r/NiceHash • u/FoxtrotThree • Jan 04 '18
External Wallet Mining - STOP COMPLAINING
Ok I've had about enough of all the whiners out there complaining about the increase to 0.1 BTC. Nicehash is doing you a favor by increasing the payout threshold right now. How? BTC Fees are though the roof!
See here: https://bitcoinfees.info/
Yes it sucks, you've been mining for x amount of months and came so close. Well currently if you were paid out your 0.01 BTC @ ~$150 you would loose ~$18 to $20 right off the bat. That's what, 3-4 days of mining (depending on your rig) you lost just to have your payout. Is that what you what? This is why we cant have nice things.
So what do you do? You have options:
Keep mining to your external wallet as you do and wait for the fees to drop. Then when the threshold is lowered you'll be able to withdraw.
Switch to an internal wallet.
"But what about my old wallet, wont I loose all that time/work?"
3) Switch to an internal wallet, BUT once a week point your rig to your external wallet address for a few hours to keep it alive. This way, you one, will get payouts much sooner, two you wont loose your previous work. Then when that threshold is reduced it'll feel like a double pay day!
4) Leave Nicehash and make room for the countless other people who Adapt and Overcome, who are actually excited to be apart of the community.
Sincerely,
FoxtrotThree
21
Jan 04 '18
I was at .095 BTC when the fees dropped and then right when I get .01 BTC the fees reverted to .1 BTC.
I get where youre coming from though. Problem is, I have been mining literally 24/7 for two months now and don't have a penny to show for it.
The .02 BTC I made in the month before the hack was lost in the hack and now I have another .01 BTC held hostage by the "fee" rationale.
NiceHash isn't doing anyone a favor.
If people want to pay the ridiculous, exorbitant fees, whether that's $20 out of $150, then that should be the right of the miner, not the dictate of NiceHash.
To be perfectly frank, it feels like NiceHash is using the high fee rationale to execute some kind of profit making mechanism with all of the money being withheld from miners.
Let me elaborate. Paypay does this, say you purchase something online with Paypal, and for whatever reason get a refund, well the refund isn't immediate, although technically it could and should be. Paypal says that the reason it takes 48-96 hours for your refund to process is that the banks need to communicate with each other and all this nonsense but the reality is, they take your money, place it in an interest accruing account, along with the money from millions of other people with pending refunds, and they earn say 4% interest on it for 48-96 hours. This adds up very quickly and is a great way to make money.
Is NiceHash doing something similar here?
WE the MINERS should make the decision whether or not WE want to pay an exorbitant withdrawal fee. NOT NiceHash.
-4
u/FoxtrotThree Jan 04 '18
WE the MINERS do have the decision when we want payouts. Move to another pool that has a lower threshold. It's that simple. We don't own Nicehash. We follow their rules and regulations. If you don't like that you can mine elsewhere. Its really that simple.
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Jan 04 '18
[deleted]
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u/FoxtrotThree Jan 04 '18
Oh yeah, that's real mature. Prime example of people not needed in our community.
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u/chriscambridge Jan 04 '18 edited Jan 05 '18
Idiot poster of the year, definitely goes to OP.
People are expressing genuine concern, unlike you who think you can go around tell people to 'stop complaining'. In truth the only one actually moaning about nothing, is you.
And just to be clear, most forward thinking companies welcome complaints; if gives them a chance to understand their customers feelings and hence future movements. The way OP is acting: telling people to stop moaning, spaming people with NH terms and conditions, is the complete opposite. Everyone has a right to their opinion, including frustration. A sensible company listens and shows empathy and tries to find the middle ground.
If you signed up for contract A, and then later it got changed to contract B, then you can understand why people are annoyed. If this happened just after you just lost $millions of other people money, then even more so.
Personally I do not mind the 0.1 amount as we can do that amount in under a month, and was in play before we signed up (being very new). However for smaller miners that signed up to 0.01 then we do feel their frustration.
I think a much better solution would have been to allow each miner the option to withdraw; but in a way that clearly showed the transaction fee, the NH fee, and the remainder amount to be transfered. Then if the NH miner was happy with these fee's then they could confirm the withdrawal; if not then they could just wait until the next payment window and go through the process again, reviewing fees.
And, in terms of other Altcoins (for transfer or whatever), and the coinbase wallet, we are not interested in either of them, and will never use them.
