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NiceHash - Mining & Exchange

  • Premise: The idea here is that you are reselling your GPU/CPU hashes for bitcoin / BTC. You will not be mining bitcoin directly, but rather letting entities “rent” your equipment through a time-based fee; the “renter” will then use your equipment to mine alternative coins.

  • KBVE: We use NiceHash to organize and manage our mining equipment, with the bitcoin going to a wallet that then indefinitely holds the bitcoin. The crypto held will not be sold but rather leveraged and/or used to generate interest on the asset.
    • Cold Storage -
    • Asset Leverage / Interest -
    • Payout:
      • BTC - Nicehash does support lighting network, which helps reduce the cost to transfer the cryptocurrency. We recommend that you keep no more than $xxx of any cryptocurrency within a hot wallet.
  • Hack Incident:
    • 12/6/2017 - 4736 BTC was hacked during a breach ; 12/16/2020 - All stolen BTC was repaid.
  • Notes:
    • Mining Address - 3KQ3nyW8NqRwTFLzMjzqJH2vyX7ZkV7qbL
      • This is address is important when setting up multiple miners, as its the public id for your hash contributions.
    • Remote Operations - BizOps - Managing different rigs can help protect your hardware while maximizing the returns. The fluctuation of electrical costs during the day can hinder the overall health and profitability of the mining opsec.
    • Electrical Wiring / Costs
      • Extremely important to account for the voltage and power that your equipment will be utilizing.
      • Make sure to mark the electrical cost per kWh that your utility provider charges, as certain equipment might not be worth the cost to operate.
  • Tools:
  • API: - Docs
    • TO:DO Automatic Withdrawal Script for, maybe written in Python or Node or Type, I am still debating this. Warning: If your API keys are compromised, you will be fucked.

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