Interested in BitCoin and various cryptocurrencies? Start with NiceHash! Sell your hashing power and get paid in BitCoin (BTC), or buy hashing power to purchase crypto with BTC! Why use NiceHash to sell your hashing power? Hello fellow redditors. I am new to the topic and I have some questions. Please excuse me if they seem stupid, any answer and help would be greatly appreciated! I just can't understand how prices (for sellers) are determined. This highlights the main difference between the SHA-256 and Scrypt cryptocurrency mining algorithms. SHA-256 is the more complex of. Wallet; Coin Calculator; BTC. Easy to use Genesis Mining calculator. Genesis Mining Calculator – Genesis Mining SHA-256. So payout 0.000067673 is what you get to your Bitcoin wallet. Feb 21, 2014 - Photon (PHO) is a new alternative cryptocurrency using the Blake 256 Algorithm that is used for BlakeCoin (BLC). It is a new project designed to. Photon can be mined with the same modified miner for BlakeCoin GPU Miner that supports the Blake-256 algorithm. Most SHA 256 D coins cannot be either. I do understand that they somehow peg it to the actual price of BTC. But they do also include supply and demand. So how exactly is the price determined? How does the variable hash speed (e.g. 1 GH) come into the game? Am I, is my selling price, completely exposed to supply and demand? They somewhere mention they guarantee you the same BTC earnings as if I would mine BTC directly. Who/How determines how much e.g. 1 GH is worth in BTC? Also I would like to know if renting hash speed is a thing people would do (and why?), especially in the future, and under the assumption mining/crypto currencies will hit the mainstream. (will they??) Do I have a certain guaranty my rigs operate at full capacity all the time/ have work to do? Is there anywhere data available showing supply and demand of hash speed? Are there predictions for the future? I know, a lot of questions. Once again, help would be greatly appreciated! Thanks a lot in advance. I hope you won't mind me answering it:) Other users can give their opinions on the matter too. I just can't understand how prices (for sellers) are determined. I do understand that they somehow peg it to the actual price of BTC. But they do also include supply and demand. So how exactly is the price determined? How does the variable hash speed (e.g. 1 GH) come into the game? NiceHash is a marketplace where one can buy or sell hashing power (i.e. Power for mining different cryptocurrencies). Prices for sellers are determined regarding the orders buyers place on the marketplace. Whenever there are more higher paying orders the price per day (profitability) increases and whenever there are more lower paying orders the profitability decreases. These prices are connected to the value of BTC on the market, but the most they depend on the global status of the cryptocurrencies (Ethereum, Zcash, Monero, Sia, Lbry.) that are mined with specific algorithm. There are several variables that affect their values. The hashing speed your GPU or CPU makes is determined with its computing power and it is fixed regarding the software you are using. The profitability is calculated by multiplying your hashing speed and the amount buyers are paying on the marketplace for a unit of hashing speed. So the more hashing speed you have, the more you get paid. Am I, is my selling price, completely exposed to supply and demand? They somewhere mention they guarantee you the same BTC earnings as if I would mine BTC directly. Who/How determines how much e.g. 1 GH is worth in BTC? First of all, the buyers are he ones that determine the prices - sellers and NiceHash cannot influence that. If you are using NiceHash Miner, then you are not mining bitcoins - you are mining different altocins, but get paid in bitcoins (because buyers paid in bitcoins for that hashing power). Only those that mine SHA256 are able to mine bitcoins - but even if they mine SHA256, that doesn't mean that they mine bitcoins, because there are several different coins that can be mined with SHA256. And these coins don't have the same value as bitcoin. Also I would like to know if renting hash speed is a thing people would do (and why?), especially in the future, and under the assumption mining/crypto currencies will hit the mainstream. (will they??) People rent hashing power because either they want to mine a coin and they don't have the hardware for doing it - so they buy hashing power and directed to the pool they want. Amongst buyers are a lot of times pool owners that want to test their pools or keep the pools full of miners so that they don't loose luck. There are also people that are good with investing and buy hashing power when they see a good opportunity to make a profit. We cannot know what will be in the future - but I can tell you that NiceHash is growing. Do I have a certain guaranty my rigs operate at full capacity all the time/ have work to do? If you are using NiceHash Miner, then there are several algorithms that can be mined. If there won'be anything to mine, there won't be any orders and there won't be NiceHash anymore. Now if you are using ASIC, you can set up a backup pool if the profitability falls under the threshold you have set. These