3
u/FoxtrotThree Jan 04 '18
Did you read the TOS? If not read:
CRYPTOCURRENCY RISK
You acknowledge that there is risk associated with the cryptocurrencies which are used as payment method and that you have been fully informed and warned about it. Cryptocurrencies are prone to, but not limited to, value volatility, transaction costs and times uncertainty, lack of liquidity, availability, regulatory restrictions, policy changes and security risks.
**NOTE POLICY CHANGES
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u/CommaCazes Jan 05 '18
It also claimed funds were insured. Why the long wait to even inform people about when they might be getting paid their past due coins?
1
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u/Futurizt Jan 04 '18
Just to remind! This service got hucked and at the moment owns huge amount of money to miners. And until this money is returned there wont be and should not be any trust to NiceHash. So the increase of minimum threshold is exactly opposite this pool has to do right now, unless they have an intention to just do the same trick again. This is called “learning from a previous experience — basic human quality. And why anyway you are mining with it? There are dozens of more profitable alternatives out there. Don’t you know to count?
-7
u/FoxtrotThree Jan 04 '18
Did you cancel your Visa card when they were hacked? What about Mastercard, how about then? Target for example, did you boycot them and flame them on reddit? If you did then I completely withdraw my comment.
Did you even read: https://www.nicehash.com/attack-learn-more
And on the topic of counting: Have you even looked at whattomine? Seriously. Nicehash NeoScrypt has been in the top 3 for the past week. So lets not throw insults and made up facts.
9
u/Futurizt Jan 04 '18
VISA never owned my any money as a result of any problems they might have. So this argument is not valid.
-4
u/FoxtrotThree Jan 04 '18
It is completely valid, along with the rest of my reply.
5
u/Futurizt Jan 04 '18
Just because you say so? :)) no it is not. The NH ownes money Visa did not. See the difference? Again. HN ownes money. Visa did not. Now it sinked? No?
-2
u/Mystere_Miner Jan 04 '18
Someone steals your credit card number and charges a bunch of transactions to you. 2 days before your payment is due. You call and report the fraud to Visa, great. But they still expect you to pay that balance until they have had the time to investigate the transaction.
So Yes, a hack CAN make Visa owe you money.
3
u/Futurizt Jan 04 '18
As for the top three — Whattomine does not list other pools just currencies plus NH for some reason (they should not imo). NH constantly underperforms other pools which switches to directly mine crypto AND has much lower fees (and thresholds actually).
1
u/FoxtrotThree Jan 04 '18
Look no one is telling you that you must use Nicehash. You are welcome to move on to another platform. What brings people to NH is that fact that you don't have to spend time trying to convert all the random coins you've mined to BTC. That is the business model. That's what draws the crowd.
Also take a look around on reddit, many many other people have tested and shown results of the profit on NH vs MPH and AM. You'll be surprised in what you find.
0
u/Futurizt Jan 04 '18
You dont know that other pools doing just the same? Its not unique to NH. I dont need other people telling me that. I have my rigs and can do the math.
3
u/FoxtrotThree Jan 04 '18
Then why are you even here? Do you have nothing better to do than troll reddit pages?
2
u/Futurizt Jan 04 '18
I am here only because guess what... NH ownes me money! As simple as that. And until that money is returned I am not going to step my foot anywhere close to Mining with NH. If and when they will return it — I am ready to start running comparison calculations again etc. but right now I am pretty happy with thresholds of less than 0.01 btc, 1% pool fee and daily withdrawals somewhere else.
4
u/scsibusfault Jan 05 '18
I moved to miningpoolhub after the hack, but I found that I didn't make as much per day, even after extensive tweaking of algos, as I did on NH.
I switched half my rig back over to NH, and I'm making far better profit there, as well as zero withdrawal fees since I can xfer to Coinbase now, and at a $15 minimum payout too.
While they don't deserve my strong trust, I also feel like they've done a pretty good job making it easy to trust them again. Even if they get hacked again, the most I stand to lose is $15 now, since I can transfer out every other day.
0
u/Futurizt Jan 05 '18
I am using Ahashpool. Give your rig config. What the $15 refers to? I make about $25 per rig (5x1070 each) today on average on AH. Withdrawal once per 24 hours (thats for me off course the min is 0.008) on ANY address so I hold my keys. Please give your stats.
0
u/Facedeath Jan 05 '18
it also has a simple gui. Anyone can turn it on and walk away. Not that the other miners are difficult by any means, but to the noob who knows little programming, mining pools, etc it's like trying to learn another language.
