DeepOnion Mining With Nicehash: Expected Vs. Actual Outcome

  • Recently I was interested in cloud
    mining and whether is profitable or not. So I decided to test it out
    with my current favorite project DeepOnion, which is a young and
    promising privacy coin.

    It uses a x13 algorithm in combination with proof of stake, is mostly
    premined and many people say it's not profitable to mine it. Despite the
    bad forecast, I wanted more exact information. First of all I
    calculated my expected outcome. There are a few values that influence
    the mining reward. The main of them are the block reward, difficulty and
    the price of the hashing power. Taking them into account I have
    calculated a reward of about 15 $onions for a minimum 0.005 BTC nicehash

    Block reward [onion]: 8 $onion

    Difficulty: 115 441 (1.1510^5)

    Difficulty2^32: 495 815 319 617 536 (4.96*10^14)

    Price: 0.0004 BTC/GH/day

    **Expected reward:** ~15 $onions

    For further details about the calculations you can look them up in my previous post.
    (How To Calculate Your Expected Outcome For Nicehash Mining — Steemit)

    Actually this was my second try to mine $onions. The first one was
    moderately successful, because I set up an order on a pool with only a
    few other miners. Compared to them my hashrate was many times higher and
    so I contributed to only two blocks which means my rewards depended
    mainly on luck. You can read about my first experience in this post.
    (My first cloud mining experience with DeepOnion — Steemit)

    With the gained experience I thought the second try should be
    profitable. Luckily the price of the hashing power decreased in the
    meantime and I was able to buy some with a price of only 0.0002
    BTC/GH/day, so only 50% of the previous order. My expected outcome
    should therefor double and be around 30 $onions.


    Screenshot of the nicehash order

    To prevent the same problems as with the previous order, I decided to switch to the community pool of DeepOnion ( (The Deep-Pool - Mining Evolved - Home)),
    because there were many other miners with a decent hashrate. After a
    few start-up difficulties my order received hashing power from many
    miners and finished just in a few hours.


    History chart of the nicehash order

    After seeing that my
    order has finished, I immediately checked my earning on the community
    pool and was pleasantly surprised. I earned 30.42122232 $onions which is
    really close to the projected 30 $onions and with the current price I
    made about +20% compared to buying them on an exchange.

    Excited about the results, I created another order on nicehash.
    Unfortunately the difficulty spiked at that time and on my third order I
    just received 22.940032 $onions for the same price. The following
    screenshot summarizes the three orders I created.


    Nicehash orders overview

    In conclusion if you constantly monitor you order and the difficulty of
    the network, you can mine profitable with nicehash. In total I had three
    orders and paid 0.015 BTC for 64.75 $onions. According to the current
    price of 0.00023669 BTC I made 0.0003 BTC profit.


  • @cryptoking

    Very good article. I do like your objective view of things. So, I’m very curious to know your opinion about cloud mining. Do you think that every corresponding service is priori a scam or there are some trusted ones like Genesis or hashflare for example. What’s more, I would really like to know what you think about promo codes. Are they real when we speak about cloud mining or not? For example, these ones

Looks like your connection to Cryptocentral was lost, please wait while we try to reconnect.