Mining Service Nicehash – Features Overview and Operation Guide

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NiceHash – Cryptocurrency Cloud Mining

Nicehash is a platform that allows you to sell and buy computing power for mining. As a result, you get an alternative to solo mining, which covers all your expenses and brings a good profit. How to use Nicehash, what conditions, features and benefits – all this will be discussed in our article.

Nicehash story

After registering in Slovenia in 2014, the company launched Nicehash service, which did not stand out with anything remarkable. Until 2017, he had modest functions, as the company’s management focused on only a few areas of cryptocurrency. But over time, Nicehash began to increase momentum. In 2017, rebranding took place, after which users saw a platform of wide opportunities.

The updated and maximally simple interface opened the door not only for experienced users, but also for beginners. Miners and capacity buyers from around the world began to join the service rapidly. Currently, the platform supports 3 languages: Russian, Chinese and English. I note that the translation is very high quality, so there will be no problems.

The main emphasis is on the variety of available techniques, cryptocurrencies and algorithms. Here everyone can find the necessary way to earn money.

How it works

Sellers use the Nicehash Miner software to sell the hash, while others buy it to mine coins in the pool. Nicehash provides another important function – the profitability calculator, which will help determine the profitability of mining on certain equipment and algorithm.

The service does not use long-term contracts; trading is carried out in real time. Nicehash is a kind of backbone network that indirectly affects coin generation and transaction confirmation.

The company’s working servers are scattered around the world: Japan, the USA, Brazil, the Netherlands, China, India, etc. More than 107 thousand users visit the service daily.

Nicehash is the largest crypto mining market that connects sellers and buyers of hashrate. Thus, the service is intended for two types of users:

  • Miners (capacity sellers). Connect their hashrate to Nicehash servers using special Nicehash Miner software. Power is sent to the appropriate pool. For each valid block, sellers receive payment, which is charged in Bitcoins. Payments are made immediately to the internal balance. The reward depends on the current average market value of coins, indicators are updated every minute. The whole process is automated.
  • Capacity buyers. They open buy orders, where they indicate the price for which they are ready to purchase a hash, as well as a pool and cryptocurrency. After filling the order with miners, the buyer receives the coins mined by the pool. Thus, buyers do not need to spend money on the purchase of equipment and delve into all the details of coin mining.

If you are interested in buying a hashrate, Nicehash can be considered as a cloud mining service. Only unlike standard platforms, power is provided not by the company itself, but by other miners.

Opportunities for sellers:

  • Connecting personal devices to the company server.
  • Acceptance of orders.
  • Profit for the provided hashrate.

Buyers in turn:

  • Choose a cryptocurrency for mining.
  • Select a pool to connect.
  • Indicate the amount of the acquisition of capacity.
  • Place an order with the application.

The service also offers an affiliate program. True, not everyone can take part in it. First, you must tell the administration of the resource exactly where you are going to post links (website, blog, community, etc.). If the proposal is approved, you will have access to download graphic data to place it on third-party resources. For each attracted referral, the company pays 5% of its profit. Additionally, there is a small reward – 0.000005 BTC.

Register at Nicehash

We go to the official website, enter the email address and come up with a password. We confirm that we have read the user agreement.
Now it remains to confirm the mail and registration is completed.
We go again to the main page of the site, click ‘Login’ and enter the email with the password.

 Personal Area

Nicehash interface is as simple and straightforward as possible. The personal account consists of 4 main sections: active workers, active orders, current balance, history of inputs and outputs. The current balance contains a BTC address for replenishing the balance and withdrawing earned coins.

Profitability calculator

Nicehash calculator is very convenient, so not only customers of the service use it, but also third-party miners. The link to the calculator is located in the bottom menu of the official website.

To calculate the profitability of coin mining, we indicate the necessary data: the device (ASIC, GPU or CPU), the currency in which the profit will be displayed, and the cost of 1 kW per hour.

When all the fields are completed, click ‘Count’ and see the results for different time periods: day, month, week.

If you did not find your equipment in the available list, select it manually by clicking ‘Show user settings.’

Commissions

Prices for buyers depend on the variety of cryptocurrencies and algorithms.

Here the price is fixed for 1 day, but orders can be issued for a longer or shorter period. The amount must not be less than 0.005 BTC.

For the creation of each order, buyers pay 0.0001 BTC, plus 3% of the amount spent on this order. For canceled applications, these 3% do not apply.

When withdrawing funds to external wallets, sellers pay the following commissions:

  • 5% – if the amount is less than 0.1 BTC;
  • 3% – if the amount is more than 0.1 BTC;
  • 2% – for payments to Nicehash wallets from 0.001 BTC.

How to fund your Nicehash wallet

Deposits are made strictly in Bitcoins. Do not try to send in other currencies, as the service will reject the payment and you will irrevocably lose money.

To replenish your account, go to the service wallet and click the ‘Deposit’ button. A QR code with a deposit address will appear. Use the specified address to conduct a transaction from your Bitcoin wallet. The deposit will be credited immediately as soon as the transaction is confirmed by the miners.

