How to Rent Hash Power For Speculative Crypto Mining in 2020
Cryptocurrency mining has become increasingly more difficult to
participate as time has gone on, not only it takes more mining equipment
to stay competent in the increasingly growing industry, but it’s also
more and more difficult to get your foot in the door.
However, there’s an alternative method, that doesn’t require the high
initial cost to get started, and which is available to anyone. Because
you can actually purchase hash power from other miners and participate
with speculative mining coins not many are aware of.
That’s right, you can actually rent hash power and make decent stable extra income.
Note: Investment (including spec mining) involves risks and profits are not guaranteed!
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What is speculative crypto mining?
Speculative mining or simply (spec mining) is a concept in which
cryptocurrency users participate mining newly launched coin in order to
profit from future price appreciation.
Contrary to the usual mining behavior in which users mine the most
profitable coins, Spec mining means users participate in mining newly
launched unknown coins with zero or very little ROI that they expect to
establish value over time.
In other words, speculative mining is nothing but investing hash rate
into projects that have very low difficulty and which not many people
are aware of. These types of projects are less likely to be seen in
common places such as Coinmarketcap, or other large websites. And many
times these coins are in their early stages which means there may or may
not be even mining pools available, the code can have bugs, and it’s
just a mess, to begin with.
Anyhow this is also where the most cryptocurrency profits are
generated with, imagine for example mining Ethereum at its early stage
of $1 a coin, and holding on to modern-day, you’d be rolling in cash
never having to worry about making money again.
Can you make money with speculative mining?
The obvious answer is: Of course you can, however, it may also be
difficult to get started, not only you have to find precious coins which
not many are aware of, but you also have to accept that there are no
gains without some risks involved.
Successful speculative cryptocurrency mining depends on several
factors. First of all, you have to figure your initial investment
capital, the mining difficulty, and the current outlook for the future
of the coin.
And of course, you also have to keep eye on the middle, long term,
and short term profitability. As more miners discover the newly launched
coin you are participating, the difficulty also can increase
exponentially.
This is why it’s important to establish your risk factors, and
whether you are mining for fun, or for-profit as each scenario may
require you to act differently.
How can you start renting hash power?
You can start mining any coin you like, by following these four simple steps:
- Register a new account either on NiceHash or MiningRigRentals.
- Find the coin you want to mine and register on the pool you want to mine that coin in.
- Place a new order on the hash power marketplace with the right algorithm.
- Sit back and relax, check your income at the chosen pool.
And that’s about it after you have your rented miner set up, it will
keep mining till you run out of funds. Lets now take a more detailed
look at what both of these platforms have to offer.
NiceHash
NiceHash is the largest crypto mining hash power marketplace that
connects cryptocurrency miners either to purchase or sell hash power.
The platform offers an intuitive interface that lets users easily either
sell hash power by pointing their miners at NiceHash while
simultaneously giving buyers the option to point this hash rate at their
chosen cryptocurrency.
For miners interested in selling hash power, the platform
automatically chooses the highest most profitable algorithms to mine
(based on buyers’ orders) and converts profits automatically to Bitcoin.
NiceHash hash power marketplace works entirely also on Bitcoin,
meaning it’s the currency used for both purchasing and selling hash
power. And although buyers can deposit many other cryptocurrencies, in
order to finalize hash power order one has to still exchange those other
cryptocurrencies to Bitcoin.
All in all, Nicehash has a total of 34 mining algorithms supported
including of course Bitcoins original Sha-256, Scrypt, DaggerHashimoto,
CryptoNight, Blake, Equihash, and many others.
And because Nicehash prioritizes the most popular stratum mining pool
protocol, the amount of mining pools capable of being used is also
quite significant.
To get started renting hash power with Nicehash is actually quite
simple, all you have to do is to register an account with the platform
using your email address. From where you can deposit Bitcoin or other
cryptocurrencies and create an order for the hash power.
Note that NiceHash also operates as an exchange, and no KYC documents
whatsoever are required as long as you do not want to use fiat
currencies.
Start renting hash power on NiceHash marketplace!
MiningRigRentals
MiningRigRentals or simply MRR is one of the largest and most powerful cryptocurrency mining hash rate marketplaces.
