[img]http://s27.postimg.org/5o7jqu103/omc.png[/img]

Mining Omnicoin with Rented Rigs



Prerequisites / Backstory
To start out mining Omnicoin, you will need 0.01 Bitcoin (Around $2.31 at current rates)

You will also need to know the basics of Omnicoin / Bitcoin, and how to send / receive transactions with them.

That's basically all you need to have / know.

Also, I expect some people to ask why I recommend Nicehash instead of other sites like Betarigs. There are a few reasons:

1. Generally, you can get better prices.
2. You can rent a lot of hashrate without having to hire multiple rigs.
3. You can cancel your order instantly if Omnicoin mining becomes unprofitable.
4. You can create your order instantly the moment you want to start mining.
5. You don't have to wait for BTC confirmations on every miner. Your BTC is in your balance and is already confirmed, ready to be used instantly.
6. You don't have to worry about downtimes. If your pool goes down, mining stops and you don't have to pay.
7. You only pay for the hashrate you get. So you can't be charged for more than you actually got.

And I know, some may say "Well why would you need to cancel your order instantly? Why not wait the 3+ hours and be a dedicated miner? Doesn't that let people burst?".

Yes, that would let people burst. Yes, bursting is bad. I don't support it. But if someone else starts bursting, it is very handy to be able to instantly stop mining and protect yourself from financial loss.

Oh, and if you are wondering if it is profitable at all, my answer is yes. It most definitely is.

A few months back I decided to do a little experiment. I started with $5 worth of Bitcoin and began mining Omnicoin. Since then, I've mined over 600,000 Omnicoin, and made over $500 in the process.



Tools I Use
Here are a few tools I use when mining that you need to get familiar with:

OmniChain Tools Page - This is where you can calculate the current profitability of mining Omnicoin so you can plan your mining to get maximum profit.
Nice Hash - This is where you will rent your miners from. Think of it as turning Bitcoin into hashrate.
OmniChain Mining Pool (Fluffy Pool) - This is where you will mine your Omnicoins. Think of it as converting hashrate into Omnicoin

You will also need a place to sell your Omnicoin for Bitcoin. There are a few ways of doing this, but I'm not really happy with any of the ways and so I won't be listing them. Ask around. I'm sure you can find some places to exchange.




The Circle of Mining
When you are mining, you go through a circular process. This circle slowly gets bigger and bigger as you make more and more money. At first you may be making a full "loop" every few hours, but the loop can get big enough to last months per "revolution".

Here's how it goes:


1. Send Hashrate from Nicehash to your Mining Pool
2. Withdraw mined Omnicoin from the Mining Pool
3. Exchange your Omnicoin for Bitcoin
4. Send the Bitcoin to Nicehash
5. Repeat

All throughout this process you will be checking the current profitability of Omnicoin mining and adjusting parts of the circle to suit.



Getting Registered
First of all, let's get signed up on all the websites required.

NiceHash:
Head on over to www.NiceHash.com and register for an account.

Once signed up, go to Account -> Wallet and click on Generate a Deposit Address. A new Bitcoin address will be generated and displayed to you.
Go ahead and send some Bitcoin (must be 0.01 or more) to this address so it can start confirming while we're working.

Now is a good time to get familiar with the NiceHash interface:

Spoiler (Click to View)

The wallet page will display your confirmed Bitcoin balance. This is the amount of Bitcoin in your wallet that is not being used on orders and is available for use. You can also see your pending balance. This is the Bitcoin that is awaiting confirmation. It cannot be used until it reaches 3 confirmations (takes about 30 minutes).

Go ahead and go to Account -> New Order. This is the page where you will create new mining orders. I'll talk more about this later.

Now go to Account -> My Orders. This is what it will look like when you have orders:

Spoiler (Click to View)

All your current orders are displayed here. You can view the stats about your order, like time remaining, current speed, etc. You can also adjust your mining speed, refill your order with more BTC, or cancel your order. I'll talk a bit more about all of this later.

OmniCha.in Pool:
Head on over to www.omnicha.in/pool and register for an account. When you sign up, you will be required to enter an Omnicoin address. You can either download the wallet or use the online wallet on Omnichain to get an address.

