My First rig up and running


#110

I saw the same for RVN and had to turn off the miner.

I use monthly averages only and track expenses month-to-month. Any longer than 30 days and there is no telling what the profit will be.


#111

Thats kind of what I am getting at if you are not cashing out then it does no good to swap between coins because your profit is determined by what you sell the coins you mined for. It doesn’t matter what they are at the end of the month or from hour to hour. Unless you are selling then you are not seeing any profit.


#112

but it is nice when possible to cash in for btc at the end of the month. as long as I’m selling for more than my electric bill. lol.


#113

I agree 100% thats why I use NiceHash. It limits book keeping for taxes and gives me the coin I am after. Out of the mineable coins BTC is all I am after other than a bit of speculation on Raven. I switch a rig over to raven two days out of the week or when I see the NetHash drop significantly.


#114

I don’t use nicehash. I’m on smos. so what i mine I have to trade my self. it’s not a problem for me. so I’ve got to calculate power usage to coin value. if they don’t align then I have to move to a new algo for my farm. and since I do my own booking Im not worried about tracking for taxes. thats what nicehash does for you for a price of the pool fee. I make a little more doing it my self. little more risk and work for a possible better roi.


#115

Nicehash is not an OS. Its like miningpool.hub.

Stating that you make a little more by doing it yourself is a misnomer. Time is a currency and it is the only one that you cannot get more of. So you really need to evaluate that time spent vs the “loss” by using nicehash. I use SMOS also just point my rigs at a NiceHash pool. You also have to take into account the tax loss by mining one coin and then trading it for others. These are some things that many new miners do not account for in their calculations. I value my time so highly that it is a loss for me to do this it is also why I do not mess with windows on my rigs anymore it just ties up too much of my time fiddling with it.

Just some things to think about. When you say you do your own booking how does this relate to you not having to worry about tracking for taxes?


#116

Mining to Nicehash appears to have a common misconception I see on many threads, a lot of people appear to think that you need to use the Windows based Nicehash Miner (Excavator) software to mine on Nicehash.

@Nekko, maybe we can start a new thread on tips to mine to Nicehash using SMOS. Showing how to set up mining groups, miners, mining options/syntax and overclocking guidance. I will put something together later today.


#117

with me tracking everything I have the tax part covered and my wife is learning the tax codes with this. I’m not worried because I’m pro active on this. I’m a start up business and I’ve got a lot to lose if I mess up. so I record selling trading and buying. the better I do this the easier it is later.

and I know Nicehash isn’t an os lol. I just like doing things my-self. call me stubborn. but you still get charged the same as what im doing with trading btc my self. nicehash does multiple coins and pays in btc. I’ve got my brother starting nicehash just to see if after a month who makes more btc. hash war lol. Just and experiment on our end…


#118

I know you can mine nicehash from smos. I just don’t see the point on letting a third party to chose what to mine for profit for them. just to get a little btc. I know its easy to use but i feel I make more if I’m more in control. but thats why Im having my bro try it and see if the profits are the same.


#119

It’s all cool, no worries. I also prefer to mine my favorite coins from other pools, mostly ZCash and Ethereum Classic. Zcash gets sold while those Classic Vitaliks get HODL’d. Nicehash is always a decent option, fees etc aren’t really that high.


#120

woohoo!!! just got another gpu. now at 21 !!!:grinning: :sunglasses:


#121

I’ve been doing ETC now partially cause I think it’ll have a nice spike when Coinbase lists it - probably should have a 50% spike sell order ready on binance with the profits


#122

Yea that’s what I’m betting on too. and it uses way less power than btcp too. so for me it was a good over all move.


#123

Nice Rig, I mine also but my rig isn’t as nice as yours, so i won’t even show it off. I use it to support the ETC network. I love seeing people mining to support decentralization. keep it up.


#124

The profits will be slightly different but you need to take into account your losses during transfering between coins.
These include the following for most
Lets say you are mining BTCP but want BTC so you can cash out as you state you are running a business and need to pay the bills.
Transfer fee of BTCP to Exchange
Trade fee of BTCP to BTC
Capital gains tax for the trade
Transfer fee of BTC to an exchange to cash out to FIAT

NiceHash is normally only a few cents behind mining the coin outright in profitability. Lastly NiceHash doesn’t determine where your hash power goes. The buyers of your hashpower determine what pools to mine at. Nicehash is just a nice connection point between buyer and sellers. Think of them as Craigslist lol also check out this post I did where I broke down some of these numbers.


#125

yea that’s another reason I’m mining etc now too. low fees and I do use etc to pay for somethings. and the pool I’m in give back the mining fee after a 2 weeks. so compared to the btcp i was doing this is better for me. and with the bills i do have for the operation it makes what i trad or sell be for no gains or a loss. and I hold the rest. if I triad for btc then I’ve just got to record it for gains or losses. but for now I hodl that shit lol. I have a rental spot for my rigs so they are not all at home now. and im getting more equipment now to grow to a bigger level. and not that I say nicehash is not bad and I know I’m new to all of this still. I like to support the net works I think are good and do it my self lol. I’ve looked into nicehash but for me it just wasn’t interesting and there not the only ones doing that service. Now I’ve only been in 2 pools. so what do I know lol. but I do like the info you give ty :grinning:


#126

Who else do you know that is doing the same thing as NiceHash?

Miningpoolhub is completely different so if you are talking about algo switching that is a completely different thing than NiceHash from a core function and they also possibly bring in more taxable events.


#127

mining rig rentals is like nicehash. and it to works on smos.

And im not a algo hopper lol. I just like to be controlling what i mine and like to support what I think are good projects. eth and etc I do like. and makes less heat that I have to deal with when out side is 90f. but I hodl what I mine right now except expense. but I like that etc lol. thats just me lol


#128

I agree with you supporting the networks you like. Completely understand that and think it is great. I was just trying to understand what other programs are matching NiceHash’s model and just used the algo swapper as an example.


#129

that makes sence. for sure. :sunglasses: