Quote from: Tristan1337 on November 03, 2017, 08:12:27 PM

Quote from: MinerClub on November 03, 2017, 08:05:40 PM

Quote from: yobigd20 on November 03, 2017, 07:08:41 PM

Quote from: contraband on November 03, 2017, 06:39:34 PM

Quote from: MinerClub on November 03, 2017, 04:14:01 PM

Quote from: D37945 on November 03, 2017, 04:03:35 PM

Why are we not able to mine in the US? I mined for 6 hours and submitted 8682884 hashes but I received nothing...

I mined all day on the launch day with 7300 h/s and got nothing to show for it.

The next day I switched to NiceHash. You won't get electroneum but essentially your hashing power will be used to help someone else get electroneum.

You will still be helping the electroneum blockchain, the mining will just be managed and compensated by NiceHash with BTC instead.

Im confused as to what you mean by this.

Can you or others that do understand, please explain in more detail.

"You wont get ETN, but will help others get ETN" is what Im confused on

nicehash is a mining service (google NiceHash) and people point their mining rigs at nicehash and nicehash redirects to whatever_coin_is_most_profitable. (this is also why as soon as nicehash supported ETN the network hashrate jumped from 10MH to 150MH in a matter of a few hours). so when you're mining to 'nicehash', you're not mining the coins directly. you pick the algorithm best for your rigs, and nicehash basically acts as a proxy to the most profitable blockchain, nicehash gets the mining rewards (in this case ETN since ETN is most profitable right now), and nicehash auto-dumps all the rewards on the exchange for BTC and pays the miners in BTC. so again thats why the network hashrate skyrocketed, and its also why the coin is drasticallly dropping in price fast because nicehash auto dumps all rewards on the exchange immediately into BTC and pays the miners in BTC (while keeping a nice chunk for themselves too). many people like using nicehash for it's auto-switching capabilities to auto switch to the most profitable coins so they can just set-it-and-forget-it and basically sit back while BTC accumulates in their wallets.

^ This guy pretty much summed it up, although we don't know for sure exactly what NiceHash does with the coins. They could be HODLing them and paying out BTC from their reserves for all we know.

NiceHash is software that will automatically mine the most profitable coin by algorithm for your hardware. In this case we are talking the CryptoNight algorithm.

Since Electroneum was the most profitable coin to mine (for AMD at least), it will add more hashpower to the blockchain, which is the point to mining.

You pretty much lend your hash power to NiceHash and they handle all of the configuration on their end.

So instead of mining for 24 hours on the official pools and receiving 0 coins which is what happened to me, I can still mine the blockchain and receive compensation. That's how mining is supposed to work, but at the moment it is broken for some.

I would consider myself an expert level miner (had no issue whatsoever with configuring CPU/GPU mining, paper wallet, and importing into command-line wallet within 20 minutes, and with extensive troubleshooting could not see pending coins after 24 hours of mining) so I can see how those new to the game would have issues.

NiceHash is simply the stopgap until those mining issues (not everyone is experiencing, but many are, are resolved)

I can agree that without NiceHash the total hashrate would be lower because people who don't know about Electroneum at all are helping to mine it now.

Not sure if a higher hashrate is a good thing or a bad thing in the developers eyes. If there is an actual use case for the blockchain then I see it as a good thing.

Nicehash is not mining any coins. The hashes are directed where ever the user that pays for the hashing power directs them. The person buying the hashing power then receives the coins he mines and the users that are renting their hashing power receive the BTC.

Thanks for that! I corrected my first line accordingly.

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~~although we don't know for sure exactly what NiceHash does with the coins. They could be HODLing them and paying out BTC from their reserves for all we know.~~