nicehash - pros and cons

[Riptide_NVN]

Seems like nicehash isn't real popular around here.  I understand the hack and all - not good.

Seems like it would be easier to setup and run than constantly chasing different coins with different individual miners and wallets.  Most people here seem to dump their alts for bitcoin and then trade or cash out anyway which nicehash makes easier since they pay you direct in bitcoin.

What is the problem with it though?  What are the pros/cons?

[1714706726]

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[leonix007]

Seems like nicehash isn't real popular around here.  I understand the hack and all - not good.

Seems like it would be easier to setup and run than constantly chasing different coins with different individual miners and wallets.  Most people here seem to dump their alts for bitcoin and then trade or cash out anyway which nicehash makes easier since they pay you direct in bitcoin.

What is the problem with it though?  What are the pros/cons?

Chasing much higher profits, that's what usually the purpose, yeah we are paid thru bitcoins, however due to btc price drops for a couple of weeks it has been observed that you can have higher returns to mine directly on alts then dump to btc. this is very likely true to people that can't wait for price pumps due to operating expenses.

[Riptide_NVN]

I ran their calculator this morning and it was around $5/day per 1080ti.

I guess I see your point there.  You should be able to make more if you go mine alts directly.

One thing nicehash has going is simplicity.  If you ever do go to cash out to fiat you've already got the bitcoin.  No fees to convert or extra trades required.

[MarkAz]

Pros:
Simple to use
Pays out in BTC
Can pay higher than mining rate (used to happen all the time with LTC back in the A2 Terminator days, because they pay a bit of the spread on what they charge people who buy hash from them)
Excavator (I like their mining software, they did a good job)
Good/accurate tools to project earnings
Fast monitoring page for multiple rigs

Cons:
Higher than other pool fees
Slow payout rate (really a byproduct of using BTC and to help mitigate TX fees)
Nonsense with their own wallet vs real wallet (but easily can just mine directly to a real wallet)
Maybe not the most friendly to the smaller coins (as a ton of hash can be turned on them quickly)

On the waiting to see column is if they do pay back people from the hack before - they'll be announcing the payback plan in a couple days.  If they do, it's another plus because it would have been far easier to just close up shop and walk away as many others have done in the past.

Can you make more manually tweaking your rigs and doing other things?  Sure - the more effort you spend the more money you might make - you just need to work it all out and see if it's worth your time.  In my experience there's only a percent or two difference if you're selling what you mine daily between Nicehash and other alt-pools.  If you're planning on holding coins and making moves based on markets, then you can make substantially more off another pool, but it's not a fair comparison because the return has more to do with the appreciation of the coin, and not the actual act of mining - and conceivably you could just buy whatever the alt is with the btc you earned off of Nicehash.  If you did that, it would be more apples to apples, and you'd probably end up being 5% or so under the return of direct mining because of exchange fees, Nicehash fees and BTC tx fees.

[Riptide_NVN]

Thanks that is a great job of answering my question and I appreciate it.

[joblo]

Chasing much higher profits, that's what usually the purpose, yeah we are paid thru bitcoins, however due to btc price drops for a couple of weeks it has been observed that you can have higher returns to mine directly on alts then dump to btc. this is very likely true to people that can't wait for price pumps due to operating expenses.

If that was true more people would be bying at nicehash causing the order price to rise
increasing the return for miners/sellers. It's a free market.

Nicehash has the advantage of simplicity and predictability (no luck, orphan, exchange volatility issues)
which could cause a small affect on relative profitability.

[beskid]

NiceHash is always profitable when there are many tenants of your facilities. For today, everyone is waiting for the fulfillment of the promise of returning stolen funds. If the funds are returned, then the tenants will return and nicehash will again be profitable. If they do not return, then most likely it will end!