Update on luck after Nicehash rentals suspension

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Steve Sokolowski
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Joined: Wed Aug 27, 2014 3:27 pm
Location: State College, PA

Update on luck after Nicehash rentals suspension

Post by Steve Sokolowski » Mon Sep 14, 2020 2:28 pm

I thought that it was worth providing a brief update after we suspended service to Nicehash mining rentals, as we announced in our previous post on Friday (viewtopic.php?f=11&t=7356.)

Since the suspension, the pool's luck improved from 89% to 94%. The 94% is only at 3-sigma significance, so it's not quite as rigorous as the 6-sigma standard for a vaccine trial or a physics experiment. However, the improvement is so unlikely to be due to chance that we are not going to hold off on implementing the next phase of action against the low luck miners issue solely to obtain more definitive proof.

Our theory is that Nicehash has always attracted abusive miners due to their lack of policing and enforcement; however, while Prohashing mined $250,000 per day, the small number of Nicehash miners was not significant and the huge number of bugs and other problems at the time hid their small losses. Now that the pool mines $10,000 per day, and the system is far more stable and developed than before, the low luck miners at Nicehash became more noticeable. The audit system is now close to exact, and Nicehash rentals' hashrate did not decline at the same rate as that of other miners. While we will continue to evaluate the effects of the Nicehash ban, right now it does not look likely that we'll be able to resume Nicehash rental support in October.

These results prove yet another negative impact that Nicehash is having on the cryptocurrency industry. We encourage other pools to ban Nicehash rentals to improve their luck and profitability.
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