Why people are using nicehash?

[sindikat]

I started out with NH like a lot of other newbies and switched to NHLM when it came out.

I have since switched to nvOC and was mining ZEN for a good while and holding.  Then sold when it hit $13 (yes I should have waited until it hit $26 for double the profit, but I pulled the trigger to soon).  At any rate, I still did well.

Since then, I have been locked in on mining ZEC exclusively and about once every week or two, I exchange my ZEC holdings for BTC.  I try to time it to when ZEC is peaking, but it can be tricky.

I have 7 rigs that between them have:

21x 1080Ti
9x 1070
3x 1070Ti
5x 1060 3GB
7x 1050Ti

I'm pulling in about 0.35 ZEC per day on average.

After reading this thread, I'm tempted to try NH again so see if I'd do better.  I know I'm missing out on profitable alts for short bursts when they happen, but as others have mentioned, I have a day job and don't have time to switch 7 rigs around to mine whatever is the most profitable at any given time.

Are you sure you did the right thing. Just my advice for comparison try to install the old version software and new version. Perhaps the old version will bring you more income. I always use nicehash. I like it, but it seems to me that programmers who are working with this service very bad. I've never met them prograne software without bugs.

[gsanjin]

Thread was not started about sellers of hash power, but buyers I'm also interested is it profitable to buy hash power in situations other than appearance of new coins and price peaks. Or you mine and just wait for higher price?

[eleceng1979]

Any pool miners wish to disclose their daily hauls?  I see plenty of hate for NH and its users, can someone please provide DATA to label me simple, lazy, and a noob?  I will start with a full disclosure...

7x1070's @ 60% TDP + 1x480 @75% TDP + 1x470 @75%TDP = 0.0022-0.0026 BTC Daily (Or $21-24 USD @ Current Rates)

It switched Algo's during my photos

[crypto_world]

I've heard that many people use this site to download viruses-miners there. And then they infect other people's computers. But it's illegal, you can not do this

[ronnylov]

Sometimes the profitability of a certain coin rises temporarily to a level where it is cheaper to rent hash power from nicehash and mine than it is to buy the coins on the market. Problem is that you may not be the only one getting that idea and difficulty rise quickly when the nicehashers arrive at the mining pools.

But in theory there can be occasions when it is profitable to rent haspower, mine and sell mined coins at market. It could be a small unknown coin or a new coin on the market that is over valued by traders.

The miners selling hash Power does not need to know which coin is profitable. They get somewhat acceptable profit without having to bother searching after what to mine.

[shivansps]

From my friend I understood it's just simple way to mine and not to do anything.

He just using nicehash because he doesn't want to do anything else and he is ok with that.

So it's basically only because of the laziness.

[zimmix]

The fact that it pays in BTC is a good reason. Right now BTC is the safer bet in a very high risk market.

If you mine to hold any other altcoin you will need more luck than doing this way with nicehash, as you can check by yourself, mostly of coins are droping in value when compared to BTC price (parameter that people tends to ignore). If you can have either BTC or ETH for example and choose the later, even if ETH rises 10% it's no indicator to a best profit, you need to check if ETH increased or droped value when compared to BTC, if it droped, even a bit, it means that BTC was a better option.

Since this is the case nowadays for the majority of grand coins, it means that BTC is not only a safer bet for being more widespread, but it's a safer bet for having a tendency to hold more value when compared to other coins.

I understand that you can have more profit if you "sniffdog" coins yourself, but not everybody can live it like this or have enough time to do so.

[gotminer]

From my friend I understood it's just simple way to mine and not to do anything.

He just using nicehash because he doesn't want to do anything else and he is ok with that.

So it's basically only because of the laziness.

Lol ... I wouldn't call someone lazy who uses NH, even if they have been using it for as long as it has been around.  Perhaps the difference in profit isn't worth the time it would take them to do anything more with it at the present time.  Is the difference in profit worth quitting your full time job for?  Maybe if you work at McDonald's or deliver pizza, it is. 

Is the difference in profit worth the time it would take away from your other obligations?  Each person has to answer that for themselves.  The answer isn't the same for everyone.

[akirafes]

Nicehash is easy to use and is more profitable.

[gsanjin]

Nicehash is easy to use and is more profitable.

It is easy to use, but could you please try to explain how it is more profitable? Whattomine in 98% of cases shows something other is more profitable, sometimes even >15%. So, please explain, I would like to learn how it is more profitable.

[eekpolarbear]

I do not understand either why people use Nicehash. Maybe it is due to alot of people promoting it for the referral income which you can find here: https://www.nicehash.com/referrals
If you have a Youtube channel and get a lot of people using their service through their referral link it will give the promoter a nice reward.

