The thing that you're going to have to make sure to note is going to have to be FEES that you're going to incur, I don't think Nicehash as a buyer is going to require you to pay any fees but if you're going to be mining through a pool (which you probably will be) you're going to have 1-3 percent fees from the pool itself for mining ETH.
Make sure to note that. THEN you're going to have to note the fees which you take in when you're exchanging the ETH for BTC and to be able to buy the GH from Nicehash, so FACTOR that into what you're doing as well.
I think with the small profit margins you have, it isn't really worth it to continue-- I'd buy my own machines if you want to mine, don't rely on someone else to scrap the barrel.
Topic: Ethereum Rental Explanation (Read 337 times)
Hello!
So, I'm looking into renting some Ethereum mines on NiceHash. Although, what I want to do is rent 1Gh/s for around $68 according to this. I ran some numbers through the CryptoCompares Ethereum calculator and found that 1 Gh/s will make around $71 every 24 hours, leaving around a $3-4 profit. Now here comes the question, is it possible to just rent 1 Gh/s and have it just take out the price for renting again it every 24 hours? Then just leave the $3-4? Or do I have to do it manually?
Also, is there a possibility that I can just rent that mine without having to "bid" on it. I want to invest on a Ethereum mine but don't want the risk of my bid going to trash and not making any profit at all. I guess what I'm trying to say is that is there a way I can rent a Ethereum mine like a subscription? Where it automatically takes out the cost of running it every 24 hours? And, it stays up as long as I want it to? Without running the hardware at my home?
WHAT I'M TRYING TO ACCOMPLISH
I want to kind of build this like a real estate, purchase one mine that makes me around a $3-4 profit, then save up that money for another mine, then get $6-8 profit, and so on. That way the more mines I slowly get, the quicker I can get more, therefor increasing my profits.
P.S: I already have a Ethereum wallet and everything like that, sorry for the noob-ish questions just really confused. I know that the price of Ethereum and other coins do change frequently.
P.S: I already have a Ethereum wallet and everything like that, sorry for the noob-ish questions just really confused. I know that the price of Ethereum and other coins do change frequently.
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