Are Nicehash and Monero a bad idea for new miners?

[freddy4]

Newbies with low hash power are often told the Nicehash miner and Monero coin should be tried.

However, with Nicehash they only payout in Bitcoin and the payout threshold was recently around $100 worth of BTC (taking a long time to mine for someone with low hash power).

Monero (as a coin) has similar problems over transfer fees.

So should we stop recommending these two for newbs?

[Alexander_Z]

Newbies with low hash power are often told the Nicehash miner and Monero coin should be tried.

However, with Nicehash they only payout in Bitcoin and the payout threshold was recently around $100 worth of BTC (taking a long time to mine for someone with low hash power).

Monero (as a coin) has similar problems over transfer fees.

So should we stop recommending these two for newbs?

It depends on how low is their low hash power. I did an experiment with Monero, mining it with a single i5 CPU does not make sense. It seems that today mining anything with a single CPU or GPU is meaningless. One needs a purpose-built mining farm to generate a noticeable profit.

[cry4crypto]

If you use Nicehash with their internal wallet, the minimum payout is 0.001 BTC (not even $10 at the moment) and you can withdraw from 0.002 BTC without any fees to a Coinbase account. I would still recommend Nicehash to newbies, it's easy to set up and you can start mining with your rig in a matter of minutes + it automatically selects the most profitable algorithm.

[Alartonicus]

Nicehash is a bad idea. Monero may be not. You always can see the best coins to mine here http://whattomine.com/

[cry4crypto]

Nicehash is a bad idea.

Why? It's so easy to set up that a baby could do it. Few clicks and you start mining already. I think this is a great idea for newbs.

[MistGold]

Newbies with low hash power are often told the Nicehash miner and Monero coin should be tried.

However, with Nicehash they only payout in Bitcoin and the payout threshold was recently around $100 worth of BTC (taking a long time to mine for someone with low hash power).

Monero (as a coin) has similar problems over transfer fees.

So should we stop recommending these two for newbs?

In my opinion Monero is very good for HODL in future it will be good , about nicehash i would never back to them (It's not about they had or they stolen funds) its juat about that you will get much less than on mining coin directly There are alot of "Hiden" coins that u will earn 4-5x more than on regural coins such as Ethereum or zcash with same settings

[MistGold]

Nicehash is a bad idea.

Why? It's so easy to set up that a baby could do it. Few clicks and you start mining already. I think this is a great idea for newbs.

And if you want to Mine coins directly and ure totally noob u can also use mingergate.

[LtMotioN]

Mining monero or forks of it isnt too bad. I have been mining electroneum with my gaming laptop untill a while ago(difficulty started getting high).

The best is to look for a good price vs difficulty ratio. If you find something nice to mine you can always swap that for BTC or something on an exchange.
You should look at how much % of the total hashpower you can have on a coin that holds some value at least, this is sometimes more profitable.

All these mining pool sites will have calculators on for how many coins you can mine so you can do the math like that.

[CoinCaps.net]

Nicehash is still the easiest method for newbies to get BTC and the payout is higher in USD than mining Monero.