In this tutorial, we will show you how to set up profit switch for mining on a multi-algo pool called NLPool.
NLPool is a hybrid auto-exchange and profit switching pool that doesn’t require registration and offers more than 30 algorithms. Although the payouts can be issued in BTC or LTC, our profit switch implementation will select the payout in BTC. The pool mines the most profitable coins for you and converts these back into your wallet without conversion fees.
NLPool offers some other interesting features:
- NLPool is meant and optimized for GPU mining as GPU mining stands for decentralized cryptocurrency with profits for everyone.
- They use multiple load balancers and powerful servers with multilevel DDoS protection bringing you trouble free working rigs.
- Their servers are located in Europe/Amsterdam.
Payouts are made automatically every 2 hours. Every Sunday they pay out the balances above 0.001. The fees for mining on NLPool differ between 0.1% and 0.25%, depending on the algorithm.
About minerstat’s profit switch
We have introduced profit switch in one of our previous tutorials. It is a function that is managed remotely from your minerstat dashboard. So to use it, you will need to register a new account at minerstat and set up minerstat software on any of your mining devices. We offer mining OS if you prefer Linux, Windows node if you prefer Windows, and ASIC hub for ASIC owners.
If you need help in setting everything up, you can check our tutorial on how to start with minerstat.
When you have all the software ready and working, your first step is the address editor.
Address editor is your pools and wallets address book. So along with other pools already defined, you need to define NLPool addresses for algorithms you want to mine.
We suggest you use tags that will help you easily distinguish between NLPool’s addresses and other addresses. For example,
NLP-LYRA2Z for Lyra2Z NLPool address.
The pool addresses need to be defined as
PORT can be found on the main NLPool page. So for our case, we will use:
You can add other algorithms in the same way. When you are deciding which algorithms to include in the profit switch, we suggest you check our coins list. Besides coins and algorithms, you will also find a list of supported hardware and software for this coin/algorithm. Additionally, you can open the mining calculator and select AMD/Nvidia/ASIC to see which algorithms are available for your worker(s).
After the pools are set, we also need to define BTC wallet if we haven’t added it yet.
After we have defined all pools and wallets in the address editor, our next destination is profit switch.
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.
Select the coins/algorithms you want to include to the profit switch. Make sure to select the correct corresponding pool, BTC wallet and to type in the correct pool fee (0.1% or 0.25% for NLPool).
If you want to use the default mining client and configs, you can leave the mining client at
Autoselect. On the other hand, if you want to make custom configs for each option select mining client and edit its configs by clicking on the gray wrench icon. Please don’t forget that if you select the custom configuration, you will need to replace tags with appropriate ones.
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.
Our GTX1080 reaches the following speeds on msOS:
Optionally add power consumption and change ClockTune profile.
We won’t be dual mining in this case so we can skip this section and leave values at 0. If not, the procedure is the same as with typing speeds and power consumption for other algorithms.
Enter the amount you pay for kW/h. In our case, this is 0.11 EUR for kW/h.
When to switch?
Set the minimum difference in coin profitability and minimum mining time to trigger switch.
The minimum difference means that new coin will be selected only when it is X% more profitable than the coin you are currently mining. You can set up any value larger than 0%, we also allow decimal numbers.
Minimum mining time tells how frequently the options for profit switch should be checked.
Select which reward method you want to use.
- The normal method will take reward as provided through NLPool API.
- Ignore the outliers method will ignore the spikes that might happen for one option and are temporary (considered as outliers).
- Apply penalties method will apply a penalty to each option in regard to how dispersed the reward data is.
You can read more about the different reward methods here.
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.
- Open your workers’ config page.
- Select the same target as you did in profit switch.
- Scroll down to Profit switch.
- Click on the gray square to make Profit switch option checked and included in the update.
- Select Enabled from the drop-down.
- Scroll at the bottom and click on Save changes.
This will activate the profit switch and within 10 minutes your first profit switch selection should be active.
If you have a smaller number of workers you can activate profit switch directly from workers page. Click on
Switch miner and toggle
Profit switch option to enable it.
More from this series: