Why nicehash reward dropped so much?

[1971ECPT]

Hello mates, I have observed the benchmark/reward, dropped significant on nicehash mining software, for principal algos that worked well (Kawpow, Octopus), it dropped from 0.00002xxx BTC/24h that was last week, to under 0.000017xx yesterday and today dropped again, less than 0.0000015xx BTC/24h, as coin prices didn't fall so much in down.

What's happened?

Graphic card that I use is RTX3080, with classic overclock to give 48-50Mh on Kawpow algo.

Also I saw from time to time that Dagger Hashimotto algo, rises crazy from 0.00000750 BTC/24h to 0.00019816 BTC/24h (as was in good time when mining ETH), it stays couple seconds, and then falls down as initially 0.00000750 BTC/24h.

Also payment increases too from around 5x cents to couple dollars during this time, but is not real in final earning, I think is fake or nicehash errors?

Thank you for answers, mates!



https://postimg.cc/bskTq9Rz

https://i.postimg.cc/CL66HvBf/Nicehash.png

[batsonxl]

Are aware of prices of coins right now.?They are bleeding no surprise paying so low.

[Osinachinancy]

crypto rewards are based on a lot of different factors, but the main ones are the price of the cryptocurrency, the difficulty of mining, and the overall supply and demand. Nicehash rewards can fluctuate based on all of these things, and there's no way to predict exactly what the rewards will be at any given time.

[1971ECPT]

I meant, as all cons price dropped, not the one that are mined on nicehash.

If (let's say) price of RVN coin on Kawpow algo drops 5% in 24 hours, and  price of Bitcoin drops too, the same, 5% in 24 hours, reward (not coin price) must be the same, keeping the raport of 5% drop?

Or if RVN coin price, rises by 50%, also reward must rise with around 50%, if Bitcoin price stays unmodified?

[FP91G]

Check your profit with the calculator on your algorithms
https://hashrate.no/gpus
If you see a big difference, then it is better to mine the original coins, and then sell them to exchange for others. The price of many coins for mining falls and the profit accordingly also decreases.

[OgNasty]

As others have stated, many changing parts in the NiceHash mining to BTC infrastructure can cause wildly fluctuating mining rewards. I’d recommend using their software and taking advantage of the automated algorithm switching tool to make sure that you’re always mining the most profitable coin possible.

[dansus021]

Because the bear market make of the most coin drop and secondly ETH is the second big marketcap of cryptocurrency already switching to Proof of Stake and now I didn't notice that any coin that on par with Ethereum so if the reward goes up it is possible the mineable coin is up or volatile because there is something happen but if bitcoin stay low or side away the mining reward will be same or even lower.

Besides that, according to the https://hashrate.no/gpus the latest Nvidia RTX 4090 only gives you profit around $0.14 in a day with current electricity is $0.10 per KwH

[1971ECPT]

That drop happened starting couple days ago, no when ETH gone to POS.
Last week, for Kawpow algo for RTX3080 (49,5-50,5MH/sec), reward showed by Nicehash software was around 0.00002270 BTC/24h when 1 BTC was around 23980-24100Euros.
These days, for the same Kawpow algo, with the same 49,5-50,5MH/sec, reward showed by Nicehash software is around 0.00001593 BTC/24h when 1 BTC is around 24990-25100Euros.
All regarding corelation of prices variations of both BTC and RVN (Kawpow algo), almost the same (equally ratio) rising or falling price for both of them.



https://postimg.cc/647hYzkp


https://i.postimg.cc/nr2wVPTB/variation.png

Any better alternative instead Nicehash to mine altcoins and get paid in BTC?
Thanks to all!

