Once The Merge happens, we will see huge amounts of hashpower leave the Ethereum network and enter various altcoin networks. It is expected that the profitability on major coins will fluctuate a lot and, therefore, be very competitive across projects. In one moment of the day, miners might be earning more mining Ravencoin, while in the next hour Ergo or Flux might be more profitable. You need to be constantly looking at the market changes, switching pools, trading coins and having headaches.
Here is where NiceHash Miner really shines! The chart above shows how often an ideal RTX switches to a more profitable algorithm in a 24h period. Each vertical line represents an algorithm switch. NiceHash Miner will benchmark each one of your GPUs and automatically switch to the most profitable algorithm for your devices. You will also always get paid in Bitcoin, regardless of the algorithm you are mining. This will be exceptionally good, as you will not need to care about having multiple wallets and holding or trading multiple coins.
This will save you a lot of time and money in transaction and exchange fees! The other great thing about mining at NiceHash is that you will much more easily achieve the minimum payout amount than on regular pools, especially if you are switching coins all the time. Pay Per Last N Shares only rewards the miners that submitted valid work on the last N number of shares.
This N number of shares is determined by the pool and as miners submit new valid shares, older ones will be removed from the queue. If your submitted shares are no longer part of this queue of N shares, you will not get any rewards. Linkedin Slovenia-based cryptocurrency-mining marketplace NiceHash confirmed that its website was breached and payment system compromised, with the contents stored in its Bitcoin wallet stolen. NiceHash posted a statement on its website addressing the incident.
We are currently investigating the nature of the incident and, as a result, we are stopping all operations for the next 24 hours. This presents opportunities for miners, poolers, and investors alike, given cryptocurrency's increasing adoption among businesses and public organizations. Unfortunately, the increasing popularity and value of cryptocurrencies like Bitcoin also make them profitable targets for cybercriminals, as exemplified by the surge of cryptocurrency-mining malware.
One even used EternalBlue to propagate filelessly. More recently, the Quant Trojan was reportedly updated to be able to steal cryptocurrency wallet credentials.
If you've read our best mining GPUs and want to see what all the fuss is about, we've got the details on the most popular ways of mining with your PC. Besides the actual hardware for mining — which basically means having one of the best graphics cards — you'll need to decide on the software you want to run, and how you want to get paid. There are three primary approaches to mining, and we'll cover these in order of ease of getting started.
Before we continue, let's be clear: We're all about providing information, both good and bad. There are GPU shortages, other PC component shortages, GPU prices are in the stratosphere, and clearly there are a bunch of people who think mining is awesome. This has all happened before, and we've seen how it ends — or at least where it goes temporarily. At the same time, putting all the money straight into buying cryptocurrencies would have gotten similar results with a lot less hassle.
But what if you're trying to do the same thing right now? It will cost more, profits will be lower or not even materialize for potentially years, if ever , and there are loads of other concerns that we'll get into. Image credit: Ycharts Case in point: Just look at the past three years. We originally posted this article with data taken from before February 16, Since that time, we've seen record prices for Bitcoin and Ethereum come and go, multiple times.
The difficulty of mining has steadily increased, and potential profits have trended downward over time. Longer-term stability tends to be at lower profit levels than what we saw in early Eventually, the difficulty of finding a block increases, or the price drops, either of which will drop the rate of return, and miners stop putting lots of money into scooping up GPUs. Ethereum also has plans to shift to proof-of-stake no more mining in the first half of , however, so GPU miners may soon have to look elsewhere.
That brings us back to the matter at hand. Lots of people still want to know about mining, how it works, and how much they can earn doing it. We'll answer those questions as best we're able, and bring up other concerns and related information that you might not have considered.
Hopefully, by the end of it all, you'll be better informed. Prior to NiceHash, getting started with coin mining was more complicated — as we'll detail below. NiceHash has greatly lowered the barrier to entry, and it gets rid of some of the worries about what coin s to mine.
You effectively lease your PC's hashing power to other users, who get to choose what to mine, and you get paid in Bitcoin. NiceHash takes a small cut of the potential profits, and your PC can be up and mining in minutes. Note: There are some alternatives to NiceHash, but generally speaking they function on similar principles.
