Thursday, 2 February 2023

Crypto Mining News

Trying Out the New Solo Mining Packages on NiceHash

Trying Out the New Solo Mining Packages on NiceHash


Recently the NiceHash platform has made available a new feature on their platform that that they call Solo Mining with “Catch the Block” and we have decided to try our luck and see if we can manage to hit a block and get the full block reward. NiceHash have made this new feature very easy to be used, almost like buying lottery tickets and testing your luck hitting a big reward. What you do here is buy a package of hashing power from their platform that will be used for mining a certain crypto coin for some time, and if you validate a block with it then you get the full block reward. All you need to do is choose a mining package (pay for it with Bitcoin) and wait for it to finish mining and see if you were lucky enough or not to hit a block and get a nice reward. Currently mining Bitcoin (BTC), Bitcoin Cash (BCH), ZCash (ZEC) and Dogecoin (DOGE) are supported by thins new mining feature and you have a couple of different mining packages that you can choose from…

In order to be able to use the Solo Mining mode you mist first have an account at NiceHash and then also have some Bitcoin (BTC) transferred to your platform wallet that you would be using to pay for the mining packages you want to purchase. That may require a certain level of verification if you are registering a new account. Also have in mind that in order to receive your reward you would need to be Tier 2 verified (not required to try your luck) and that requires identity and address verification! There are 3 different mining packages available – Bronze, Silver and Gold with 3 levels of each (S, M and L) available so 9 different packages in total. Bronze is for Zcoin (ZEC), Silver is for DOGE although the L level is for Bitcoin Cash (BCH) and Gold is for Bitcoin mining.

Each of the mining packages available is priced differently with the lowest one starting at sub $2 USD at the moment and the highest priced one is a little shy of $200 USD. The higher the price goes, the more hashing power and time you get to try and validate a block, thus your chances are getting higher. The more you pay however the less you will get if you manage to validate a block, but the chance of doing so is higher (the probability is listed for each package and it varies). With 1:3 or 1:4 probability the chances are high, but you can still buy a mining package and get nothing in return, so maybe not as much like a lottery, but more like gambling.

When you buy a mining packages shortly it…

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