4 x 8gb AMD RX 580 rig - Nice Hash or mining pool?

[andytr]

Hi guys

I've just placed an order for all the components to build my first mining rig ... 4 x 8gb AMD RX 580 with i7-7700 CPU.  It'll all be here by Monday (4 days) and I'll be aiming to have it up and running before the end of the day.

While I definitely want to make some money from this, I'm also doing it out of curiosity.  If it turns out that it ticks over a small profit, I'll probably get another 2 x GPUs to max out the PSU.  I'll be using the profits to dabble in Forex, so quick and frequent payouts would be nice, but not essential.

I'm a full-time software developer and much prefer Windows over Linux, but use Ubuntu and CentOS on a daily basis, so I'm not scared of anything technical.  However, I don't want to waste every evening tweaking things.  I'd be most happy just tinkering with it a couple of times per week when I'm bored.

So far, based on everything I've read (forums/blogs), Nice Hash looks like the app for me.  Set it off, it maxes out all available hardware and pays BTC every so often.  Sounds perfect.

MiningPoolHub was the only other thing I found interesting, but it seems that most benefit in terms of profits is lost to the auto switching process.  I've even seen a long Reddit thread where the majority of posters said they got more profit from Nice Hash with zero effort than they got with MPH and lots of hassle.

I'm tempted to just use something to mine XVG and leave it smashing away, but then it sounds more sensible to get paid by Nice Hash in BTC and trade it in for XVG anyway.

Can anybody suggest anything else I might prefer over Nice Hash or MPH, please?  Open to suggestions!

Muchos thanks!!

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[hkall_018]

There are quite some pools out there that would mine the most profitable coin and exchange it to BTC for you. namely: NiceHash, MiningPoolHub, zpool, and HashRefinery.. However, out of all these NiceHash seems to be the most profitable (Other pools doesn't seem to have as many contributors); If you want your payouts in BTC thats the best option, if you're gonna spend your payouts frequently that could be tricky now especially ridiculously high transaction fees for Bitcoin network. So if you have already another coin in mind that you want to invest in and it can be mined using GPU then go for mining this specific coin... If you want ROI on your H/W then Saving up BTC payouts from NiceHash mining and cashing profits every month or so would have more short term returns.

Good to mention that NiceHash are also working on paying miners in other Cryptos than Bitcoin, which is event better because it addresses the high transaction fees issue from Bitcoin.

[socks435]

Nicehash was hack before and i think its not a good idea to use them again.. better to use claymore instead and direct mine ethereum if you are planning to mine ethereum and later just exchange them into bitcoin..
Here is the thread for claymore https://bitcointalk.org/index.php?topic=1433925.0
You can also do dual mining with claymore this is more safe than using any third party like nicehash i don't think for miningpoolhub for me i don't trust them.. unless if the owner posted here is trusted.

[GregorWar]

i would stay away from nicehash...atleast for now...to see what will happen to nicehash...how will they get back up if ever...so i would suggest take any other alternative...but in the end the choise is just yours...

[hkall_018]

NiceHash is actually back live now.. I've been mining with them before the hack scandal, and went back to mine with them again.. I believe they received some funds from investors; the daily payout I receive is still more profitable that mining a single coin

I'm glad to answer any other questions on my post
https://bitcointalk.org/index.php?topic=2690517.0

[andytr]

Wow, that's a bit of a mixed response!  Pretty much matches everything I've read though.  Different things seem to work for different people.

Does anybody know what the current profits are for mining Ethereum with RX 580's?  If so, what's the best way of going about this?

I've just seen on whattomine that Metaverse is the current most profitable RX 580, so that's another option, maybe using DodoPool.  Any advice on this would be welcome too, thanks!

[wacko]

Does anybody know what the current profits are for mining Ethereum with RX 580's?  If so, what's the best way of going about this?

Ethereum network's hashrate is pretty stable in general so calculators like whattomine work fine with it — whatever they show should be about right.

[Unknown Suspect]

Wow, that's a bit of a mixed response!  Pretty much matches everything I've read though.  Different things seem to work for different people.

Does anybody know what the current profits are for mining Ethereum with RX 580's?  If so, what's the best way of going about this?

I've just seen on whattomine that Metaverse is the current most profitable RX 580, so that's another option, maybe using DodoPool.  Any advice on this would be welcome too, thanks!

Andy I'm new to this game too; started last month. I have fifteen RX580's and a dozen GTX1060's (only eight of those in-service). I use SmOS (simplemining.net operating system) and mine ETH exclusively with Nanopool. The "real world" numbers are basically this: I am making more money per day than WhatToMine.com says I should be making. I attribute that to Nanapool's setup and my GPU's processing more shares than WhatToMine can estimate. For example, WhatToMine is estimating like $3.67/hr yet I just looked at my proceeds overnight (ETH price has been stable), and over the last 13 hours my mining proceeds have netted me $4.29/hr. That is a 14% difference from estimate to reality. $88/day versus $103/day.

[wacko]

For example, WhatToMine is estimating like $3.67/hr yet I just looked at my proceeds overnight (ETH price has been stable), and over the last 13 hours my mining proceeds have netted me $4.29/hr. That is a 14% difference from estimate to reality. $88/day versus $103/day.