[FP91G]

That drop happened starting couple days ago, no when ETH gone to POS.
Last week, for Kawpow algo for RTX3080 (49,5-50,5MH/sec), reward showed by Nicehash software was around 0.00002270 BTC/24h when 1 BTC was around 23980-24100Euros.
These days, for the same Kawpow algo, with the same 49,5-50,5MH/sec, reward showed by Nicehash software is around 0.00001593 BTC/24h when 1 BTC is around 24990-25100Euros.
All regarding corelation of prices variations of both BTC and RVN (Kawpow algo), almost the same (equally ratio) rising or falling price for both of them.



https://postimg.cc/647hYzkp


https://i.postimg.cc/nr2wVPTB/variation.png

Any better alternative instead Nicehash to mine altcoins and get paid in BTC?
Thanks to all!

Look at the list of services that safar1980 has collected. And in this topic there is a last post, which contains the address of a service that was not added to 1 post.
https://bitcointalk.org/index.php?topic=5457533.0
But I always calculate the profit based on the average over several weeks, at least over a month, in order to get average statistics. Although now it is better to mine altcoins rather than receive a small reward in bitcoins.

[smilodon]

nicehash is not a mining pool. is a hash market platform. when you join an algorithm you are essentially selling your hash to buyers who buy hash to mine coins with that algorithm in other mining pools.the prices are determined by the buyers and the average payment price has the standard, payment per share PPS -4% that nicehash keeps. in a few words the profit is the average price of the buyers -4%. it is better to go to another mining pool that does not have so many reservations.

[philipma1957]

Also player have switching algos built into their software.

Plus some guy could be sitting on 100,000 gpus turned off in Texas due to summer heat. and he turned them on this week as it is 5c or 9f cooler in Texas than last week.

[FP91G]

nicehash is not a mining pool. is a hash market platform. when you join an algorithm you are essentially selling your hash to buyers who buy hash to mine coins with that algorithm in other mining pools.the prices are determined by the buyers and the average payment price has the standard, payment per share PPS -4% that nicehash keeps. in a few words the profit is the average price of the buyers -4%. it is better to go to another mining pool that does not have so many reservations.

What does nicehash do when there are no buyers?
From the mining algorithm, it selects the most profitable algorithm, but pays you in bitcoins or other coins that you choose. When Ethereum was the most popular coin for mining, the profit was the same, but now, due to constant switching algorithms and rapid changes in coin prices, the profit may differ.

[1971ECPT]

So let's clarify first, we all speak same language, and discuss in the same way, the situation.

I use nicehash software  for more than 3 months, always updated to the last version and miners plugin, keept just GMiner active as plugin, others disabled/not installed/uninstalled, because GMiner looks more attractive to me regarding stability, simplity, design, even if takes bigger fee than other miner plugins .
Let's say I have a weakness for GMiner.

So, I have stick just on Kawpow algo, other algos has been disabled (not interested), so I mined just kawpow algo, 1 month continuous and been payed in BTC.

During this period until around 10 days ago, for 49,5 to 50,5MH/sec, on RTX 3080 with 80% power limit (around 297 watts), and +1250MHz memory (10501MHz), benchmark of Nicehash software, showed reward of around 0.00002341 BTC/24h.

This reward 0.000023xx BTC/24h lasted more than 7 days continuous, with small variations, between 0.000025xx BTC/24h (highest observed) and 0.000022xx BTC/24h (smallest observed).

I speak just about reward in BTC, not coin price(s) or amount in USD showed by nicehash software.

So, assuming BTC price drops and rises a little, as RVN coin price drops and rises too, almost in same procentage for both of them, average reward during those days was around 0.000022xx BTC/24h, as I counted in nicehash dashboard mining payment.

Problem starts around let's say 10 days ago, where for the same price of BTC and RVN coin (Kawpow algo), the benchmark reward dropped alot, from  average of 0.000022xx BTC/24h measured one full 48 hours of continuous mining, to less than 0.000015xx BTC/24h average, measured one full 48 hours of continuous mining.

So, if the price of BTC and RVN did not fluctuate so much (under 5%), why the benchmark reward droped so much, more than 30%, also real payment in wallet, too?

[JayDDee]

So let's clarify first, we all speak same language, and discuss in the same way, the situation.

