NiceHash Review: Advantages And Features
NiceHash is a leading cryptocurrency mining marketplace. The service was established in 2014 in Slovakia. The idea of the service was to create a concept based on the sharing economy where buyers and sellers of computing power from different parts of the world are brought together. NiceHash allows customers to borrow computing power to mine cryptocurrencies as effectively as they desire. The company hosts more than 640 000 active users on a daily basis, with more than 291 000 of these being daily active NiceHash miners. In total, over 3 million orders have been made.
The scarcity of information about the exact location of the servers and the identity of the company’s founders could lead to the question “Is NiceHash legit?” Users experience and NiceHash reviews gives an answer to this question and indicates that this is a legitimate company with a unique services that brings sellers and buyers together.
Advantages Of NiceHash Cloud Mining
A close look at the NiceHash marketplace indicates that the company wants to do things differently in comparison with other companies. The services offers the following advantages:
- For reasons of safety, the company operates from two marketplaces, one in the United States and another in Europe.
- The company gives users access to different types of orders: the standard one for competitive mining and the fixed one for stable mining.
- The service gives investors the ability to buy hashing power on a pay-as-you-go basis without needing to sign a contracts.
- NiceHash has no limits. Users have the ability to buy as many hashpower as they wish.
- The mining process is transparent. It means that users have an information about how much they earns.
- The service allows miners to enjoy quick, efficient and simple mining with a help of NiceHash miner or the Windows app.
- Investors can make a payment in bitcoins for amounts from 0.001 BTC if they have a NiceHash wallet.
NiceHash Technologies And Software
In 2017, NiceHash news made the announcement that they had added some new hardware in the form of a system with the state of the art high-performance NVIDIA GPUs and latest generation Intel CPU. The software developed by NiceHash includes the NiceHash Miner and the Excavator. The NiceHash Miner is suitable for GPU and CPU mining. It’s a free mining software that combines algorithms to allow transactions. The Excavator is an advanced multi-algorithm GPU miner which is suitable for altcoins mining on the NiceHash website or other ones. It uses custom code and supports NVIDIA cards.
NiceHash calculator helps to check the potential profit of the hardware. The system supports a lot of CPU and GPU cards and majority of ASIC miners. If the list hasn’t hardware you use, you may calculate profitability for any equipment manually. This will require you to have sufficient information about the hardware cost, the amount of electricity it consumes, and the speed measurements for the type of algorithms that the hardware supports.
What Cryptocurrencies Can Be Mined?
The NiceHash service offers hashing power for Bitcoin, Ethereum, and Zcash mining. The approximate prices are:
- Bitcoin: 0.06 PH/s for 24 hours coming at a minimum cost of 0.0050 BTC
- Ethereum: 0.63 GH/s for 24 hours starting at a cost of 0.0050 BTC
- Zcash: 0.01 MSol/s for 24 hours setting you back 0.0059 BTC
You can always check on the live marketplace to see the guaranteed hashing power at any given time. The prices will also depend on the prevailing BTC to the USD rate for a given day.
How To Start Mining
Signing up on the NiceHash website can be done in just five easy steps:
- Firstly, you need to create an account. Specify your email, create a password and confirm registration using the code from the email. You’ll get a NiceHash wallet address.
- Then pay some Bitcoins to your wallet. The minimum deposit is 0.005 BTC. Pay attention to the fact that the service charges a transaction fee.
- Choose the cryptocurrency you want to mine.
- Find a pool that allows to mine chosen coins and add it to your list of pools. You may check out the pool using verificator.
- Add a new order on the marketplace. Select a mining algorithm from the list (for example, DaggerHashimoto for Ethereum mining, Equihash for Zcash mining).Choose between the EU and USA marketplace which have their own prices. At this stage you may select a Standard or a Fixed order.
- After that the NiceHash will transfer the hashpower to the pool you selected. And the pool makes your revenue according to their payout schedule.
NiceHash Payout Time
If you’re going to transact on the NiceHash service, you need to understand that this services just ensures that buyers can define the price. All the service does is bring buyers and sellers to the marketplace so that the environment created is competitive and NiceHash profit can be made.
When a payment is made to your NiceHash wallet, your funds can be withdrawn to your prefered method. All withdrawals and payments are confirmed manually once in every 24 hours at 12:00 AM CET.
If your balance is below 0.0001 BTC and remains inactive for over a month, it will be discarded. If an account with lower than 0.001 BTC remains inactive for more than three months, it will also be discarded.
Mining Without Risks
Overall, NiceHash is a great cryptocurrency marketplace for placing bids and sellers deciding if the bids will allow them to make a profit. The great thing about this service is that it doesn’t require you to be stuck with risky contracts. NiceHash is not your ordinary cloud mining company, but rather offers a unique platform allowing users to determine how they can make a profit.