are more advanced settings, but our support team can help you out on Is there anywhere data available showing supply and demand of hash speed? Are there predictions for the future? We have stats here: (I gave you the link to Equihash, but you can check for every algorithm we have on the marketplace). The most interesting stats (at least in my opinion) are those on profitability calculator: • • • •. Thank you a lot for your detailed response. I have got some follow up questions If u don't mind? So essentially I lend my hashing power. People want that hashing power to mine cryptocurrencies. People mine a certain cryptocurrency more for example because its price went up. They place their offers, if demand excels supply prices rise, I earn more. In addition to that I of course profit from rising BTC prices. This would mean I as a seller am (solely) dependent on that altcoins establish their position in the cryptocurrency market on the long term and that people want to mine them. Why would an individual with a gaming PC not mine for themselves? Why would they choose to buy hashing power? Is the difference between what they get out of their own GPU and what they get out of a small ($) amount of rented hashing power so significant? Why not upgrade that ol' gaming pc a little and have sufficient hashing power for an individuals purpose? Alternatively I also could imagine everybody jumping on the bandwagon and building rigs, ultimately leading to only having sellers on the market. Maybe I am also just bad at scaling lol. Amongst buyers are a lot of times pool owners that want to test their pools or keep the pools full of miners so that they don't loose luck. Could you elaborate a little on that? Thank you very much for your help! Generation of a particular coin is based on luck, as blocks have to be discovered by chance. The difficulty increases steadily, so an individual miner will join a 'pool' of other miners, and the reward for discovering a block is split among the members based on their hash power contribution. There is an 'ideal average' rate for blocks being found, so a conversion formula can be made to value the total hashing power required in BTC. Your choice on what to do depends on if you want just the regular income that NiceHash gives with its Pay Per Share model, you want to speculate on Bitcoin, or you want to speculate on some other currency. As an example, if you just mined Ethereum directly by joining a pool, you could keep any rewards from the mining pool for yourself in an Ethereum wallet and either exchange them for another currency or hold them. The wrinkle is that other people are speculating on Ethereum and are willing to pay a premium for hashing power from NiceHash. If you look at the front page of NiceHash, as I type this selling DaggerHashimoto hashing power is paying 20% more (in BTC) than ideal luck mining Ethereum directly with that same power. This percentage fluctuates minute-to-minute based on the value of BTC, ETH, and the buyer market made of people willing to pay that premium in the hopes that their resulting ETH will grow in value faster than BTC. Hope that helps. I'm really a noob to all this myself in the grand scheme of things. No problem at all! It is good that you have questions - I'm sure a lot of people are reading and wondering and it is good to have such topics as well. So essentially I lend my hashing power. People want that hashing power to mine cryptocurrencies. People mine a certain cryptocurrency more for example because its price went up. They place their offers, if demand excels supply prices rise, I earn more. In addition to that I of course profit from rising BTC prices. This would mean I as a seller am (solely) dependent on that altcoins establish their position in the cryptocurrency market on the long term and that people want to mine them. More or less, this is it, yes. Why would an individual with a gaming PC not mine for themselves? Why would they choose to buy hashing power? Is the difference between what they get out of their own GPU and what they get out of a small ($) amount of rented hashing power so significant? Why not upgrade that ol' gaming pc a little and have sufficient hashing power for an individuals purpose? If you have a good gaming PC, then of course this is the perfect time to utilize it (BTW, I shared a photo a few hours ago of top 5 GPUs that earns most on NiceHash: ) Now, there are a hundreds different coins out there that can be mined with different algorithms. If one sees an opportunity that he can buy hashing power and make profit out of situation on the marketplace, NiceHash is perfect for him, because he can buy massive hashing power and get it delivered in short amount of time. That's why buying hashing power is also different from regular cloud mining contracts - it is not a long term investment, but simply a marketplace. And it doesn't matter if you are a miner yourself - a lot of miners/sellers are also buyers on NiceHash:) One of the reasons why a person with gaming computer would buy hashing power is for mining algorithms that need special hardware for mining because mining with GPU and CPU is just too slow for them (for example SHA256). Alternatively I also could imagine everybody jumping on