Zcash - the anonymous Bitcoin competitor Launch Problems and How to Profit Guide
To people not familiar Zcash is an anonymous cryptocurrency into which loads of famous Venture Capitals and Bitcoin users invested. The main difference between Zcash and other cryptos is that - you do not see amounts sent on the blockchain nor there is even public info of how many coins exist.
The coin launched yesterday.
Initially 1 ZEC was traded for 3000 BTC on Poloniex and numbers of this kind. It was on the second that nobody was able to have enough coins mined yet.
Then price started tanking obviously but the person doing this "sales" was still paying fees to exchange from trading at 3000 BTC.
So everybody was turning on miners and wishing to get 0.001 ZEC asap to exchanges.
Mining pool problems
But again.. a fail happened. There is only few pools, literally only 4-5 have hashing power and all pools either do not payout money (set too big treeshold) or go down or have issues paying.
Loads of people just buy and sell hashing power for now to make some BTC on the hype because getting ZEC to exchanges is almost impossible for most.
Another problem.. No good miners. AMD cards are totlly not efficent because nobody dropped a good miner. The pools drop miners dedicated to them so either you have to mine pool which will pay you out in few days or cannot mine for now too much at all.
So how to make money on this hype?
For now the best is to sell your ZEC hashing power on http://hashnice.com because getting ZEC to exchanges is almost impossible for most. Only hidden private pools are good with ZEC. for now.
The other thing is arbitrage - exchanges have different prices. Yesterday you could buy ZEC at 28 BTC on Poloniex and sell at 34 BTC on Bittrex.
yea yesterday was crazy. miner issues mostly. I settled on zminer now.
it still is crazy heh. and BTC price soared in the middle of all this.
yea still crazy and bitcoin took that as a positive sign hehe
Excellent job!
thanx man!
Ugh, I tried to make a tiny bit of BTC off mining ZCash and what a fail. I fired up my space CPU and GPU cycles on nicehash. I even bought a contract at a decent rate. Everything was going great I was going to make a nice profit on a small investment.
And then NiceHash shit the bed. My contracts were cancelled due to disconnecting from the pool. My CPU and GPU miners are currently being rejected by their pool.
I'm now stuck almost halfway to a payout without the ability to continue mining on their pool. I will most likely get fucked now. By the time I'm able to get it to market the price will most likely be below what it cost me to mine it.
Fuck NiceHash.
yeah nicehash ZEC pool cancelled my sols/money.
selling hashpower works and is the only way to take some profits sadly
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