If they don't have miners they can buy the coin cheaper
Chat archive · 2017-11
DeterMINEd · · #48774
AppleMiner · · #48775
really?
Aura89 · · #48776
people only make money by buying hashing power by expecting the coins they mine to increase in value. Granted, i’m not sure what the benefit of buying hashing power vs buying coin is.
AppleMiner · · #48777
i cant buy coins cheaper than the price of the electric I use to make the coins Im mining.
DeterMINEd · · #48778
Based on the math I did last night, just buy them and don't wait and it's cheaper and guaranteed
AppleMiner · · #48779
i would assume renting the rigs + electricity would still be cheaper than buying the coins.
DeterMINEd · · #48780
but if you include nicehash fees you can
Aura89 · · #48781
how could it be cheaper to rent the rigs + electricty? that doesn’t make sense?
DeterMINEd · · #48782
their charges for hashing power are higher than mining calculators ignoring the electric
AppleMiner · · #48783
i never ran the math at nicehash as I have miners and dont need to rent any more power, just sell or use what I have.
AppleMiner · · #48784
well, lets see. If Im making .25 coins a day, Id need 4 L3+s, 2GH of scrypt to make 1 coin in 1 day, 1 LTC now is $67
DeterMINEd · · #48785
yer ,that's my plan too I have an awesome set up for miners here, trouble is I made the mistake of buying D3's I sold 3 and the profit paid for the others and more and I sold them too. Thing is unless I had a setup from the start like you, then there seems to be more profit in buying and selling miners
AppleMiner · · #48786
so whats the cost to rent 2GH for 24 hours?
AppleMiner · · #48787
is it less than $67?
DeterMINEd · · #48788
I don't know I used sha-256
DeterMINEd · · #48789
to do the math at the time
AppleMiner · · #48790
but you cant use sha-256 on this pool
DeterMINEd · · #48791
I wouldn't mind renting some hashing power whilst waiting for my next miners
Aura89 · · #48792
around $110 to rent 2GH
Aura89 · · #48793
for 24 hours
DeterMINEd · · #48794
yes I know I used a mining calcluator to project the profits
Aura89 · · #48795
er, wait, i did that wrong
AppleMiner · · #48796
i cant even find a calc on nicehash to see the price
DeterMINEd · · #48797
It gives you examples of the prices,I did it using Sha-256 because scrypt wan't listed and still isn't
AppleMiner · · #48798
$81 or close
AppleMiner · · #48799
it is you have to go to the pick other algos
AppleMiner · · #48800
and it lists more then the 3 on the boxes
DeterMINEd · · #48801
oh,ok
AppleMiner · · #48802
so you can spend $81 today and prolly get a litecoin. or just buy it for $67
Aura89 · · #48803
exactly
AppleMiner · · #48804
and if I mined BTC back 5 years ago and made 100 of them a day
DeterMINEd · · #48805
that was my point
Aura89 · · #48806
if you mined 100 them a day and never sold till recently you’d be rich, that’s what you’d be
DeterMINEd · · #48807
thing is you have to be quite clued up to buy he hashing power,so you would think that there would be profit in it
DeterMINEd · · #48808
or if you bought them you would be richer
DeterMINEd · · #48809
It can't be right though I must be missing something
DeterMINEd · · #48810
I guess you save on the cost of the miner
DeterMINEd · · #48811
but even still it is cheaper to buy the coin ,no?
Aura89 · · #48812
yes
DeterMINEd · · #48813
Maybe I am just not smart enough to see the obvious
AppleMiner · · #48814
yep
AppleMiner · · #48815
if that is the case, then the business model for nicehash should fail before end of the year and they should be defunked.
AppleMiner · · #48816
they do that satoshi to satoshi conversions
DeterMINEd · · #48817
They should be,but they have been around for a while now
AppleMiner · · #48818
where they figure out if they spend 1000 satoshi they earn 1001 satoshi and if they do that 1,000,000 times they make $1000 today.
DeterMINEd · · #48819
maybe it's for people in the states that can't use exchanges?
AppleMiner · · #48820
what do you mean?
AppleMiner · · #48821
we use exchanges
DeterMINEd · · #48822
Isn't there places in the states that cannot buy bitcoin because it's not legal in that state?