Before transferring funds, make sure that there is no error in the deposit address.

Capacity purchase

To start mining, you must perform the following actions:

  1. Register on Nicehash.
  2. Make a deposit. The amount should not be less than 0.005 BTC, including costs. The Bitcoin address is in the Wallet section of your personal profile.
  3. Indicate the pool, algorithm and cryptocurrency for mining.
  4. Save the pool to the list.
  5. Create a new order, indicating the necessary information in it.

Do not forget that payment takes place exclusively in Bitcoins. Unspent coins can be withdrawn to an external wallet at any time.

Placement of a new order

New orders are placed through the market interface. A commission of 0.0001 BTC is charged for each order. In this way, pool management avoids system spam.

Initially, you need to select the algorithm and server for placing the order. There are 2 types of orders: standard and fixed. They differ in duration, cost, limitations.

A standard order allows you to bargain for the lowest possible price. But if another user breaks your price, then the order may pause. You will need to increase the price to maintain speed. Thus, you must constantly monitor orders to make sure that the desired speed is supported.

A fixed order is placed at a fixed price. This means that the desired speed will be maintained throughout the validity period, orders with a higher price are not taken into account. Fixed orders demand is higher, so they are more expensive.

Created orders can be seen in Nicehash’s personal profile settings or in the online market, where they are also reflected in the total volume.

Nicehash Miner for sale facilities

In order for miners to sell their power, you need to install and run the free Nicehash Miner software on a personal computer. The program monitors the market in automatic mode. If you are used to other software, you can easily connect it to Nicehash Miner.

Features of Nicehash Miner:

  • Support for AMD, Nvidia graphics cards and Intel, AMD processors.
  • Withdraw funds to Bitcoin wallet, Coinbase, Payeer.
  • Automatic switching between algorithms.

Recently, developers introduced a new version of the software – Nicehash Miner Legacy, where you can buy a hashrate from third-party miners. When interacting with them, you take all the risks, the creators of the software warn about this. I recommend adding the program to the antivirus exclusion list, otherwise it may detect it as a potential threat.

Advantages and disadvantages of the service

Nicehash resembles cloud mining in its concept, but there are a number of global differences between them that can be attributed to the advantages of the service:

  • Free choice of pool.
  • The ratio of volume and duration of capacities can be adjusted independently. In the usual cloud mining services, you need to conclude contracts for a year, and no one knows if the service will operate in a year, and whether the invested funds can pay off.
  • Payment is made upon the use of capacities. You can cancel the order at any time, while the money will remain on the balance.
  • The natural shaping of Nicehash’s economy fosters flexible prices.
  • The service works with many world markets, including the US and Japan.
  • Detailed statistics of orders are available to you, where their speed is reflected.
  • Two types of orders with different capabilities and prices.
  • Detailed instructions that are provided on the site.

 In addition, Nicehash has a number of advantages:

  • The choice of a large number of cryptocurrencies and algorithms. Thus, you can add different coins to your investment portfolio using only Nicehash.
  • No need to delve into the intricacies of mining. Accordingly, even novice users can mine coins.
  • Nicehash has established itself as a responsible and conscientious resource. He pays steadily and does not withdraw any hidden fees.
  • Good functionality: even beginners can easily learn a convenient and intuitive interface.
  • The service offers its own cryptocurrency wallet.
  • Transparency of work. You can at any time find out the amount of earned profit. You can request a conclusion 4 times a day.
  • Operational technical support. Usually they answer right away, you don’t have to wait long.
  • Automatic determination of the most profitable cryptocurrency. Benchmark allows sellers to get the most out of their equipment without tracking news from the world of cryptocurrencies.
  • Affiliate program. Attracting referrals will bring you 5% of their income.

But there are also disadvantages:

  • Low income. You do not need to spend money on equipment and delve into the technical nuances of coin mining, but there are also less earnings than in solo mining.
  • Security issues. In 2017, Nicehash was hacked, which damaged the reputation of the service. I advise you not to store earned funds on the balance of the resource, withdraw immediately to an external wallet.
  • Nicehash has many analogues.
  • Nicehash is an intermediary between buyers and sellers. This approach scares off many users.
  • You can only deposit and withdraw funds in Bitcoins. Therefore, when mining other currencies, you are completely dependent on it. Plus, this is an additional conversion fee.

However, Nicehash’s margins are higher than on other pools. Therefore, the customer base of the service is regularly updated with new users.

Conclusion

Since 2014, Nicehash has been serving customers from all over the world. Here you will find many opportunities for mining, buying and selling hash powers. In fact, Nicehash is the only service where customers are given the choice between rates and fixed offers. Everyone decides which method is most profitable for him.

Nicehash is an intermediary and does not affect the domestic economy. Ample opportunities for transactions attract users from all over the world.

At the same time, there are disadvantages that may be unacceptable to many customers. We are talking about a recent hack that has pretty much damaged the reputation of the platform. In addition, you can only deposit and withdraw funds in Bitcoins.

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