Bitcoin gained ~10% today, so while the BTC/ETH pair might've been more or less stable, the BTC/USD pair wasn't. That's probably where most of your "14% difference" is coming from.

[BCCrypto68]

You're right that you're going to find a lot of mixed answers, much of it's based on personal feelings rather than hard cold facts (which can be difficult to really come by). I was playing around with several different options starting about 30 days ago when I decided to jump head first into the mining fray

I played with Nice Hash (before the breach), and personally it wasn't for me. Because as has been mentioned all the costs, and delays with Bitcoin (BTC) I didn't want that to be "my coin". I instead decided after reading a bit, looking around, and doing some basic testing for Ethereum (ETH) to be "my coin". I'm currently mining ETH to Ethermine.org as my primary coin and sending it to a wallet (every couple of coin's I'll transfer it to a cold storage wallet). Because Claymore's miner allows you to dual mine, when tweaked right at a very slight hit to ETH mining plus more power usage, I am currently mining Decred (DRC) to Nice Hash (NH) which is converting to BTC and I then send over to Coinbase (CB), since NH and CB have an agreement that transfers between them are free.... I suspect NH is having CB manage their wallet now for security reasons, then transfer that to Gdax (it's the same company so transfers are free) and place a limit order to sell it. Based on initial testing and calculations the 2nd coin mining is paying the electric bill.

Also, because I'm a control freak (~20 yrs in IT + ~12 in IT Security, plus being a Jarhead... where did Mom go wrong?) I am running Awesome Miner (AM) to control everything - I purchased the premium edition because I wanted the extra features. I personally recommend it - they have a free version to try, but if you're even semi serious the standard or professional version is the way to go. The good thing about AM is you can set it up as a managed miner like I have, or you can have it in profit mode where it switches to what is the most profitable. From there you can mine to something like Mining Pool Hub (MPH), as you mentioned, and have it auto-convert into the coin of your choice. You'll have to do the math on that, because there is on average a 1% pool fee, a 0.2% auto conversion fee and a withdrawal fee on all the coins.

Now as a side note, I happen to have a R9 280x that was originally in my desktop that I had setup for profit mining to (MPH) and auto convert to LiteCoin (just because I have hard cash invested into LTC). However, I have now switch to mining ZClassic (ZCL) full time due to the hard fork coming up with BitCoin Private. I also have my desktop RX 580 to do some testing on, I'm dual mining mostly to ETH & Library (LBRY) for testing profit's vs's ETH & DRC, and I was also having it switch for a few hours a night to ZCL however it broke last night I think due to my upgrading to AMD's latest drivers and Claymore hasn't update his ZCash miner for it yet - I'll do a little more testing to verify, but I'm pretty sure that's what it is.

Lastly (f**k is this long enough or what), as I read on these forums, and it made sense to and for me, I have my primary coin(s) to pay the bills and hold for as long as I decide or can, and then my "extra" mining is a more long term strategic hold coin as a gamble in the future that it pays off "big" - which is my ZCL coin. Just thought it was pretty sage advice, so I'm passing it along.

[parisbitcoin]

My concern with Nicehash is that they hold you money for several days and then use bitcoin which is expensive to move around (if you only have 1 rig like myself).
It doesn't really matter.... Whatever coin you mine you can always exchange it for whatever coin you want to HODL or for BTC on any exchange....
I mine ETH on nanopool 15 days a month and use whattomine.com to find another alt to mine the other days (tried PIRL, ELLA, ETN)
So far I made 4 times my investment in just over 5 months... ETH and alt prices keep going up so dont worry about the current price

[Bimmber]

Withdrawals from NH to Coinbase are zero fee.

[andytr]

Unknown Suspect:  Woah - that's some commitment for a newbie!  15 x RX 580 + 12 x GTX 1060.  I tip my hat to you.  I can feel myself heading in the same direction, but probably not quite so fast.  I'm loving the fact you're managing to make some serious cash off this so quickly.

BCCrypto68:  hahaha - awesome post - thanks!  I've just looked up Awesome Miner and think I'll get Pro with cloud services, so many thanks for the advice.  I'd already considered having a keeper primary coin too, so think I'll be following your lead on that one.

I realise lots of people are happy with the current state of Nice Hash, but after reading so much negativity, I've finally been put off.  Its looking more like Claymore + the most trustworthy (by appearance) pool I can find, mining whatever whattomine lists as most profitable every 3 days.  If Awesome Miner can switch coins automatically, that'll give me the minimal hassle I'm looking for.

I'm already itching to get the extra 2 x RX 580 cards to max out my board, but think I'll be sensible and hold back til I've got a proper feel for it all in a few weeks.

[andytr]

Andy I'm new to this game too; started last month. I have fifteen RX580's and a dozen GTX1060's (only eight of those in-service). I use SmOS (simplemining.net operating system) and mine ETH exclusively with Nanopool. The "real world" numbers are basically this: I am making more money per day than WhatToMine.com says I should be making. I attribute that to Nanapool's setup and my GPU's processing more shares than WhatToMine can estimate. For example, WhatToMine is estimating like $3.67/hr yet I just looked at my proceeds overnight (ETH price has been stable), and over the last 13 hours my mining proceeds have netted me $4.29/hr. That is a 14% difference from estimate to reality. $88/day versus $103/day.

What's your thoughts on the GTX 1060's vs your RX 580's?  Was there a reason you went for two different cards?