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Old 26th June 2017, 08:31 PM
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moltuae moltuae is offline
RIP 27/02/2021 :-(
 
Join Date: Sep 2014
Location: East Lancs.
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Quote:
Originally Posted by ainarssems View Post
Are you just mining bitcoin or other currencies as well. I understand that emerging currencies are less predictable but potentially could be more profitable.

Can you run more than one mining operation on the same rig either sharing resources or say one on GPU and another on other GPU?
We're using NiceHash so it mines whatever is most profitable. Also some GPUs are more suited to certain algorithms. When watching NiceHash running, I think most of the time it's mining Ethereum but occasionally other currencies too such as Zcash. Since we're only renting our hashing power to NiceHash though, it makes no difference which currency we're mining or how volatile the price of that currency is, since we simply get paid in Bitcoin for our hashing power.

Generally NiceHash pays more than mining directly, with the added bonus that you don't have to keep manually watching/switching algorithms to the most profitable one. It has been asked numerous times (on the Bitcointalk forums and other places) how it can be that NiceHash can pay more than the currency is sometimes worth. The answer, they explain, is simple: People don't always mine for profit. Think about this: Let's say you own a business and you want to get money out of the business under the tax man's radar. You could use company money to buy mining equipment and use the company's electricity to run it, OR you could pay to rent computing power (and put it down to business running expenses). Not that I'm suggesting anyone should use cryptocurrencies to hide wealth or avoid paying taxes, but clearly this sort of thing goes on.

Another thing to think about is that, if cryptocurrency prices continue to rise (and, considering the technology is still in its infancy, they should), whatever you acquire (be it by buying hashing power, mining or buying directly), could be worth far more in a few years time. Prices could also fall of course but you can insure against that to some extent by holding a few different cryptocurrencies.
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