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Insane Nicehash Payout Target (for External Wallets)

hat

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#1


Mining profitability is currently pretty good. With 2 1070s and my i5 2400 going, I'm currently looking at $11.76/day. Since nicehash came back I've racked up $121.92 (lots of time off recently so my rig hasn't been going full blast much)... but it currently looks like I'll have to wait all the way until late May (if I never give my rig a break, no games, nothing) to get a payment. This only appears to affect users who mine directly to "external" wallets (that is, something like Coinbase). If you mine directly into your Nicehash wallet you can get paid far more frequently, and then transfer out from there to wherever on your own.

Evidently they're also considering altcoin payments which might work out better for most users than Bitcoin payments (Litecoin anyone?). This crazy target of .1 BTC for direct external wallet payments may also change in the future...
 
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#2
if you mine to their internal wallet you can then transfer to coinbase for free.. they have some kind of deal going.. its getting hard for small miners who want their dosh quickly..

i am not using them as yet.. but if they give me back the 1/3 bitcoin they owe me i probably will go back to using them..

trog
 
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#3


Mining profitability is currently pretty good. With 2 1070s and my i5 2400 going, I'm currently looking at $11.76/day. Since nicehash came back I've racked up $121.92 (lots of time off recently so my rig hasn't been going full blast much)... but it currently looks like I'll have to wait all the way until late May (if I never give my rig a break, no games, nothing) to get a payment. This only appears to affect users who mine directly to "external" wallets (that is, something like Coinbase). If you mine directly into your Nicehash wallet you can get paid far more frequently, and then transfer out from there to wherever on your own.

Evidently they're also considering altcoin payments which might work out better for most users than Bitcoin payments (Litecoin anyone?). This crazy target of .1 BTC for direct external wallet payments may also change in the future...
I saw this but didn't actually see it ie until reading your post i had not clicked , ive 8x1060s looking at a march 4th 1600Usd payout , the money is ok but that wait time isn't, and once you start your signed up till payout gits , can't even swap to internal wallet mid point ,damn I can see how they intend to pay back now , at least it's clear how they could.
Thanks for the heads-up im glad rig twos still on nanopools now though.
 

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#4
Yeah you can switch to nicehash wallet but then you basically give up on what you got so far...
 
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#5
Yeah you can switch to nicehash wallet but then you basically give up on what you got so far...
the real problem is bitcoin fees are so high.. it dosnt fit in with moving small amounts about.. they say they are setting thing up to pay out in other coins but i think that is gonna take some time..

if you dont have too much at stake it might be best to cut your losses and move to their wallet..

trog
 
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#6
You might want to look at miningpoolhub. It's a little more complicated to set up, but doesn't have silly payout thresholds.
 
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#7
Wait, I thought Nicehash was hacked a while ago. Is it still safe to mine with their miner?
 

hat

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#8
Wait, I thought Nicehash was hacked a while ago. Is it still safe to mine with their miner?
Not sure honestly... I feel like everyone using nicehash right now is taking (and giving) a chance... Never know when/if the same shit might happen, here or elsewhere.
 
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#9
Yeah... it doesn't look good. At least 4 decently probable explanations:
0. Algorithm error. :)
1. Good: they're building up capital to improve the balance sheet (maybe to get the credit for missing 70mln)
2. Not good: they're investing the unpaid mining coins (e.g. to earn those 70 mln), but that would mean a lot of market risk (since they'd have to convert it to money, invest and buy back BTC).
3. Really bad: this is how - and I'm not implying anything (as it would mean pretty much accusing of a crime) - a pyramid scheme would look like...
 
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#10
I'd never use nicehash. Then again, I've always directmined a coin and exchanged by hand when I mined.

Profitability is high now though, no algorithm error about that.
 
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#11
i am currently getting $45 per day mining eth on nanopool.. nicehash was showing $55 per day when i ran it earlier today.. a pretty good return however you look at it..

i am going to have a go at zcash tomorrow.. just to see how much per day that makes on nanopool..

i am not over keen on being paid out in bitcoin which is why i am not on nicehash..

trog
 
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#12
Wait. So I am assuming you can cash out daily? How much hassle is it for cashing out?
 
