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[GUIDE] Mining with NiceHash - updated

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Posted (edited) · Original PosterOP

"A guide on mining with Nicehash?" I hear you say, bear with me here, since NiceHash is here to stay and since "it's so simple anyone can use", might as well make a guide explaining the do's and don't that some might overlook when using such softwares!

 

I assume no liability for anything that you do as a result of this guide.  Proceed at your own risk.

 

Before you start mining, keep in mind that not all GPUs are profitable depending on your location because electrical fees, there are a few profitability calculators out there, but here are a some that you can use to see if all this is even worth it for you. Don't forget to enter the correct amount you're paying for you electricity.

 

NiceHash profitability calculator (quick and dirty, might not be 100% accurate but is good for estimations)

 

What to mine (more complex than above, give you more options to tweak and is more accurate)

 

Cryptocompare calculator (you will need to know your GPU hash rate with specific algorithms, different from the 2 above where you can simply select your GPU)

 

 

---------------------------------------------------------------

 

 

Now that's out of the way, first things first, things you will need to start mining ;

 

  1. An external Bitcoin wallet,
  2. The NiceHash miner,
  3. A computer with a compatible GPU,
  4. Some time to set it all up!

 

1. Bitcoin Wallet

 

The wallet is VERY important, this is where your payments are going to be sent. NiceHash pays in Bitcoins, BUT you are NOT mining (creating) Bitcoins.

 

For those that might be new to this, NiceHash was hacked, and that resulted in the totality of their Bitcoins (and their client's) to be stolen (over 4700 BTC). And this is where people lost money, the internal NiceHash wallet isn't a real Bitcoin wallet, it's a wallet that is outside of the blockchain. The blockchain is basically a big public ledger, so if the transaction isn't on the ledger, it means that for all intent and purposes, the transaction never took place.

 

What I will advise, is to use your own wallet instead of the NiceHash internal wallet, but be warned that as of January of 2018, the volume of BTC transactions being too high and also, the transfer fees being high, NiceHash is sometimes withholding the external wallet payments (the weekly 0.01 BTC payments), meaning you might not get paid if the volume and fess are too high, NiceHash will skip a payment window in hope the next time the fees and volume might be lower. From NiceHash website ;

Quote

Once per week for external wallet unpaid balances, greater than 0.01 BTC.**

 

** Schedule is adjusted accordingly to blockchain conditions. We are already actively working on implementing alternative crypto-currencies for payments.

 

Ok, but now what?

 

Use an external wallet, and for best security, use an offline paper wallets. As a rule of thumb, if the wallet isn't on the blockchain, don't use it. Some prefer online wallets, some prefer offline wallets. it's really up to your personal preference but using an internal wallet (like the NiceHash wallet) is what lead to so many people loosing money when NiceHash was hacked.

 

Here is a list of wallets in no particular order, do with it as you want (for disclosure purposes, the ones marked with an asterisk are the ones I'm personally using) ;

BitAddress.org (PAPER WALLET)*

Coinomi (MOBILE WALLET)*

Copay (MOBILE WALLET)*

Breadwallet (MOBILE WALLET)

Mycelium (MOBILE WALLET)

GreenAddress (MOBILE WALLET)

Armory (DESKTOP WALLET)*

 

There are a lot more than this, some might have better suggestions in the Folding@home, Boinc, and Coin Mining section. A Google search on the type of wallet you're looking for will most certainly give you even more results, make sure to look into the wallet you're going to use.

 

 

2. The NiceHash miner

 

FYI, before anything, be aware that mining softwares are often flagged as malware by anti-virus softwares and the likes, so after the installation but before using NiceHash, make sure to white list the folder it's in.

 

 

Now, onto the software, since NiceHash came back, they modified the mining software, so if you have an nVidia card, you'll have to use the following version ;

NiceHash miner v2.0.1.5

 

AMD owners will have to use the legacy version since NiceHash turned off AMD support in the latest version ;

NiceHash Legacy version (I would recommend the 1.8.1.5 version)

 

 

NiceHash miner v2 (for the legacy version, scroll down)

The setup is straight forward, the v2 is an installer and the legacy version is a standalone, so for the legacy version, simply unpack the zip at your prefered location and create shortcuts as needed.

 

The v2 installer is easy and you might have some redist installer popup, don't worry that's normal.

