Over paying for hash power, why?

[philipma1957]

put it on top line of your pools

do

p=0.0300

see if that works

sha256asicboost.eu.nicehash.com:3368

your btc addy

p=0.0301

IIRC  it will only mine if price is higher the 0.0300 or 0.0301

it skips to next pool if price is cheap.

[1713977292]

1713977292

[1713977292]

1713977292

[1713977292]

1713977292

[1713977292]

1713977292

[1713977292]

1713977292

[mikeywith]

Still going on. I got burned by nicehash when the hack happened.
They paid some back but I never gained faith in what they did.

Nice hash created a topic which was later on deleted by one of the mods probably for being in the wrong section, it can be found in the Modlog

Remove topic: NiceHash SHA256 mining is 3x more profitable than mining BTC directly. in topic #5242848 by member #362449

I managed to take a screenshot:



In reality, a few hours after they posted the topic, Whattomine was actually showing completely different results.



The above results were based on the "current"' profitability, to be fair I also used the default (average 24 hours) settings on whattomine and got the following results which are far from the 3x they advertised.



The results that Nicehash posted were the average 7 days, and those results are far from stable/accurate.

Nicehash MODIFIED the calculations options on whattomine to get the results which best suit them in order to give newbies the false impression of the mining rewards making it look like they will always get 3x more profits mining on Nicehash, when in reality as I type, it's less profitable to mine at nicehash than directly mining bitcoin.

While Nicehash is a long-standing service in spite of the fact that they were hacked and miners lost a lot of money of which Nicehash paid back 82% and promised to repay the remaining 18%, this misrepresentation of data by Nicehash makes me doubt their integrity and I wouldn't trust a word they say.

[philipma1957]

put it on top line of your pools

do

p=0.0300

see if that works

sha256asicboost.eu.nicehash.com:3368

your btc addy

p=0.0301

IIRC  it will only mine if price is higher the 0.0300 or 0.0301

it skips to next pool if price is cheap.

note this does not seem to work will try a few other options.

used to back in the day.

[mikeywith]

With an S3 maybe? I highly doubt any of the new gears has this function built-in, I know old gears used to support more stuff like parallel-mining but I have never heard of a profit-switching function being implemented in any mining gear, usually, people use AwosomeMiner or any other monitoring software to achieve this, not sure this code will work simply by modifying the pool details, maybe you need SSH access or something, I still can't see how the miner will "know" how much nicehash or any other pool for that matter actually pays, I am interested in hearing from you phill.

speaking of mining pools, check your Viabtc account, they gave out discount coupons a few days ago and they expire soon so make sure you use them.

[philipma1957]

used to work in 2017 with s9's

not working any more.

I suspect old s9 firmware allowed it to work  or it was in old nicehash code.

fuck it nicehash is done for now.

I gained

0.0088
0.0081
0.0169  paid weds

lost

0.0060
0.0060
0.0040
0.0160 from moving hash

0.0169-0.0160 = 0.0009  a win

I am owed

0.02
0.002

0.022   this should get paid  weds the 29th

but I gained 0.0009 even if they crash and burn again.

it would be nice to see the 0.022 be paid on weds the 29th.

I am owed

0.00164
0.00478
0.00661
0.01303  total of hack money never paid

So if they make the weds payment

0.02200
0.01303

0.00897  net ahead.

[favebook]

Some might like it, some might not, but here it is:

https://twitter.com/NiceHashMining/status/1253661995200544768

https://www.nicehash.com/blog/post/how-can-bitcoin-miners-maximize-profits-after-bitcoin-halving

One more try from Nicehash to bring more people in.

What do you think about Nicehash profitability after Halving?
I personally think it might be worth it for first one or two months, and then it will go to it's regular (lower than if you mined on other pools).

[Steamtyme]

Well I wish it would have carried on for a few more days. I was planning on switching over tonight just to squeeze out some extra.
No biggie hopefully i finally get my m20s online today if my package arrives and i have to do a psu swap *fingers crossed* to get an m10 back in action.

I am not surprised by the marketing tactcs used to try and draw people in. They technically were that profitable for that snapshot in time. It's like any other "investment" the past data only reflects that period and really only shows what can be possible.

