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How NiceHash can be useful and profitable for your mining activities
NiceHash is the biggest marketplace in the sector of cryptocurrency mining. The crypto-mining marketplace counts up to 600 000 daily workers, more than 250 000 daily users and more than 2 millions of orders since their creation in 2014. You will understand that Nicehash is very used and can be useful for you who is reading this article.
In this article :
Reasons why NiceHash can be useful for you
It is an excellent starting point if you want to start discover cryptocurrency mining
If you are a beginner in the fabulous world of cryptocurrency mining, it can be hard to invest directly on mining RIG. Indeed, a mining RIG costs a lot of money and can be more expensive if you put 4, 5 or 6 GPU cards on the machine.
That is why NiceHash can be useful for beginners because it’s possible to simply rent hash power and to try It out and receive your first cryptocurrency mining earnings without a huge first investment.Mining without hardware is a great way to get a glimpse of how mining works, and help you learn more about mining concepts such as profitability, mining algorithm, dashboard monitoring, etc.
NiceHash is therefore the best solution to try cryptocurrency mining when you have not yet mining hardware.
You don’t pay any power cost
If you are a cryptocurrency miner, you know that your mining RIG consumes a lot of electricity. Electricity consumption is one of the biggest cost sources in mining and depends on your location, especially in Europe, it can be really expensive.
That is why NiceHash is so convenient, because as you’re only renting the hash power of other mining rigs, you’re not affected by the rates of electricity costs – what you pay is what you get.
You can have extra hash power for more profitability
In the case you’re already a miner with rigs connected and currently mining, NiceHash can also be an efficient tool in periods where mining is very profitable, and can be used to add hash power and take advantage of the current profitability. Thus, you can earn more and get a boost in profitability without investing in new GPUs for your mining rig.
When is the right time to create an order on Nicehash
When using NiceHash, you must make sure you’re making an order at the best moment possible, but it can be complicated to know when is the right time and how to know it. In order to make a profitable order, and avoid losing money – I’m sure that you want to avoid that, right ? – you may want to take a look at Whattomine before making any order and calculate your potential profitability in cloud mining.. To calculate your cloud mining profitability to make an order, you have to go on Whattomine.
Whattomine is an excellent tool which can calculate hardware and cloud mining profitability. It can also give you hash power for some graphic cards. First, choose the algorithm you want to use for your cloud mining and the coin, for example. Then go to the Coin section and select the cryptocurrency you choose. Enter the hashrate you want.
Ethereum & Ethereum Classic
1 TH/s = 1 000 000 MH/s
1 GH/s = 1 000 MH/s
1 MSol/s = 1 000 000 Sol/s
1 KSol/s = 1 000 Sol/s
After that, put zero on power, cost and hardware cost. You also have to set the pool fee.
On Ethereum = 1%
On Ethereum Classic = 1%
On Beam = 1%
Press Calculate and check the daily revenue. Finally, look at the price/power/day for adjusting your profitability if you are on a standard order and put the amount you want to be profitable with the result of the daily revenue. If you put more amount that can you earn with the daily revenue, you will not be profitable.
Last advice for using Nicehash
First, always be aware of the profitability of the cryptocurrency you’re interested in. For instance, you could make profits with a particular algorithm on one day, but lose money on the next day, so always be careful of that. You have to read news and monitor prices before making any moves.
Second, always think twice about what you are investing in – are you trying to catch up on the hype of a crypto without knowing anything about it, just because you saw a tweet or something like that ? Do your own research on every crypto you want to mine – these are investments, it’s not a lottery.
Third, be patient and use NiceHash in an intelligent manner. If you’re affect by FOMO (fear of missing out) and try to follow a rally of a coin without thinking you might lose some money in the process – always make sure you’re making an order with a rational mindset.
Last, make sure you understand how the mining pool you’re connected to is working: what is their payment scheme, fees, coins available etc. On Cruxpool, we provide all the information required on the homepage but if you want confirmation or help please feel free to contact us. You can contact us on Twitter, Facebook, Discord or even on our live chat available on the bottom right corner of our website’s homepage.
Start trying Nicehash with Cruxpool
If you want to see more about NiceHash, we have made a video which introduces to you this mining marketplace.
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Eric - Marketing & Growth
I’m in charge of Marketing at Cruxpool and of course it includes writing for this blog about cryptocurrencies. I also love the NFL and Fantasy Football