Capture2.PNG.6c76e6e0ff3991cc75a93104719be375.PNG

 

 

 

Agree to the licence and then you should be met with the miner interface (ignore the 0 devices, that screenshot was taken from my laptop) ;

Capture6.PNG.934463335aad97d85da98ac3ee9703bf.PNG

 

 

 

 

Now, click on the HARWARE DETAILS button, now from this window, you can either click on the BENCHMARK ALL button or open the drop down menu (by clicking the arrow) and change the selected algorithm that you want to benchmark and use, but before using a selected algorithm, it has to be benchmarked, so I would simply click on the benchmark all when it's the first time.

 

This is also where you can enable or disable "devices", like multiple GPUs or if you also want to use your CPU.

Capture3.PNG.a47c5144d43ba26fb6b8dabb4a91240d.PNG

 

Benchmarking should look like this ;

Capture2.PNG.62ff3746f2a1e6df8d072903bce771ae.PNG

 

 

Now, you can rename your worker (the mining PC) by clicking the worker button, by default it should be worker1.

 

Then, the important part is to write your bitcoin wallet so that you can get paid, click on the wallet button and paste/write down your wallet address, it should look similar to this;

Capture4.PNG.74627130db84cb0783f006938875a74f.PNG

 

 

 

 

When it's all done (benchmarks and writing your wallet address), you can now start mining!

Capture.PNG.03830ac8923a805a925b0fb9ab9927ff.PNG

 

 

 

 

NiceHash Legacy miner

 

The legacy miner has a different UI, but works the same way, you have to benchmark first, you can select/deselect devices and algorithms, you can rename your "worker" and you'll have to write you wallet address in the appropriate location.

 

When opening it for the first time, you'll have to agree with the licence, then it will verify your hardware and download the miners, this can take a few minutes to complete.

Capture15.PNG.9f12da0924cf3606095c1293eaa33d40.PNG

 

When done, you'll be in the main window of the legacy miner, as you can see, the wallet address and the miner's name is there and not in another window, so first, add you wallet address;

Capture10.PNG.51eae828d229e012a84f4170cc9de1b7.PNG

 

 

 

For the benchmarking, it's similar, you simply click on the device checkbox to enable it and you can benchmark all or simply select the algorithms you want to use and benchmark ;

Capture11.PNG.202d2848c47952d7abb677c2459363b1.PNG

 

 

Same here, when you're done benchmarking and have entered your bitcoin wallet address, simply click on the strart button to start mining

Capture.PNG.3f434978c69d37b0a2e13fb3c4a3b4f8.PNG

 

 

 

 

 

 

3. Advanced setup

 

 

Now, let's say you want to have a mining rig that you manage remotely and you want it to boot on it's own if there was a blackout, to mine automatically when it starts and to keep going if the network is down (it won't mine but it's going to keep the mining window open and wait for the network to come back on).

 

Well, here are a few tricks that should help you with that;

  • Set your BIOS/UEFI to start on power loss
  • Set your Windows user to login automatically
  • Set your remote software to start on Windows start
  • Set NiceHash to start on Windows start

 

This section won't have screenshots, I'll only list a set of instructions that should be easy to follow.

 

 

  • Set your BIOS/UEFI to start on power loss

-Restart you PC and go into the BIOS/UEFI

-Somewhere in the "Advaced" settings, or in the "Power" settings, look for an option called something like "Restore on AC / Power loss" and set that to "ON" or "Enable"

 

 

  • Set your Windows user to login automatically

This should work with Windows 7, 8, 8.1 and 10;

-Open the RUN window by holding the Windows key and pressing the R key

-In the RUN dialog, type netplwiz

-In the User Accounts dialog box, click the account you want to automatically log on to. Clear the Users Must Enter A User Name And Password To Use This Computer check box.

-Click OK. 
-In the Automatically Log On dialog box, enter the user’s password twice and click OK. 

 

Now every time Windows will start, you will be logged in automatically.

 

 

  • Set your remote software to start on Windows start

In the options of your software, there should be an option so that is start when Windows start, for exemple, in TeamViewer, it's in the options under General and is called Start TeamViewer with Windows

 

Alternatively, if you can't find the option for the remote software you're using, you could Google it or simply add a shortcut to the Windows startup folder, anything put into that folder will be opened/executed at Windows startup.

 

 

 

  • Set NiceHash to start on Windows start

In the legacy miner, click on the Settings button, now in the settings window, enable "Autostart mining" (at the top) and "Run with Windows" (almost at the bottom).

 

 

 

I might add more information later, the information contained here is subject to change due to it's nature (software updates and such).

Edited by wkdpaul
updated

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Posted (edited) · Original PosterOP

--UPDATED--

Included list of supported countries

Added details for purchases

Added informations about the current volume and transfer fees.

 

 

Here's a quick guide on using the NiceHash internal wallet ... carefully!

