NiceHash - review for beginners | CRYPTO MINING BLOG

NiceHash – review for beginners

Cryptocurrency Miners | Cryptocurrency Mining | Software

What is NiceHash

Nicehash is a marketplace that allows sellers and buyers to exchange computing power for crypto mining around the world. Sellers can earn using NiceHash Miner software and buyers can buy any profitable mining algorithms on favorable terms. Let’s talk about the miner in more detail.

NiceHash started its activity in 2014, from the moment the company was registered. NiceHash is headquartered in Ljubljana, Slovenia and has production servers in the US, Brazil, Japan, India, China, and the Netherlands. But until the fall of 2017, the project was narrowly focused. Under the influence of cryptocurrency, NiceHash specialists changed the website interface and expanded its functionality.

The official site of the project is available in 7 language interfaces: English, Chinese, German, Spanish, Portuguese, Russian and French. It is worth noting that cryptocurrencies for mining based on more than 30 algorithms are available on the site. Among them: Scrypt, SHA256, X11, X13, Lyra2REv2, CryptoNight, Equihash and others.

Trades are conducted in real time without the use of long-term contracts. NiceHash also works as a backbone network, indirectly influencing the generation of new digital coins and confirmation of transactions.

Another popular feature provided by NiceHash is the Yield Calculator. With it, you can determine the profitability of your mining.

Advantages and disadvantages

Studying all the tools available on NiceHash and the nuances of their work allows us to highlight a number of the following advantages of the service:

Ease of use for both buyers and sellers;
There is no limit on the size of the purchased NiceHash hashrate (within the total capacity available on the market);
Support for dozens of popular hashing algorithms;
Affiliate program;
Possibility to cancel created orders for the purchase of NiceHash electricity, even if they are partially completed;
Automatic configuration of NiceHash Miner and switching between hashing algorithms depending on changes in their profitability;
Internal exchange of funds between wallets;
Own wallet for cryptocurrencies;
Low fees;
Stable payments;
The long period of operation (6 years) suggests that NiceHash is obviously not a scam.

As for the disadvantages, NiceHash has much fewer of them:

Profitability when using NiceHash is much lower than when mining on your own equipment;
The service limits the freedom to choose a payment method – the purchase of containers is only available for BTC, which is a rather slow payment method with high commissions;
This type of remote mining is not suitable for long-term investment as transaction times rarely exceed 10 days;
NiceHash is an intermediary, which puts some users off in terms of security.

How to work with NiceHash?

NiceHash is an online broker marketplace that brings together buyers and sellers of mining companies. Power (electricity) is a computing resource, an indicator of how much power equipment is spent on running software and solving Proof-of-Work algorithms.

Buyers of electricity. Select the cryptocurrency you need, the mining pool, set the price you can pay for the service, and place the corresponding order. When the order is filled with miners, the buyer receives the cryptocurrency mined by the pool. This is convenient because the buyer does not perform complex actions on his own and can do without investing money in the purchase of equipment.

Miners (sellers of electricity). Install and run the NiceHash software by connecting your computing power (PCs, farms, ASICs) to order servers and buyer platforms. The food is sent to the pool chosen by the buyer. Payment for each validation is made in bitcoins. The cost is determined by the average at the current time and is updated every 60 seconds. The process is highly automated.

At first glance, the services provided by NiceHash are very similar to cloud mining, since here we are also talking about remote rental of computing power. However, there is one key difference: NiceHash does not have its own data centers with hardware, as is the case with cloud mining companies. This service offers exclusively intermediary services, helping some users to buy hashrate from others, and at the same time acts as a guarantor of transactions.

Positive points

In addition, there are other distinctive points:

On NiceHash, the buyer pays only for the work performed by the miners, while long-term prepaid contracts are concluded by cloud services;
The price of computing power on NiceHash is formed on the basis of the supply market, and in cloud mining it is set by the service provider;
Cloud services most often impose their own conditions for cryptocurrency mining, while NiceHash gives users freedom in things like choosing and configuring a mining pool.

The service has accounts on social networks Twitter, Facebook, Reddit, and so on. It publishes important site news, such as technical work, any innovations and updates. There you can also find discussions, reviews, or contact technical support if something does not work or does not start for you.

Commission NiceHash

For all services provided to users, NiceHash charges a fee, the amount of which depends on the type of transaction.

Each new purchase order created is subject to a 0.0001 BTC anti-spam fee. Plus 3% of the amount spent on the order. This 3% does not apply to the unspent amount of canceled applications.

The following commissions are charged for the sale of electricity (charged when withdrawing to external wallets):

If the balance is less than 0.1 BTC – 5%
If the balance is more than 0.1 BTC – 3%

NiceHash has a very simple fee structure with fees for makers and takers. Trading levels are calculated based on your life activity. Once you reach a certain level, you will never pay more!

NiceHash API and Affiliate Program

The platform offers users earnings through an affiliate program. Access to it opens after creating an account. You must provide technical support with information about the resources to which you plan to link. The administration of the resource can approve or reject your proposal. If successful, you will have access to graphic materials that can be placed on a website or blog. Your potential income will be about 5% of all funds that can be raised by invited users. A small bonus will also be awarded once, which will be 0.000005 BTC.

Alternatives to NiceHash

The most well-known alternatives to the NiceHash service are the MinerGate and Kryptex projects.

MinerGate is a multi-currency cryptocurrency mining service. The pool was created in 2014, and today it provides the opportunity to mine 5 digital currencies, including Bitcoin Gold, Ethereum, ZCash, Monero and Ethereum Classic. Minergate is also considered one of the first services to provide combined mining services. This means that by connecting to the pool, you can mine different coins at the same time without losing the hashrate for mining the main currency.

Kryptex is a cryptocurrency mining service founded in 2016 based on user computers. You will need a 64-bit Windows computer to install the software. The program works on the basis of the calculated capabilities of the PC and encodes information. The service currently supports 7 currencies, including Ethereum, Ethereum Classic, Monero, Expanse, Grin, Beam, and Ravencoin.