We ACTUALLY Made Profit From Renting Hashrate On Parasite Pool

[00:00:00]Okay, so today we are looking at Parasite Pool's fourth block. And the reason that we're looking at this, I know we cover it every single time basically that they hit a block, but is because we rented hash rate around 2 weeks ago on the channel. I'm just showing you kind of a dashboard screenshot because we don't have this information anymore. Quick little update on the whole rented hash rate or what we had overall. So, overall we rented 2 petahash on this and it was for around 49,000 sats per petahash per day. So, it's going to be around 100,000 sats, but we'll get into the actual numbers when we look at the wallet. You can see here the kind of average petahash and difficulty that we've been hitting. So, it stayed actually relatively above 2 petahash for quite a while. And that's for the majority of it. It had these big spikes upwards. I don't know what they were from. But our highest difficulty that we hit within this kind of renting session was 3.41 T. So, this is the result of that whole session. And we're trying to show you how much you can actually make from renting hash rate. As I said in the last video, it technically shouldn't be profitable. Over an average, you should actually get 2/3 of the payout. But that's just on an average because Parasite Pool is hitting a block quicker than the average time, you're actually going to get paid out more depending on the amount of hash rate that you contributed to this last block. And remember, it doesn't really matter about the amount of hash rate that you actually contribute. It's about the total amount of work done, which we'll also dig into later as we check out our work done on the network. So, as I said here, this video we talked about how to rent hash rate. So, Parasite Pool hit that around 4 weeks ago. This video was made 3 weeks ago. But we did make a video on how to rent hash rate on Parasite Pool, so you can kind of click through all of that. And you'll see in this video we actually just chucked the sats that we earned right back into the renting of it to see what the results are on the next block. But if you do want a guide on how to do that, you can check that out on the channel there. And this is mainly a follow on from that to show you the results of what our rented hash rate actually equals after they've just hit their next block.

[00:02:15]You can see here that block was hit around a day ago, and the last one was 4 weeks ago. So the work that we did was between these 4 weeks ago and 1 day ago.

[00:02:24]But that's around a month is what it looks like in terms of how long it took to actually mine a block. So you have 5 months, 3 months, 4 weeks ago, and then a day ago. So it does look like it's increasing in terms of the time it takes to actually hit a block. But there is more hash rate hitting the pool currently due to the rented hash rate, which I still don't know where the rented hash rate is coming from, but you guys can let me know in the comments.

[00:02:49]But because this block was hit 1 day ago, we will get a share of that block because our rented hash rate was included in that block. So we're on Paracycle Pool here. This is what I was mainly talking about, massive spike up in terms of the hash rate, and we saw that on the last block. So there was rented hash rate on the last block. They most likely hit the last block, and the same thing is most likely for this block as well.

[00:03:12]And the actual average time to find a block is 8 days with the current hash rate. But on average, if you look at the actual average, it's more like 160 petahash, which is actually sitting on it on average that is just going along.

[00:03:27]And then you have these massive spikes upwards through the rented hash rate platform.

[00:03:32]So the amount of users that come on is actually higher. So even though there's a spike in the workers, there's also massive spike in the users that are actually using the network. So we always cover all these stats, but you can check that out in your own time. But let's actually head over to our wallet and see how much work that we actually did on this last block.

[00:03:53]So, currently as you can see, our hash rate is increasing because we are currently renting or doing the same renting that we actually did using the last money that we got from the last block, and we're just recycling that for information on the next block. Total work done is around 81 billion. So, if you've seen the previous video, we were around 40 billion for our total work done, and the payout has been pretty much the same. So, we made a little bit of profitability, which we'll cover off in a minute. But, it was around 40 billion split between the first block that we ever hit, so we got a big payout from that, and then 40 billion for that rented hash rate of 2 Beta Hash for 1 day. And that cost us around 100,000 sats. As you can see, this chart hasn't really updated, but you can see the hash rate there, so that's slowly climbing on. We've gone for the same thing, 2 Beta Hash rented over 1 day, and we'll see the results of that, I guess, into the future when the next block is hit. So, it all came into this wallet right here, so it's the Sati Pro wallet, and then you actually have to withdraw it into your Xverse wallet, and then you can actually use it to rent the hash rate. And you can see this in the activity. So, the first amount that we received was 112,000.

[00:05:11]So, that's in sats, and we spent 107,000 on rentals.

[00:05:16]Then, in terms of received, we actually received 114,000.

[00:05:20]So, it's mainly the difference between the 107 that we used to rent and the 114,000. So, you actually gained around 7,000 sats overall, which is maybe around $4 or $5, something like that.

