NiceHash Hashpower Marketplace - Quick Guide
Updated: Sep 12, 2020
Note Rates might be outdated
Creating Crypto with rented Hashing power.
So here the bases of this Experiment, I planned to Rent some Hashing power and Mined with this Power in an Open Pool to get shares of ETH.
Account at https://www.nicehash.com/
a ETC wallet (brave Browser comes with one)
Create an account at https://www.nicehash.com/
transfer the 0,05 BTC to your Nice Hash BTC address
Create a Mining Pool (example Nanopool ETH)
Username will be yourWallet.MinerName/Email
Password is x ( which is defaulted by the pool)
After this you can Create a Hashing Order on the Market place, I went with the default Standard order, after the creation your order will show like this in your "My Orders"
From here you can add more BTC or change the BTC/TH/DAY Price with the TH Limit which will define how fast the allocated BTC will be consumed by the Order. But note the Price is still dictated by the Miners who accept the order, the Orders who pay the most will be hashed first and the Orders which do not pay enough to satisfy the minimum pay of the Miner will not be worked on. The good thing on the Standard order is that its flexible and the price can be adjusted so it's been worked on but keep an on your operating cost there is no sense in overpaying Hashing if you can't make a return out of it.
So I Created the Order and let it run for a while, looking on the Pools statistics it turned out that My NiceHash miner actually performed at 10 TH Power at nano pool for about 2,5h which was enough to get the 0,0517 ETH Payout which equal to around one-month hashing with a gaming PC.
little math: 2.5h Hashing @ around 9,8 TH at the pool
Spend 0,00127049 BTC for the Hashing at 0.1 TH and I gained 0.0517 ETH within around 2,5h of hashing.
In comparison to with Kraken's today price, I would have needed to spend 0.00112241 BTC to exchange it at a price of 0,02171 BTC to get 0,0517 ETH.
so with my current Rate of ETH/BTC, which was 0.02174 it made a whooping profit of 0,00003 BTC per created ETH. So even if this does not look like a Money Machine, it can still bare profits, if done correctly by knowing you Cost and selling at specific Prices.
So i finished the order with the 0,0, so the whole 0,005 BTC where spend and the total yield in ETH is 0,2465 however 0,0346 of it is still stuck as id did not make it to the minimum Payout of 0,05 ETH so at curret rate of 0,02166 BTC per ETH the total profit is 0.00033919 BTC or 2.42 EUR with almost 0 effort besides of investing 40 EUR and waiting for 2 days.
Yes, renting Hashing power can generate Profit
don´t be too greedy low orders will take longer
don´t be too generous - do not overspend on Hashing power
don´t be impatient - longer continue running orders provide more yield than quick Over Push orders
check what you spend for it before you sell
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