousetrap. Best thing is no one sells. I always follow this rule. It is better to have a guaranteed minimum than to chase the big money and losing everything.

[Kayaman85]

ya thanks for the advice guys. just figured there had to be a way to make a profit via buying hash power on nice hash since there does seem to be a lot of ppl buying it. but ya, u guys make valid points.

[Bitfort]

I think it's about how quick you can react to breaking news (it's like speculation)

e.g. Price of LTC skyrockets (thus mining profitability as well) and if you are able to purchase the hashes before the sellers are able to adjust the price you made a profit.
same for opposite. You see LTC price is going down. Assuming this trend will continue for a while the seller can undervalue his price a bit to ensure someone will buy it ... aka profiting as well.

Just guessing, I have not much experience in this field. 

[Aleister Crowley]

I feel confused while reading this thread,. why did you suddenly buy hashing power from nicehash? without you know how the system works in generating litecoin.,. here is a great forum you can ask in advance to do anything that might not make you lose your money,, better you buy a new computer and some vga to do eth mining that has been proven to produce..

[muzuca]

Hello guys,

I found a way to make money by renting power of nicehash... but it's hard... you need to monitor the prices and find a coin that is easy to mine. For example, a while ago I started mining Monero, renting nicehash cryptonight power, and in a few weeks I was be able to do 30% of profit... but as Monero price and diff rasied, it was suddenly no longer worth mining it.

To make things easier, I got NiceHashBot from github and I developed a Handler that checks the price and the mining situation online... doing that I mine only when is profitable (but it's getting more and more difficult to found a profitable cryptocurrency) .

I already rented to mine: Monero (cryptonight), Decred, Signatum (Skunk), Deeponion (X13), Linda (Scrypt), ZEC (Equihash) and ETC (DaggerHashimoto).

But, now a days, there is no currency that is paying off... although I believe it's temporary.

[Kayaman85]

Hello guys,

I found a way to make money by renting power of nicehash... but it's hard... you need to monitor the prices and find a coin that is easy to mine. For example, a while ago I started mining Monero, renting nicehash cryptonight power, and in a few weeks I was be able to do 30% of profit... but as Monero price and diff rasied, it was suddenly no longer worth mining it.

To make things easier, I got NiceHashBot from github and I developed a Handler that checks the price and the mining situation online... doing that I mine only when is profitable (but it's getting more and more difficult to found a profitable cryptocurrency) .

I already rented to mine: Monero (cryptonight), Decred, Signatum (Skunk), Deeponion (X13), Linda (Scrypt), ZEC (Equihash) and ETC (DaggerHashimoto).

But, now a days, there is no currency that is paying off... although I believe it's temporary.

Nice man! Thanks for the info! Good job, will hit u up once i got sum money to invest in nicehash to see if anything is profitable! lol.

[bdsahin]

Use Bitcoin pool cloud mining very esay and profitable https://pool.bitcoin.com

[muzuca]

Very good idea...

I have some Hashflare cloud mining contracts... the price is very nice for 1 year SHA-256 (Bitcoin) contract... it’s easy to manage and now is worthing at least 3 times what do you invest.

Try: https://hashflare.io/r/8091E3D

[BigBall]

Staking is more better than having own hardware equipment or cloud mining or cryptocurrency trading,investing in some good potential cryptocurrencies.Hardware mining is less and less easy and for some popular cryptocurrencies it gives less and less profit.

[muzuca]

Staking is more better than having own hardware equipment or cloud mining or cryptocurrency trading,investing in some good potential cryptocurrencies.Hardware mining is less and less easy and for some popular cryptocurrencies it gives less and less profit.

Bigball, do you have any suggestions of coins to stake? At this moment I’m staking Deeponion and Linda... Linda pays a nice reward, but apparently is random.

[Kayaman85]

Yeah I know staking is legit, this post is about nicehash though not staking.

[Hamphser]

It's rather simple really,
If the people renting out their miners to nicehash could make more money by solo or pool mining, they would do so... They rent out their hashrate because they're getting more money from people that rent their ASIC time, than they would get if they would mine directly. So if YOU rent their hashrate, you'll mine less coins than your renting price.

Does that mean there is no way of making a profit? Not really, but in order to make a profit by renting hashrate at sites like nicehash, you'll have to investigate and mine coins that currently have a low diff, but have a potential to rise in the future. A second way of make a little profit is constantly monitoring all prices, and buy when, for some reason, the price dips for a couple of minutes.

By just renting hashrate at nicehash and pointing it to BTC, LTC, DASH,... you'll probably lose money.

Very well explained and i do agree on such thing.If you are really wise enough you will really target those altcoins which do have lower mining difficulty and with this way this would somehow give you the chance to be profitable but if you do stick on those Giants like BTC,LTC,ETH,DASH which do have enormous mining difficulty then its expected profits would really be lesser.This is why i dont really tend to rent any hashpower because i put always to my mind that its better to have my own physical miner than on renting on others hashes.

[whahojedo]

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

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

 

[flippener]

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

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

Excellent article - thank you. I know much more after reading it than I did before (myself, I'm a beginner at mining).

[muzuca]

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 good article... congrats!

Do you have any coin to suggest mine using nicehash today?