Nicehash ethereum mining

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Most of those reasons are altruistic, like not wanting any one pool to control too much of the total network hash rate, so our advice is to go with a larger pool. Google is your friend. After choosing a pool, you'll need to set up your account, choose which mining software you want to run, and then configure your launch settings.

That's simplifying several steps, all of which can vary quite a bit depending on which pool you use. Free pools tend to be less reliable, since it costs money to run the servers and infrastructure for a pool, so it's often better to pay a small fee rather than deal with the potential downtimes. Also pay attention to the payout scheme and payout requirements for the pool.

Most pay out your Ethereum daily, provided you've hit minimum quotas, but some of those quotas are pretty high. For example, Ethermine. It also pays out weekly if you hit at least 0. The payout schemes meanwhile are designed to discourage pool hopping i. One big difference between NiceHash and your typical mining pool is that you need a separate Ethereum wallet to store your coins — you really don't want to just leave the coins with the pool indefinitely.

While it's technically possible to have your coins transferred to somewhere like Coinbase, it's generally best not to have mining pool payouts go directly to a trading platform. We recommend setting up an online wallet, through a service like MyEtherWallet , and use that address for your pool payouts.

PSA: Don't use the same password on any sites related to cryptocurrency mining. Create a unique password on each one consider using LastPass or a similar product , and if you're planning to hold onto the coins for the long haul, get them into your own wallet.

Once everything is in place, you can finally launch your miner. A lot of the miners have sample configurations for popular pools that you can edit, and the pool itself will have configuration details on how to connect. So as an example, launching T-rex mining with Ethermine looks like this: t-rex. Most modern miners accept a similar syntax, so tweaking the mining command isn't too complicated.

Here's the catch: NiceHashMiner has a bunch of extra features to allow remote monitoring, notifications if a miner goes offline, ability to run a script if something appears wrong, etc. Doing all of that with pool mining requires more time and effort, which is why a lot of people are willing to take a bit less in the way of coins.

No, seriously, it's not worth the hassle and you almost certainly won't actually get any coins — at least not with Ethereum or Bitcoin. Statistically, your chances of solving a block are equal to your percentage of the total hash rate of the network. The proof of stake transition makes any such talk completely irrelevant. In practice, the mining pools have a much higher chance of solving and getting credited with a block.

How much is a single block worth? There's a static block reward of 2 ETH right now, plus transaction fees that currently average around 2 ETH, plus some 'uncle' rewards that are relatively small by comparison. Basically, 3. For all but the most dedicated of mining operations, the steady payouts that come from joining a mining pool are a far safer approach.

But let's say you still want to try solo mining. What do you need to do? First, you have to set up an Ethereum wallet and download the Ethereum blockchain. Even after pruning a bunch of extra data that you don't need, it's still typically around GB in size, and downloading can take quite a while. Once your wallet is synced up, you can point your own mining rigs at your local node, which is mostly the same as configuring miners for a mining pool except now you're using your own pool.

You're now flying solo. Even with a lot of high-end GPUs, you likely won't mine any Ethereum before proof of work mining ends. The theoretical benefit to solo mining is that you get the whole block reward plus fees, with no percentage going to the pool. The downside is that without a massive farm, you'll very likely end up getting nothing. There are however mining pools that operate on a 'solo' mining approach.

Basically, the whole pool works together to find a block solution, which means it's more likely to get incorporated as the 'winning' block, but only the participant mining address with the highest contributions to date since the last credited block gets the reward. This is much easier to use than pure solo mining, but without a decent amount of hashing power it will take quite some time to reach the point where you get the rewards from mining a block.

Historical Ethereum Pricing, Difficulty, and Profits Image credit: Shutterstock That covers how to get started, but we're far from done. With the above information, you can now fire up your PC and begin mining. That's the good news. The bad news is that actual long-term profitability is far less clear cut. The real difficulty is predicting where cryptocurrency will go next. Both Bitcoin and Ethereum are down significantly from their highest ever valuations, but there's still a lot of up and down movement.

Maybe it will bounce back, maybe it was a bubble. Who's right? Depending on when you look, you'll find ample data-driven support for just about any opinion. The most important thing to keep in mind is that cryptocurrencies are volatile. It doesn't matter if you're treating them like a commodity and day trading, or mining, or running a mining pool. Things are in a constant state of flux.

Just look at the price of Ethereum since it launched back in Note: The following charts were last updated in March, but the patterns outlined here have continued. Image 1 of 2 Image credit: Tom's Hardware Image credit: Tom's Hardware We've got the linear chart, which includes an amazing spike at the right edge early That spike looks very similar to the one that occurred in , naturally, and we should maybe just ignore the equally dramatic crash in — or that's what the optimistic miners seem to think.

The logarithmic chart doesn't look nearly as impressive, and it's clear the real winners with Ethereum are the people who got in back in , or even Incidentally, about two thirds of all Ethereum was actually part of a 'pre-mine' that went to 'investors' before mining was even possible.

Everyone joining the bandwagon now clearly missed the best part of the ride. Alternatively, there's plenty of room left for future growth and spikes, but that's just speculation. We've passed peak profitability for mining Ethereum, at least for the time being.

That's where the HODL hold mentality comes into play. There's another way to look at Ethereum mining. In , you would have accrued an additional Ether — twice the time mined, a bit more than half the rewards.

From up until today, mining has been far less compelling, and it's becoming increasingly so. The point is that you either got in early and made big gains, or you're hoping that things will continue to go up. And if that's your belief, why not just invest in Ethereum directly rather than trying to build a mining farm? Image credit: Shutterstock Do a quick search for the optimal mining settings on a particular GPU and you're sure to find a bunch of diverging opinions.