Some just mine the "most profitable" coin at any given time, and you keep those coins or fractions of a coin. If a coin ends up becoming popular and shoots up in value, you could score big, but it can also go the other way and you end up with a bunch of worthless crypto.
We're not going to walk through every step of the process, as NiceHash already has multiple tutorials. The short summary is that you need to register with the service, and you should have your own Bitcoin wallet somewhere e. Your BTC will accumulate on NiceHash, and you can transfer it out whenever you like — which is a good idea since you never know if or when another successful hack might occur.
Image credit: Tom's Hardware NiceHash has several options, ranging in degree of complexity. The easiest is to use the new QuickMiner , which is a web interface to a basic mining solution. You download the QuickMiner software, run that, and the webpage allows you to start and stop mining — you don't even need to put in your BTC address. It's dead simple, though the numbers can fluctuate quite a bit. Except, after letting both versions run for a bit, QuickMiner seemed to stabilize at the same performance level as NiceHashMiner.
Next up is NiceHash Miner , which is what most people will want to use. It's more complex in some ways than QuickMiner, but it has more options that can improve overall profitability. By default, it will ask you to log in using your NiceHash account details. Image 1 of 3 Image credit: Tom's Hardware Image credit: Tom's Hardware Once launched, the first time it runs, NiceHash Miner will benchmark your hardware using various common mining hashing algorithms.
Which algorithms and software get tested varies a bit by your GPU, and you can customize things quite a bit. Right now, DaggerHashimoto aka, Ethash, what Ethereum uses — a modified variant of DaggerHashimoto tends to be the most profitable, though sometimes Octopus, Kawpow, or some other algorithm might climb to the top. The idea is that NiceHash Miner will choose whatever is currently the most profitable coin to mine, based on what people are willing to pay to rent your hardware.
Sometimes a new coin will launch, or someone will want to dedicate a lot of mining power at a specific coin, and they'll pay more to do so. The initial benchmarks on NiceHash Miner can be a bit prone to error, unfortunately. That's because the tests are only run for a minute each, and as your GPU heats up it may also slow down.
That means the first algorithm benchmarked often ends up with an inflated result. You can get a better estimate of performance by using the Precise mode on the benchmark tab , which takes twice as long to benchmark. You can also schedule an algorithm for retesting if you think the result is off, and by default it can be turned off NiceHashMiner will periodically download new versions of the miners and automatically retest.
This is a custom Linux installation that would run in place of Windows, and it's recommended for larger scale mining farms that use NiceHash. As with all things Linux, getting it up and running may require a bit more knowledge and patience, but because it's an OS tuned specifically for mining, hash rates can be higher.
We didn't do any of our testing with NiceHash OS, due to time constraints. There are two big downsides to mining via NiceHash. One is that you're not actually getting Ethereum — not directly, at least. You'll get paid in Bitcoin, which you can then trade for Ethereum if you want. That's not necessarily a bad thing, considering BTC is the largest of cryptocoins, but if you want ETH you'll need to take some extra steps. The other downside is that NiceHash takes a cut of the amount paid, and the net result is generally lower payouts than mining Ethereum yourself.
How big is the difference? That's a pretty big mining fee, though again the ease of use with NiceHash is hard to overstate. How to Mine with a Mining Pool Image credit: Tom's Hardware Transitioning over to a mining pool instead of NiceHash opens up more opportunities, to both software and method of payment. The first choice is what mining pool to use. Generally speaking, you'll get more stable income by going with the largest pool, but there are various reasons for not doing that.
Most of those reasons are altruistic, like not wanting any one pool to control too much of the total network hash rate, so our advice is to go with a larger pool. Google is your friend. After choosing a pool, you'll need to set up your account, choose which mining software you want to run, and then configure your launch settings.