A few months ago when I was actually checking it out I in the end figured out that the buy and hold strategy would be better longterm. Some people might not do that due diligence and end up buying hashpower.

[1melyun]

Why people are using nicehash? When I paid to mine Ethereum on it, several times, I received less than the price of Ethereum at that time. To be more specific: It gave me back 20% less money than I have invested. The same thing applied for a miner who rented his/her hash power. Received less than if he/she would mine on a normal pool.

So why people are using it? How is it profitable and for whom?

İf there is a profit miners will take it without promise. Most of people renting power becasue they can earn more than mining for themselves. People who is buying that power  don't know how to calculate profit or they found better altcoin which is working with same algorithm.

[Fidemoga]

Renting hash power for profit on nicehash or similar service is complete nonsense, because, as you already experienced, you even will not get back your investment. But there are same reasons, that give although sense to rent hash. You want to "buy" cryptocurrencies on an auctions platform or online shop, that doesn't support/allow exchanging currencies. So you choose an indirect way through renting hash power for one or two days. The second reason may be, to mine an altcoin , that is only offered by exchangers, you don't use. Also fun is a reason to rent hash power on nicehash. I pointed for example my hardware to eobot pool, so I could see the data and calculated profit and boost the cloud mining power.

[orcvoin]

Everyone who used Nicehash from the very beginning and did not exchange the BTC into the Fiat is now in a huge plus. Even if we say that people who use Nice lazy, we can say that they are wise and ordered their time for personal purposes and not in search of optimal pools and miner settings. I am using the pools from the moment I enter the cryptocurrency and probably in bad state at deposit value.

[blackhawkeye1912]

Why people are using nicehash? When I paid to mine Ethereum on it, several times, I received less than the price of Ethereum at that time. To be more specific: It gave me back 20% less money than I have invested. The same thing applied for a miner who rented his/her hash power. Received less than if he/she would mine on a normal pool.

So why people are using it? How is it profitable and for whom?

It is because there are some people here who are lazy but they want to earn bitcoin without doing anything  here, that's why they invested in this kind of pool mining system.

[Greenkarki]

Because it is easy to use with more profitable. People need bitcoin without taking risk, for that nicehash is very suitable. People have no time to watch altcoins market can prefer this pool mining system.

[philipma1957]

Do you mean the Nicehash miner.exe or the hashrate marketplace nicehash? The miner is shit, but the marketplace is good for selling hashrate. They are two very diffrent things.

This.

I would go further and say more but  I will say this.

Some pools pay 1 time a day.

That is 30 times a month.

Nice hash pays  4 times a month.
 
if that is going into a core wallet.

when you pull the coins out

 the nice hash method = 4x fees
 the other pools =           30x fees

big difference.

I find I now get about  .5 btc incoming   each month  I rather pay 0.0004 fee to move it then a 0.0030 fee to move it.

With btc hot  and waiting a week to get coin  the price has risen very steady and I may have sold faster then I did sell btc.

I have reached the point in mining that I can only lose by mining and holding too much coin.

the weekly nice hash payments make sell coin an easy decision.

[leonix007]

Do you mean the Nicehash miner.exe or the hashrate marketplace nicehash? The miner is shit, but the marketplace is good for selling hashrate. They are two very diffrent things.

This.

I would go further and say more but  I will say this.

Some pools pay 1 time a day.

That is 30 times a month.

Nice hash pays  4 times a month.
 
if that is going into a core wallet.

when you pull the coins out

 the nice hash method = 4x fees
 the other pools =           30x fees

big difference.

I find I now get about  .5 btc incoming   each month  I rather pay 0.0004 fee to move it then a 0.0030 fee to move it.

With btc hot  and waiting a week to get coin  the price has risen very steady and I may have sold faster then I did sell btc.

I have reached the point in mining that I can only lose by mining and holding too much coin.

the weekly nice hash payments make sell coin an easy decision.

You've nailed it bro, I guess I'm not that lazy after all.. secrets has been revealed..Lol

cheers for the BTC back to 11k

[JohnnyDoeTheSecond]

I don't know. They just evidently stole 17 of the 72 dollars I had in my account from mining with them.

No, it wasn't a payout. No, the BTC price did not drop.

And, no, I wasn't seeing things.

It was just stolen, evidently.

I have started a support ticket.

Hmm. Not so great dealing with people who will do this. I asked them if that was how they made their money.

Edit: money reappeared, back up to where it should be.

Weird?

Gives me confidence to continue, though.

And, hurray, Bitcoin!

[litmus]

I'm surprised this thread hasn't begun discussing the hack. Is Nicehash finished?