Quote from: nicehashdev on August 27, 2014, 12:27:05 PM

Quote from: BitCoinDream on August 27, 2014, 07:54:47 AM

Quote from: Swimmer63 on August 26, 2014, 11:20:53 PM

Quote from: BitCoinDream on August 26, 2014, 10:46:25 PM

I'm still awaiting a response to my query...

Quote from: BitCoinDream on August 25, 2014, 06:11:50 PM

Quote from: nicehashdev on August 25, 2014, 03:21:49 PM

Quote from: BitCoinDream on August 25, 2014, 03:11:51 PM

I am confused by the complicated hash power calculation at NiceHash. Can someone please tell me something simple ? I get 1 GH/s @ 0.0031 BTC on PBmining and @ 0.00374990 on CEX.io. At what cost I get 1 GH/s at NiceHash ?

Depends for what time. At cex.io you buy virtual hashing device (not only hashing power) and is yours until you sell it. Here, you buy only hashing power, and not device.

I noticed that u skipped the PBmining part. Not sure why. They sell hashes. I just got to know about another... BitcoinCloudServices.com. They are giving 1 GH/s @ 0.0026 BTC for 5 years. PBmining offer is also for 5 years. So, to get 1 GH/s for 5 years from NiceHash.com, what it would cost ?

p.s. I am mentioning the time period because u asked for it. If u dont offer contract for 5 years, then please let me know the longest term of your deal.

If I were you I would not buy a Gh/s for .0026 BTC for one year. The going rate goes down almost every week. I would rent rigs at Westhash for shorter periods. Like a week at a time. Just my $.02.

Any logical explanation of WHY supported by figures and I'd be interested. Please mention why that would perform better than cex.io too, because at cex.io I can sell out the bought hash power.

At cex.io you buy "virtual device" that has certain hashing power, that is why you can sell it. Here, you don't buy device, but only hashing power which is shown as the result (on your target pool). When your BTC is depleted, you received shares (hashes) on your targeting pool, which you turn into profit. Mining bitcoins by buying hashing power on NiceHash (or other renting services) is stupid thing to do, because you will always end up with deficit. But.. due to market-nature of NiceHash, you may sometimes catch a chance to buy hashing power for lower price than what bitcoin mining gives you. I suggest you to monitor "Low renting price" on NiceHash and WestHash. As soon as this number is below bitcoin profitability, it is worth to mine bitcoins with hash power bought at NiceHash/WestHash.

For example, low renting price on WestHash is this current moment: 0.0182 BTC/TH/Day

And with bitcoin mining, you get 0.02109 BTC/TH/Day

If you buy hashing power, you will make profit. If you buy 1 TH and let it run for 1 day (considering that you actually get 1TH and it is running whole day at 1TH), you will make profit 0.02109 - 0.0182 = 0.00289 BTC in 1 day (not considering pool fees). If you rent 100 TH instead of 1 TH, then your profit multiplies by 100, which means you profit 0.289 BTC in 1 day. Of course, this is under condition, that you actually get this hashing power, if someone outbids you and "takes" hashing power away from you, because he is bidding more than you, then of course, your profit decreases. But, as long as you don't set too high price, you cannot end up with deficit. With other cloud mining services, you may always end up with deficit, spending more money than investing into. But not with NiceHash, if you play it smart enough.

Do u mean the buyer's bid amount gets forfeited if he dos not win the hash ?