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#13
nanopool eth has a minimum payout of .2 eth.. currently in my case this is around five days or $300 with 10 x 1070 cards running..

trog
 
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#14
Wait. So I am assuming you can cash out daily? How much hassle is it for cashing out?
You'll need a coinbase account to cash out, which is about as much hassle as a paypal (or was, when I set it up).
 

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#15
Yeah... it doesn't look good. At least 4 decently probable explanations:
0. Algorithm error. :)
1. Good: they're building up capital to improve the balance sheet (maybe to get the credit for missing 70mln)
2. Not good: they're investing the unpaid mining coins (e.g. to earn those 70 mln), but that would mean a lot of market risk (since they'd have to convert it to money, invest and buy back BTC).
3. Really bad: this is how - and I'm not implying anything (as it would mean pretty much accusing of a crime) - a pyramid scheme would look like...
Who knows. As I said they don't have this insane target for their internal Nicehash wallets, which you can withdraw from just as easily as anything else. It's for directly mining into external wallets (like Coinbase) only. I think the target of .1 BTC is way too high though... BTC doesn't come easy anymore, maybe when it was still worth only $3000 it would be okay... but not when they're literally 5x harder to get now.

Some quick math tells me I would need to expand my mining farm 5 fold just to get paid once a month at this rate. It would be good money, but how I'm gonna get 8 more 1070s and a way to run them all? Short answer: I'm not.
 
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#16
$30 a day?? I can use some quick cash!
 
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#17
Now that's impressive. No wonder getting a Vega 64 is near impossible unless you're willing to shell out $1k +/- on eBay.

Of course that payout is based on the future price in May. But... at the moment, there doesn't seem to be any slowdown BC or ET, contrary to what I thought 6 months ago.
 

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#18
I would pay out every other week. Doesn't seem that crazy to me.
 

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#19

cdawall

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#20
I don't have nearly as much hardware as you do. Many of us are in the same boat.
So don't mine nicehash. They said originally it would be at higher withdrawal amounts.
 
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#21
I am just passing on an update , my 8x1060 rig mining nicehash this last week did say a payout of 1600usd on 3rd of march, im uk but for relevance ill leave it as Usd, but it payed out to coinbase automatically at 0.01btc not 0.1btc as it implied it would ,im ok with that.
Following on from your chat earlier cdawall i thought it better to mine the most profitable and then use this balance to speculate?.
Have you found a coin that's more worthwhile for Nvidia cards to mine as i know your more an Nv miner atm?.
 

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#22
I am just passing on an update , my 8x1060 rig mining nicehash this last week did say a payout of 1600usd on 3rd of march, im uk but for relevance ill leave it as Usd, but it payed out to coinbase automatically at 0.01btc not 0.1btc as it implied it would ,im ok with that.
Following on from your chat earlier cdawall i thought it better to mine the most profitable and then use this balance to speculate?.
Have you found a coin that's more worthwhile for Nvidia cards to mine as i know your more an Nv miner atm?.
That would be much more reasonable. We'll see what happens when I hit .01BTC (that's 10 mBTC)... I'm currently around 8.7.
 
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#23
Who knows. As I said they don't have this insane target for their internal Nicehash wallets, which you can withdraw from just as easily as anything else. It's for directly mining into external wallets (like Coinbase) only. I think the target of .1 BTC is way too high though... BTC doesn't come easy anymore, maybe when it was still worth only $3000 it would be okay... but not when they're literally 5x harder to get now.

Some quick math tells me I would need to expand my mining farm 5 fold just to get paid once a month at this rate. It would be good money, but how I'm gonna get 8 more 1070s and a way to run them all? Short answer: I'm not.
I'll give you all the cards I have that I am not using, just get a much stronger breaker power box.
 
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#24
That would be much more reasonable. We'll see what happens when I hit .01BTC (that's 10 mBTC)... I'm currently around 8.7.
I was considering swapping my eth rig onto it to get it down but that's after i mined an eth , which is a months worth with 8x580 , im not sure which is paying most nicehash or nanopools though atm both are ok, just glad it's not two monthly payments I'll reafirm it again if it pays at 0.1.
 
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#25
they are both about the same.. not a lot in it.. 46-ish dollars a day for me.. 10 x 1070.. just over 300 mhs..

i am staying on eth nanopool at the moment..

trog
 
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