the bandwagon and building rigs, ultimately leading to only having sellers on the market. It could.But let's say that the number of orders or the prices on orders starts falling and there is a lot of sellers. If you would see that you can now buy hashing power for 0.1 BTC and mine Ethereum worth of 0.2 BTC (because the price has dropped since no one is buying), wouldn't you place the order? But eventually, some algorithm can become less popular and aren't mined a lot or at all anymore while others become more popular. It had happened before. It is a dynamic marketplace - it is constantly changing. That's why NiceHash Miner is great, because it will automatically switch to the most profitable algorithm for your hardware. Maybe I am also just bad at scaling lol. I don't think so - it is just new technology and new outlook on mining:) Amongst buyers are a lot of times pool owners that want to test their pools or keep the pools full of miners so that they don't loose luck. - Could you elaborate a little on that? There are different pools for mining coins and if you decide that you will open the pool for mining Ethereum, for example, you would need to test it before you can be sure that it works, right? It is the best to just buy hashing power, direct it to your pool and you can know how it works, what needs to be fixed etc. If you are interested in this, you can read more here: • • • • •. Hey, thanks a lot a again for your time and dedication, you help me a lot! Can I ask you some more? I don't quite get the thing where NiceHash says they choose the most profitable algorithm for my hardware. Now, I do understand that from a buyer's perspective but I do not from a seller's. I lend a service right? I do not care at all what algorithm my buyer mines with my power, so my understanding. Could you explain why multi-algorithm mining does matter from a seller's perspective? I also have read that in future many/most cryptocurrencies will swap to algorithms that require ASICs, as direct BTC mining does now. Wouldn't that make an investment in GPUs very risky? Well I do know that you work for NiceHash so I guess you won't answer that question very objective but I still give it a shot. Many thanks!:) • • • • •. Of course!:) I don't quite get the thing where NiceHash says they choose the most profitable algorithm for my hardware. Now, I do understand that from a buyer's perspective but I do not from a seller's. I lend a service right? I do not care at all what algorithm my buyer mines with my power, so my understanding. Could you explain why multi-algorithm mining does matter from a seller's perspective? 'NiceHash' is it a service - a marketplace - that allows buying and selling hashing power. 'NiceHash Miner' - a software developed by NiceHash - chooses the most profitable algorithm for sellers/miners. You can use other software as well - there are plenty miners available (another great one from NiceHash team is Excavator) and you can connect them to our stratum and use our service as a seller. But in that case, you select the algorithm - for example, you use miner for mining Zcash, but connect it to our servers and earn bitcoins. I also have read that in future many/most cryptocurrencies will swap to algorithms that require ASICs, as direct BTC mining does now. Wouldn't that make an investment in GPUs very risky? Well I do know that you work for NiceHash so I guess you won't answer that question very objective but I still give it a shot. We have ASIC miners and GPU miners and CPU miners - more than 100,000 of them all. It is an investment one makes for themselves - we don't offer suggestions, just data for people interested in to observe. 'NiceHash' is it a service - a marketplace - that allows buying and selling hashing power. 'NiceHash Miner' - a software developed by NiceHash - chooses the most profitable algorithm for sellers/miners. You can use other software as well - there are plenty miners available (another great one from NiceHash team is Excavator) and you can connect them to our stratum and use our service as a seller. But in that case, you select the algorithm - for example, you use miner for mining Zcash, but connect it to our servers and earn bitcoins. As I understood it, if I choose to use NiceHash service as a seller, I download the software, hit start and thats about it, correct? I don't have to tune any settings, chose algorithms or whatever. I just sell my hashing power and buyers choose what they want to mine with that power, correct? So what excactly does multi-algorithm mining do for a seller, where does he benefit from it? Is what you are trying to say that if I connect my rig to your 'main/standard software' called 'NiceHash Miner' my hashing power generally is available to buy for every algorithm (the seller wants to mine) and you direct it to the currently most profitable one, for both the miner itself because specific cryptocurrency is hot at the moment and for me because people want to mine specific cryptocurrency leading to higher prices for me. Why would one NOT use that software then? Doesn't directing everybody's hashing power to the currently most profitable, most demanded cryptocurrency lead to increased supply and therefore equalization? Sometimes I do think