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Author Topic: rent power hashing / how????  (Read 102 times)
saooesnamax
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August 26, 2018, 08:12:02 PM
 #1

I have a very important query
I want you to explain it to me
How People Win From Renting hashing power???

When I did a study on this subject on the NiceHash site
I found I would pay more than I get through mining
Thus I will lose and will not win

So how do people win from this site?Huh
They rent the power of the hashing and gain from them Huh?
how?Huh
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saooesnamax
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August 26, 2018, 08:45:43 PM
 #2

Use the hash power from nicehash to mine only newer coins ,you will get more profits ,all you have to do is make sure that the new coin you select has low difficulty ,this way you will earn more

thanks dear
nc50lc
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August 27, 2018, 05:13:52 AM
 #3

Use the hash power from nicehash to mine only newer coins ,you will get more profits ,all you have to do is make sure that the new coin you select has low difficulty ,this way you will earn more
thanks dear
No, if mining new coins using rented hashing power is profitable, you could have just bought the coins during its ICO (non-token) crowdfunding stage or the earliest exchanges that already included that particular coin.

Mining new (low difficulty) coins to earn a bunch with little to low hashing power is only reasonable if you already got the hardware and cheap electricity to mine them.
Otherwise, buying them is more cheaper than mining.

Renting hash power is profitable in huge numbers, like buying Petahash of power to "solo mine" a coin using a silly method by making your own pool to point the "rented hash power".

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HeRetiK
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August 28, 2018, 12:33:55 PM
 #4

I have a very important query
I want you to explain it to me
How People Win From Renting hashing power???

They don't.


When I did a study on this subject on the NiceHash site
I found I would pay more than I get through mining
Thus I will lose and will not win

Exactly.


So how do people win from this site?Huh
They rent the power of the hashing and gain from them Huh?
how?Huh

They don't.


What you are referring to is commonly known as cloud mining. The only ones profiting from cloud mining are the companies providing the hashrate. The only way to profitably mine is by physically setting up a mining operation yourself, with hardware you own, infrastructure you can use and cheap electricity.

saooesnamax
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August 28, 2018, 01:10:00 PM
 #5

I have a very important query
I want you to explain it to me
How People Win From Renting hashing power???

They don't.


When I did a study on this subject on the NiceHash site
I found I would pay more than I get through mining
Thus I will lose and will not win

Exactly.


So how do people win from this site?Huh
They rent the power of the hashing and gain from them Huh?
how?Huh

They don't.


What you are referring to is commonly known as cloud mining. The only ones profiting from cloud mining are the companies providing the hashrate. The only way to profitably mine is by physically setting up a mining operation yourself, with hardware you own, infrastructure you can use and cheap electricity.

HOW
ARE YOU MEAN THAT ALL PEOPLE RENT IN NICE HASH LOSE THEIR MONEY?
AdolfinWolf
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August 28, 2018, 01:12:05 PM
 #6

I personally suspect a lot of cloud mining sites/sites where you can rent hash power are used by money launderers to (obviously) launder money.

If so, running a profit wouldn't be a necessity (receiving/generating clean money would).

[I think we are also going to need to have a KYC procedure. I don’t know 100 percent, but I think considering what’s happening, we will one day need to know every customer who is giving us money and getting cryptocurrency from their mining […] to make sure that there is no money laundering involved.

HeRetiK
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August 28, 2018, 03:24:12 PM
 #7

HOW
ARE YOU MEAN THAT ALL PEOPLE RENT IN NICE HASH LOSE THEIR MONEY?

Yes.

Well, sometimes people make money in USD / EUR terms due to rising crypto prices, however simply buying and holding said crypto would have usually yielded higher profits.

For the most part you're likely to get less money out than you initially invested. Problem being that even mining contracts that may look profitable at first will suffer from quickly diminishing returns as network difficulty increases.

nc50lc
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August 29, 2018, 06:06:04 AM
Merited by HeRetiK (1)
 #8

What you are referring to is commonly known as cloud mining. The only ones profiting from cloud mining are the companies providing the hashrate. The only way to profitably mine is by physically setting up a mining operation yourself, with hardware you own, infrastructure you can use and cheap electricity.
I just need to clarify this, Nicehash isn't a cloudmining service.

It is sorta mining Pool but like a broker, instead of using the collected hashrate to mine an algorithm, they are selling them to anyone who needs it.
Unlike cloudmining, the sold hashpower didn't came from them, it came from collective hashing power from small-time miners who are "selling" their hashrate which is legitimate but unfortunately, not profitable at the moment.

@saooesnamax Read my first reply (#3). I already explained to you why it isn't a good idea.

 Newbies and Newbies at heart! Remember to Lock your Thread(s) after receiving enough replies/sufficient answers||                                    
39EKeFj43inkH6Ctkosh9E7oskx3tvhSXi ∙ Do not buy non-mainstream ASICs at second-batch onward, you know the risk!||Like Art?: MetalPosters Set1 / Set2
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