Some will throw caution to the wind and look to maximize hash rates in pursuit of short-term gains. Let's be clear: These people are very likely to end up with failed hardware. AMD and Nvidia GPUs are tuned somewhat conservatively, with the intent to allow for many hours of gaming, every day, for several years.

Striking a balance between raw performance, efficiency, and profits is key. The difficulty is that what works well on one GPU, and even on one particular card using a specific GPU, may not work everywhere. We have a whole article about tuning GPUs for optimal Ethereum mining performance , but even that doesn't cover every possibility.

Let's discuss things a bit more here, as presumably some of the people reading this are new to mining and GPUs in general and may be led astray by claims made on mining forums. Our advice: Be more cautious and don't chase every last megahash. First, you need to know what GPU you're using.

We use code names a lot, so here's the quick rundown. Each family has different features. Image credit: Tom's Hardware Temperatures — for all components, not just the GPU core — and fan speeds are a good indicator of what's safe for long-term use, so let's start there.

AMD's Vega cards prefer even lower fan speeds, because no one wants a horribly loud leaf blower while gaming. With gaming GPUs, the expectation is that cards are only used at most maybe 12 hours per day. A really high-quality fan might last years or more; we've had fans in the past burn out in less than six months. Rather than cranking up graphics card fan speeds, an alternate solution is to just get a big and cheap box fan and aim it at your PC. If you want a reasonable estimate of where a card should run its fans, turn off the overclock and run a game at p ultra settings and just let it run for 15—20 minutes, and then check temperatures, fan speeds, clocks, etc.

Alternatively, use FurMark's x stress test, though be warned that sometimes FurMark will heavily throttle the GPU clocks to keep temperatures and fan speeds in check, so sometimes it's actually less demanding than running a game. Anything above that and you're more likely to have the fans at least fail. Next, temperatures. Most modern GPUs will have pretty reasonable temperatures on the actual graphics chip, particularly if you follow the advice in our Ethereum optimization guide , but that's not the only critical factor.

That makes it a bit trickier to determine what's 'safe' and what might cause premature component failure. We'll get into the clocks and speeds momentarily, but we think your best long-term bet is to let GPU temperatures hit at most 70C, preferably less.

VRM temperatures should be kept to a maximum of 90C again, preferably less , and we definitely wouldn't run with GDDR6X temperatures of more than C and expect a card to remain viable for two years. Maybe that's pessimistic, but we've had graphics cards fail far faster than that in the past, so better safe than sorry is our motto. Again, we think if it's above C, that's too hot for long-term reliability. It might last a year or more at C, or it might last six months — it's tough to say.

Some totally failed and some were just very unstable. Nearly all of them had fans go bad, and RMAs were a complete pain. It took weeks to get a card back, and some manufacturers even refused warranty service "due to physical damage" or other such claims. The manufacturers are going to see higher RMA rates with another mining boom, and some will use any reason to deny a claim that they can find.

Experience GPU and Memory Overclocking Image credit: Tom's Hardware Now that we've talked about temperatures and fan speeds, let's talk about overclocking — or even underclocking and undervolting. Memory speed is a key factor in Ethereum mining performance. While tuning memory clocks, you want to pay attention to long-term hash rates. An RTX with memory running at 20Gbps and a 1. Drop the GPU clocks to 1.

This means you can hit higher clocks that aren't unstable, but memory performance actually degrades past a certain point. Trying to balance memory clocks against power and temperature is complex, and it's definitely possible to find 'stable' clocks that will end up causing problems down the road.

One reasonable approach is to find the maximum stable memory overclock, by bumping the clock speed up in 50—MHz increments and letting the mining run, until you get errors or a system crash. Besides overclocking of the memory, you should look into underclocking and undervolting of the GPU, particularly for AMD's previous-generation cards.

Ethereum Mining Algorithm Ethereum 1. Since then, Ethereum has upgraded to Ethash. The good news is that the NiceHash website includes instructions for connecting the necessary ethminer software. It even has instructions for connecting to two different server locations: the EU and the US. Second, you should run the benchmark, which will give you a good idea of whether or not using NiceHash is practical or even possible with your system.

Finally, you should check out the profitability calculator to determine estimated earnings or losses. Of course, this varies depending on electric costs, hardware device types, and cryptocurrency prices. The NiceHash Profitability Calculator gives estimates for which hardware options should be the most profitable, not including electric costs.

Payouts One of the most important aspects to consider when mining Ethereum , or any other cryptocurrency, with NiceHash is the form of payout. This is not the case with this specific platform. BTC is the only form of payment on NiceHash, regardless of which crypto you decide to mine. The minimum amount you need to begin mining Ethereum is 0.

However, you can also create a contract for greater than or less than one day. The site offers two options for bidding on hash rate purchases: standard bidding and fixed price. Essentially, the fixed price option will likely cost more than standard bidding but simplifies the process of finding a match. By choosing standard bidding, there is the possibility that you might be outbid by another user.

The NiceHash marketplace page provides live stats for hashing power orders. This includes Dagger-Hashimoto and other algorithms. Buyers: There is a non-refundable order submission fee of 0. The amount spent on orders for buying hashing power unspent amount on canceled orders is not subjected to this fee is 3 percent. Sellers: Payouts fees for balances less than 0. Balances greater than or equal to 0. Payouts for balances greater than or equal to 0. Withdrawal and Deposit Fees For withdrawals from 0.

If the withdrawal is greater than 0.