Hey, i'm not long into the mining business and i have some questions.
I finished my first mining rig with 6x Gtx1080ti 11GB and now i ask myselft, what is the best way to mine.
I found Nicehash, and i really like it that they pay you out directly in BTC.
When you mining directly in a pool for just one currency, for example ETH or Zcash, you have to check the market prices every day and you need to exchange them with fees and a lot of work.
So why not everyone is using nicehash? Do you earn much more money when you mine directly?
And are you switching between the coins manually?
Thanks
I finished my first mining rig with 6x Gtx1080ti 11GB and now i ask myselft, what is the best way to mine.
I found Nicehash, and i really like it that they pay you out directly in BTC.
When you mining directly in a pool for just one currency, for example ETH or Zcash, you have to check the market prices every day and you need to exchange them with fees and a lot of work.
So why not everyone is using nicehash? Do you earn much more money when you mine directly?
And are you switching between the coins manually?
Thanks
I am not going to knock Nicehash, as there are a good way to mine if all you are interested in in cashing out into BTC as fast as possible, and are a good choice for new miners. To answer your other questions though, yes you do make more by mining a coin directly on another pool.
If you only have one or two rigs, then the difference may be negligible and you will not lose out on too much. But once you start getting a fair amount of hash power, then the 3% fees and variable market rates can start cutting into your profit margins.
Remember, NiceHash is not paying exchange rates, but people are bidding and buying the hash power on a continual basis. This normally matches up pretty closely with live exchange rates, but not always and is on average a bit below what you can get by selling the coins directly yourself.
With Nvidia cards, especially the 1080Ti's. while you can mine Ethereum and others, right now the best bang for the buck is with Equihash (Zcash) mining. You can net $2+ per card even at today's depressed pricing. However, if you can hold on to your coins a little while, keep in mind that Zcash was recently as high as $400.
So it comes down to how you want to mine. If you want to automatically exchange each day at the current marker (or close to it) rates and not have to think about it too much, NiceHash works fine. If you want the earn the most possible, then you will need to mine a coin directly and yes this means checking market rates periodically and choosing the best times to trade your coins.
