# Insane Nicehash Payout Target (for External Wallets)



## hat (Jan 7, 2018)

Mining profitability is currently pretty good. With 2 1070s and my i5 2400 going, I'm currently looking at $11.76/day. Since nicehash came back I've racked up $121.92 (lots of time off recently so my rig hasn't been going full blast much)... but it currently looks like I'll have to wait all the way until late May (if I never give my rig a break, no games, nothing) to get a payment. This only appears to affect users who mine directly to "external" wallets (that is, something like Coinbase). If you mine directly into your Nicehash wallet you can get paid far more frequently, and then transfer out from there to wherever on your own.

Evidently they're also considering altcoin payments which might work out better for most users than Bitcoin payments (Litecoin anyone?). This crazy target of .1 BTC for direct external wallet payments may also change in the future...


----------



## trog100 (Jan 7, 2018)

if you mine to their internal wallet you can then transfer to coinbase for free.. they have some kind of deal going.. its getting hard for small miners who want their dosh quickly..

i am not using them as yet.. but if they give me back the 1/3 bitcoin they owe me i probably will go back to using them.. 

trog


----------



## TheoneandonlyMrK (Jan 7, 2018)

hat said:


> Mining profitability is currently pretty good. With 2 1070s and my i5 2400 going, I'm currently looking at $11.76/day. Since nicehash came back I've racked up $121.92 (lots of time off recently so my rig hasn't been going full blast much)... but it currently looks like I'll have to wait all the way until late May (if I never give my rig a break, no games, nothing) to get a payment. This only appears to affect users who mine directly to "external" wallets (that is, something like Coinbase). If you mine directly into your Nicehash wallet you can get paid far more frequently, and then transfer out from there to wherever on your own.
> 
> Evidently they're also considering altcoin payments which might work out better for most users than Bitcoin payments (Litecoin anyone?). This crazy target of .1 BTC for direct external wallet payments may also change in the future...


I saw this but didn't actually see it ie until reading your post i had not clicked , ive 8x1060s looking at a march 4th 1600Usd payout , the money is ok but that wait time isn't, and once you start your signed up till payout gits , can't even swap to internal wallet mid point ,damn I can see how they intend to pay back now , at least it's clear how they could.
Thanks for the heads-up im glad rig twos still on nanopools now though.


----------



## hat (Jan 7, 2018)

Yeah you can switch to nicehash wallet but then you basically give up on what you got so far...


----------



## trog100 (Jan 7, 2018)

hat said:


> Yeah you can switch to nicehash wallet but then you basically give up on what you got so far...



the real problem is bitcoin fees are so high.. it dosnt fit in with moving small amounts about.. they say they are setting thing up to pay out in other coins but i think that is gonna take some time..

if you dont have too much at stake it might be best to cut your losses and move to their wallet..

trog


----------



## silkstone (Jan 7, 2018)

You might want to look at miningpoolhub. It's a little more complicated to set up, but doesn't have silly payout thresholds.


----------



## xkm1948 (Jan 7, 2018)

Wait, I thought Nicehash was hacked a while ago. Is it still safe to mine with their miner?


----------



## hat (Jan 7, 2018)

xkm1948 said:


> Wait, I thought Nicehash was hacked a while ago. Is it still safe to mine with their miner?


Not sure honestly... I feel like everyone using nicehash right now is taking (and giving) a chance... Never know when/if the same shit might happen, here or elsewhere.


----------



## notb (Jan 7, 2018)

Yeah... it doesn't look good. At least 4 decently probable explanations:
0. Algorithm error. 
1. Good: they're building up capital to improve the balance sheet (maybe to get the credit for missing 70mln)
2. Not good: they're investing the unpaid mining coins (e.g. to earn those 70 mln), but that would mean a lot of market risk (since they'd have to convert it to money, invest and buy back BTC).
3. Really bad: this is how - and I'm not implying anything (as it would mean pretty much accusing of a crime) - a pyramid scheme would look like...


