so are we saying the price is not gonna go back up ?
on nicehash i mean?
Its basically comes down to how fast alts increase their value and if BTC moves away even quicker. It simple. Assuming you machine would earn 100 dollar. If that is 1 BTC exchange value, you would get one bitcoin.
If all alts stay the same but BTC rushes away to 4k a piece you would still get 100 dollar in alts, nice hash exchanges them to BTC and because BTC is now 4k you only get 0.25 even though you still got 100$
So if BTC comes down, Alts increase and BTC stays or if the miners connected with nciehash move to other pools, it will increase
Hi mate,
I think i understand the concept, i mean my L3+ was pulling $50 a day on Nicehash now it isn't (around 50%) and the BTC is around the same its been the past 3 weeks, so i am guessing that altcoin prices have gone low?
Well I think right now, its the fact that the next batch of L3+ should be getting delivered and that many people switch to nice hash because it had unusual high profits.
So more miners offering hashing power resulting in less price. In the end we are renting out machines to others, if they can find someone with a cheaper machine they will take it.
Nice hash acts as a matchmaker. They have X amount of people who are willing to pay Y. If they could pay less than Y they would buy more hash power.
If you got more hash power because more miners are online, nice hash tries to give every machine work, wich means they will ask less for the hashingpwoer and people will by more. This way they can rent out all machines for less profits (per person) but everyone still gets some money.
I believe that is the reason right now, because alts did not tank and BTC stayed the same price roughly