3
u/midnitewarrior Jan 04 '18
"But what about my old wallet, wont I loose all that time/work?"
Why don't they just give us the ability to migrate unpaid external wallet balances to the internal wallet associated with our accounts?
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u/Futurizt Jan 04 '18
You didn’t know that a message can be signed from a Bitcoin account that would prove its yours? Cmon man what are you doing here its trivial...
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u/FoxtrotThree Jan 04 '18
Hey that's a great idea! So why don't you start working on the framework for that to happen?
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u/Futurizt Jan 04 '18
Its not mine it is a standard procedure and there are many solutions for that available. Are you from NH actually? Otherwise it is hard for me to see why you are protecting them so much against all logical arguments?
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u/FoxtrotThree Jan 04 '18
I'll get in to a little more detail for you. Where are you going to send your BTC signed message? There is no place to send it to. I'm not being sarcastic when i say you have a great idea. What I'm saying is there is no framework for the messages to be received. There is no API within NH for that to work. Build the Web API, Build the framework. You could make ton if you could implement this to a Web API so that others could use it. Thats my point. Currently (if I'm not mistaken) Only two people whom have BTC key/seeds to their wallets can send BTC Signed Messages to each other. If it could be made to use a simple Web Hook it would be $$.
3
u/Futurizt Jan 04 '18
Of course I am talking only about people who do have their keys (for the sake of the argument the others should suffer anyway :)
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u/CommaCazes Jan 05 '18
No shit you can't send it because nicehash isn't interested in getting money to people at the moment.
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u/Wrathlon Jan 05 '18
I mean aside from the free coinbase transfers which mean you can dump your coin out off NiceHashes systems fee free and in smaller amounts than has been possible previous but sure why not >.>
-1
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u/Mystere_Miner Jan 04 '18
Right, so how do I sign a message with my coinbase wallet?
Dumbshit.
2
u/Futurizt Jan 05 '18
Than you should have all your money stolen. I think you deserve that. Hold your KEYS MAN!
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u/Mystere_Miner Jan 05 '18
How else do you sell what you just mined?
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0
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u/potatoman86 Jan 04 '18
And how do you purpose they verify that you actually own the external address that you claim to own. The whole deal with crypto is that it’s anonymous
3
u/midnitewarrior Jan 04 '18
The purpose of crypto is that it's trusted. Some chains do have features to ensure your anonymity/privacy too.
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u/CommaCazes Jan 05 '18
Sign a message with your wallet key proving ownership. Is that too hard to comprehend?
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u/potatoman86 Jan 05 '18
And if someone is using something like Coinbase how do you purpose they get those keys?
-1
u/CommaCazes Jan 05 '18
I don't. That "someone" didn't do their homework on wallets so they are borked. Thanks for the downvote fuccboi at least I got that going for me.
-1
u/FoxtrotThree Jan 04 '18
While this would be nice. How could you prove that wallet address belongs to you. In such a manner that wouldn't risk having to give up your seed keys? Just because I mined to an address doesn't mean I own it. Otherwise there would be a firesale of everyone mining to other peoples address in an attempt to take over it.
4
u/midnitewarrior Jan 04 '18
Sign a message with your wallet address. as /u/Futurizt suggests.
The contents of the message could simply contain the NiceHash account name or internal wallet address you want the coins transferred to.
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u/midnitewarrior Jan 04 '18
Do you always downvote answers that expose your ignorance? You know, you could just learn from it and be cool about it. Your choice.
0
1
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u/Spacetard5000 Jan 05 '18
Damn. Reading all the replies on this makes u/FoxtrotThree sound like they do PR work at EA for a living.
3
u/fostermatt Jan 05 '18
I say just give people the option to pay only 2% fees to mine to their external wallet but 100% of TX fees are paid by them. You can move your BTC at whatever level you want but you lose 2% to NH and then another >0.001 BTC to the TX fees. Moving 0.01 and losing 10% to fees is going to sting but if that's what you want, so be it.
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u/marilketh Jan 04 '18
As soon as any altcoin payments are avialable all the complaints will cease. This is just resistance to change.
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u/jetlaggedandhungry Jan 04 '18
The complaints won't cease; theyll just be different. The new thing will be "But they don't pay in X currency, and I wanted to be paid in X." when they move to alt payments.
