[ANN] NiceHash.com - sell & buy hash rate cloud mining service / multipool

[kenshirothefist]

I like the easiness of simply adding a pool to the conf/bat files from the miner's side.

Thanks, we hope that this is what will attract all those miners who would like to get a good paying service with a peace of mind (no "worries" if rig goes down, no communication with buyers, etc.).

But as a renter, I found the method and calculations to be quite a deterrent. I cannot simply look at a list of rig speeds and and choose a speed and duration to rent, for example a 7MH/s for 6 hours. The only option I have is to input that I want to spend this many BTC from the wallet, a BTC/GH/Day that is useless to me (without something to compare it with) and a calculated total number of hashes. What about the time/duration.

We would like to cut the old-fashion thinking of "renting a rig". Therefore we introduced a new concept which will need some time for the users to adopt it (that is, renting the hash power). What you're saying is correct - currently there are no limitations possible, because the service is still not in full feature state.

When we'll finish the "placing orders" functionality (probably next week), the process will go like that:

- select algorithm (already done)
- select amount of BTC you are willing to spend (already done)
- select price per hash you are willing to pay (already done)
- optionally select your desired speed (to-do)
- optionally limit the duration of the order (remaining funds are returned to your wallet if all funds are not spent before order expiration time) (to-do)
- optionally set order start expiration date-time (to-do)

This way you'll simply be able to rent the hashpower that you want (for example 100 Mhs) for the price that you're willing to pay (for example 5 BTC/GH/day) (+optionally limit your order for a custom duration). If there is enough hashpower available (you'll be able to see how much hashpower is currently available), your order will be activated instantly, otherwise it will be on hold until the hashpower will become available. If you set start expiration date-time and expire date-time comes before your order could be started, your order will be automatically canceled.

The total number of hashes I purchased is a good reference to go by I'f im trading hashes (like cex.io). Otherwise XXX MH/s is pretty much an universal standard of units for GPU mining.

[mpdas108]

So one more question that isn't addressed.. what will my rig be hashing if it is not currently hired... since I cannot supply my own pools to use.. what happens?

[Flitzpiepe]

So one more question that isn't addressed.. what will my rig be hashing if it is not currently hired... since I cannot supply my own pools to use.. what happens?

sometimes ....reading/faq helps 
https://nicehash.com/index.jsp?p=faq#faqs5

[mpdas108]

So one more question that isn't addressed.. what will my rig be hashing if it is not currently hired... since I cannot supply my own pools to use.. what happens?

sometimes ....reading/faq helps 
https://nicehash.com/index.jsp?p=faq#faqs5

Well I figured that kind of question would have been answered in the first post of this thread..

[amacar]

Till now I have been using this service only as a miner, but today I also tried buying hash. I bought for 0.005BTC hashes and started mining coin with very low diff. I got almost all blocks and just in half of hour I earn coins worth 0.006BTC. If I sum up, I can earn 0.024BTC per day, so I will use this service again.

[devthedev]

Is it just me or does the difficulty seem really high?

[suchmoon]

Thank you for a thorough explanation.

Rejection rate should drop to below 1% if your miner is properly configured.

That would be great, right now I'm getting 17% 

[SlipperySlope]

djeZo, thanks for creating LeaseRig - where I am a provider approaching 1000 hours leased.

Please convince me how it would be better for me to follow you over to NiceHash.

In particular, my tactic on LeaseRig is to be continuously leased. I set a price at or just above the best offer and only allow 72 hour rentals. If no one rents my rig in 30 minutes or so, then I take the highest offer for 72 hours.

This tactic works, because the best offer has always been better than what I could otherwise obtain at Wafflepool, TradeMyBit, or Clevermining, which have been my back up pools.

Another issue is the mining algorithm. I have 3 GPU rigs, and for well known reasons best argued elsewhere, I will not buy ASIC rigs. Therefore I will be compelled to migrate to Script-N or some other ASIC-resistant mining algorithm. There are no Scrypt-N offers posted at LeaseRig yet, but there is sufficient activity on Betarigs for Script-N that I believe the Scrypt-N coin universe is growing - led by Vertcoin.

Comments?

