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

[StuffOfInterest]

Price for hashing power is now unified across NiceHash and WestHash. You will be paid same now, regardless if you mine on NiceHash or WestHash.

Buyers: nothing has changed for you. You may want to scout out for prices now even more, because there will be more hashing power available on WestHash and you may get some great deals of super low priced hashing power on WestHash (check Low Renting Price column).

OK, now I'll try pointing my miners over to WestHash (being that I'm in the US).  If the payouts are comparable over a couple of days then I can stay there.  Good news is that my switching program won't have to monitor separate API points for NiceHash and WestHash as they should always report the same value.

[nicehashdev]

Price for hashing power is now unified across NiceHash and WestHash. You will be paid same now, regardless if you mine on NiceHash or WestHash.

Buyers: nothing has changed for you. You may want to scout out for prices now even more, because there will be more hashing power available on WestHash and you may get some great deals of super low priced hashing power on WestHash (check Low Renting Price column).

So you want lower prices? That's good for buyers but sucks for miners...might give the new payout one more day but if it doesn't pickup I'll go elsewhere

We don't control prices, but what can happen is following; because miners are switching to US now, more orders on WestHash may not follow up, thus miners are starting to fill really low paying orders (0.01) and that is dragging overall mining price down. But we will see, maybe orders will be kept in balance and no such thing will happen, which is good.

[valkir]

I got 2 S1. I'm able to connect one but they other one inly get rejected share. Any idea why?

Can you help? THanks

[MeteoImpact]

Hmm, this new combined payouts scheme is off to a rough start. Hopefully we'll start seeing fuller orderbooks on WestHash soon; for now I've switched my miners so that they don't connect to any of the less popular algos on WestHash (despite it being better geographically) to avoid getting stuck filling terrible/no orders.

[StuffOfInterest]

OK, here is an idea for unifying the service.

First off, have regionalized stratum servers such as northamerica.nicehash.com, europe.nicehas.com, and asia.nicehash.com.  Hash providers should connect their miner to the server with the lowest round trip time.  Would be nice if the NiceHash website provided a tool to help find it.

When a buyer submits an order, they should specify a preferred server to service the order but the order book should be a single list across all of NiceHash.  One additional option would be to allow a buy to limit their order to only being serviced by the specified server or from any available.

As the orders are parceled out, the highest order gets first try at it's specified server.  As you work down the list if an order can't be fully serviced by their specified server then, if they have set the order to allow it, service from any other available server.  Delay and rejects may be higher in this scenario but if a buyer wants to avoid that they can either up their price to get higher in the queue on their preferred server or set the "no float" option and accept that their order may not get run as soon.

With a unified price queue there is not as much incentive for providers and buyers to chase the best price of the moment.  Providers will go to the server closest to them for the best performance.  Buyers will set a preference for their nearest server but will deal with more round trip delay if they are in a hurry to get their order serviced.  Market forces will have a much bigger play here as the higher an order price the quicker it gets serviced across the entire system.

Well, I hope the new synchronized pricing structure works but unless more orders start moving to WestHash I fear there will be issues.  Still think my idea for servicing buyers from both end points could work better as it will combat the inertia of people tending to stay with the legacy site instead of spreading out across both sites. 

I've moved one of my systems over to WestHash for the next couple of days just to see how it works.  We'll see if it is worth while.

Good luck.

[crashoveride54902]

current payout isn't worth it...might as well be on ltc mining switched to coinshift for now...telling ya, making 2 sites really killed the price

[Hyacin75]

Getting those invalid SHA shares from my Antminer S2 again - but only on westhash ... if I update the config and just replace "west" with "nice" shares are happily accepted ...

[prof7bit]

Price for hashing power is now unified across NiceHash and WestHash. You will be paid same now, regardless if you mine on NiceHash or WestHash.

Does this mean you are sending hash power across the atlantic?  Buyers will not like this, the numbers of stales will increase if you must send it half way around the planet before you can sell it. Please keep the two markets entirely separate.

[nicehash]

Does this mean you are sending hash power across the atlantic?  Buyers will not like this, the numbers of stales will increase if you must send it half way around the planet before you can sell it. Please keep the two markets entirely separate.

No, we are not sending hash power across the Atlantic - this was the main idea - to make a geographically separated instance. Hash power from providers which are connected to WestHash stratum is directly routed to orders on WestHash (I'm sure buyers are smart enough to setup pools, located in US for orders on WestHash).

To make things clear: payments are unified across sites on weighted average price.

Example:
WestHash current average price for Scrypt = 0.40 @ 3 Ghs
NiceHash current average price for Scrypt = 0.42 @ 17 Ghs
Unified price = (0.40 @ 3 Ghs) + (0.42 @ 17 Ghs) / 20 = 0,417

As you can see the prices are only marginally affected by the weighted average. If you will follow price in longer period you'll see that in some intervals price is affected in plus, in some intervals price is affected in minus, again, in medium-term we are converging to the same average price as we would only run one instance (only NiceHash, for example) - lesson learned - buyers are smart - as they always were - will pay just as much as is needed weather there is 1, 2 or 100 renting sites (and pays really high when opportunity with coins are good and not so high when there are less interesting coins). Nevertheless, both providers and buyers profits from two locations by producing less rejects and less stale shares which gives better efficiency and at the end of the day better profits!

current payout isn't worth it...might as well be on ltc mining switched to coinshift for now...telling ya, making 2 sites really killed the price

Hmmm, we wish that "making 2 sites really killed the price" ... we would shut down WestHash instantly if this was the case Unfortunately the reason for currently low prices is that there aren't any very attractive altcoins on the market ... but we've seen this multiple times in the past - rest assured, soon there will be a bump, just take a look at the past statistics Remember - NiceHash/WestHash will guarantee you a peace of mind with good profits in the middle and long term when selling hash power / mining at NiceHash and WestHash.

