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WestHash, the Fresh US-based Smaller Brother of NiceHash
WestHash is crypto currency cloud mining service just like its big brother NiceHash. It offers users the same functionality to either sell their hashrate or buy hashrate for the supported algorithms such spil Scrypt, SHA256, Scrypt-N, X11, X13, Keccak, X15 or Nist5 spil NiceHash does. WestHash is a geographically separated system, running spil a entire under global NiceHash master system (our review of NiceHash). WestHash does have an independent market, however accounting, payments and everything else is fully integrated into a single system. WestHash brings are more attractive opportunities for hashrate providers spil well spil for hashrate buyers, even however the market is located ter US Westelijk is optimal for hashing power sellers and buyers located ter US, Canada and other near regions. While NiceHash is located te Europe and is optimal for hashing power sellers and buyers located te Europe, Russia and other near regions. This does not mean that you cannot use both services, regardless of your location, te fact if you have already registered on NiceHash you can already use your existing account to buy hashing power on WestHash spil well. The fact that the two websites have separate markets means that you might get good opportunities for either buying or selling hashrate at either of the two services, so you may have better opportunities to make something toegevoegd if you keep an eye on the prices ter both places.
- Ter: General Informatie
- Tags: buying hashrate, cloud mining alternative, mining equipment rent alternative, Nicehash, selling hashrate, westhash
Checking Out the NiceHash Service for Selling and Buying Hashrate
NiceHash is an interesting and relatively fresh service that permits users to sell the hashrate that their mining hardware generates or to buy such to mine a specific coin at a user set pool with one of the supported crypto algorithms. This service however is not a mining equipment leasing or cloud mining from a centralized service provider, it is more like something te inbetween thesis two and the result you get is actually pretty nice spil an alternative to the other two services. Wij have attempted the service for both selling some hashrate ourselves spil well spil buying some to see how are thing and to also get a good idea on how well it operates for both buyers and sellers. Wij are also going to share some useful tips that wij have discovered during our testing of the service, so that you might get a better begin should you determine to check it out yourself.
The very first impression when you open the webstek of NiceHash can be a bit misleading if you are not sure what to expect, so wij do recommend to begin with the FAQ section of the webstek to learn about the service and how it operates te order to get to know how things work. The FAQ section should give you most of the answers you might have, and you should also check the pagina with information about compatible software miners with the service and make sure you are using one of the recommended miners ter order to avoid possible problems. Te brief what NiceHash does for you is act spil a stratum proxy inbetween you and the pool that your hardware is mining at for the ogenblik. So all you have to do is to set the right stratum server for NiceHash ter your miner, depending on the algorithm that the miner uses and just run the miner spil usual with your Bitcoin address spil a username and inject any password. It is spil elementary spil that and you don’t even need to register te order to be able to sell your hashrate, however for buying hashrate you will have to make an account, because you will be depositing Bitcoins that you will use for purchase. Presently NiceHash supports Scrypt, SHA-256, Scrypt-Adaptive-Nfactor and X11 algorithms and you can purchase hahsrate and point it at the pool you want to mine at if you are buying hashrate. All purchases and payments are made te Bitcoins, no other crypto currency is presently supported by the service. So you can say that when selling your hashrate it is almost spil if you are mining te a multipool where regardless of what is being mined you get payed te Bitcoins te the end.
Now, wij have embarked with the buying part where wij have determined to get some X11 hashrate spil DarkCoin is presently thriving, so the rente te X11 hashrate is high at the ogenblik. Wij have began with depositing a puny amount of Bitcoins to our wallet address ter NiceHash and wij quickly got the deposit available spil only two confirmations are required for you to be able to use the deposited Bitcoins for orders. Again, ter order to be able to buy hashrate you will need to register spil the proces is a bit more complicated and can be even a bit confusing the very first time you go through the entire process, but after that it is lighter spil you know what to do and how.
The pagina where you create an order is the hardest to go through the very first time, especially if you toevluchthaven’t familiarized yourself with the way the service operates and checked how things work with the orders. Here you need to select the algorithm you are going to be purchasing hashrate for, then select how much you are going to pay (you need to have the Bitcoins already deposited and confirmed), the ondergrens you cans pend for an order is 1 Bitcoin cent (0.01 BTC). You can select to limit the maximum hashrate you are getting vanaf 2nd, something that is a good idea actually, but wij’ll get back to that ter a uur. And then you also need to set the price you are willing to pay ter Bitcoins vanaf Gigahash vanaf Day, you can find the current rates for the different algorithms on the vuurlijn pagina. Calculating this can be a bit confusing, and you need to be careful and observe how the market price is moving with the presently available orders. Based on your settings you will get an estimation for the total hashrate you will get and the duration you will have the purchased hashrate mine for you. Do note that the service charges 2% toverfee on the purchase of mining hashrate.