The platform offers a large set of advanced tools for miners
interested in leasing their mining rigs. This includes the ability to
lease your mining rig at the competitive price you want, meaning renters
are forced to rent and the price you set.
Moreover, leasing has very little risk as you can also set failover
pools to mine directly on the pool while waiting for someone to rent
from you.
Both buyers and sellers can pay and get paid on multiple cryptocurrencies such as Bitcoin, Litecoin, Bcash, Ethereum, or Dash.
MiningRigRentals also absolutely dominates when it comes to the
number of mining algorithms they support, with a total of over 120+
algorithms users are sure to find one to suit them.
To get started with MiningRigRentals nothing but an account is
required, simply register with your email address, and deposit some
cryptocurrencies to get begin with.
Note the MRR platform is not operating any type of exchange services,
therefore you cannot change your currency of choice within the
platform, and must do so before the deposit.
Register now on MiningRigRentals to rent hash power!
How to buy hash power from the marketplace
This is a simplified step by step section to guide you through the
process of purchasing hash power on either Nicehash or MiningRigRentals
hash power marketplaces.
- To get started you’ll have to register either on NiceHash or MiningRigRentals
and deposit some cryptocurrencies. While MiningRigRentals have no
minimum order size, the minimum order size for NiceHash is 0.005 BTC.
Make sure you have at least this amount in your account or you cannot
create an order, to begin with! - Before you create any orders,
you must figure out what coin you want to mine, and which pool you want
to mine that coin in. Proper research must be done at this point to get
everything correct going forward. We suggest checking both WhatToMine and CoinWarz for coin profitability and pool examples. - Register
at your chosen pool provider, and create a worker. Each pool usually
has a detailed help section on how to do this, as it can be slightly
different for each pool but the concept is always the same. (Worker
requires both username and password.) - Start the hash power order
process by choosing your algorithm, note that both platforms have a
slightly different approach to this, as with NiceHash buyers set the
price, while in MiningRigRentals sellers set the price. - Add the required pool information on the hash power market order. This means you have to make the stratum server of your miner to point at the right pool such as: “stratum+tcp://stratum.slushpool.com:3333″
don’t forget to include the worker username and password. (Verify your
pool information before making an order.) - If everything is
correct with the algorithm you’ve chosen and the pool you want to mine,
simply place a new order on the hash power marketplace. - And
that’s it, you can now check your income at a chosen pool. Note that the
pool itself is responsible for your mining rewards. And the hash power
marketplaces only guarantee the delivery of hashing power you purchased.
Additional hash renting tips and tricks
Here are some additional tips and tricks that you should be aware of.
- When purchasing hash power it’s better to specify the time limit
for a longer period (minimum 24 hours), unless you want to push an
absurd amount of hash power at any given time. (This is a sure way of
losing money unless you know what you are doing.) - NiceHash low
priced orders. If you have the patience you don’t have to get into
mining immediately, but instead, you can choose to wait for miners to
pick up your order during a long enough timeframe. (You can also move
the order higher without additional cost.) - If for any reason,
any specific cryptocurrency has a quick decrease with its mining
difficulty, then there’s also an equally higher chance that a large
mining hash rate could, in turn, turn some real profits rather quickly
as well. - Whenever the Ethereum network is clocked up, there’s a
chance to earn some easy profits by simply mining on a pool, which pays
both transaction fees as well as a block reward.
The bottom line
Hash power marketplaces are quite interesting concepts from a lot of
perspectives, not only they can allow 51% attack on smaller coins, money
laundering opportunities, and countless other activities, including
huge advantages when it comes to trading illiquid markets.
Since new coins can be picked for pennies, if you choose right, it
doesn’t take more then one home run to change your life forever. And not
only that with proper research and right market conditions one can
actually mine even the regular coins and turn some profit.
So if you are interested in mining or trading cryptocurrencies in
general, then we definitely suggest you check out what speculative
mining is all about, and what is achievable. As both platforms, NiceHash
and MiningRigRentals come with years of experience within the
cryptocurrency hash rate rental mining industry making it super easy, to
begin with.
That being said, now it’s time to hear what you think: So have you ever thought of trying speculative mining before?
Here’s also some other articles you might find interesting:
This is really informative. Think ill hardfork a shitcoin.