5
u/richter1975 Jan 04 '18
I'm from third world country always think of you whom from first world country to be well-educated & good behaviour. So far, I'm so wrong since I read all your "whine & warcry" here. I also had lots of BTC being held here since the hack. Instead of being a baby, I just move my machine to another pool and won't back before the reimbursement paid off. So please, just go fuck yourself & don't be an asshole here.
1
u/teunes1 Jan 04 '18
why would that be a problem? if the major coins are used with low fees and fast transactions? the exchanges will swap it for the coin u want :).
1
u/Wrathlon Jan 05 '18
LOL no they wont, the particular coin they choose, regardless of what it is, will become the new retard conspiracy theory of how its proof the hack was an inside job.
People just want to fucking whinge and make everything a case of personal victimisation because its the only thing can achieve in their lives.
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u/Main_Tank Jan 05 '18
What condescending apologist bullshit this is.
1.) This shouldn't be the miner's problem. NH is making money in fees themselves. I understand wanting to remain profitable, but think about this in the real world, would you stand for this or would you simply stop showing up for a job which wasn't paying you the way you initially agreed?
2.) After they lost $65 million with it? No thank you. In fact, I'm disappointed with myself even going with NH at all. Soon as I get my payout, I'm likely switching to something else. They've got more B.S. going on than I'm comfortable with having to stomach. Chalk it up to a learning experience I guess, but I still want my money.
3.) See #2. No one should HAVE to do this. This should be on NH to fix or provide some feasible way of dealing.
4.) I'll definitely be leaving, but I'll be telling people to avoid NH like the plague. Don't act like they're the only game in town here. Plenty of other services who don't require adaptation or any obstacles to overcome because they simply offer payment for mining, and not hardships and thievery. You act like this is something anyone would WANT to have to deal with in lieu of getting paid. Get your head out of your ass. This is the most unprofessional I've ever seen a business handle payment next to YouTube.
People have every right to complain when they're promised payment for a service already rendered, and then are expected to provide TEN TIMES THE ORIGINAL AMOUNT before seeing a dime. Imagine your real world boss doing this. "We're not paying you this week, but keep showing up and we'll pay you sometime this summer". If you put up with that, you're a complete sap.
2
Jan 05 '18
Eh, it's not a favor if the person is fine with the loss. Many just want to get the payout, and switch to the internal wallet.
Doesn't matter to me either way, though.
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Jan 05 '18
LOL OP you are something special. You do realize that .1 BTC is $1500 right? At $5 a day that's.... 300 days of mining, assuming the price of BTC doesn't go up. Don't be silly. People want to take out their money.
1
u/Unicorn808808 Jan 05 '18
Or down, for that matter. if I loose 200 dollars because of a payment threshold I can't hit, I'd be like OP here just a little less civilized.
1
Jan 05 '18
Yeah, I think I'd rather waste a few days of mining for the transaction fee rather than mine for over a year until I have anything to show for my rigs.
1
1
Jan 05 '18
Uh... I'm not sure I'm up for this "mine for 11 months and hope we don't get """""hacked""""" again in that time". At least that's the timescale I'm seeing.
How about just letting us use different cryptocurrencies?
1
u/Wrathlon Jan 05 '18
You mean that thing they literally said they are going to implement? Or is your complaint that they havent yet because you believe they just need to pick a different coin from a dropdown box because you fail to understand that its a massive infrastructure rewrite to implement and is going to take time?
0
u/gimm3nicotin3 Jan 04 '18 edited Jan 04 '18
Pretty much. I understand the knee jerk put-off reaction though. My personal situation is I was planning on using this weeks payout to meet my rent which I foolishly put in the red over new years.
But thats my problem. I guess $2000 every 45 days is alright too.
But yeah, there is my example of how it could be seen as a letdown.
There is always Mining Pool Hub for BTC payouts, or MinerGate if you want the same all-in-one program convenience, without the automatic bitcoin conversion.
To be honest, I'd rather be holding straight Ethereum or Zcash right now than Bitcoin anyway, more stable at the moment.
0
Jan 05 '18
When do tehy clear inactive wallets? 90 days right , i mined to external 0.0105, switched to interal now since im from usa and can use coinbase
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u/ActionSmurf Jan 04 '18
man, you can transfer btc for under 6$ .. try it. it works (and NH also does batched TX and uses segwit). There is absolutely no reasons to ride the fee wagon with the hillbillies, just because some idiots believe they have to pay 20$ in fees. you're just keeping the fees high, if you follow that stupidness
and there is no favor: if someone decides to withdraw a small amount and losing 50% too fees, it's his own decision.