[GUIDE] Renting out your mining rig to Paycoin (XPY) Miners

[raskul]

There is currently a massive buzz about the new altcoin, Paycoin (XPY).
Some people have been asking me to advise how to rent their new Spondoolies-Tech SP20 miner's hashes out, so that they can benefit from the current high rental prices which are being paid.

This simple guide will help anyone who owns an SP20 mining rig configure their miner to get the most out of this short-term phenomenon, by renting out your SP20 miners to those who are interested in mining Paycoin.

Note: I am not advising that you mine paycoin directly, rather, rent your miners out to those who wish to mine it and earn more BTC than you would normally by mining BTC directly. I am in no way endorsing XPY as a viable asset to hold.

I have set up this guide using my Spondoolies-Tech SP20 1.7TH/s miner. Currently on sale for $695 $659+shipping. I currently only use Spondoolies miners and also have SP10's and an SP31 out for rent using this same methods as stated below.

To get the best rental price possible, start by setting up your pools.
As you can see from this screenie, I have set up the pools in www.myminer.io GUI for the SP20.



I advise that you set your first pool to hash via the betarigs.com proxy. So initially, if you do not already have one, you will need an account at www.betarigs.com and set your prices for each of your miners. This next screenie shows how the setup page looks, including the stratum that you should input as your first pool in your SP20 GUI miner pools list. Set a high price that you would be content to receive for the rental of your miner...



When your miner gets rented out on betarigs, stats show like this:



When your miner gets rented out on the betarigs service, it will activate upon payment and failover to the second pool when the rental ends. This second pool should also be a rental site, i'm using Nicehash.

Use www.Nicehash.com(EU) / www.Westhash.com(USA) as your first failover pool. Setup of this pool is simple; Nicehash have a simple guide here:
https://www.nicehash.com/index.jsp?p=gstarted#seller

Nicehash/Westhash rentals work on a bidding system. Where the highest bidder claims their required share of the hashes.
Prices on Nicehash/Westhash will fluctuate and you have no control over the price, hence why you should use this as your first failover.

Your third /fourth / fifth pools should be your normal BTC mining pool/pools.

I hope this short guide will prove useful, I think everyone should have a chance to benefit from this short-term phenomenon.

I will reiterate, I am not endorsing the mining of Paycoin, nor am I advising that you purchase any Paycoin and I am not affiliated with GAW in any way.
thanks for reading my simple setup guide to renting out your hashes for the most profit possible! As ever I have made this thread open so feel free to discuss it without censorship.


if you found this short guide useful, please tip me at www.thescribe.eu
thanks.

[kotarius]

Why not just point miners to nicehash? It is a lot faster than beta and MRR for people who have never rented before. Its just like another pool.

Instructions here: https://www.nicehash.com/?p=gstarted#seller

[raskul]

Why not just point miners to nicehash? It is a lot faster than beta and MRR for people who have never rented before. Its just like another pool.

Instructions here: https://www.nicehash.com/?p=gstarted#seller

As stated in the OP, i include nicehash as my 1st failover from betarigs because you can specify your required price on betarigs - hence, you could obtain a higher price.

[kotarius]

As stated in the OP, i include nicehash as my 1st failover from betarigs because you can specify your required price on betarigs - hence, you could obtain a higher price.

I have a nice script that I wrote, it uses betarigs API to update price based on market conditions every 5 minutes, so you get always rented for the highest possible price.

However, I would not use it on paycoin because the rental market swings WILDLY. There is a really big chance that you will get rented and locked in, and then rental price goes up and you are out of luck. Conversely, you might get rented for a super high price and get locked in. It depends on how much of a gambler you are.

I think nicehash is the better choice for this current phenomenon, because of the super fast setup and especially because you are introducing it to people who don't usually rent (and don't understand rental as a concept).

[raskul]

As stated in the OP, i include nicehash as my 1st failover from betarigs because you can specify your required price on betarigs - hence, you could obtain a higher price.

I have a nice script that I wrote, it uses betarigs API to update price based on market conditions every 5 minutes, so you get always rented for the highest possible price.

However, I would not use it on paycoin because the rental market swings WILDLY. There is a really big chance that you will get rented and locked in, and then rental price goes up and you are out of luck. Conversely, you might get rented for a super high price and get locked in. It depends on how much of a gambler you are.

I think nicehash is the better choice for this current phenomenon, because of the super fast setup and especially because you are introducing it to people who don't usually rent (and don't understand rental as a concept).

sounds good. well, i've set my betarigs to the best price i've managed to attain since yesterday morning when XPY launched.
If they get rented at that rate, it's way over what I'm likely to get on nicehash, when it's not rented at that high price, i take what I can get from the nicehash bidding.

do you have a link to a thread explaining your script? i'd be interested to try it out.