[zhulick]

i've been trying your service for the last few hours... there are a lot of things that i like, but one thing that i dislike, and that one thing is probably going to end up being the "fatal flaw" that will keep me from coming back...

it seems that whoever is renting all this hash is mining a very low diff coin... the status on my sgminer shows something around 30k diff, which if i'm not mistaken is well below 1...

they also seem to be mining it in a pool that assigns my rigs a vardiff of above 1k... that's actually great for when a higher diff coin is being mined, but for these type of low diff coins it's terrible... the combination of high vardiff, low coin diff, and high hashrate pointing at the coin means that my rigs barely get a chance to submit shares... all i see on my screen is "new block found" and "requesting restart"... every once in a while one of the 5 gpu's manages to squeeze in one or two "accepted", but then it's right back to line after line of "block found"...

this is not a new phenomena, and happens often with newer coins where the diff is still extremely low, but the hash rate is high... i have experienced this in a number of pools before, and to remedy the problem the pool admins usually tweak the vardiff to assign lower pool diff... in fact, when i look for newer coins with low diff, i specifically look to mine them in a pool where the admin understands this problem, and adjusts the vardiff accordingly...

in the end this combination of massive hash, high vardiff and low diff coins is chocking my hash... my gpu's simply do not have a chance to submit work before the next block is found, and as a result my overall hashrate suffers tremendously... and i'm not using the word tremendously lightly here... i am yet to mine at a pool where my overall hash is not over 11+mh... while monitoring the stats page on nicehash, i rarely saw it hit anywhere near that number... most of the time the stats were showing me doing between 6-8mh... from 11 to 6 is not a "minor" drop by any means... i am way too lazy to do math right now, but it's easily a third of my total hash rate that has suddenly gone "poof"...

losing a third of my possible hash would be ok, in a weird way, if i had something misconfigured on my end etc... but it has nothing to do with my end... as i already mentioned, i have ran into this problem before and have done a lot of research and tweaked a gazillion and one settings to see if it would help...  i've adjusted everything from tc to intensity, tried different raw and xinensity values - all with the same result...  the only thing that made a difference was when the pool admin would adjust the vardiff from climbing too high...

i often rent rigs from betarigs when i need a bit of extra hashpower, and as a renter i would absolutely love your service... but as someone who's renting out the hashpower, losing a third of it simply because someone decided to point a shitload of hash at an infant coin in a pool run by an unknolwedgeable admin makes no sense to me... like i said it's the "fatal flaw" that may keep me from coming back...

[zhulick]

Read my previous big post. This will be changed in following days with ability to specify your own pool diff in password when connecting to stratum, additionally, there will be longer job window, which will allow certain types of stales still being submitted and paid for.

damn you... you made me read ))))))

yeah, those last couple of paragraphs describe the fix for my problem...

once the fix is implemented - i'll gladly come back

i just love the "no contract" nature of this service... if i was to rent my rig through betarigs or similar, i would be "in contract" for an x amount of hash for an x amount of hours...

with this service, i can hop on and off whenever i feel like... this means that if suddenly a coin i'm watching jumps up in profitability, i can quickly jump off to mine it without breaking that contract... i absolutely love this type of flexibility...

[suchmoon]

Thank you for a thorough explanation.

Rejection rate should drop to below 1% if your miner is properly configured.

That would be great, right now I'm getting 17%  

17% is a bit too high, if that is consistent? What I meant with high rejects is that they are up to 5% with current top scrypt order which is changing work very fast (sometimes few times a second). I would suggest you to check your miners, see if maybe you have faulty one between them (using outdated software, like old cgminer instead of sgminer). You can quickly notice it by seeing only rejected shares and no accepted ones.

It was between 17-20% for a few hours. Like the other poster here I was getting a ton of "new block" and "work restart" messages. Most rejects that I could see were "job not found". "Round accepted" hashrate shown on the website for the period was less than 80% of actual. Then it stalled completely and cgwatcher restarted the miner, now I'm at 11% rejects again and it's climbing . Ping to nicehash.com is under 20ms, but stratum.nicehash.com doesn't respond to pings so not sure about that.

