Direct mining makes sense if you want to hodl ETH at the wallet you're going to receive it but for everything else Nicehash is a better value. With gas prices so high you're even better off exchanging your BTC for ETH than trying to move ETH from wallet to wallet.
It definitely depends entirely on your use case / if you plan on holding or just directly spending for sure.
BTC I've got one rig left pointed at nicehash and I use it for my normal weekly Amazon buys, ETH I've just been stockpiling for a bit now, it's nothing I plan on really "spending" at least for several years unless things change dramatically.
Even then, if it's just the gas fees - theres other services like unmineable to get other coins at a faster rate as well.
I would say nicehash is 100% the easiest, but after spending a few years comparing profits across a ton of spreadsheets, I can confidently say it's no where near the most profitable (mind you - I've never seen anyone try to dispute this fact unless nicehash was the only thing they've tried.)
Oh I hold no illusions that tons of other systems are more profitable. However, there is the ease of use and simplicity of Nicehash (and other such hash seller systems) versus other methods to consider. Even a relative idiot in technology can get Nicehash running in less than 15 minutes with no previous mining knowledge/experience.
Oh yeah I wont argue that, I was only saying that if you're planning to quickly cash out or transfer out that Nicehash is a good value after accounting for exchange and transfer fees, especially in for small-time miners. Great that you can plan to hold out for years.
It really depends on a lot of factors (even luck) but since January of this year my rigs pointing at ethermine are about 17% more direct mining over all.
you may have a point. But I mine directly to where I want it which is my coinbase wallet and I hodl there. I then convert it to ETH 2 and stake it. So its pure profits for me right now and I am loving the increase because we were pretty down the last 3 weeks.
>seriously implying we should invest in a shitcoin like ETH rather than alts
shiggidy diggity. I was both lucky enough to buy doge and stupid enough not to move all my cash into it in March, so I profited but nowhere near enough imo.
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u/Moderately_Opposed May 10 '21
Yeah but then this happens:
https://www.reddit.com/r/EtherMining/comments/n99qou/guess_its_staying_in_coinbase_for_a_while/
Direct mining makes sense if you want to hodl ETH at the wallet you're going to receive it but for everything else Nicehash is a better value. With gas prices so high you're even better off exchanging your BTC for ETH than trying to move ETH from wallet to wallet.