How to help mine more BIP101 blocks without mining hardware. (Step-by-step instructions)

[hellobitcoinworld]

Hi friends, These are step-by-step instructions for how to rent hashing power and point it at a pool that is working on mining XT blocks. This approach makes for an actual increase in the XT-supporting hashing power on the network.

1) Go to NiceHash

2) Click 'Register'

3) Enter (and then confirm) your email address. You'll be prompted to create a password.

4) Go to Account > Wallet.

5) Create a 'Deposit BTC address'. Once this address exists, you can send bitcoin to it. These are the funds you'll use to rent the hashing power. The funds you send will show up as 'Pending' until the transaction is confirmed and a few blocks deep in the blockchain.

6) While you wait for the funds confirmation, you can set up your target pool. To do this, go to Account > Manage my pools.

7) In the 'Add new pool' box, you will need 4 pieces of information: a. The IP address or hostname of the pool b. The port number c. Your username d. Your password

1. The addresses and port numbers for the currently active XT pools can be found here
2. Your username is actually your own personal bitcoin address. This is where your share of the reward will be sent when your pool finds finds a block.
3. This can be anything you want.

Once you've entered those four pieces of information, you can click the 'Pool verificator' link and NiceHash will do a quick handshake with the pool to make sure everything checks out. If that goes well, click 'Add' to save the pool.

8) Once your funds have moved over to the 'Confirmed' box, you're ready to rock. Go to 'Orders'. This page shows the list of currently active hashing rental contracts.

9) In the Algorithm drop-down on the right, select 'SHA256' (this is the hashing algorithm that bitcoin uses).

10) To create a new order, click 'Standard' or 'Fixed' (What's the difference?). Again, you'll need to provide 4 pieces of information:

1. Select your pool from the dropdown. This will be the one you created in step 7.
2. Enter a price. This is how much you're willing to pay per "unit" for hashing power. This will be locked if you selected 'Fixed.' If you picked Standard, you can probably just leave the default since it will be set to the lowest rate that is currently viable.
3. Specify how much hashing power you want to buy (probably a good idea to start with the minimum 5 TH/s on your first go-around).
4. Specify how much you want to spend on this order. The more you spend, the longer the contract will run, but obviously this number has to be lower than the amount of confirmed funds in your wallet.

11) Click Create. That's it! You're helping to move the revolution forward!

12) When the next P2Pool block is mined, watch it appear on XTnodes.com within an hour.

I hope this has been helpful.
________________________________________________________

What you can get for your bitcoin:

At the moment, the cost of hashing power is .0079 bitcoin per TH/s per day. The minimum rate you're allowed to purchase on a contract is 5 TH/s. At the current Coinbase exchange rate of $238.96 per BTC, the smallest possible NiceHash contract will cost you $9.44 per day to keep running. Obviously this number will fluctuate along with the cost of hashing power and the dollar value of BTC.

Keep in mind, though, that that $9.44/day is not purely a sunk cost. You will, in theory, get most of your money back in the form of block rewards. The odds are against you getting ALL of your money back or making a profit, but the actual out-of-pocket expense of doing this seems fairly low to me.

So you can re-invest over and over and get a lot for your bitcoin.


source: https://www.reddit.com/r/bitcoinxt/comm ... t_hashing/
post written by: Thanah85
edited by: hellobitcoinworld (XTnodes.com)

[yabu]

Question: If I were to invest one bitcoin, how much of it could I expect to get back?

[hellobitcoinworld]

Question: If I were to invest one bitcoin, how much of it could I expect to get back?

A lot.

At the moment, the cost of hashing power is .0079 bitcoin per TH/s per day. The minimum rate you're allowed to purchase on a contract is 5 TH/s. At the current Coinbase exchange rate of $238.96 per BTC, the smallest possible NiceHash contract will cost you $9.44 per day to keep running. Obviously this number will fluctuate along with the cost of hashing power and the dollar value of BTC.

Keep in mind, though, that that $9.44/day is not purely a sunk cost. You will, in theory, get most of your money back in the form of block rewards. The odds are against you getting ALL of your money back or making a profit, but the actual out-of-pocket expense of doing this seems fairly low to me.

So you can re-invest over and over and get a lot for your bitcoin.