So what's stopping someone from renting at Nicehash now at 0.0096 and pointing a bunch of hash to Discus Fish to get paid out at 0.01013357? Granted the difference is pretty small, but it is profit nonetheless right?
Some do it. Personally nice hash right now -8 percent and then 4 percent go to F2Pool. So you would have a margin of 4 percent if it works perfect.
I would guess you would lose a little hash rate that it won't be perfect. But if less then 4 percent you could turn a profit right now
actually I tried it there were quite a bit of risk associated with it so it's not as straight forward as the calculation.
1. This is the main reason you can barely make a profit: Nicehash charges 3% fee from your order. So there you go: 8-4-3=1% theoretical gain.
2. No pool is 100% efficient. I can almost guarantee you some of you work will be rejected by F2Pool. So you see how thin that margin is. if the rejection is >= 1%, you will lose.
3. at 0.0096 your rate is not guaranteed so if there are higher bids your order may not get executed.
Used to work when nicehash charged 2% and did not set a floor. In order for it to work .0092 to 0.0101 was good.
I just complained here about nicehash setting a floor.
https://bitcointalk.org/index.php?topic=893133.msg11301543#msg11301543
Nicehash modified the floor after my complaint but the newer floor and the price fee jump from 2 to 3 percent makes it very hard to work.
Is it possible to set it so that it mines on nicehash when the payout is a certain amount and switches to different pool when it becomes less profitable?
I answered it from opposite side
Read tbonetony, he is right as miner the p= is what you set in password to pick what price you will mine for.