----------



## R-T-B (Jan 8, 2018)

I'd never use nicehash.  Then again, I've always directmined a coin and exchanged by hand when I mined.

Profitability is high now though, no algorithm error about that.


----------



## trog100 (Jan 8, 2018)

i am currently getting $45  per day mining eth on nanopool.. nicehash was showing $55 per day when i ran it earlier  today..  a pretty good return however you look at it.. 

i am going to have a go at zcash tomorrow.. just to see how much per day that makes on nanopool.. 

i am not over keen on being paid out in bitcoin which is why i am not on nicehash..

trog


----------



## xkm1948 (Jan 8, 2018)

Wait. So I am assuming you can cash out daily? How much hassle is it for cashing out?


----------



## trog100 (Jan 8, 2018)

nanopool eth has a minimum payout of .2 eth.. currently in my case this is around five days or $300 with 10 x 1070 cards running.. 

trog


----------



## R-T-B (Jan 8, 2018)

xkm1948 said:


> Wait. So I am assuming you can cash out daily? How much hassle is it for cashing out?



You'll need a coinbase account to cash out, which is about as much hassle as a paypal (or was, when I set it up).


----------



## hat (Jan 8, 2018)

notb said:


> Yeah... it doesn't look good. At least 4 decently probable explanations:
> 0. Algorithm error.
> 1. Good: they're building up capital to improve the balance sheet (maybe to get the credit for missing 70mln)
> 2. Not good: they're investing the unpaid mining coins (e.g. to earn those 70 mln), but that would mean a lot of market risk (since they'd have to convert it to money, invest and buy back BTC).
> 3. Really bad: this is how - and I'm not implying anything (as it would mean pretty much accusing of a crime) - a pyramid scheme would look like...



Who knows. As I said they don't have this insane target for their internal Nicehash wallets, which you can withdraw from just as easily as anything else. It's for directly mining into external wallets (like Coinbase) only. I think the target of .1 BTC is way too high though... BTC doesn't come easy anymore, maybe when it was still worth only $3000 it would be okay... but not when they're literally 5x harder to get now.

Some quick math tells me I would need to expand my mining farm 5 fold just to get paid once a month at this rate. It would be good money, but how I'm gonna get 8 more 1070s and a way to run them all? Short answer: I'm not.


----------



## xkm1948 (Jan 8, 2018)

$30 a day?? I can use some quick cash!


----------



## Sasqui (Jan 8, 2018)

Now that's impressive.  No wonder getting a Vega 64 is near impossible unless you're willing to shell out $1k +/- on eBay.

Of course that payout is based on the future price in May. But... at the moment, there doesn't seem to be any slowdown BC or ET, contrary to what I thought 6 months ago.


----------



## cdawall (Jan 8, 2018)

I would pay out every other week. Doesn't seem that crazy to me.


----------



## hat (Jan 8, 2018)

cdawall said:


> I would pay out every other week. Doesn't seem that crazy to me.





cdawall said:


> I would pay out every other week. Doesn't seem that crazy to me.


I don't have nearly as much hardware as you do. Many of us are in the same boat.


----------



## cdawall (Jan 8, 2018)

hat said:


> I don't have nearly as much hardware as you do. Many of us are in the same boat.



So don't mine nicehash. They said originally it would be at higher withdrawal amounts.


----------



## TheoneandonlyMrK (Jan 9, 2018)

I am just passing on an update , my 8x1060 rig mining nicehash this last week did say a payout of 1600usd on 3rd of march, im uk but  for relevance ill leave it as Usd, but it payed out to coinbase automatically at 0.01btc not 0.1btc as it implied it would ,im ok with that.
Following on from your chat earlier cdawall i thought it better to mine the most profitable and then use this balance to speculate?.
Have you found a coin that's more worthwhile for Nvidia cards to mine as i know your more an Nv miner atm?.