I'm dumb. As I understood it, if I choose to use NiceHash service as a seller, I download the software, hit start and thats about it, correct? I don't have to tune any settings, chose algorithms or whatever. I just sell my hashing power and buyers choose what they want to mine with that power, correct? So what excactly does multi-algorithm mining do for a seller, where does he benefit from it? You are talking about NiceHash Miner here. This is a software that allows just downloading and clicking the start. Other miners are more complicated to use:) Is what you are trying to say that if I connect my rig to your 'main/standard software' called 'NiceHash Miner' my hashing power generally is available to buy for every algorithm (the seller wants to mine) and you direct it to the currently most profitable one, for both the miner itself because specific cryptocurrency is hot at the moment and for me because people want to mine specific cryptocurrency leading to higher prices for me. I will simplify it a little bit. You want to use NiceHash service as a seller. You don't know how to use regular mining software and you see NiceHash Miner - GUI prepared for mining. You download it, enable algorithm that you are interested in (you can enable only one, but we recommend to leave all of them turned on, so that there is more choice). Then NiceHash Miner - the software - selects the algorithm on which your hardware earns the most. And it knows that because it knows the prices on the marketplace and it knows how much is your hardware capable to mine on each algorithm (because you have run the benchmark). The algorithm is always selected in your favor. If your hardware is making more on Zcash, but Ethereum is looks like the highest paying, it will select Zcash for you, because you wouldn't make as much on Ethereum as you could on Zcash. Not all hardware are good on all algorithms. Some solve some better than the others. Why would one NOT use that software then? Doesn't directing everybody's hashing power to the currently most profitable, most demanded cryptocurrency lead to increased supply and therefore equalization? I ask the same question:) But usually it is because they want to keep the token they are mining and are not interested solely in bitcoins (but they want Ethereum or Zcash or Lbry). But in that case they can also become buyers at NiceHash:) • • • • •. Great, I am understanding more and more of this new world:) Just to clarify, do you refer to a seller as a miner too? I thought the miners are those that buy hashing power and/or directly mine coins on their own. Because I as seller do only sell my hashing power and do not mine directly myself. I just get paid for selling my hashing power with bitcoin, no matter what cryptocurreny my buyer mines. I ask the same question:) But usually it is because they want to keep the token they are mining and are not interested solely in bitcoins (but they want Ethereum or Zcash or Lbry). But in that case they can also become buyers at NiceHash:) Because I dont get why they would reveive other tokens if sold over another software. It is the same principle right? Getting paid in bitcoin for your service no matter what coins the buyer mines. Is NiceHash Miner also a software to actively use my own hashing power to mine cryptocurrencies of my choice? Yes, the sellers are actually miners, because they do the mining. But the buyers can be called miners too, as they get the mined tokens. Miner is also a software used for mining and you can call miner a machine/hardware that does the mining:) It can be confusing - you must see in which context is used. Because I dont get why they would reveive other tokens if sold over another software. It is the same principle right? Getting paid in bitcoin for your service no matter what coins the buyer mines. This is only specialty of NiceHash. When you connect to other pools, you get the tokens this pool is mining. Is NiceHash Miner also a software to actively use my own hashing power to mine cryptocurrencies of my choice? No, at least not yet. NiceHash only pays in bitcoins, but we are talking about implementing other payout alternatives as well. Thanks for clarifying! Just one more thing and I think I am done, I promise.:) So other pools = cloud mining (??) specialize in a certain cryptocurrency. I can invest there, on a long-term and kind of bound basis though and mine a certain cryptocurrency there together with others. There also exist sellers in these other pools who sell/provide their hashing power so the investors in these pools can mine. Sellers in these pools get paid in the cryptocurrency that that pool mines. Do they kind of get a share of the amount mined from the buyers/investors? Or do the investors just have to pay in that currency? BONUS: Sometimes these pools buy hashing power from for example NiceHash because they want to boost their hashing power, correct? Where do buyers of hashing power at NiceHash mine? Do you redirect them to other pools? I mean they would bring their own hashing power and just participate instead of investing/buying power there. Do YOU pool them together? I am just trying to grasp the big picture. I am very grateful you help me on that way!:) • • • • •. Last updated June 27, 