It's a single R9 290 with sgminer 4.1, same hardware worked fine in other pools, it's tuned conservatively to about 880 KH/s with no crazy overclocking or anything. I get 0.3% rejects on a local P2Pool and no more than 2-3% on worst multipools, e.g. CleverMining.

On the bright side, the payout so far looks to be reasonable, and I like the fact that the website shows BTC added after every submitted share - no waiting for confirmed/exchanged/etc like on multipools. I'll keep it running for a while to see how it works out.

Thanks for your effort djeZo, much appreciated.

[envy2010]

I connected two instances of cgminer to nicehash and middlecoin. Both were switching to the same coins at the same time, convincing me that the hash buyer was mining at middlecoin. Middlecoin always has a 1024 difficulty and fast switching, causing high rejects and low hash rates.

Changing the effective difficulty at the proxy will not be trivial, but it would make mining pools like middlecoin much more productive.  I would like to see that implemented.

Why anyone would pay 5.5 btc/ghs/day to earn half that at middlecoin is beyond my comprehension though, unless its h2o himself.

[mpdas108]

If the payments are 4 times a day, then i will incur a lot of transaction fees.. would be nice if I could set a payment threshold..

[Beulemann]

hmmm. cant start mining on your "pool":

Apr 10 10:15:40 bfgminer[28211]: Stratum authorisation success for pool 0
Apr 10 10:15:40 bfgminer[28211]: Closing socket for stratum pool 0
Apr 10 10:15:40 bfgminer[28211]: Stratum connection to pool 0 interrupted

im using 6 gridseed with hashra controla image 1.3

[kenshirothefist]

If the payments are 4 times a day, then i will incur a lot of transaction fees.. would be nice if I could set a payment threshold..

Payments are sent in a single transaction for all miners, thus the transaction fee is negligible. Furthermore, transaction fees for outgoing payments are covered by NiceHash and are included in the NiceHash service fee (which is currently set to 0% ). We want the providers to be paid fast, that's why we want to keep multiple payments per day.

[envy2010]

For those having miner issues, you might be able to use cgminer versions earlier than 3.7.2. I am using cgminer 3.1.1 (Scrypt on GPUs) and its working fine.

[Beulemann]

hmmm. cant start mining on your "pool":

Apr 10 10:15:40 bfgminer[28211]: Stratum authorisation success for pool 0
Apr 10 10:15:40 bfgminer[28211]: Closing socket for stratum pool 0
Apr 10 10:15:40 bfgminer[28211]: Stratum connection to pool 0 interrupted

im using 6 gridseed with hashra controla image 1.3

this version uses bfgminer.

i cant login to console due to not know logindata from the hashra-image...

other pools running fine: multipool, scryptguild, hashcows, cryptotroll, middlecoin, clevermining,  ...

[gsupp]

i just love the "no contract" nature of this service... if i was to rent my rig through betarigs or similar, i would be "in contract" for an x amount of hash for an x amount of hours...

with this service, i can hop on and off whenever i feel like... this means that if suddenly a coin i'm watching jumps up in profitability, i can quickly jump off to mine it without breaking that contract... i absolutely love this type of flexibility...

I fully agree! Being able to perform maintenance on miners at any time without checking which are rented out is great. Or not worrying about adding additional rental time when a rig goes down. From a providers perspective, I think this is much better.

[mpdas108]

i just love the "no contract" nature of this service... if i was to rent my rig through betarigs or similar, i would be "in contract" for an x amount of hash for an x amount of hours...

with this service, i can hop on and off whenever i feel like... this means that if suddenly a coin i'm watching jumps up in profitability, i can quickly jump off to mine it without breaking that contract... i absolutely love this type of flexibility...

I fully agree! Being able to perform maintenance on miners at any time without checking which are rented out is great. Or not worrying about adding additional rental time when a rig goes down. From a providers perspective, I think this is much better.

But as I see it so far you still get paid less .0054 vs .0074 average profit on LeaseRig ...

[kenshirothefist]

But as I see it so far you still get paid less .0054 vs .0074 average profit on LeaseRig ...

Hey, we are only online for one day (in pre-launch mode) and we're already at 100+ Mhs ... rest assure that when renters will taste the ease of use, flexible order placement, hassle free hash power renting, etc., the prices will just go up.