In most cases, miners connect their mining rigs, whether ASIC or GPU rigs, to pools like F2pool or K1pool for mining. When mining, miners know exactly which cryptocurrency they are mining, such as BTC or ETC, and periodically (usually every 24 hours), the pool distributes the output based on the miner's contribution to their wallet or account.
Typically, miners using ASIC machines mine the main coins compatible with their algorithm, for example, miners with sha256 ASICs often mine BTC or BCH, and those with Jasminer rigs mine ETC+ZIL.
Did you know? A single algorithm can mine more than one type of coin. Taking Zergpool as an example, in addition to BTC, BCH, and BSV, there are 15 other coins that use the sha256 consensus algorithm available in that pool.
At the same time, many altcoins appear daily, some of which also use the sha256 algorithm and are not yet tradable on exchanges.
Thus, there is a market demand from investors who want to own certain altcoins but do not have their own mining rigs and can only acquire these coins through mining. These investors have a demand for purchasing hashing power.
NiceHash addresses this need. It is a versatile cryptocurrency cloud mining marketplace that allows users to sell their hashing power and provide services to those who want to mine cryptocurrencies. All hashing power transactions are quoted and transacted in BTC. That means even if a user is renting or purchasing ETChash power, the currency received or paid is in BTC.
The image shows the current quotes for the ETChash algorithm. The left side shows quotes from the Western European market and the right from the US market. Each row represents different customers' bids. For example, the customer with ID db653f0d wants to purchase 0.0820 TH of ETChash power; currently, 898 mining rigs on the platform provide him with a total of 0.0811 TH of power. His bid is 0.0240 BTC/TH/day, which means the cost of running 1 TH of ETChash power for one day is 0.024 BTC. Based on BTC's price of $68,000, 1 TH of ETChash power on NiceHash can earn $1632, directly connected to the F2pool, the revenue without pool fees is $1624.3. Sometimes, this price difference can be even higher!
For miners who only want to stockpile BTC, NiceHash also offers convenience, as they do not have to worry about fluctuations in the exchange rate between BTC and other cryptocurrencies.
So, how do you connect your mining rig to NiceHash? Please watch our video tutorial.
It's also important to note that the quotes on NiceHash fluctuate daily. Sometimes renting out your mining rig on NiceHash can yield higher profits, and other times directly connecting to a mining pool can be more profitable. Therefore, it's necessary to calculate and compare the advantages and disadvantages of both channels daily. We update this data every day on our Twitter account, and you're welcome to follow us.
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