Some people will definitely buy in but if they don't realize at the time of pointing their gear there that their expected rewards have come back around to normal profitability, that really is on them.

[zaqwsx]

I still think that someone washed some stolen btc.

[DaCryptoRaccoon]

[...]

Great spot Mikey so it looks like nicehash are again playing dirty tricks in the space.

I'm surprised anyone would even mine there let alone install there tools for mining on there machines after this.



https://krebsonsecurity.com/2019/10/mariposa-botnet-author-darkcode-crime-forum-admin-arrested-in-germany/

The author of a "Botnet" that was taken down in one of the biggest cybercrime forum's of all time Darkode the main author behind the malware is one of the leading guys over at NiceHash.

I don't see nicehash paying back the 18% they owe and I'm almost sure the hack was a inside job conducted with the "help" from some of Matjaž “Iserdo” Škorjanc's criminal contacts from his malware days.

I think if people scratched the surface of nicehash just a little more you would see the dark seedy underbelly of it quite quickly.

Also would you be installing there application made by a known malware developer..Who know's what the nicehash application is actually doing while hashing away on your machine.

[mikeywith]

... that really is on them.

We can say the same exact them to those who get scammed by almost everything else, it's always on the victims, and that's why most victims are newbies who do little to no research, in fact, it's really hard to estimate the profitability on nicehash, you have got 4 different servers for Sha256 alone, and the way the fixed vs standard orders work can be complicated to use, let alone to analyze, Nicehash can easily provide fake numbers and not even 10% of miners will notice it, the way I see it is that you, I and everyone else who knows about mining should do their duty by shedding some light on these facts.

looks like nicehash are again playing dirty tricks in the space.

They always do, we just don't always realize it I guess.

... let alone install there tools for mining on there machines after this.

Oh boy, how safe are your miners with the malware developer having full control over them?  

I don't see nicehash paying back the 18% they owe and I'm almost sure the hack was a inside job conducted with the "help" from some of Matjaž “Iserdo” Škorjanc's criminal contacts from his malware days.

With this much profit they make, it's safe to assume that if they were genuine about it, they must have paid it a long time ago, but maybe they are up for another "hack" so why waste more money anyway?

on a side note, do they even have auto-withdrawal to external wallets?

[DaveF]

on a side note, do they even have auto-withdrawal to external wallets?

Yes you need at least 0.001 and they pay out once a week on Wednesday they make daily payouts if you have 0.1. Their fees are high  (3%) on a 0.00132374 payout they took 0.00004094 but they pull that from every person they send to in the transaction.

Take a look at txid 99da16adba8d6a71c6696e1c76d855043425ba13456dc064ac9f9699d44e1e04 and figure out what the 3% fee comes to.

Stay safe.

-Dave

[philipma1957]

I got my extra coin from them yesterday they paid me in full.

The extra coin made on this boosted price actually makes up for the 18% they owe me for the 2017 theft.

Still would be nice of Nicehash to pay the 18% back.  I will never put a lot of gear here as they continue to show a fundamental lack of honesty.

[DaveF]

I would like to say that I am *not* defending them, but I do go back a lot to the statement "never attribute to malice, what can be attributed to incompetence"
They have no quality checks as to who is pointing miners to them. They have through the years shown that their backend was (probably is) held together with gum and tape. etc.

I think they thought they could pay people back, however slowly, and when things changed in the mining world they just threw their hands up and walked away, so yeah that's on them.

But, for the hack itself, the missing payments, other issues. Nah, just lack of ability to keep a site like that running properly.

Stay safe.

-Dave

[favebook]

They might start paying out now that BTC is jumping. But I wouldn't expect them to pay out before BTC hits $10k.

[mikeywith]

I got my extra coin from them yesterday they paid me in full.

Are you saying this to comfort yourself?  , sorry to spoil the moment, nicehash did not pay you, it was that dude over-paying for your hashrate, he paid you handsomely, nicehash escrowed the deal and TOOK their fees from you, Nicehack still owes you 18%, I hope they will repay it soon, the nicehash community should demand it, because if not they might just discard the repayment program altogether.