I use nicehash software

Well there's the first problem. Nicehash software is not Nicehash. Nicehash is a market where sellers (miners) mine of behalf of buyers
at the going rate. It has nothing to do with the price of BTC or the mined coin, just what buyers and sellers agree on. If they don't agree
nothing happens, that is there is no mining.

NIcehash software is just a fancy front end for miners, it has nothing to do with the order side of Nicehash, it just mines it.

[1971ECPT]

Ok, that I know, but why so big differences between 2 periods of short time (10 days), if coins price (RVN and BTC) didn't vary so much?

So let's take my case for example, I mine just Kawpow algo (RVN coin), and I'm paid in BTC, as I count for one day (24 hours) and I gain into my wallet 0.00002345 BTC, for RVN coin value it's lets say 1.

Assuming BTC price stays untouched for next 48 hours (no matter wich it is) and RVN coin increase it's price value by 100%, so, it doubles from 1 to 2, also reward that I gain into my wallet for continuous 24 hours of mining, must be almost doubled, no?

From 0.00002345 BTC/24h before RVN value doubles, to almost 0.00004690 BTC/24h because RVN value doubled.

That is logical, no?

Because I mine RVN on nicehash platform and this converts automatically revenue (reward) in BTC, so RVN price is doubled, also BTC amount gained must be almost doubled too, I think.

So, reading carefully what you wrote above and trying to correctly understand it, I must realize this lowered gains of BTC in my wallet, is only because less miners on nicehash or less hashpower rented?

And nothing else is guilty for decrease of reward,  even if both coins mantains the same price for multiple days (RVN that I mine) and BTC tha't I'm paid?

[JayDDee]

Ok, that I know, but why so big differences between 2 periods of short time (10 days), if coins price (RVN and BTC) didn't vary so much?

Nicehash doesn't pay directly for the coins mined so there is no direct relationship to the exchange price.
The difference is called arbitrage.

[1971ECPT]

Thanks, now I got it!

[FP91G]

Ok, that I know, but why so big differences between 2 periods of short time (10 days), if coins price (RVN and BTC) didn't vary so much?

So let's take my case for example, I mine just Kawpow algo (RVN coin), and I'm paid in BTC, as I count for one day (24 hours) and I gain into my wallet 0.00002345 BTC, for RVN coin value it's lets say 1.

Assuming BTC price stays untouched for next 48 hours (no matter wich it is) and RVN coin increase it's price value by 100%, so, it doubles from 1 to 2, also reward that I gain into my wallet for continuous 24 hours of mining, must be almost doubled, no?

From 0.00002345 BTC/24h before RVN value doubles, to almost 0.00004690 BTC/24h because RVN value doubled.

That is logical, no?

Because I mine RVN on nicehash platform and this converts automatically revenue (reward) in BTC, so RVN price is doubled, also BTC amount gained must be almost doubled too, I think.

So, reading carefully what you wrote above and trying to correctly understand it, I must realize this lowered gains of BTC in my wallet, is only because less miners on nicehash or less hashpower rented?

And nothing else is guilty for decrease of reward,  even if both coins mantains the same price for multiple days (RVN that I mine) and BTC tha't I'm paid?

I usually go to any pool with the most profitable coin on Kawpow algo and look at the profit in dollars for every 100 megahashes. If your pool pays less, then it's time to change the pool.
But why Bitcoin now, when it’s better to mine altcoins, because their price can rise more.

[1971ECPT]

But why Bitcoin now, when it’s better to mine altcoins, because their price can rise more.

Is just for easy setup and settings of the software, as I have just one graphic card, RTX3080.

[FP91G]

But why Bitcoin now, when it’s better to mine altcoins, because their price can rise more.

Is just for easy setup and settings of the software, as I have just one graphic card, RTX3080.

I don’t know the coins that you mine on Nicehash, but if you want to make money, it’s better to become an adventurer and mine some of the shitcoins with probable growth potential.
If you estimate the profit of your video card in bitcoins, then you will break your video card before it pays off.
https://www.hashrate.no/gpus/3080
https://www.hashrate.no/gpus/308012