----------



## hat (Jan 9, 2018)

theoneandonlymrk said:


> I am just passing on an update , my 8x1060 rig mining nicehash this last week did say a payout of 1600usd on 3rd of march, im uk but  for relevance ill leave it as Usd, but it payed out to coinbase automatically at 0.01btc not 0.1btc as it implied it would ,im ok with that.
> Following on from your chat earlier cdawall i thought it better to mine the most profitable and then use this balance to speculate?.
> Have you found a coin that's more worthwhile for Nvidia cards to mine as i know your more an Nv miner atm?.



That would be much more reasonable. We'll see what happens when I hit .01BTC (that's 10 mBTC)... I'm currently around 8.7.


----------



## yotano211 (Jan 9, 2018)

hat said:


> Who knows. As I said they don't have this insane target for their internal Nicehash wallets, which you can withdraw from just as easily as anything else. It's for directly mining into external wallets (like Coinbase) only. I think the target of .1 BTC is way too high though... BTC doesn't come easy anymore, maybe when it was still worth only $3000 it would be okay... but not when they're literally 5x harder to get now.
> 
> Some quick math tells me I would need to expand my mining farm 5 fold just to get paid once a month at this rate. It would be good money, but how I'm gonna get 8 more 1070s and a way to run them all? Short answer: I'm not.


I'll give you all the cards I have that I am not using, just get a much stronger breaker power box.


----------



## TheoneandonlyMrK (Jan 9, 2018)

hat said:


> That would be much more reasonable. We'll see what happens when I hit .01BTC (that's 10 mBTC)... I'm currently around 8.7.


I was considering swapping my eth rig onto it to get it down but that's after i mined an eth , which is a months worth with 8x580 , im not sure which is paying most nicehash or nanopools though atm both are ok, just glad it's not two monthly payments I'll reafirm it again if it pays at 0.1.


----------



## trog100 (Jan 9, 2018)

they are both about the same.. not a lot in it.. 46-ish  dollars a day for me.. 10 x 1070.. just over 300 mhs..

i am staying on eth nanopool at the moment..

trog


----------



## hat (Jan 15, 2018)

I recieved my first payment since Nicehash came back online. It was for roughly .011BTC or $150. That said, there's no clear payment target at all right now. When I check the same page I pulled the info from in the first post, next payout just says unknown... they're basically saying they'll pay when blockchain conditions allow it. I'm guessing it probably has to do with high transaction fees. They would do well to offer some altcoin payments. Nothing too exotic, but something that's not as tough to work with as BTC. Litecoin comes to mind... at least for small miners like myself.


----------



## trog100 (Jan 15, 2018)

hat said:


> I recieved my first payment since Nicehash came back online. It was for roughly .011BTC or $150. That said, there's no clear payment target at all right now. When I check the same page I pulled the info from in the first post, next payout just says unknown... they're basically saying they'll pay when blockchain conditions allow it. I'm guessing it probably has to do with high transaction fees. They would do well to offer some altcoin payments. Nothing too exotic, but something that's not as tough to work with as BTC. Litecoin comes to mind... at least for small miners like myself.



they are probably working on it but i would guess offering payouts in other coins is quite complicated for them to put into practice.. from what i read the bitcoin system is short of miners.. the chinese government is trying to put them out business by cutting off their cheap leccy supply.. bitcoin transactions need miners..

trog


----------



## hat (Jan 15, 2018)

Nobody on nicehash mines btc far as I know, they just use btc for payments.


----------



## trog100 (Jan 15, 2018)

hat said:


> Nobody on nicehash mines btc far as I know, they just use btc for payments.



using bitcoin for payments is the problem.. its got nothing to do with what nicehash mines just what they pay out in and large chinese mining farms which are having problems because of government pressure.. the mining farms are ether having to relocate to more friendly climes or pay much more for their state subsidized electricity.. ether way bitcoin transaction fees are being forced  up..


