Nicehash is one of the latest mining platforms in the market today. Unlike other cloud mining platforms, NiceHash is created uniquely to allow people to either buy or sell hashing rates generated by their computers. This means that you can optimize profits related to mining through direct mining, lending the hashing power or both. Here is a comprehensive review of NiceHash to establish what it is, the features, how it works, and major pros & cons.
What is NiceHash?
Do you own a very powerful computer or mining equipment? NiceHash is a platform that allows owners to mine different cryptocurrencies and sell the extra hashing power. It is among the most advanced cloud mining services that help to bring a new way of looking at mining.
Unlike other cloud mining services that only allow the mining rig owners to sell the hashing power, NiceHash is different. It allows users to invest in mining equipment and start earning immediately. This is a perfect way to earn more without getting involved in the logistics of creating a full mining platform. Everything has been worked out for you.
In cloud mining, one major characteristic is the mining contract. The miner is required to enter into a contract for a specific hashing power over a known timeframe. In some cases, these contracts are carefully drawn to help cloud mining rigs optimize their returns. However, NiceHash is different. It is a pay-as-you-go model that only allows miners to pay for services only when using it.
How does NiceHash operate?
The two prongs of a NiceHash platform
As a platform that connects the mining power sellers to buyers, NiceHash can be seen in two main ways;
- The hashing power seller: This is a person or party with mining hardware that generates a lot of hashing power for sale to NiceHash. This hashing power is then forwarded to the buyer pool for sale. The sellers are paid for their hashing power in Bitcoins based on the weighted average and shifting value when buyers are active.
- The hashing power buyer: Once the seller has released the hashing power of sale to NiceHash, buyers can now join and use it to mine their preferred cryptocurrencies. The figure below demonstrates the interaction between NiceHash, buyers, and sellers.
Getting started on NiceHash
To start using NiceHash, the process is direct and easy. First, you have to visit their website to create an account. At this point, you must provide the correct personal details because they will be used in the mining process. It is crucial to secure the account with a powerful password for extra safety.
Notably, you are required to activate your mining wallet and load some Bitcoins. This is a crucial step because you will need to pay for the NiceHash service. Visit the Live Market place to see the prevailing price of crypto coin orders and start mining right away.
The price of NiceHash services
- To buy mining hashing power, you are required to pay a non-refundable fee of 0.0001 BTC. The amount spent on various orders for buying the hashing power is 3%.
- For those selling their hashing power, 4% goes to NiceHash. If the payout is greater than 0.1 BTC, the amount paid to NiceHash goes down to 3%.
- For withdrawals, NiceHash charges 0.001 BTC or 0.01 for amounts less than 0.3333BTC and greater than 0.3333 BTC respectively.
The main NiceHash features
What makes NiceHash really awesome is the unique features that include the following;
- The automatic payments: NiceHash makes daily or weekly payouts depending on users’ preferences. This means that you can start using the platform today and anticipate payments later in the day. Make sure to check the payment threshold for payouts.
- Anonymous mining: Anonymous mining allows users to use stratum proxy with the Bitcoin address as the username. This is crucial if you want to optimize mining returns.
- Real-time mining statistics: In cryptocurrency mining, miners are always extra curious of the progress they are making over time. NiceHash offers real-time statistics so that you can know the progress and whether there is a need for change. You can also compare the progress against other miners using the platform.
Pros of using NiceHash
- The mining platform operates as a pay-as-you-go system. This means that users only need to pay when they are using the service and not simply because they have a contract for a specific timeframe.
- NiceHash allows miners also to sell their mining hash power. A miner can invest in the mining equipment to optimize returns through direct mining and selling additional hash power.
- Unlike other cloud mining services that do not put clear their mining charges, NiceHash is completely open. Therefore, miners can easily calculate the profitability of every mining activity.
- NiceHash has simplified mining so much so that everyone can associate with it and make handsome returns. Besides, people can also make direct investments in mining hardware with the focus of lending the extra hashing power as opposed to using it for direct mining.
- The platform is already configured to deliver the best results. This means that a user will never grapple with poorly designed rigs that rarely deliver results.
Cons of using NiceHash
Though NiceHash has provided a completely decentralized and creative way of giving miners more ways of optimizing profits, it still maintains control of the network. If you have mining equipment, you can only sell the hashing power based on the guidelines of NiceHash.
NiceHash is providing a great alternative to the expensive multi-pools and cloud mining services. The cloud mining services put the entire mining control and bulk of the profits into the hands of the rig owners. NiceHash has created a new way of empowering both the buyers and sellers to help them optimize profitability. Because the platform does not bog down users with contracts, it is even possible to lend your mining power to others when not in use.