Thanks for using NiceHash!

[rammy2k2]

congrats for ruining a great system , good job with your westcrap site...

[canopus]

what mean this?

Do NOT mine into this address directly! Mining payments to this address will be ignored!


i have to setup own BTC wallet,not their?


thx

[BombaUcigasa]

what mean this?

Do NOT mine into this address directly! Mining payments to this address will be ignored!


i have to setup own BTC wallet,not their?


thx

Yes, grab a piece of paper then go to bitaddress.org.

Why would you mine to an address you are supposed to buy ... mining power with...

Do you need to spend the money immediately? Where? Do you need to store it? Then why not use your own bitcoin client?

[rammy2k2]

what mean this?

Do NOT mine into this address directly! Mining payments to this address will be ignored!


i have to setup own BTC wallet,not their?


thx

Yes, grab a piece of paper then go to bitaddress.org.

Why would you mine to an address you are supposed to buy ... mining power with...

Do you need to spend the money immediately? Where? Do you need to store it? Then why not use your own bitcoin client?

i doubt he knows what he's doing ...

[canopus]

i mean,that on their website what wallet need to setup? .... i mined few hours and without result on their web wallet...without any coins...

[Hyacin75]

i mean,that on their website what wallet need to setup? .... i mined few hours and without result on their web wallet...without any coins...

http://startbitcoin.com/

[BombaUcigasa]

i mean,that on their website what wallet need to setup? .... i mined few hours and without result on their web wallet...without any coins...

You don't receive mining results on the website wallet (you only make an account to buy miners), it goes to your miner username. You use a bitcoin address as username, where the funds will be sent. You can use even an exchange deposit address (if the exchange allows those small transactions).

It's best that you mine to your own wallet. Sites sometimes go down. Other people sometimes teal other people's money. Why would you risk this?

What is your miner username?

[camsarria]

I used nicehash for the last 2 months selling my hash power, and the reason for that is because it was more profitable then other multipools, and last 2 weeks that changed.

I see Buyers paying less and less and sellers receiving accordingly.

What happens is, mining here is becoming less profitable then mining in a multipool.

If i win the same here then on a multipool i will rather use the multipool, as i refuse to recieve sqwat so a buyer can mine with my hash power and get more profit.

Eventually sellers will realize this, remove their selling power untill its no longer profitable for buyers to pay nicehash to get decent hash power, and this will cause a serious issue to your service.

To sellers, its not my job to tell you what you do, as im nothing more then a speck of dust in the comunity (my first post btw)  but i personally think that if we are going in a way where we are turned from happy providers to exploited providers so others profit at our expenses i for once will post my dismay here and will configure my nicehash settings so my miner only works here if Buyers pay more then 0.60, otherwize my miner will mine on a multipool, i strongly urge others to do the same action and send a clear statement to Buyers and Nicehash that Sellers are the base of this business - no sellers - no hash - no buyers . no nicehash, and we should be payed better then this. 

To Buyers, heck i got nothing against buyers, you only try to get as maximum profit as possible , greed is understandable, and you are a crucial part of the system but bear in mind that buyers make orders that are served by sellers, if you pay sellers decently you actually get more sellers on and more hash power for you, and more profit - suffocate the sellers, and they will leave, you pay less but you actually get less hash and profit less.

To NiceHash, Maybe you should set a specific limit where the price can be dropped? its your site, your business but understand that extremelly cheap orders will drive away miners, you will get less miners being payed, charge less fee's in their wage and profit less yourselves. This system needs some regulation so that everyone is happy and everyone gets their share of profit.

So this is my 2 cents on this matter, a little common sense can make this system great.

My apologies for eventual typos, english is not my prime language.

Best Regards to nicehash and everyone that is part of the comunity

Camsarria

[orenjuice5]

I totally agree with you...

Profit on nicehash has been less then other multipool in the last few days

[suchmoon]

This system needs some regulation

Not really. It's basic demand and supply, there is no need to mess with it. If providers feel they are underpaid then supply will decrease and if there is still demand then prices will rise. Which brings providers back. If you try to "regulate" it by setting minimum price or anything like that guess what will happen.

[camsarria]

Soft regulation never hurted anyone, by the contrary, it sets limits so the market doesn't trample you.

Anyway, help me understand how setting a limit on the minimum order price would hurt the nicehash system.

And by the way, what guarantee do we sellers have that buyers aren't manipulating the order price thru cartelisation? A minimum limit would ensure we sellers aren't trampled by the market.

Best Regards

Camsarria