----------



## R-T-B (Jan 16, 2018)

trog100 said:


> using bitcoin for payments is the problem.. its got nothing to do with what nicehash mines just what they pay out in and large chinese mining farms which are having problems because of government pressure.. the mining farms are ether having to relocate to more friendly climes or pay much more for their state subsidized electricity.. ether way bitcoin transaction fees are being forced  up..



It actually has almost nothing to do with miners (bitcoin would adapt to that at the two week block diff retarget) and everything to do with the bitcoin devs refusal to up block size...

Remember bitcoin cash?  It was born out of this refusal, and you can send small amounts easily with it.  Transactions are around 10 cents each.


----------



## yotano211 (Jan 16, 2018)

R-T-B said:


> It actually has almost nothing to do with miners (bitcoin would adapt to that at the two week block diff retarget) and everything to do with the bitcoin devs refusal to up block size...
> 
> Remember bitcoin cash?  It was born out of this refusal, and you can send small amounts easily with it.  Transactions are around 10 cents each.


I guess the big time miners like the btc fees too much is what is keep hearing.


----------



## R-T-B (Jan 16, 2018)

yotano211 said:


> I guess the big time miners like the btc fees too much is what is keep hearing.



Considering block reward is dropping, bingo.


----------



## yotano211 (Jan 16, 2018)

R-T-B said:


> Considering block reward is dropping, bingo.


Doesnt that happen in another 2 more years?


----------



## trog100 (Jan 16, 2018)

china is closing down the miners from what i read.. less competition equals higher fees.. they seem to be anti crypto in a big way..

an interesting article here.. 

http://bitcoinist.com/bitcoin-price-lunar-new-year-lows/

i converted ten of my litecoin into neo last night.. i now have 25 litecoin and 23 neo in my stash..

trog


----------



## R-T-B (Jan 16, 2018)

yotano211 said:


> Doesnt that happen in another 2 more years?



Happens every 2 years like clockwork IIRC.  Point is there isn't much meat on the block reward anymore, and it is only getting worse.



trog100 said:


> less competition equals higher fees..



because of how bitcoin targets a certain diff at a given time, no.  There are manyother factors in play, not least of which is block size.  The "china effect" on miners has nothing to do with it.


----------



## trog100 (Jan 16, 2018)

the miners i am talking about are the large chinese farms.. they account for one hell of a lot of the overall mining power needed to shift bitcoin about.. hit them and it must have some effect.. but it aint worth arguing about.. 

what i am really wondering about is the huge overnight drop in all coin prices.. i read about south korea and china worries but its not new such talk has been around for a week or two.. 

if it aint showing signs of a big move upwards by the end of today i shall start to worry more.. he he

trog


----------



## silkstone (Jan 16, 2018)

Market consolidation. What goes up ...

It's likely good for the market as it will weed out some of the weaker investors. I was expecting it to happen, I just didn't know when so I cashed out a bit a couple of weeks ago. I cashed out some more a few days later, but decided to place some short term bets. Bad decision, but it's no worse than had I hedl my original coin.

The next few days will be interesting. Hopefully, we'll see some sort of buy back and recovery, but I wouldn't be surprised to see some further corrections until the end of the month. Lunar new year is also approaching and I wouldn't be surprised if the markets are volatile for the months leading up to it and after, with people cashing out to have money to spend, but also making 'bets' in the hope of good fortune. I think that Korea, Japan and Vietnam make up around 1/2 of the crypto market.


----------



## verycharbroiled (Jan 16, 2018)

trog100 said:


> what i am really wondering about is the huge overnight drop in all coin prices.. i read about south korea and china worries but its not new such talk has been around for a week or two..
> *
> if it aint showing signs of a big move upwards by the end of today* i shall start to worry more.. he he



damn dude "end of the day"??

jeez ive hodled through year long price declines. always paid off in the end. but then, i got in pretty early so its easy to sit back, watch the panic and enjoy the ride..


----------