AppleMiner · · #48823
new york
DeterMINEd · · #48824
oh
AppleMiner · · #48825
has some law where the service has be be licensed to do business in the state of new york
DeterMINEd · · #48826
ok, that it was several states. Some places I have been flat out won't deal with the states. I think Bitfinex
DeterMINEd · · #48827
I have seen so many though I may be wrong
AppleMiner · · #48828
ive seen a few
AppleMiner · · #48829
but thats the exchanges choise of where they will or will not do business
AppleMiner · · #48830
there isnt a china like rule - no US crypto.
AppleMiner · · #48831
that keeps us from using any service that allows US to use it.
DeterMINEd · · #48832
oh ok.I just did the sha-256 profitabilty mining BCH and you would lose $4 a day on their starting from price if you bought hashing power
AppleMiner · · #48833
assuming BTC didnt rise at least $4 today?
DeterMINEd · · #48834
I'm dying to use it though,even though the D3's were shitty I miss 'em
DeterMINEd · · #48835
I wan't to be mining I have 3 weeks to wait for the next
AppleMiner · · #48836
sp if BTC jumps up $300 today, do you make profit renting sha-256?
DeterMINEd · · #48837
well then people will bid higher and you wont be hashing because their bid will take priority from what I understand.
DeterMINEd · · #48838
the figures I gave you of the $4 a day was from their starting from price too,so you wouldn't necessarily be mining because chances are you would be out bid
AppleMiner · · #48839
i have no clue how buying power on nicehash even works
AppleMiner · · #48840
i never got to specifiy what price i wanted to sell mine at
AppleMiner · · #48841
so no clue they had a auction style bidding system on buying it.
DeterMINEd · · #48842
i know it even says it isn't easy on their site
AppleMiner · · #48843
if I had to go to a site and fight other uses to buy the power
DeterMINEd · · #48844
you still sell your hashing power to them though instead of mining?
AppleMiner · · #48845
or go to a place, pay a bit more and be guanrteed to get what I want when i want it, id go with site 2.
AppleMiner · · #48846
no im mining on here.
AppleMiner · · #48847
before the fork that got called off i spent a week or so over on NH to round off my BTC to get in on the split
AppleMiner · · #48848
but when that was called off like last monday, i swapped back over and ditched the BTC back to LTCs
DeterMINEd · · #48849
you apparently don't lose your money but I suppose if you go super cheap with your bid then maybe you could make a profit.But you would be hoping for the coin to rise in value and if it did that somebody would come along and up their bid,don't get it.
DeterMINEd · · #48850
oh ok.You think there is more profit on here? Ive have been checking the live profitability and daily, and can't see that it can match nice hash. That's since you said about it anyway.
AppleMiner · · #48851
the live profitibility is junk
DeterMINEd · · #48852
hahah
AppleMiner · · #48853
almost wish it wasnt even there, people come in for 5 mins, see 7 cents
DeterMINEd · · #48854
I do love this site though,everything about it until it goes offline
AppleMiner · · #48855
freak out, move 10 miners here then bitch the next day they didnt get 7 cents all day long X 10 miners.
AppleMiner · · #48856
and the expected 1MH is total bullocks also
DeterMINEd · · #48857
What's your mean average for your 21 babies if you don't mind me asking?
AppleMiner · · #48858
since its totally based on your payout coin of choice and not a standardized metric.
AppleMiner · · #48859
22.37 GH currently
AppleMiner · · #48860
profit wise, prolly around 380 a day
DeterMINEd · · #48861
yer that's a good point. I actually made decent mioney one day from d'3s becasue I forgot to switch the payment off of BCH,lol
AppleMiner · · #48862
past 2 days were a bit better with adjustemnet credit, and if they fixed some issue, then that $400 value may be more normal this next week.
AppleMiner · · #48863
but I dont even look at the $$$ payout values
AppleMiner · · #48864
since Im a horder Im more interested in how many coins i bank per day.
DeterMINEd · · #48865
I can't afford not to think like that unfortunately apple, I wish I got in to it earlier
AppleMiner · · #48866
so going backwards since yesterday: 6.8, 6.8, 6.0, 6.0, 4.61(downtime and other pools), 6.3, 6.1, 6.4
DeterMINEd · · #48867
Nice hash current daily payout is $18.40
DeterMINEd · · #48868
for scrypt
AppleMiner · · #48869
if im banking 6+ coins a day X 30 days in a month = 180 coins.
AppleMiner · · #48870
18.40 is about waht Ill make on here today also.
DeterMINEd · · #48871
I know your a legend
AppleMiner · · #48872
but the 18.40 on here is already fee deducted.
DeterMINEd · · #48873
Yes this is quite a pool. For 2 guys it is mind blowing really