[kotarius]

sounds good. well, i've set my betarigs to the best price i've managed to attain since yesterday morning when XPY launched.
If they get rented at that rate, it's way over what I'm likely to get on nicehash, when it's not rented at that high price, i take what I can get from the nicehash bidding.

do you have a link to a thread explaining your script? i'd be interested to try it out.

http://pastebin.com/RytHd9Wk

[raskul]

thanks for sharing that. 

[Zelek Uther]

Thanks for this thread, sounds interesting... I've never tried renting my rigs out before. Might give it a go.

Regarding Paycoin, is this it:
https://bitcointalk.org/index.php?topic=268941.0

If so, isn't that a Scrypt coin, so a SHA-256 miner like the SP20 wouldn't be able to mine it?

[raskul]

Thanks for this thread, sounds interesting... I've never tried renting my rigs out before. Might give it a go.

Regarding Paycoin, is this it:
https://bitcointalk.org/index.php?topic=268941.0

If so, isn't that a Scrypt coin, so a SHA-256 miner like the SP20 wouldn't be able to mine it?

no mate, it's not the scrypt one. It's a SHA256. I would, however advise caution.. but hey, i'm sure you know what you are doing - you'll get a good rate by renting out your SHA256 rigs and just following the guide above.

best luck

ADD: i don't think this new paycoin has it's own [ANN] thread here, but it does have a massive cult following across many of it's own websites.
this is it's forum: https://hashtalk.org - watch out for the censorship!

[raskul]

bump, more folks asking for help on this.

amended OP title

[Zelek Uther]

Thanks for this thread, sounds interesting... I've never tried renting my rigs out before. Might give it a go.

Regarding Paycoin, is this it:
https://bitcointalk.org/index.php?topic=268941.0

If so, isn't that a Scrypt coin, so a SHA-256 miner like the SP20 wouldn't be able to mine it?

no mate, it's not the scrypt one. It's a SHA256. I would, however advise caution.. but hey, i'm sure you know what you are doing - you'll get a good rate by renting out your SHA256 rigs and just following the guide above.

best luck

ADD: i don't think this new paycoin has it's own [ANN] thread here, but it does have a massive cult following across many of it's own websites.
this is it's forum: https://hashtalk.org - watch out for the censorship!

Thanks raskul... so two coins with the same name! No wonder I was confused!

[raskul]

Thanks for this thread, sounds interesting... I've never tried renting my rigs out before. Might give it a go.

Regarding Paycoin, is this it:
https://bitcointalk.org/index.php?topic=268941.0

If so, isn't that a Scrypt coin, so a SHA-256 miner like the SP20 wouldn't be able to mine it?

no mate, it's not the scrypt one. It's a SHA256. I would, however advise caution.. but hey, i'm sure you know what you are doing - you'll get a good rate by renting out your SHA256 rigs and just following the guide above.

best luck

ADD: i don't think this new paycoin has it's own [ANN] thread here, but it does have a massive cult following across many of it's own websites.
this is it's forum: https://hashtalk.org - watch out for the censorship!

Thanks raskul... so two coins with the same name! No wonder I was confused!

yeah, not sure why GAW have decided to use the name of an already established alt.. i suppose all the good altcoin names have all been used up - well, there are eleventy-gazillion of them bouncing around their individual blockchains, aren't there!?

[Biffa]

Looks like the rush is over?

[raskul]

Looks like the rush is over?

my SP20 just went rented for 0.1466/TH/day.
sitting pretty  

and nicehash is

Code:

SHA256	3334	2514.9770 TH/s	0.1211 BTC/TH/Day  863%

[Biffa]

Looks like the rush is over?

my SP20 just went rented for 0.1466/TH/day.
sitting pretty  

and nicehash is

Code:

SHA256	3334	2514.9770 TH/s	0.1211 BTC/TH/Day  863%

Just seems to be a lot rented out at 0.0140 BTC/TH/Day

[raskul]

woosh! i get up outta bed and the nicehash network has got to 3.2PH!
still, numbers are ok yet...

Code:

0.0862 BTC/TH/Day  576%

[raskul]

see current rate on nicehash homepage at

https://www.nicehash.com/index.jsp

[raskul]

meanwhile - http://www.rgspix.com/bitcoin_is_in_the_toilet.jpg

[raskul]

and i'm offering 3BTC at a silly cheap rate.
https://bitcointalk.org/index.php?topic=290799.msg9865450#msg9865450

[raskul]

my github

https://github.com/raskul

all cryptocurrencies in this git are community rights released.
any developer may change and work on the code of the coins.

as is with every cryptocurrency.
thanks.