Cryptocurrency Mining For Dummies - After The Hack, Nicehash Still Down
Last week Nicehash was hacked and approximately 60 Million dollars worth of Bitcoin was stolen from their hot wallet. Nicehash has stopped operations leaving a lot of novice miners with empty account balances and no way to sell their mining rig hashes. According to an interview published today on WikiTribune, Marko Kobal, CEO of Nicehash, said they are working with authorities to try to recover the stolen coins and are working to get Nicehash back up and running and all users reimbursed for their loses. You can read the full article here.
So what should those miners who want a simple to use mining solution like Nicehash provided do in the mean time? One option is WinMiner.
Winminer is an easy to use mining solution that, like Nicehash, allows you to sell your mining resources to others. I decided to give the site a try. First, I went to winminer.com to learn more and download the software.
A fairly easy to navigate site with the download button in plain site. Once downloaded, I installed the software and set up my account. The app started, detected my equipment and I was ready to start mining.
Or so I thought. I clicked Start and ...
It looks like, at this time, there are more people trying to sell their hash power to WinMiner than there are customers buying hash power. I checked with another person I know who has been selling hash to WinMiner and they report that they are only getting paid for CPU hashing and their GPU is idle.
If Nicehash stays offline, perhaps more customers will migrate to WinMiner to fill their mining needs, but until then, you probably won't make much money there. If you're looking to start making money again using your computer, I recommend you take advantage of pool mining as explained in a previous lesson of Cryptocurrency Mining For Dummies.
Until next time...
Thank you for the guide on pool mining. I've switched since nicehash is down.
I'm glad it helped you.
that is a lot of money stolen. 60 Million Dollar is a lot of money indeed. Hope they can get their money back.
one question, if you are doing some hash mining, do you need to stay only all the time right?
Right, your only making money while your computer is running the mining software.
I'm Using Cloud Mining " Hashflare " , It's profitable :) ^^
I've also heard Hashflare is good. Never used them myself though.
still down seems like it will take a long time than expected
Maybe they will issue a new token against future earnings if they can't recover their stolen Bitcoin.
Nice hash is having the worse time ever
Yes, I hope they are able to recover.
i too hope that but that's not going to be easy until they can hack the hackers quite complicated
its sad, hope they will recover it very soon.
Yes it is sad that someone would do this and steal from so many people..
Hey @gregory
I tried to install WinMiner but it's supporting my desktop. I guess it needs high configuration and we can't use our regular CPU for mining.
Thanks for the informative post.
The good news is that Nicehash is back up and running, so if you are having problems with Winminer and you trust Nicehash won't be hacked again, you can give them a try.