 

 

The high volume and fees that were associated with this part of the guide is now gone since the value crash that recently happened (Jan-Feb. 2018). I personally switched back to mining on my external wallet and I will advise anyone and everyone to do the same for safety reasons.

 

 

The following is working as of January of 2018, I can't promise that it will stay like this and work forever, or that those transfers are going to be free forever.

 

Also, standard disclaimer, I assume no liability for anything that you do as a result of this BTC transfer guide. Proceed at your own risk.

 

I know I just said you shouldn't use NiceHash internal wallet since that's off the blockchain and isn't safe. But again, stay with me on this as you can withdraw your fund from the internal wallet, to your external wallet for free (as long as you hit the minimum of 0.002 BTC).

 

This technique can also be used to PAY for thing and avoid fees that are currently associated with the high fees because of the blockchain high volume. I personally used Gdax to buy an Amazon Canada gift card through the site https://coincards.ca/ (I'm not responsible for any problems that could occur in using coincards.ca services, the fact that it worked for me doesn't mean problems can't arise).

 

 

So, here we go!

 

IMPORTANT NOTICE

You can verify here if your country is supported by Gdax, if it isn't then free transfers won't be possible, unfortunately.

Supported Countires ;

Spoiler

Availability of trading pairs by region
 

US*

BTC/USD

ETH/USD

ETH/BTC

LTC/USD

LTC/BTC

 

Canada

ETH/BTC

LTC/BTC

 

Europe**

BTC/EUR

ETH/EUR

ETH/BTC

LTC/EUR

LTC/BTC

 

United Kingdom

BTC/GBP

BTC/EUR

ETH/BTC

ETH/EUR

LTC/BTC

LTC/EUR

 

Australia

ETH/BTC

LTC/BTC

 

Singapore

ETH/BTC

LTC/BTC

 

 

 

* Exceptions in the US

For customers in the US, GDAX is only available to states where Coinbase is either licensed to engage in money transmission, where it has determined that no such license is currently required, or where licenses are not yet being issued with respect to Coinbase's business. US states not yet supported by GDAX include: Wyoming, Hawaii, and Minnesota.

 

 

** Supported European countries
Austria

Belgium

Bulgaria

Croatia

Cyprus

Czech

Denmark

Finland

France

Greece

Hungary

Ireland

Italy

Latvia

Liechtenstein

Malta

Monaco

Netherlands

Norway

Poland

Portugal

San Marino

Slovakia

Slovenia

Spain

Sweden

Switzerland

 

 

 

The complete hoop jumping that we're going to do is ;

  • Transfer your BTC from NiceHash to Coinbase (free)
  • Transfer your BTC from Coinbase to Gdax (free)
  • Transfer from Gdax to your external wallet (free)

 

 

Now with the registrations;

 

  • So, first step is to create an account with NiceHash
  • Second step is to create an account and get verified on Coinbase
  • Third step is to create an account and get verified on Gdax (Gdax is owned by Coinbase, so make sure to have a verified Coinbase account first as this will speed up the verification process!)

 

Just those 3 steps may have taken you a while, I know it took me 2 days to get verified on Gdax because of the registration spike all exchanges are getting right now!

 

 

NiceHash steps

Now that it's all done and that you have mined enough to withdraw from NiceHash (0.002 BTC, previous minimum was 0.001), login into your NiceHash account and go into your wallet;

Capture.PNG.fc5528470ed2219387eeca751183d6a1.PNG

 

 

Click on the Withdraw button (the orange one on the left), you'll get a popup with an option to send your BTC to Coinbase, click on that and enter the amount you want to send to your Coinbase account (simply enter your email) ;

5a5b78392eb58_newminimum.jpg.74a3302af73a06522a14bae349e9dcde.jpg

 

IMPORTANT : NEW MINIMUM FOR WITHDRAWALS IS 0.002 BTC, NOT 0.001 ANYMORE.

Capture3.PNG.7404bd084e40df95996f48909118f2dd.PNG

 

 

Now, you should get multiple email notifications telling you about the transfer, go to your Coinbase account and you should see the BTC were transfered successfully (don't mind the Gdax for now, we'll get to it soon) ;

Capture4.PNG.550732a116b85101b1f3d4035501b138.PNG

 

 

 

 

Gdax steps

Now time to head to Gdax!!!