Once signed up, go to My Account -> My Workers. Add a new worker with the following credentials:

Username: user
Password: pass

The contents of these credentials don't really matter at all. You can change them to something custom if you want, but it's not required. If you do, just make sure to substitute your custom credentials later on.

Now go to the Dashboard. It should look something like this:

Spoiler (Click to View)

There are a few things you should know about / get used to checking:

My Hashrate: This is the current speed you are mining at.

OMC Est. Earnings: This is the amount of OMC you will make every 3 minutes on average.

Difficulty: This is the current mining difficulty.

OMC Account Balance: This is amount of OMC you've mined that is still on the pool. Omnicoin takes 60 blocks (3 hours) to go from unconfirmed to confirmed. Once it is confirmed, you can withdraw it.




Checking Current Profitability
To make profit off of Omnicoin mining, you need to regularly check the profitability of mining Omnicoin. If you are mining at a time that it isn't profitable, you will end up loosing money.

To do this, you will be using the Mining Profitability Calculator on the OmniChain Tools Page:

Spoiler (Click to View)

There are a few values you need to enter:

BTC/GH/Day: This is the current mining price. You can get the current price on NiceHash by going to the bottom of the homepage and looking for the fixed order price for Scrypt mining:

Spoiler (Click to View)

Note that the price on NiceHash can vary a lot, so it's a good idea to monitor your order and see what the rates average at every day.

OMC/BTC Rate: This is the price you expect to sell your Omnicoin for. It will take some experience to figure out what the current rates are, and what they trend at.

After filling both of these in, look at the the Profitability field. This tells you the profitability of mining.

For example:
100% = Break Even
200% = Double your money
50% = Loose half your money

So if you spend $20 mining while the profitability is 120%, you will end up with $24.



Getting the Wheel Spinning
Head over to NiceHash and go to Account -> New Order. It should look like this:

Spoiler (Click to View)

There are a few values to fill in:

Order Type: You can set this to Standard or Fixed. Standard orders require that you constantly monitor your order and change the price to get hashrate. Fixed orders manage themselves and you are guaranteed to get your hashrate without any monitoring. They do cost a bit more, but can save you a lot of time.

I recommend that you start off with a fixed order.

Pay: This is the amount of BTC from your account balance you want to spend on the order.

Click on the number after the "BTC available" part above and it will auto enter your current balance. You can do less if you want, but it has to be at least 0.01 BTC.

Price: This is the price you are willing to pay. If you set your order to fixed, you don't have to set this. Otherwise enter the price you are willing to pay for mining power.

Limit: This is the amount of GH/s you want to mine with. Note that this is not a guaranteed amount. Your hashrate will depend on current prices, availability of miners, etc. Don't be shocked if the pool shows 2x the amount you limited your order to.

The lowest this number can be set is 0.1

And just for reference, 1GH/s = 1000MH/s. So 100MH/s = 0.1 GH/s.

I recommend you start with a value of 0.1 and just leave it there.

Next, you have to fill in your pool credentials. If you have made an order before, your past credentials will be saved and you can click on them to autofil them. Otherwise, fill in the following details:

Stratum hostname or IP: omnicha.in

Port: 3333

Username: {PoolUsername}.user

Change {PoolUsername} to the username of your account on the pool.

Password: pass

Now click on Create new order to start mining.

Alright, now head over to the pool. You should see your hashrate start to go up after a few minutes. As time goes on, your account balance will also increase.

Once you've mined some OMC and it has confirmed, you can withdraw it. Go to My Account -> Edit Account and go the Cash Out section. Enter your PIN and click on Cash Out. Your OMC will be sent to your payout address.

From there, you should sell your Omnicoin for Bitcoin, send it to NiceHash, and start from the beginning again.

Note: If your initial order is still running, you can just refill it instead of creating a new order.

While you are mining, regularly check the profitability of mining. If it becomes unprofitable, cancel your order so you don't loose money.

As time goes on, you start to get a feel for what the rates are, what the difficulty tends to be, etc. The only way to learn this is through experience.



Well, that's about it. I hope you enjoyed this guide. There is so much more to mining, but most of it is beyond explaining. You have to learn for yourself. If you have any questions feel free to post below and I'll try to get them answered.