Topic: Cryptnight R Price on NiceHash Went Down All the Way (Read 145 times)

Apart from the latest asic miners I don't know how miners are making profits from mining coins nowadays, after doing some calculations on my own I find out mining with GPUs aren't worth it at all, I will be pleased if one can prove me wrong on here

If the reward you getting from Cryptonight R algo is small then switch to other cryptonight algorithms like
1. Cryptonight Lite
2. Cryptonight Haven
3. Cryptonight v7
4. Cryptonight Original/Old
5. Cryptonight v8
6. Cryptonight Heavy

Those rx470, rx570 etc have better performance trying on different algorithms, all you need is practical

I think I get what you mean now, couldn't understand before with your broken english - that you can mine ETH on nicehash and get 10x more KVA than by straight mining it by buying Cryptonight hashpower with the profits from selling ETH hashpower. Not sure how accurate that 10x figure is because nobody ever posted the math behind it, but even if it is so, I don't see how that at all serves as an argument against a NiceHash compatible algo. The market will balance out over time, especially once the project starts getting a little bit more attention.

If the project changes algo and grows big enough... then nicehash could add its algorithm anyway.  And it's not like the current hash rate of ~5MH/sec is over-inflated or unfair to miners. It's minuscule.

you can let me see,who buy kevacoin
you think miner minging eth,and sell eth buy kva? 
anybody use nicehash mine coin,and sell it

It seems like renting out your card to NiceHash Cryptonight isn't the most profitable option. Therefore, there's an inverse relationship to buying Cryptonight power off nicehash - so it is a good option to obtain KVA if you believe in it. KVA miners are mining KVA, not selling their hash power to Nicehash, so I really don't see how NiceHash is in any way exploitative. These markets are currently super low volume and volatile, and I would expect the prices to balance out over time. They are already over 0.00100BTC per MH per day, and if more people start using NiceHash to mine KVA, that will actually stabilize and push the prices further up!

I don't see how one can say it's 10X more expensive to mine KVA using RX 580 when you don't know 1. the price of KVA (not on any exchanges), 2. the electricity costs one is paying (region dependent), and 3. the amount they paid for the card - if that's even included in the calculation.

I think nicehash is good for KVA because it's allowing for people to buy the coin without needing the necessary set-up needed for mining. It lowers the barrier of entry. Once KVA gets on an exchange, the NiceHash Cryptonight costs should adjust accordingly. As a last note, the difficulty has been pretty low since launch - so I don't see this to be such a big issue for KVA miners right now. Sure, as a miner you're earning a bit less than you would without NiceHash. But NiceHash is allowing for a greater distribution for the coin, thereby strengthening the market, benefiting all holders.

I think the laissez faire approach is more appropriate for this situation, as KVA's primary focus is not to bring the early bird miners as much profit as it could - but to put out a valuable new tech. The block reward will stay at what it's at now for another four years, and there's a lot more miners to come once this early period of an uncertain market is over.

nicehash 1M cnr only need 0.0054btc/day
people mine kva use card cost more than buy nicehash 10X
you can check it on nicehash,rx470 4g card speed is 950H on cnr,and mine ETH one card have 30M hash,you can see "what to mine" To calculate

https://www.nicehash.com/support/general-help/nicehash-service/fees

I think that they make a lot of money.

I wouldn't say so, I think that NiceHash is part of a fair market. Can we also say that new projects suffer because of mining farms with low electricity costs in China? Once a project gains enough traction, then the cost to use nicehash should balance out with the exchange price of the coin. Otherwise, people would stop selling hashpower to nicehash and instead mine the coin.

What's the math behind this? I doubt that the electricity costs can come out to be anywhere near the price of renting hash power.

On Feb. 26, between 4:00 - 9:00 GMT, the standard order price of Cryptonight R on Nicehash went all the way down, from around 0.0080 BTC/MH/Day to 0.0054 BTC/MH/Day. The buyers seemed to cooperate with each other and decreased the price in lockstep. Every 10 minutes, each buyer would decrease the price by 0.0001 and this process lasted for several hours. Almost all of the hash rates were directed to our one-month-old Kevacoin project.

Our project has been suffering from NiceHash almost since the beginning. However, the standard market price of CN/R actually went up because of the competition of the hash rate. This made the life of regular GPU miners a little bit more bearable. But what happened last night seems to be completely out of ordinary. The buyers seemed to turn competition into cooperation and mined KVA at a very low price. A community member calculated that it was 10X more expensive to mine KVA using RX 580. The NiceHash created a huge barrier of entry for the GPU miners and we believe it will seriously hinder our project. We have decided to change the hash algorithm at the request of the community.

What we don’t understand is NiceHash’s business model and how it would survive at such a low cost. Why anyone would mine for NiceHash when the payout is so low is beyond us. And as we have seen, it is also possible to manipulate the market price to make it artificially low. The buyers just need to cooperate and take turns to use the hash rate.

Any comments/suggestions on Nicehash are welcomed!