 

After logging in, in the main window, hover your mouse to the right of your account avatar, over the burger menu, and click on ACCOUNTS ;

Capture5.PNG.c987cddb2d310133157090ebf896771c.PNG

 

 

Capture6.PNG.0a58751fac2bd0dae90545b9db1f10a0.PNG

 

 

In the Accounts windows, click on the arrow DOWN to grab the BTC from your Coinbase account;

Capture7.PNG.78fe29baff3d0ba86101c443ba894b20.PNG

 

 

That next window is pretty self explanatory, simply select the BTC source (if you have other coins than BTC on Coinbase), enter the amount to transfer, and click on "Deposit funds" ;

Capture8.PNG.81b9f6e3a1a256043fdc2300fc4bc90b.PNG

 

 

 

Now once the funds show up, click on the UP arrow to send the funds to your external wallet (FINALLY!!!!), again, this is pretty self explanatory also, click on BTC address (not Coinbase obviously) and fill out the form with your BTC address that you made at the beginning of this guide, and click on "GET CODE" to receive an SMS code to enter as the "Two Factor Code".

 

This is also here that you can pay for anything you want in BitCoins, the store you're purchasing something from should supply you with a BitCoin wallet and a specific BTC ammount to transfer, this usually has to be done within 15 minutes for the transaction to be accepted. ;

Capture9.PNG.72b749ad045d36fc83e285184b7c7497.PNG

 

 

And now, all the transactions can be viewed on Coinbase, all was done without any fees!!!

Capture10.PNG.ea8c9d9dd7b7ce51de7436b7c9b0680d.PNG

Capture2.PNG

Edited by wkdpaul
MORE UPDATES

NiceHash Mining Guide

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That is a handy dandy guide thanks for posting


⬇ - PC specs down below - ⬇

 

Intel Ryzen 8 X5690

CPU: (x2) Xeon X5690 @ 4.03Ghz

Motherboard: EVGA Super Record 2

RAM: 48Gb (12x4gb) server ddr3

GPU: MSI GTX 1060 Gaming X 6GB

Case: Modded NZXT S340

Storage: Samsung 850 EVO 500Gb and a 2Tb HDD

PSU: XFX 750W PRO Black Edition

Display(s): 24" Acer G246HL

Cooling: Noctua NH-U12DXi4 and a Noctua NH-U9DXi4

Keyboard: Corsair Gaming K70 LUX RGB MX Browns

Mouse: Logitech G600

Headphones: Sennheiser HD558

Sound Card: Creative Sound Blaster Audigy FX 5.1 Sound Card with 600 ohm Headphone Amp

Operating System: Windows 10 Pro

 

Join us on the x58 page it is awesome!

x58 Fan Page

 

If you would like info about my motherboard here are some links to that:
EVGA's product page

Interview with EVGA's Shamino

Manual/User-Guide

OC guide that I don't understand but I'm sure is useful

 

If you want to see Starman drive his care through space then click the link below:

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So I just started mining using your guide and everything has been going well.

This afternoon however something weird happened, in the below screenshot it previously showed the dollar amount of the bitcoin I had received in USD in the circled portion but now it shows $0.00 even though the amount of bitcoin is still there:

Capture.PNG.e8272b2bdae62c7c4802afe462964314.PNG

 

I checked my wallet and nothing has been deposited there so I'm not sure why it no longer says the dollar amount, any insight would be appreciated.

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Posted · Original PosterOP
11 minutes ago, imreloadin said:

*snip*

 

The mining software is buggy at times, I'm mining on 2 different rigs and one of them won't show my balance correctly from time to time (it often show USD 0.99 regardless of the BTC balance).

 

To make sure, just check your online stats (click the link above the "USD 0.00" in your mining window) and that should be reporting the right amounts on the right under "Unpaid Balance" ;

Capture.PNG.2bc3b6cbaf59e600736a7294a6217e4b.PNG

 


NiceHash Mining Guide

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According to NiceHash's calculator, I see a 1080 ti's profitability is around $8 a day but after some reddit research I'm seeing the profitability consistently decline.  While this is somewhat expected, I can't find actual numbers on what the profitability slid to and from in a given time period, say 2017.  Anyone know those numbers, or better yet have a graph so we can *try* to estimate future profitability (with the caveat obviously being no one has any idea what cryptos will do)? 

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Posted · Original PosterOP

@link293 Not sure if anyone ever made something like this, now that you mention it I think it would be very interesting. I'll try to see if someone somewhere ever did that!


NiceHash Mining Guide

Ethereum Mining Guide

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Posted (edited) · Original PosterOP

Updated the NiceHash internal wallet withdraw post because they changed the minimum withdraw amount from 0.001 BTC to 0.002 BTC.

Spoiler

new minimum.jpg

 

 

This has to do with a problem with the Coinbase API, they are working on a fix and withdraws should go back to 0.001BTC soon, there are no ETA as of now though.

