What confuses you exactly? I also said I am receiving my original investment back at an impressive rate, and in some months I have spent all of the income on GPU’s. If I stop buying GPU’s right now it only be a few months until I get back the money I paid for the hardware. and this has all been going on while the value of BTC was around £26k to £33k.
No, I have not made a loss, an energy cost increase will only affect the rate I get back my original investment so it will just take a little bit longer to gain my original and continuous investments back.
Ethereum becoming proof of stake won’t happen as soon as you think, Proof of stake was supposed to be the mechanism securing ethereum from the start, but there are some flaws in it, every year ethereum is supposed to be switching to POS but it just hasn’t happened. I think it will be 2024 or 2025 before it happens.
Also there are other popular coins to mine and when GPU’s switch over to these coins they will boost in value. Trust me, nobody is selling their GPU’s or giving up GPU mining, it is still profitable even with electricity cost increases. I’ve got no complaints anyway.
I’m not sure you understand all of what I’m saying and it might be better if you tried it with your gaming machine JUST FOR RESEARCH PURPOSES so you can see what I mean. I know you don’t believe having experience of something helps…but answer this…
Do you want an experienced person fixing your car or a noob?
Do you want an experienced financial advisor or a noob?
Do you want an experienced dentist or a noob?
You can say as much as you like “experience counts for nothing” but you dont have to tell me answers for the 3 questions i asked above I already know what your answers are.
So if you want to find out what I mean get some experience for yourself set up nicehash and experience what mining is like for a day or two and then revise your opinion.
The thing that confuses me is your grasp on the numbers involved, and the amount of money you have invested with a seemingly limited understanding of the relevant factors.
As has been stated previously if you are instantly selling your BTC to recover your investment costs the price of Bitcoin is fairly irrelevant, you don’t earn more when BTC value goes up, even if BTC rises massively, unless altcoins follow, your earnings won’t increase - the fact that you don’t seem to grasp this, with the money you have invested is quite frankly mind boggling!
You’re quick to assume that other people don’t have relevant experience, I mined using Nicehash and other coins directly for a long time, I am very familiar with how it works. So in response to your continual suggestions that the reason people don’t agree with your view is because they don’t understand, I would suggest this is likely an incorrect assumption on your part.
On second thought don’t bother you have no clue what you’re talking about.
1, I connect to Gminer via Nicehash and mine ethereum.
2, I am paid in BTC into a nicehash BTC wallet
3, If FOR EXAMPLE I am earning £100 per day IN BTC based on current BTC value then why can you not see that if BTC doubled in value the next day then my BTC holding and daily earning would double??
It’s clear you don’t know what your talking about the price of BTC in relation to a GPU miner who is paid in BTC is CRUCIAL, ESSENTIAL, IMPORTANT as it will determine the entire basis of what you are paid. You have not used nicehash in the past if you had you would have noticed this because it would have been right there very clearly on your nicehash summary screen.
This is where lack of experience leads, confusion. could you please just go over what nicehash is before you come back trying to argue BTC value does not affect the amount i get, it does LOL.
Be careful ok do you own research otherwise you’ll end up like Geten, typing crap no one is bothered to read.
Why would your daily earnings automatically increase if the value of BTC increases, unless the people buying hashing power think that the alt coins they are mining have also gone up in value, then why would they be willing to pay more - and not just pay you less BTC?
Your holding would increase in value, but since it doesn’t increase in value that much that quickly, and by your own admission your are selling your income to pay the costs of your equipment it would suggest you aren’t holding onto it for long enough that price fluctuation is a major factor.
and here we are again, throughout this entire thread if a question/comment has dared disagree with your view you’ve either ignored it, most frequently, or your response is that it must be that they don’t understand, it couldn’t possibly be that someone else has relevant experience and come to a different conclusion.
Disagree 10 million times if you want to. It still wont change the fact that if the value of BTC goes up then so does my daily earning and any BTC holding I have. You are impossible to reason with.
On this occasion you are not disagreeing with my view, you are disagree with a well established fact. But hey go on believing that the BTC value doesn’t affect what I’m paid as it seems you are absolutely fine with your belief being based on a falsehood.
Also, what would I have to achieve by lying to you??? If I am lying then surely it is just a case of going on the nice hash website looking at help files and posting me the relevant info that proves im wrong, right? You won’t be able to do this because i am right.
So, too many of the guys chatting here think they are right purely based on them saying so, What you’re saying is not based on any fact.
