NiceHash is paying 6% more than mining Bitcoin traditionally

paid2

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It looks like Nicehash has gone even further in making bad decisions...

I just came across this on Reddit:

LOL!
@Nicehash, are you really going to make people pay for having an inactive account??

Otherwise I've learned from your blog that you're going to stop providing exchange services to focus on hashrate rental and mining services. So there will be no more FIAT managed by you, should assume that you will therefore stop forcing your users to go through KYC?

shield132

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Nicehash has always been a good platform and according to whattomine.com nicehash has usually been the most profitable choice for GPU miners. I don't have much experience with ASICs and can't talk about them. I always had this question that still digs my mind, why do people pay premium and rent hashrate from nicehash? It's more profitable to mine via Nicehash compared to mining individual coins, like Ethereum, Doge, Etica and others. As I know [erson rents hashrate from nicehash to start mining of other coins and if mining of other coins isn't isn't as profitable as mining through nicehash, then why do they do that?

I don't want to make my question complicated but if someone didn't understand, long story short, how is that mining via nicehash is more profitable than mining altcoins?

BitcoinSoloMiner

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no service for UK users? not good!

joniboini

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Quote from: gordonics.com on January 16, 2024, 06:51:16 AM

I started today my experience with NiceHash today.
Is it still convenient?

Just in case you're still wondering about this, maybe you can clarify your question. Convenient in what sense? Easy to start? You also need to keep in mind that this thread is more or less their announcement thread, if you want to get a detailed review you can try to find other threads or make a new one. Most people will probably say that cloud mining by buying hash rate (if that's what you're trying to do) is not worth it though.

willi9974

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@nicehash

A small question. I organize some years nicehash rentals and got a reward from 10 Blocks up to now.
So we spend a lot in your service, do you think we can get a onetime bonus or a fix discount for rentals?
I spend ~ 14-15 Bitcoins in our rentals Grin

And a small question, on the 256asicboost marketplace we have a higher min. Rental of hashpower, is that possible to reduce it to the same level as before or the nonasicboost marketplace?

Best regards,
Willi

gordonics.com

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I started today my experience with NiceHash today.

Is it still convenient?

paid2

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I insist once again, but I am convinced that your Easy Mining service is going to be the thing which will kill you in the hashrate rental business in the long term.

It is becoming more and more complicated to have a stable and continuous rental, the auction price is always pulled extremely high by these Easy Mining rentals, and I won't be surprised when someone opens a platform with a more fluid service.

1. Your customers who pay for Easy Mining packages pay an exorbitant price per Eh/s, it's borderline dishonest but let's move on.
2. The customers who rent hashrate take a back seat. You get paid a pretty high fee for the service, and it's very difficult not to be able to have a profitable PPS if you want a pretty continuous hashrate

Your only chance at the moment, is that MRR is even more overpriced than you are. But we all know that abusing your monopoly can lead to disaster.

Maxre

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Quote from: nicehash on January 23, 2023, 08:39:27 AM

NiceHash is paying 6% more than mining Bitcoin traditionally via a pool. Here is an explanation of how this is possible:

1️⃣ NiceHash is a hashpower marketplace.

Buyers are placing orders for hashrate. Orders can be manipulated by increasing or decreasing price and speed or canceling them.

2️⃣ NiceHash EasyMining

EasyMining is a way of solo mining blocks of Bitcoin (and other coins). EasyMining allows ordinary users with almost zero Bitcoin knowledge to participate in mining and potentially confirming a block of transactions by buying hashrate. This can be done in a very user-friendly way with just a couple of clicks.

For example, buying a package of SHA256 hashrate for $200 currently gives a user probability of 1:608 to confirm a block and earn a full Bitcoin block reward.

3️⃣ Higher Bitcoin ASIC miner payrates

Buyers of EasyMining are paying a premium price for hashrate and thus increasing the average payrate for the sellers (miners).

This is how much Bitcoin you would earn if you would mine at NiceHash:

❇ 5.59% more in the past 7 days
❇ 4.31% more in the past 30 days
❇ 6.33% since EasyMining Launch

Learn more: https://www.nicehash.com/blog/post/nicehash-pays-better-how-and-why-nicehash-pays-better-than-mining-bitcoin-directly

I do not know the reason behind This that why are you doing this because how can you loss on your machines if you give 6% profit.
If you are doing than this is just a big fortune to do that. I think that people who have big Chunks of money will be fortunate.

mikeywith

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Quote from: NotATether on February 21, 2023, 06:05:33 AM

Will it pay off in the long run? Probably not. Because:

Probably not, but I don't think it's a fair way to measure the success of these solo runs, it's safe to assume that most people will lose money gambling for a solo block, just like how most people lose money gambling in casinos or buying lottery tickets, it's only a fraction of those people end up making a huge amount of money compared to what they spend.

