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Topic: NiceHash is paying 6% more than mining Bitcoin traditionally (Read 776 times)

legendary
Activity: 1834
Merit: 1136
Do you know any alternative sites like Nicehash but without the KYC?

There is only MiningRigRentals as far as I know!
This is a developer thread on our forum.
Miner Legacy Fork Fix (for ZergPool)
https://bitcointalksearch.org/topic/--5516906

His old product
https://bitcointalksearch.org/topic/nicehash-miner-legacy-fork-nhml-5132119

legendary
Activity: 4326
Merit: 8950
'The right to privacy matters'
yeah i left them.

and i had a full kyc account

but  if i sold a miner as a heater

i would set up the buyer with a trezor and teach them to mine as a heater and hold in the trezor.

never cash never trade just hold.  since the earnings are tiny zero paperwork til you cash.

so another small business killed off

hero member
Activity: 504
Merit: 1065
Crypto Swap Exchange
Do you know any alternative sites like Nicehash but without the KYC?

There is only MiningRigRentals as far as I know!
legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
Since Nicehash has ended anonymous mining as of November 12, 2024 I can no longer recommended using it.   The requirement of registration KYC violates privacy principals.  I myself will stop using it.  This was my go to for years.

Do you know any alternative sites like Nicehash but without the KYC?

I will therefore need to accelerate the development of my pool at securepayment.cc  Seems like there will be demand for it.  Please PM if you are C developer.  (as of now anonymous BTC solo mining is functional, but in alpha mode)

Will PM soon.
hero member
Activity: 780
Merit: 501
Since Nicehash has ended anonymous mining as of November 12, 2024 I can no longer recommended using it.   The requirement of registration KYC violates privacy principals.  I myself will stop using it.  This was my go to for years.

There is this matter of an unpaid balance that is below the payment threshold, will that be paid?  It's quite significant considering the rising value of Bitcoin.

EDIT: ah, I see.  They are going to add a "Service fee" which basically means they are goigng to steal my balance.  I will refrain from using profanity, but these people are scumbags.  Worse than the CoinURL scumbags (remember them?) that stole 1.5 BTC from me several years ago

I'm very upset with this change.

I will therefore need to accelerate the development of my pool at securepayment.cc  Seems like there will be demand for it.  Please PM if you are C developer.  (as of now anonymous BTC solo mining is functional, but in alpha mode)
legendary
Activity: 1834
Merit: 1136
We miners do not like KYC, but I can still understand that a large company must comply with European laws.
But NiceHash has banned miners from Russia from using their service, but Russia is the second country in the world in terms of electricity capacity that is spent on mining.

They moved from Slovenia to Switzerland recently, I'm still wondering why they still ask KYC processes to all users.
As far as I know, the European Unions' regulations does not ask for mandatory KYC for mining pools (maybe it changed since? Not sure). Nicehash stopped their exchange activity, and is now in a country outside EU regulations, it would have been great if they used these facts to do something else than total shit.

The admin of MiningRigRentals was probably quite happy when he learned about recent Nicehash' business decisions lol.
They wrote in their newsletter that the stricter requirements are specifically due to the move to another country
https://bitcointalksearch.org/topic/m.64689659
I think more than one MiningRigRentals administrator will be happy.
legendary
Activity: 4326
Merit: 8950
'The right to privacy matters'
I use them as I type ,but I did kyc years ago.
hero member
Activity: 504
Merit: 1065
Crypto Swap Exchange
We miners do not like KYC, but I can still understand that a large company must comply with European laws.
But NiceHash has banned miners from Russia from using their service, but Russia is the second country in the world in terms of electricity capacity that is spent on mining.

They moved from Slovenia to Switzerland recently, I'm still wondering why they still ask KYC processes to all users.
As far as I know, the European Unions' regulations does not ask for mandatory KYC for mining pools (maybe it changed since? Not sure). Nicehash stopped their exchange activity, and is now in a country outside EU regulations, it would have been great if they used these facts to do something else than total shit.

The admin of MiningRigRentals was probably quite happy when he learned about recent Nicehash' business decisions lol.
legendary
Activity: 1834
Merit: 1136
We miners do not like KYC, but I can still understand that a large company must comply with European laws.
But NiceHash has banned miners from Russia from using their service, but Russia is the second country in the world in terms of electricity capacity that is spent on mining.
legendary
Activity: 2436
Merit: 6643
be constructive or S.T.F.U
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?

Nicehack took the KYC route which led to many customers leaving them, so their business isn't doing well, they sat down and thought about new ways to make more sats, the one you pointed out is probably just the tip of the iceberg.
hero member
Activity: 2254
Merit: 537
My passive income eBook @ tinyurl.com/PIA10
Absolute thievery. You can steal my $10, ain't coming back just to be forced to use your service.
hero member
Activity: 504
Merit: 1065
Crypto Swap Exchange
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?
hero member
Activity: 2352
Merit: 905
Metawin.com - Truly the best casino ever
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?
member
Activity: 152
Merit: 25
no service for UK users? not good!
legendary
Activity: 2170
Merit: 1789
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.
legendary
Activity: 3654
Merit: 3003
Enjoy 500% bonus + 70 FS
@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
jr. member
Activity: 84
Merit: 4
I started today my experience with NiceHash today.

Is it still convenient?
hero member
Activity: 504
Merit: 1065
Crypto Swap Exchange
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.

full member
Activity: 812
Merit: 120
https://combonetwork.io/
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.
legendary
Activity: 2436
Merit: 6643
be constructive or S.T.F.U
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.
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