2017 Now that you already know about the, we’re going to talk about Bitcoin mining software. What is Bitcoin Mining Software? Bitcoin mining hardware handles the actual Bitcoin mining process, but: Bitcoin mining software is equally as important. • If you are a solo miner: the mining software connects your Bitcoin miner to the blockchain. • If you mine with a pool: the software will connect you to your. • If you are: you do not need mining software. Importance of Bitcoin Mining Software • • • • • • • The main job of the software is to deliver the mining hardware’s work to the rest of the Bitcoin network and to receive the completed work from other miners on the network. Bitcoin mining software monitors this input and output of your miner while also displaying statistics such as the speed of your miner, hashrate, fan speed and the temperature. Bitcoin Wallets One of the most important things you will need before using any kind of Bitcoin mining software is a wallet. This is because all Bitcoin mining software will ask you for a Bitcoin address that will be used to send your mining rewards and payouts. Once you create or download a wallet you will be able to get a Bitcoin address from your wallet. There are, but these are the ones we recommend if you are just starting out: • – Secure Bitcoin hardware wallet for all platforms. • – Simple Bitcoin wallet that works on Mac, Windows, and Linux. • – The most popular Bitcoin wallet on Android. • – The most popular Bitcoin wallet for iOS. If you expect to earn a lot of money through mining then it would be smart to purchase a more secure wallet: a hardware wallet.Now that we understand mining software and how it helps in the mining process, and you got your Bitcoin wallet and address, let’s look at different software on different operating systems. Bitcoin Mining Software for Windows Bitcoin Miner You can use on Windows 10 and Windows 8.1. It has an easy to use interface, power saving mode, mining pool support and fast share submission. One useful feature is the profit reports feature because this feature will help you know if your mining is profitable or not. The latest version of this software is Bitcoin Miner 1.27.0. BTCMiner is an Open Source Bitcoin Miner for ZTEX USB-FPGA modules 1.5. BTCMiner comes with the following features: • Dynamic frequency scaling in that BTCMiner automatically chooses the frequency with the highest rate of valid hashes • Ready-to-use Bitstream i.e. No Xilinx software or license required. It also comes with supported FPGA boards which contain a USB interface used for communication and programming. CGMiner is arguably the most famous and commonly used among Bitcoin miners at the moment. CGMiner is based on the original code of CPU Miner. This software has many features but the main ones include: • fan speed control • remote interface capabilities • self-detection of new blocks with a mini database • multi GPU support • CPU mining support BFGMiner is more or less the same as CGMiner. The only major difference is that it doesn’t focus on GPUs like CGMiner but instead it is designed specifically for ASICs. Some unique features of BFGMiner include: mining with free mesa/LLVM OpenCL, ADL device reordering by PCI bus ID, integrated overclocking and fan control. EasyMiner is GUI based and it acts as a convenient wrapper for CGMiner and BFGMiner software. This software supports the getwork mining protocol as well as stratum mining protocol. It can also be used for both solo and pooled mining. Among its main features is that it configures your miner and provides performance graphs for easy visualization of your mining activity. Bitcoin Mining Software for Linux CGMiner is arguably the most famous and commonly used among Bitcoin miners at the moment. CGMiner is based on the original code of CPU Miner. This software has many features but the main ones include: fan speed control, remote interface capabilities, self-detection of new blocks with a mini database, multi GPU support and CPU mining support. BFGMiner is more or less the same as CGMiner. The only major difference is that it doesn’t focus on GPUs like CGMiner but instead it is designed specifically for ASICs. Some unique features of BFGMiner include: mining with free mesa/LLVM OpenCL, ADL device reordering by PCI bus ID, integrated overclocking and fan control. EasyMiner is a GUI based software and it acts as a convenient wrapper for CGMiner and BFGMiner software. This software supports the getwork mining protocol as well as stratum mining protocol. It can also be used for both solo and pooled mining. Among its main features is that it configures your miner and provides performance graphs for easy visualization of your mining activity. Bitcoin Mining Software for Mac OS X RPC Miner can be used on Mac OS 10.6 or higher and features integration with Mac OS APIs and systems. More All of the mining software above listed for Linux and Windows also works for Mac OS X. Scroll up to learn more! Cash Out your Coins Once you have this setup and are mining, you may need to cash out some of your coins in order to pay off your expenses such as electricity. For this you can use to find a Bitcoin exchange in your country.
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