NiceHash Hashpower Marketplace Mining Power without HW - Quick Guide

This is a short Guide for creating Cryptocurrency with rented Hashing power from NiceHash.

Note: this is not a CloudMining Scam, this is mining with Real HW from other Cryptominers.

Example:

So this is the basis of this Experiment:

> I Rented some Hashing power and Mined with this Power in an Open Pool to get shares of ETH Block Reward.   

Requirements / What's needed:

• Account at https://www.nicehash.com/
• an ETH wallet (brave Browser comes with one)
• 0,005 BTC ( ~53 EUR) Capital (can be earned via CoinBase Earn or just buy it on a Crypto Exchange )

   

  Setup Process  

1. Create an account at https://www.nicehash.com/
2. transfer the 0,005 BTC to your Nice Hash BTC address (note: if you transfer less you will have to pay a transfer fee)
3. Create a Mining Pool on Nice Hash (example Nanopool ETH no registration required)

    

Username will be ./

Password is x ( which is defaulted by the pool)  

After this, you can Create a Hashing Order in the Market place.

I went with the default Standard order after the creation your order will show like this in your "My Orders"

You can also use a Fixed Order which will run more constantly, but then you won't be able to change the price.

From Order Page, you can add more BTC or change the BTC/TH/DAY Price ( the amount your willing to pay for Hashing Power) and with the TH Limit, you can cap/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 about the Standard order is that its flexible and the price can be adjusted when the market changes,  so it's been worked on, but keep an on your operating cost, as there is no sense in overpaying for Hashing if you can't make a return out of the created Currency.

after I created the Order and let it run for a while and while looking at the Pools statistics, it turned out that My NiceHash miner performed at 10 kH Power at nano pool for about 2,5h which was enough to get the 0,0517 ETH Payout which equals to around one-month hashing with my gaming-rig.

      Calculation: 2.5h Hashing @ around 9,8 TH at the pool Spend 0,00127049 BTC for the Hashing at 0.01 TH and I gained 0.0517 ETH within around 2,5h of hashing.  

In conclusion, this does not look like a Money Machine, but it can still bear profits if done correctly by knowing your Cost and selling at specific Prices.

Update: So I finished the order, so the whole 0,005 BTC (53.53EUR) where spend, and the total yield in ETH is 0,2465 (76.72 EUR) however 0,0346 of it is still stuck as id did not make it to the minimum Payout of 0,05 ETH so 23.19 with almost 0 effort besides of investing 53.53 EUR and waiting for 2 days.    

Update 2: I noticed some Marked movements over time where people playing with Push Orders. So they unleashed(removed) the MaxCap to get most of the Total avail speed to one Order by paying the most BTC/TH/DAY Price, and as soon most of the Markets Miners are working on the Order, then they added again a low MaxCap of 0.01 which then will move the Miners again to the Other Orders, however during that short time they dominated the Hashing pool which gives a good chance of getting lots of Shares of a Potential Rewarded block of a Pool.

Key Takeaways:  

• Yes, renting Hashing power can generate Profit
• don?t set the price too low as the orders might not be worked on
• don?t be too generous - do not overspend on Hashing power as it will make it harder to get a return
• don?t be impatient - longer continuously running orders usually provide more yield on PPS Pools
• Push Orders can provide short Profit on pools which only count the latest hashes for the reward if a block was rewarded as nanopool does

  Thanks for reading, and Check out my other topics!