After that you need to inject the pool details, make sure you are setting the right pool that uses the algorithm you are purchasing hashrate for and also make sure to use pools that are working stable and can treat a loterijlot of hashrate coming to them. If you do not limit the hashrate you are going to be getting and you have the highest price you mama end up throwing an enormously high hashrate at the pool of your choice and thus you may bring it down if it cannot treat the flow. This is one of the reasons you need to use some sort of a limit to the hahsrate you are going to be using, regardless of the total amount you purchase. One of the nicest things about NiceHash is that you can purchase 1 GHS worth of X11 hashrate for example and have that mining for you for Ten minutes, 60 minutes, a day or more… it all depends on the total amount you are spending and the limit (if any) you have set. So you can purchase ridiculously high hashrate for brief period of time and get it right away instead of purchasing just a few megahashes that will mine for you for months – the end result should be similar. The very first option of getting a lotsbestemming of hashrate for shorter time does have some more advantages however spil yo do not have to worry about difficulty increase spil much spil when mining for longer time, but it also has drawbacks. You vereiste always set boundaries ter the hashrate if you are mining for crypto currencies such spil Bitcoin or DarkCoin that do have pretty high difficulty and finding block make take up to 30 minutes, an hour or even more. The reason for that is to have the hashrate mine for you for long spil if you get some bad luck and the block finding time is overheen the average your mining profit may be less if you throw a lotsbestemming of hashrate for just a few minutes. Spreading the hashrate with a limit for longer time would voorkant better for bad luck at the pool and will also minimize the risk of you bringing the pool down, so do consider setting the limit for hashing speed.
When you activate an order you can see the progress and you can also edit some of the parameters or cancel the order before it is fully executed and get back the remaining Bitcoins that are still not spent. What you can edit here is the price you are paying for GH vanaf Day, tho’ there is a catch here and it is that you can only increase the price, not get it lower than your initial suggest. This is a plus for the people selling hashrate, but not so good for maximizing efficiency for people buying hashrate, tho’ you can cancel the order and recreate it with lower price if abruptly the market price for the hashrate drops significantly under your set price. The other thing you can switch on the fly is the limit of the hashrate you have set, or if you toevluchthaven’t set one you can add it here. Switching both settings may take a bit before they are activated and if you are switching the limit significantly it may also take a bit longer before the active hashrate adjusts to the fresh value.
You can also track your order ter the list of orders on the homepage, your active orders are marked with blue, so they are effortless to spot and keep track of. This is the place where you can track the current market price and especially if you do not want to rent all of the available hashrate, but only some part of it there is no need to set the highest price, with a lower offerande you can still get the amount of hashrate you need and spil wij’ve mentioned if the price increases you can also adjust it up or cancel the order and recreate it if the price gets lower. It is a wise idea to keep track of the market ter order to truly get the maximum for the Bitcoins you pay for renting hashrate and if needed do adjustments to your order. Also do check the expected comeback of investment based on the price you pay and the hashrate you get and if the market price goes too high then you can cancel your order and wait for the price to druppel before reactivating the order spil te the end you want to end up with more than you have spent.
Te our test wij have spent 0.01682019 BTC for renting X11 hashrate at 1.1 BTC vanaf GH vanaf Day and the resulting mined DarkCoins wih the rented hashrate wasgoed a little overheen 1.Two DRK which converted on the DRK/BTC exchange rate wasgoed 0.01595322 BTC. Wij could’ve made a bit more if wij have spread our hashrate for longer period of time with a lower limit than and wij’ve began without a limit at very first, so primarily wij got about 1 GHS worth of hashrate thrown at the pool and it wasgoed able to treat it. Again wij advice to use a limit and not set the limit too high, even better embark with a petite limit and adjust it based on the results you are getting. Once you make a few orders you will get better, so do the very first ones with a petite amount so that if you mess up the order parameters the loss will be puny ter the worst case screenplay.
Moving on to the renting part, wij have determined to test out renting a single GeForce GTX 780 Ti movie card that produces about Four.6 MHS for mining X11 crypto coins such spil DarkCoin. Do note however that it is not that wise to rent Nvidia GPUs for X11 hashrate spil you need to use ccminer and it presently does not support backup pools, so if NiceHash is not providing work for you the card cannot switch to a backup pool and will stay idle and this is something that you do not want. Still this may not toebijten if you keep selling your hashrate, unless you determine to set a ondergrens for the price you are going to be selling your hashrate. Normally, unless there are no orders left your hashrate will be sold, tho’ it might not be at the highest market order for the uur – this is something you can keep track ter the status pagina for your account. Since selling of hashrate does not require you to register at NiceHash you need to find your status pagina by looking for your username which is also the Bitcoic payment address that you have set at the software miner. Do note that the service applies 2% toverfee for renting hashrate spil well spil for buying it, you will notice the subtraction of the toverfee when payment is processed. Also payments are made few times a day if your balance exceeds a certain ondergrens, different for each algorithm and you can read about them te the FAQ.
Te our very first 24 hours selling our hashrate of about Four.6 MHS wij’ve managed to earn 0.00490318 BTC, so not so bad. Do note that the market price wasgoed about 1.1 BTC when wij commenced renting the hashrate and te the next 24 hours with the market price enhancing to about Two.6 BTC at the end of the period wij have earned 0.0079467 BTC or significantly better than for the very first day. Ter fact if you want to make some good profit it may be wise to sell your X11 hashrate than to directly mine for DarkCoin for example spil at the uur the rente is high and ter the brief term you can get more BTC than directly mining for DRK and exchanging them instantaneously after that or for using a multipool with meteen BTC payout.
Our conclusion, NiceHash is truly a good alternative to multipools and cloud mining service providers or mining equipment leases and if used right it can give you some nice profit, regardless if you buy hashrate or sell your hashrate. It provides you with a excellent chance to mine a lotsbestemming of a fresh coin at launch time if you do not have a loterijlot of hashing power yourself or to maximize the profit from the hashrate you presently own lighter than to always look for fresh coins to throw your hashrate at. There are also some things that can still be improved, for example if you have registered to listig your account to the selling hashrate functionality and thus be able to use the generated BTC from selling for buying hashrate spil well should you wish to do so. Generally however wij’ve had no problems using NiceHash and wij like how things are working out already. So if you still toevluchthaven’t checked out the service wij do recommend to do so now.