Connecting Miner to Mining Pool through NiceHash

Connecting Miner to Mining Pool through NiceHash

Table of Contents

  1. Create a Worker on f2pool
  2. Add a Pool on NiceHash
  3. Configure the Miner in NiceHash
  4. Monitor and Adjust
  5. Important Considerations for Profitability Calculation
  6. Example Calculation

1. Create a Worker on f2pool

  1. Go to f2pool.
  2. Register an account if you haven't already.
  3. Navigate to the dashboard and create a new worker. Note down the worker name and password.

2. Add a Pool on NiceHash

  1. Log in to your NiceHash account.
  2. Go to the "Hash Power Marketplace".
  3. Select "My Pools" and then "Add New Pool".
  4. Enter the pool details for f2pool:
Detail Value
Algorithm SHA-256 (for Bitcoin)
Stratum URL This can be found on the f2pool website under the Bitcoin mining pool section. Example: stratum+tcp://btc.f2pool.com:3333
Port Usually 3333 for f2pool
Username Your f2pool username followed by the worker name (e.g., username.workername)
Password The worker password you created on f2pool

3. Configure the Miner in NiceHash

  1. Go to "Hash Power Marketplace" and select "My Orders".
  2. Create a new order to buy hash power.
  3. Set the desired amount of hash power (e.g., in terahashes).
  4. Specify the bid price per terahash per day based on competitive rates.
  5. Link the order to the f2pool you added earlier.
  6. Confirm and place the order.

4. Monitor and Adjust

  1. Once the order is placed, monitor the performance in both NiceHash and f2pool dashboards.
  2. Adjust the bid price if needed to remain competitive and ensure continuous mining.

5. Important Considerations for Profitability Calculation

  1. **Hash Rate:** Your mining power affects earnings directly.
  2. **Network Difficulty:** Adjusts every two weeks, impacting mining efficiency.
  3. **Block Reward:** Currently 6.25 BTC per block, halving every four years.
  4. **Pool Fees:** Typically around 2.5%, deducted from earnings.
  5. **Electricity Costs:** Not direct with virtual miners on NiceHash but factored into costs.
  6. **Bitcoin Price:** Directly affects earnings value.
  7. **NiceHash Fees:** Apply to platform usage.

6. Example Calculation

Assuming:

Parameter Value
Hash Rate 1 TH/s
Network Hash Rate 150 EH/s (150,000,000 TH/s)
Block Reward 6.25 BTC
Pool Fee 2.5%

Daily Earnings ≈ 0.0000572 BTC

Using the current Bitcoin price, convert to USD or your local currency for detailed profitability analysis.