Edited by wkdpaul

NiceHash Mining Guide

Ethereum Mining Guide

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On 1/5/2018 at 12:33 PM, wkdpaul said:

A computer with a compatible GPU,

You got a list or link of gpu's to use?


HP EliteDesk 800 G1 with i5-4570, Q87, W7 Pro upgradable to 8, DDR3 1600MHz 4 Dim slots, 500GB HDD, HD4600, I217LM Gigabit.

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Posted · Original PosterOP
1 hour ago, Canada EH said:

You got a list or link of gpu's to use?

That would make for a long post, there are a LOT of compatible GPUs, but depending on your electricity cost, not all of them are worth it.

 

But here's a quick and dirty list ;

 

on the AMD side, anything from the HD7850 and up (not sure about the R5 240 and under or the R5 340 and under)

 

on Nvidia side, anything from the GTX 750ti and up (not sure about the GT 740 and under and the GT 8xx series, but the GT 1030 CAN BE profitable)

 

Other older GPU might classify but I'm not too sure.


NiceHash Mining Guide

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this is a solid guide. I do have a question though.

so initially I setup a miner to send coins directly to an external wallet (CoinsPH).

but I just realized that the payouts would probably take 1-2 months because of the 0.01BTC minimum.

 

can I easily change BTC address to the NiceHash internal wallet without affecting my current BTC balance?

I plan on following your guide and withdraw everytime I hit the minimum withdrawal amt (0.002 BTC)


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Posted (edited) · Original PosterOP
5 minutes ago, Noyu said:

this is a solid guide. I do have a question though.

so initially I setup a miner to send coins directly to an external wallet (CoinsPH).

but I just realized that the payouts would probably take 1-2 months because of the 0.01BTC minimum.

 

can I easily change BTC address to the NiceHash internal wallet without affecting my current BTC balance?

I plan on following your guide and withdraw everytime I hit the minimum withdrawal amt (0.002 BTC)

You can't transfer the unpaid balance, I switched to the internal wallet myself and I have about 0.0025 BTC in unpaid balance on my external wallet, I don't plan on going back to it until the payments fees go back down.

Edited by wkdpaul

NiceHash Mining Guide

Ethereum Mining Guide

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3 minutes ago, wkdpaul said:

You can't transfer the unpaid balance, I switched to the internal wallet myself and I have about 0.0025 BTC in unpaid balance on my external wallet, I don't plan on going back to it until the payments fees go back down.

image.png.1d1395b08109296e31b7c199628c8911.png 

 

hnooooooooooooooooooeeeeeeeehhhhhhhhhhh


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Posted · Original PosterOP
8 minutes ago, Noyu said:

image.png.1d1395b08109296e31b7c199628c8911.png 

 

hnooooooooooooooooooeeeeeeeehhhhhhhhhhh

ouch ... sorry about that, I'll update the thread to include a list of the supported countires! :(


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14 minutes ago, wkdpaul said:

ouch ... sorry about that, I'll update the thread to include a list of the supported countires! :(

yes please.

looks like I'm stuck with LOONG payouts for now.. I'll ask around local forums as well.


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29 minutes ago, wkdpaul said:

ouch ... sorry about that, I'll update the thread to include a list of the supported countires! :(

So I was googling:

Can't we just "SEND" BTC from Coinbase to an external wallet using this function:

 

image.png.ba2e815b241948f0f649129510ff1430.png

currently greyed out due to the 0 balance


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Posted · Original PosterOP
Just now, Noyu said:

So I was googling:

Can't we just "SEND" BTC from Coinbase to an external wallet using this function:

 

image.png.ba2e815b241948f0f649129510ff1430.png

currently greyed out due to the 0 balance

Yes, but sending BTC on Coinbase isn't free while it is on Gdax (last time I checked the fees were around $15 USD on Coinbase because of the high volume).


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Just now, wkdpaul said:

Yes, but sending BTC on Coinbase isn't free while it is on Gdax (last time I checked the fees were around $15 USD on Coinbase because of the high volume).

oooooooooooh okay okay. weird how this is not specified anywhere on the multiple blogposts I've read ahaha

 

thanks again man!


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Posted · Original PosterOP

Added a disclaimer about whitelisting the NiceHash folder with your anti-virus since they often flag the mining scripts as malware.

 

Also added informations on how to use Gdax to pay for things using BTC (my second reply about using NiceHash internal wallet)


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Posted · Original PosterOP

Seems like the volume problem has sorted itself out.

 

I added a notification in the section where I explain how to use the internal wallet.

 

Until fess go back to $20-25 per transaction, using an external wallet SHOULD be the preferred choice.


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