That's simplifying several steps, all of which can vary quite a bit depending on which pool you use. Free pools tend to be less reliable, since it costs money to run the servers and infrastructure for a pool, so it's often better to pay a small fee rather than deal with the potential downtimes. Also pay attention to the payout scheme and payout requirements for the pool. Most pay out your Ethereum daily, provided you've hit minimum quotas, but some of those quotas are pretty high.
For example, Ethermine. It also pays out weekly if you hit at least 0. The payout schemes meanwhile are designed to discourage pool hopping i. One big difference between NiceHash and your typical mining pool is that you need a separate Ethereum wallet to store your coins — you really don't want to just leave the coins with the pool indefinitely. While it's technically possible to have your coins transferred to somewhere like Coinbase, it's generally best not to have mining pool payouts go directly to a trading platform.
We recommend setting up an online wallet, through a service like MyEtherWallet , and use that address for your pool payouts. PSA: Don't use the same password on any sites related to cryptocurrency mining. Create a unique password on each one consider using LastPass or a similar product , and if you're planning to hold onto the coins for the long haul, get them into your own wallet. Once everything is in place, you can finally launch your miner.
A lot of the miners have sample configurations for popular pools that you can edit, and the pool itself will have configuration details on how to connect. So as an example, launching T-rex mining with Ethermine looks like this: t-rex. Most modern miners accept a similar syntax, so tweaking the mining command isn't too complicated.
Here's the catch: NiceHashMiner has a bunch of extra features to allow remote monitoring, notifications if a miner goes offline, ability to run a script if something appears wrong, etc. Doing all of that with pool mining requires more time and effort, which is why a lot of people are willing to take a bit less in the way of coins. No, seriously, it's not worth the hassle and you almost certainly won't actually get any coins — at least not with Ethereum or Bitcoin.
Statistically, your chances of solving a block are equal to your percentage of the total hash rate of the network. The proof of stake transition makes any such talk completely irrelevant. In practice, the mining pools have a much higher chance of solving and getting credited with a block. How much is a single block worth?
There's a static block reward of 2 ETH right now, plus transaction fees that currently average around 2 ETH, plus some 'uncle' rewards that are relatively small by comparison. Basically, 3. For all but the most dedicated of mining operations, the steady payouts that come from joining a mining pool are a far safer approach. But let's say you still want to try solo mining. What do you need to do? First, you have to set up an Ethereum wallet and download the Ethereum blockchain.
Even after pruning a bunch of extra data that you don't need, it's still typically around GB in size, and downloading can take quite a while. Once your wallet is synced up, you can point your own mining rigs at your local node, which is mostly the same as configuring miners for a mining pool except now you're using your own pool.
You're now flying solo. Even with a lot of high-end GPUs, you likely won't mine any Ethereum before proof of work mining ends. The theoretical benefit to solo mining is that you get the whole block reward plus fees, with no percentage going to the pool.
The downside is that without a massive farm, you'll very likely end up getting nothing. There are however mining pools that operate on a 'solo' mining approach. Basically, the whole pool works together to find a block solution, which means it's more likely to get incorporated as the 'winning' block, but only the participant mining address with the highest contributions to date since the last credited block gets the reward.
This is much easier to use than pure solo mining, but without a decent amount of hashing power it will take quite some time to reach the point where you get the rewards from mining a block. Historical Ethereum Pricing, Difficulty, and Profits Image credit: Shutterstock That covers how to get started, but we're far from done.
With the above information, you can now fire up your PC and begin mining. That's the good news. The bad news is that actual long-term profitability is far less clear cut. The real difficulty is predicting where cryptocurrency will go next. Both Bitcoin and Ethereum are down significantly from their highest ever valuations, but there's still a lot of up and down movement. Maybe it will bounce back, maybe it was a bubble. You will then be able to enter the amount you want to be paid out in BTC.
NiceHash is a great way to earn Bitcoin, and by changing your payout setting, you can ensure that you are getting the most out of your mining efforts! You can also change yourNicehash password and email preferences from this page. Some miners are also worried that the change in payout could lead to a decrease in their earnings. The potential implications of this change are The potential implications of this change are interesting and could have a large impact on the mining community.