Ok, if you think you are right show me proof? LOL
@ Eve players, if there is anyone here using nicehash could you tell them how it goes, LOL
I googled: “Is nicehash is pay linked to BTC value”
Answer: NiceHash pays you in Bitcoins , but the value of the earned Bitcoins is expressed over the website and in our software in FIAT currency as well. This value changes whenever the value of Bitcoin changes on the market.
Instead of referring me to the Nicehash website, perhaps you could explain how the value of BTC affects your income, because the way I have understood it buyers set a rate in BTC per unit of hashing power that they are bidding for, the hashing power is allocated to the highest offered rate and then filled downwards until all of the hashing power is used.
If the buyer is buying hashing power for an alt coin and they have calculated that it is worth a certain amount and they will offer a corresponding BTC bid based on the return they expect. If the coin they are mining doesn’t change in value but BTC does I don’t understand why they would keep paying more in BTC than their expected return. I can’t find any explanation of this thought process on the Nicehash website so maybe you could explain?
This part from the page you linked seems to cover some of it “Profitability fluctuates all the time because of the buyer’s orders on the NiceHash hash power marketplace. If buyers demand more hashing power, the profitability will go up. If there are fewer (or smaller) orders on the marketplace the profitability goes down. You, as a seller (miner) of hashing power, fulfil the buyer’s order for hashing power - it’s a very dynamic supply and demand relationship.”
No thanks, facts are clear, you are wrong I need not explain anything. If you want to find out why do your own research.
The buyer maybe doing a type of investment on a newer coin perhaps, Anyone who pays can use my GPU’s to mine whatever coin they like, if it is more profitable to mine with them (because they paid more BTC) my nicehash has been set to switch to whoever pays the most BTC.
So, I could buy loads of BTC, then look for a coin I like, one which seems to be doing well and has good potential for the future. I could then commision other people to mine that coin for me and pay them a few fractions above the going rate to win the processing power. After a month or 2 of doing this I can hold onto the coins I commissioned people to mine, if I sell them in a year or 2 they may have quadrupled in value. at that point is when I make my profit.
Is this you squirming because you now know you are wrong?
Stop saying “My viewpoint” these are not my views. These are facts I am quoting. So I am bewildered when people dont accept facts which are 123 abc easy to confirm.
A simple google search would have shown you the facts on this, don’t be afraid to use it. only people with narratives don’t research anything and are terrified of facts.
I get that, but lets say they are earning £35,000 worth of their altcoin one day, for a set unit of hashing when 1 BTC is worth £30,000, they are making £5,000 profit. The next day Bitcoin doubles to £60,000, so if they continue to bid 1BTC they are making a £25,000 loss, so wouldn’t they just pay 0.5BTC so they continue to pay £30,000 and earn their £5,000 profit?
No… the bit in speech marks is a quote, (in this case from the page you linked, indicated by “This part from the page you linked seems to cover some of it”). I may be wrong, that’s why i’m asking you to explain.
It doesn’t seem like an unreasonable request, I’ve explained how I’ve understood it. You’ve told me I’m wrong - fair enough, but without explaining why we’re no further forward.
They still see it as an investment. We would first need to understand the potential of the alt coin they are commissioning me to mine. The amount they have paid in BTC is an investment for the coin they are mining. If we do the maths it will work out to around £0.80 pay for someone to rent my GPU for the day at current BTC value. I believe this is worked out at the time of purchasing the processing power and the full bill is paid to nicehash and automatically set to pay out to miners as they mine.
I’ve not told you you are wrong, facts have proven you are wrong. there is a difference you need to accept before you can move forward and understand. Too many of you think you are right just because you say you are.
You’re still trying to resist. let me be clearer. I have absolutely no control over how nicehash do business, I am a simple user of nicehash and I do not have any control over their policies.
I only have the ability to relay facts I’m afraid, so when I say you are wrong, what I really mean is “facts dictate you are wrong”
Please stop talking to me like I am the owner of these new ways of making money, I am not.
Once the above has been properly understood by you we can continue our convo.
Indeed, crypto is very cool, I really love the way gamers are leading the way with nicehash. I love all aspects of gaming and computer hardware so this is really cool for me too.
I’m not sure this proof of stake will work, it seems that whoever has the biggest stake will be most likely to reveal new coins, Also since there is no real world effort required in POS an outside timer has to be used which. Apparently this central timer would be easy to attack.
My speculation is that ethereum will fail if it goes to POS it doesn’t seem like a solid system as POW. I could be wrong but they have been putting it back for years.