minerstat mining tutorial #33: Profit switch with Nanopool

minerstat
minerstat
Jun 7 · 5 min read

Nanopool profit switch tutorial is the next on the list of our profit switch mining tutorials. We will show you how to switch between 4 currently popular coins.

About Nanopool

Nanopool offers GPU and ASIC mining for different popular coins. The payouts are different from pool to pool and currently follow the next schedule:

  • ETH: 0.05 - 20 ETH;

The fee for mining on Nanopool is 1%.

About minerstat’s profit switch

Profit switch is a tool that allows you to define the coins and pools between you want to switch for your workers. Profit switch can be set remotely through the minerstat dashboard. First, register a new account at minerstat and install the minerstat software on any of your mining devices. You can mine with Linux based crypto mining OS, Windows mining software, and with ASIC hub. You can check this tutorial if you want to see how to start with minerstat.

Address editor

When your worker or workers are set up and running, your next step is the address editor. Address editor is your pools and wallets address book. Along with other pools that you already have defined, you need to define Nanopool’s addresses for the coins you want to mine. We suggest you use tags that will help you easily distinguish between different coins. For example, XMR-NANO or XMR for XMR Nanopool’s stratum address.

In today’s case, we will set up a profit switch for mining with mining rig with six Nvidia GTX 1080Ti GPUs. The coins that we are interested in are all GPU coins: ETH, ETC, RVN, and GRIN.

For our case, we will use the following stratum addresses:

  • ETH: eth-eu1.nanopool.org:9999

Please note that you should select the coins that you are interested in - having too many coins in the profit switch might slow down the reward payout time and you will need a wallet for each of the coins you include in the profit switch.

Profit switch

After we have defined all pools and wallets in the address editor, our next destination is profit switch.

Target

First, select the workers to which you want to apply the profit switch. You can select one or more workers or one or more groups.

Coins

Select the coins you want to include to the profit switch. Make sure to select a correct corresponding pool, wallet and to type in the correct pool fee (for Nanopool this is 1%).

If you prefer to use a mining client of your choice and/or with custom settings, select the miner and edit its configuration. Otherwise, you can leave it at Autoselect. If you will select a custom configuration, make sure to include the right pool and wallet tags as with custom configuration it won’t be automatically replaced with your selection.

Hashrate and consumption settings

For a profit switch to work, we need to define the speeds the worker reach on certain algorithms. If you haven’t tried mining all algorithms yet, you can browse the internet to find some default values and then update them after you first switch to this algorithm and you will be able to see the exact speed.

For this example, we will add the following values:

Optionally, add power consumption and change the overclocking profile.

Dual mining

We won’t be dual mining in this case so we can skip this section and leave values at 0.

Electricity costs

Enter the amount you pay for kW/h. In our case, this is 0.11 EUR for kW/h.

When to switch?

Enter the percent of the minimum allowed difference to switch on a new coin and the minimum mining time before profits are calculated again for comparison.

Reward method

Select the reward method you want to use. The “normal” method will select the reward as it is, the “ignore outliers” method will replace outliers with the mean value, and the “apply penalties” method will penalize all rewards in regards to how dispersed are the rewards in the last 4 hours.

Save changes.

Activate profit switch

After you have saved changes, you have only saved the configuration that will be used for profit switch. To really start profit switching, you will need to activate it for your miner.

  1. Open your workers’ config page.

If you have a smaller number of workers you can activate profit switch directly from workers page. Click on Switch icon and toggle Profit switch option to enable it.

You can check your balance on Nanopool by adding it to our pools balance monitoring or by tracking your statistics directly from the Nanopool’s website.

Happy mining!

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