When mining Bytecoin, your hash rate determines how much BCN you will earn a day. One way of boosting your hash rate is to purchase new hardware (here is a list of the best mining hardware) but another way to increase your mining hash rate is by signing up for NiceHash.
What Is NiceHash?
NiceHash is a cryptocurrency mining marketplace, where you can literally purchase mining power from sellers. Sellers download the NiceHash miner and run it on their computer, which then the buyers can use to mine their favorite coin at any pool they choose. All mining on NiceHash is pay-as-you-go and you can stop mining at any time, you can also mine on different pools and with different mining algorithms. They are well-trusted in the community and have been around since 2014, dealing with millions of USD in BTC transactions.
How Do You Mine With NiceHash?
Mining with NiceHash is very easy and is probably more simple than setting up a miner on your own hardware. You first need to register an account at NiceHash, which takes about 30 seconds. Once you confirm your account, then you can go ahead and log in. At which point you will be presented with a very well designed dashboard that shows all the information you’ll need once you start mining. Next, you will venture to the “Live Marketplace” which is where you’ll go to purchase your mining power. You’ll notice there are a ton of different algorithms supports, but since we are mining Bytecoin, you’ll want to select “Cryptonight”.
You’ll see in the marketplace they are sorted by BTC/MH/Day, which translates into Bitcoin spent per million hashes per day. This may seem like a lot, but the hash rate for the entire Bytecoin network sits at about 4MH/s, which means you could dominate a large percentage of the network and rake in BCN. Once you confirm your purchase, you are only one step away from mining Bytecoin with your hashing power. Before you can start mining, you’ll need to set up your pool information, you can find “My Pools” in the “For Buyers” section of the menu, this is where you’ll add your pool information. Since we are mining Bytecoin we will need to choose the Cryptonight algorithm, point our miners to Pool.Bytecoin.Party, and set our port number to 8888 (which is dedicated to NiceHash mining). Finally, add your wallet id as the user, and save your pool profile, now you can go back to the dashboard and start mining.
Is NiceHash Profitable?
The argument against NiceHash is that it’s not always profitable, which is true and false. There are a ton of coins and pools that will not pull a profit from NiceHash mining, Bitcoin, for instance, will never earn more than it costs because that wouldn’t make sense. However, on a zero-fee pool like Bytecoin.Party, it’s possible to earn a profit straight from the jump, but oftentimes you’re mining for long-term profit. One of our NiceHash miners earned over 200,000 BCN last month, and he only mined for about a week. He only spent about 200$ to mine this coin, so he’s currently breaking even, but imagine where his profits will be when Bytecoin rises in price. That is something to keep in mind when considering mining with NiceHash, you need to look at future profits and not just what it’s worth at the time.
Should You Use It?
I believe everyone should at least give NiceHash a try. You can start mining at NiceHash with as little as .005 BTC, and you’ll earn that back in a day if you’re mining Bytecoin. At the very least, you should consider creating an account so that you can take advantage of any new coin announcements, as you can mine nearly any coin with NiceHash. Please reach out if you have any questions or comments, and as always, PARTY ON!