First, it could simply be a change in how NiceHash pays its users for their hashing power. If NiceHash does indeed shift to becoming a platform where users can only buy hashing power, it would have a major impact on the mining community. This change would likely lead to an increase in the price of hashing power, as demand would outstrip supply.
So we studied transaction fees and operation speed of popular coins. Nano ticker: NANO turned out to be the most suitable cryptocurrency. What is this coin? At the time of writing, Nano ranks th among all cryptocurrencies by market cap. Nano is traded on many cryptocurrency exchanges. Once the pool pays you, you can exchange Nano at any time for any cryptocurrency even Ethereum.
In the end, you will have even more Ethereum this way than by getting paid in Ethereum directly. Pool payouts in Nano cost you nothing. That is why we came up with another solution: payouts in Bitcoin. What can be better? Free Payouts in Nano for Ethereum miners Now you can get payouts in the Ethereum pool for free every day even if you have only one graphics card. Also, Nicehash and other mining rental platforms are supported.
How does it work? We currently use such cryptocurrency exchanges as Kraken and Binance. Cryptocurrencies are always exchanged at market price. Say, your payout threshold is 0. You accumulate 0. The pool sends your 0. As a result, you get the equivalent of 0. Say, you earn 0. We know that many users mine directly to an exchange.
Exchanges often have a deposit threshold. For example, a minimum deposit on Kraken is 0. That is why we set a threshold for payouts in NANO in the pool: the equivalent of 0. Even the weakest GPU that mines Ethereum can accumulate the required minimum in one day. The best wallet is Natrium. The best exchanges are Binance, Kraken, and KuCoin.
A sample bat file for mining with Gminer miner. Your address is also shown on the list of all pool miners along with regular ETH addresses. You can set a payout threshold on your Stats page. NANO transactions are free, so you can get paid as often as you like without any losses. Payouts are not instant. Considering that your ETH must be transferred to an exchange, exchanged, and then transferred back, the whole process usually takes no more than two hours allowing for small delays.
We plan to process the payouts more than once a day in the future. The whole process is completely transparent. After the pool issues a payout and even during the payout process , you can monitor the operation status of an exchange system, check an exchange rate, and track your money from the moment ETH is sent to the exchange to the moment you get NANO.
We made Bitcoin mining on GPU a reality. Once the payout threshold set by a miner is reached, the pool automatically exchanges ETH earned by the miner for BTC. For example bc1qrlpjqp2vvaan0ferh44z7tsevqzkcxrugm9g5n. You can set a payout threshold on your Statistics page. It is always set in ETH. You can choose any amount from 0.
The whole process usually takes no more than two hours allowing for small delays like waiting for exchanged BTC withdrawn from an exchange. Fees When miners get payouts from our payment gateway, they pay only a part of the transaction fee in the Bitcoin network. No monthly subscription of fees for using NiceHash OS.
NiceHash OS is free to use! Please follow our social media pages and blog for updates regarding NHOS development. I am using 3rd party miner or 3rd party mining OS. If you are using third-party miners and paid mining OSes, we instead suggest directing your hashing power to NiceHash. You can generate a stratum URL a.
Read a guide here. Note that you will still need to change the miner config or flight sheets manually, but you will get these benefits when mining to NiceHash: You will always get paid in the same currency and eliminate the unnecessary hustle of exchanging the currencies for a preferred one. You will not get punished for pool hoping and thus decreasing profits - Pools can punish miners that disconnect from a pool often.
You will not be left with "dust" on the pools because you might not reach the minimum payout threshold - NiceHash pays out every 4 hours if at least 0.
Oct 11, · Miners at NiceHash get paid in Bitcoins because buyers place orders in Bitcoins. This is a direct transfer from the buyer to the seller (miner). Here is a very simple animation of . Oct 11, · The minimum payout in Ethereum is ETH (~$36), Bitcoin is ETH (~$18) and in Nano – ETH (~$). Payouts in ETH are issued within two hours after . Apr 26, · By default, NiceHash pays out in BTC, but you can also choose to be paid out in other currencies such as EUR or USD. Change the amount you get paid out by clicking on the .