[ClaytonBigsby]

The high price was because of shitcoin btcv. People were mining this coin, paying high prices and still making a profit. Everyone was dumping this coin on coineal and liquid exchange.

Btcv dev didn’t like this and made changes so only certain address could mine lol.

https://github.com/bitcoinvault/bitcoinvault/commit/4493cc16a5665d24109d211846f345c3e7314be6

[DaveF]

The high price was because of shitcoin btcv. People were mining this coin, paying high prices and still making a profit. Everyone was dumping this coin on coineal and liquid exchange.

Btcv dev didn’t like this and made changes so only certain address could mine lol.

https://github.com/bitcoinvault/bitcoinvault/commit/4493cc16a5665d24109d211846f345c3e7314be6

I guess that is part of the issue with a ton of SHA crap coins out there. You can check the big ones for hash spikes, but to check all of them is going to be a full time job.

I have seen other coins try the same "you must mine at our pools" thing. Did not work out.

Stay Safe.

-Dave

[philipma1957]

Are you saying this to comfort yourself?  , sorry to spoil the moment, nicehash did not pay you, it was that dude over-paying for your hashrate, he paid you handsomely, nicehash escrowed the deal and TOOK their fees from you, Nicehack still owes you 18%, I hope they will repay it soon, the nicehash community should demand it, because if not they might just discard the repayment program altogether.

The way they handled repayment was stupid.

If they paid at the rate they started with it would have been over and they would not have lost the customers that they lost.

Take me for instance.  I have 2ph It is not on their pools well  58th is and 1942th is not.

When they were paying high I bumped to 400th. but kept 1600th mining elsewhere.

Obvious reason is I don't trust them very much and simply won't allow myself to get burnt like I got burnt back in 2017.

At this point in time I will most likely never trust them to put a lot of the hash I control on their pools.

But I do put a little in hopes of getting the last 18 %

and whenever they get 3x payouts I place some not all of my hash there.

I currently mine

viabtc  92%
nicehash 3%
mmpool  3%
ckpools   2%

[favebook]

Are you saying this to comfort yourself?  , sorry to spoil the moment, nicehash did not pay you, it was that dude over-paying for your hashrate, he paid you handsomely, nicehash escrowed the deal and TOOK their fees from you, Nicehack still owes you 18%, I hope they will repay it soon, the nicehash community should demand it, because if not they might just discard the repayment program altogether.

Hahahah, naaaah, those are only my predictions. I have never used Nicehash with my ASICs, I used nicehash 2016-2017 with GPUs but payouts were configured at 50-75 dollars if I remember correctly. And when that hack happened, I lost about 2-3 weeks of few GPUs (not rigs as all my rigs were at some eth pool, not sure which as I sold them in 2018) so about 20-45 dollars was lost, not even sure if they repaid me any, I login there only when I want to burn in my newly put thermal paste.

All my ASICs were always on Bitmain's pools (ViaBTC and Antpool), I turned to Slush at end of 2019 and I am thinking about going to CK for some time and then returning to Slush (I really like it there).

[mikeywith]

The high price was because of shitcoin btcv. People were mining this coin, paying high prices and still making a profit. Everyone was dumping this coin on coineal and liquid exchange.

That's interesting, but look at the price of that shitcoin it seems like it hasn't gained much value during that period, nicehash payouts were crazy high around 18th to 20th of last April, it only went up about 25% from its price week prior to 18th, but even assuming for the sake of it that it did do a 100% jump, this doesn't really give miners the ability to pay 8 times higher the profit they would get mining bitcoin then.



I am not ruling out the rule this coin could have played in that period, I just don't think it's the primary cause, because, if its price had gone up 10 or 20 times, that would make sense but it has not, and based on that I still believe it was someone laundering his money as fast as they could.

It's also worth mentioning that the volume of btcv was just about average during that period, it does not indicate any unusual selling/buying, I would like to hear more on how you arrived at that conclusion just in case there is something I missed.

Btcv dev didn’t like this and made changes so only certain address could mine lol.

lol, so he just had to change the code and that's it? no hard fork nothing happened? probably just his node and the mining pool's node maintain this coin anyway.