In the part you quoted, it doesn't mean that everyone has been joining the solo runs since 2015, someone might have joined in 2020, paid 0.001 BTC, and ended up with 0.1 BTC and that's it, someone else might have paid a total of 5 BTC and received nothing, this is how gambling simply works.

Now with respect to buying ordinary state/country lottery tickets, solo mining is more fun, you have the numbers to watch, unlike the ordinary lottery where the fun only lasts for a few minutes during the draw, also, it's a lot more transparent, a president of some country can't magically win the lottery.

NotATether

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If buyers are paying a premium, then whose going to buy these packages in the first place? It would be like buying very expensive lottery tickets except the prize is much lower, despite the probability being hundreds of thousands times more reasonable than winning the lottery.

Will it pay off in the long run? Probably not. Because:

Quote from: Daltonik on January 27, 2023, 11:29:11 PM

@willi9974 organizes mining in a fold by organizing mining lotto by renting power from NiceHash and then solo mining on the pool solo.ckpool.org and since 2015, we have managed to find 9 blocks, so it's better to do it together. https://bitcointalksearch.org/topic/bitcoin-mining-lotto-blockparty-2024-5364375

That equates to a little more than 1 block per year (assuming average distribution of blocks).

mikeywith

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Quote from: kano on January 24, 2023, 02:56:28 AM

So I guess somehow they are paying lower than 100% PPS?
That would also make it impossible for miners to get 6% more than any large PPS pool.

Hmm, interesting.

"The devil is in the detail", the title says "is paying" so they were probably referring to that exact time of when they posted the topic, otherwise, it makes no sense, they have also made such a claim long ago when they were paying some crazy high number like 7x or so, and they were not lying about it, it did last for a while and I personally made some good profit on those days.

Whattomine.com keeps a good track of NH payments, the 3-day average for their Asicboost was 103%, and for non-ASICboost it was 163%, not sure why those folks pay that much to rent non-Asicboost, probably someone mining/attacking some small coin, but I have also witnessed many periods where Nicehash paid lower than 100% PPS, so it's a game of luck unless you are going to chase profitability, besides, you can't really connect to NH using a mining proxy (I have tried several before), so only small miners can actually use it.

nicehash

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Quote from: BitMaxz on February 01, 2023, 08:12:40 AM

Do you have the plan to support Canaan units? I mean newer Canaan units?

Most of the newbies that I heard having issues trying to mine in Nicehash pool both non/ASICboost pool.
Canaan units until now do not work in your pool based on what I heard from some users on other forum.

Thanks for letting us know. We were not aware of this and received no reports. As far as we were aware, the Avalon miners 11xx series worked ok.

We will perform tests with the A13xx series.

If someone is experiencing issues, feel free to let us know via our Discord channel where we can chat in realtime. https://discord.com/invite/nicehash

BitMaxz

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Do you have the plan to support Canaan units? I mean newer Canaan units?

Most of the newbies that I heard having issues trying to mine in Nicehash pool both non/ASICboost pool.
Canaan units until now do not work in your pool based on what I heard from some users on other forum.

nicehash

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Quote from: Maxre on January 28, 2023, 01:19:13 PM

I have made account on Nicehash a long time ago but before 1 year ago my account was banned because I have mined almost 0.1 BTC for free and they do not wamt to give it to the uses for free. And that's the thing that I just do not like about Nicehash. And I was very very tearful about this if they might have given such money and it might help me a lot. And that's why I have not gotten any mining power than is just Cloud.

We do not ban accounts without a valid reason. If you believe the reason your account was banned is not justifiable, please contact [email protected] and we will help you re-activate your account.

Maxre

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I have made account on Nicehash a long time ago but before 1 year ago my account was banned because I have mined almost 0.1 BTC for free and they do not wamt to give it to the uses for free. And that's the thing that I just do not like about Nicehash. And I was very very tearful about this if they might have given such money and it might help me a lot. And that's why I have not gotten any mining power than is just Cloud.