[00:05:35]So, we have technically made a profit on it, and we've technically earned more BTC, which I didn't expect to happen, but it's because Parasite Pool hit a block quicker than the allotted time or the average time, and that's what gives you kind of a 100% profitability. As we said earlier, it should technically be 2/3 in terms of the payout because one person gets one Bitcoin, and the other 2/3 of the block is split between the rest of the miners on the network. However, in this case, we have more than 100% of the payout, so we technically made profit, and that's because Parasite Pool hit a block quicker than the allotted time that it should have on average. So, we're actually earning more. If it takes longer to hit the next block, we'll actually earn less of that because there's more work going in as time goes on. And then we're also left over with around $10 in there, but we can't spend it in terms of renting because we can't actually put in a sat amount. We can only put in a petahash amount, so that's kind of what we had to go with. So, 114,000 sats, and if we go back, we can actually see how much we spent on renting it this time. So, our hash price right there is 52,032.

[00:06:52]So, overall, we spent 104,000 on this. So, the other one was actually uh a little bit higher, so that was 107,000.

[00:07:01]But, on this one, we spent 104,000 sats, and that is going to be for two petahash delivered. So, that just shows you how much is delivered, fresh share created, this date, and transaction, and then the block height. And that is going to be running for the next day. So, I'm basically going to recycle this every single time the Parasite Pool hits another block. Obviously, everyone's chasing that next block and trying to get that one Bitcoin out of it. But, it would be quite cool to see it, but the odds are still very, very low with the amount of petahash that we have, so you might as well just keep recycling it uh with the chances cuz it's free mining if you mine or put the work in at the first one. It's technically a way for us to continue mining on this pool whilst also getting a payout and overall it should decrease over time, but it still gives us a chance every single round of the kind of block rounds that you have to get us a block or get us that one Bitcoin that Parasite Pool offers.

[00:08:01]So, it's always good just to check it on and give it a chance. As I said, the average time to find a block is 8 days.

[00:08:06]So, a lot of work going into this and I want to mention as well that just for future reference, we had around 80 billion in total work. I'm assuming that this is going to be an extra 40 billion in total work overall in terms of the hash rate that we've rented. So, it could work out to be around 120 total work and we'll see if that payout from the next block is actually going to be the same amount. As I said, if it hits it very quickly, then we might end up getting a bigger payout, but if it takes way longer, then we'll get a smaller payout because there's more work put on the pool.

[00:08:41]So, I only think it's worth it to kind of rent this hash rate if you've already gained some because I think we made a lot of profitability on that first block cuz we were early movers. We only had a small small amount of hash rate on there. I think it was maybe 10 or 13 terahash and that got us around 100,000 sats at the time. We were only mining for around 6 months, but that's technically equal to the same work that's done by 2 petahash over a day because it's the same total work and the total work is what determines your payout.

[00:09:12]And it's calculated based on the amount of shares that you submit, so the difficulty of the shares that you submit. If you have higher difficulty submitting shares, for example, 3.41, if all of the shares were at that range, we would have way more work done on the network, hence a bigger payout. So, it's about how much actual work you've put into the block in terms of your difficulty and shares.

[00:09:37]Normally on a pool, it would just be how many shares, so you're paid per share. I think this is paid per difficulty of share totaled up, and that gives you your total work, and then they do the payouts based on that. So, if you guys were mining to Parasite Pool, or if you saw the renting video and tried it out, please let me know your results on kind of what you got in terms of your total work done.

[00:09:59]And you guys can let me know if you think it's a good idea to keep just recycling this. We'll probably show another video of us actually showing the results of this when the next block comes out, kind of the same thing that we see here.

[00:10:11]And my kind of guess is that we're probably not going to make the money back. It's just going to decrease from now on. But you never know, it is always luck on the network.

[00:10:20]It'd be good to see if we hit a block in the next couple of days on Parasite Pool. That would give us some weird figures for the next block. But hopefully it continues to hit blocks into the future, cuz I think it's a really good way to separate out kind of the risks of pool mining and the risks of solo mining. You get a little bit back. And notice how we're not actually solo mining anymore to this pool. So, we're not adding any more. We've already done the work around 6 months ago on that first block, and now we're just recycling that every single block. So, we're actually not losing that much in general, and it gives us a way to keep mining on this pool. So, that's my strategy going forward. We'll see how it pans out. You guys can let me know in the comments what your payouts were, all that good stuff. Make sure you like this video and subscribe for more content like this.