Daltonik

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@willi9974 organizes mining in a fold by organizing mining lotto by renting power from NiceHash and then solo mining on the pool solo.ckpool.org and since 2015, we have managed to find 9 blocks, so it's better to do it together. https://bitcointalksearch.org/topic/bitcoin-mining-lotto-blockparty-2024-5364375

nicehash

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Quote from: ?? on ??

Quote from: nicehash on January 23, 2023, 08:39:27 AM

NiceHash is paying 6% more than mining Bitcoin traditionally via a pool. Here is an explanation of how this is possible:

Quote from: nicehash on January 23, 2023, 08:39:27 AM

Learn more: https://www.nicehash.com/blog/post/nicehash-pays-better-how-and-why-nicehash-pays-better-than-mining-bitcoin-directly

Your blog doesn't mention anything about merge mining. I expect the percentage is quite lower if you consider merge mining (such as Rootstock and Namecoin).

6% is on the SHA256AsicBoost algorithm. Not all algorithms.

kano

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The last 3 fun runs on my pool, over the last week, we've paid lower than 101% PPS on all of them, 2 were below 100%
That would make it hard to get 6% more than a pool, unless you assume pools are charging a 5% fee.
No idea of any pool charging 5%, and if they are, no one would be mining there.

Interesting

Quote

SHA256 hashrate for $200 currently gives a user probability of 1:608

Today at the current price of $23k per BTC, $200 would get you 0.00869565 BTC without paying any fees.
6.25 / 0.00869565 = 1 in 718.75 chance

So I guess somehow they are paying lower than 100% PPS?
That would also make it impossible for miners to get 6% more than any large PPS pool.

Hmm, interesting.

nicehash

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Živjo!

The graphs that show the luck percentage are not necessary accepted shares. They are solutions that were on a way of being a correct solution.

For example, 50% luck means that you "solved" 50% of the job. If the solution to the job equals to 10 zeroes (0000000000), that means that you got 5 of those right (000005ha72). But the required difficulty might need 7 zeroes (00000007sa). That is how a simple way of explaining how the graph displaying percentages is calculated.

Quote from: paid2 on January 23, 2023, 09:07:51 AM

žívijo @Nicehash Cheesy

I appreciate the opportunity to talk with you directly.

I have rented a lot of hashrate from you. I am globaly satisfied of the hashrate marketplace,

I am a little disappointed about Nicehash actualy. Doesn't your Easymining program only serve to artificially inflate the price of rented Eh/s? The hashrate used by Easymining is always rented well above the average price on your site. This increases the auction price no ?

I mean if you rent hashrate to newbies, I agree that you need to take a fee, but to guarantee your Easyminers to have a constant hashrate, you place orders with super expensive price per Eh/s. Not super honest IMO.

Other thing, I bought some Easymining packs to discover what you are proposing. In my previous position I had to analyse the hashrate rental's market. I bought a lot of Easymining because of this. The screen showing your luck, is TOTAL bullshit. Almost every time the screen will show you "you submitted a share of x T difficulty, that's not possible.

Look :

https://imgur.com/vJkStwU

Are you telling me that EVERY time I buy a Gold Easymining 2usd pack I submit a share > 10T ? Do you have some magical power ? Why do you lie to newbies about their luck in mining ? Is your goal to generate addictives behaviors ?

I wish you a good day

paid2

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žívijo @Nicehash Cheesy

I appreciate the opportunity to talk with you directly.

I have rented a lot of hashrate from you. I am globaly satisfied of the hashrate marketplace,

I am a little disappointed about Nicehash actualy. Doesn't your Easymining program only serve to artificially inflate the price of rented Eh/s? The hashrate used by Easymining is always rented well above the average price on your site. This increases the auction price no ?

I mean if you rent hashrate to newbies, I agree that you need to take a fee, but to guarantee your Easyminers to have a constant hashrate, you place orders with super expensive price per Eh/s.

Other thing, I bought some Easymining packs to discover what you are proposing. In my previous position I had to analyse the hashrate rental's market. I bought a lot of Easymining because of this. The screen showing your luck, is wrong. Almost every time the screen will show you "you submitted a share of x T difficulty, that's not possible.

I wish you a good day

Topic: NiceHash is paying 6% more than mining Bitcoin traditionally (Read 517 times)