NiceHash is a cryptocurrency cloud mining marketplace that connects sellers of hashing power (miners) with buyers of hashing power. The company was founded by Marko Kobal and Matjaž Škorjanc in 2014. Their headquarters are based in Ljubljana, Slovenia. The servers are located in Europe and in US, but the exact location is not provided.
NiceHash is the world’s largest crypto-mining marketplace that was created upon the concept of a shared economy. By connecting sellers and buyers on a global scale, NiceHash.com has successfully created an operation that connects these two chief components to enable investors the ability to receive computing power for mining cryptocurrencies. Brought into existence on March 24th, 2014 this operation has grown to exponential heights which on average harbors over 160,000 cryptocurrency miners daily.
NiceHash is offering complex service on the mining market. They combine the mining power of different miners around the world into their only mining pool. At the same time they boost the pool’s hashing power by adding their own mining facility that is available to rent out in terms of cloud mining services. Moreover NiceHash does not restrict the use of their pool to join, miners – be it physical or cloud miner – can join any mining pool they wish. On the top of that, users can buy and sell hashpower on the market developed by NiceHash.
Compared to other cloud mining providers, the model of NiceHash is not based on investments, but rather on advanced cloud mining experience. They do not emphasize the profitability nature of mining, but in stead trying to bring a complex.
What is NiceHash?
NiceHash applies a new spin to cryptocurrency mining that revolves upon the relationship between the sellers and buyers. Users have a total of 3 options to pursue when using NiceHash. The first would be that users can choose to sell their hashing power generated from their mining hardware to accrue earnings. Second, would be that investors can choose to buy a package to mine a particular cryptocurrency at a designated set pool with a supported crypto algorithm. The last option would be a combination of being both a buyer or seller through NiceHash.
NiceHash for Buyers
Users who wish to buy hashing power to mine cryptocurrencies will need to Register for Buyers. Once you have registered your account you will be added to the mining pool where users will direct the purchased hashing power towards buyers. Next you set the bid or fixed price for mining and execute a new order. Users who enroll with a buyer package will be able to monitor their orders on the live marketplace.
The price of the cloud hashing contract is based on the amount purchased. There are no individual packages, users can choose whether to set the purchased hashpower based on GH/s or the cost in BTC.
NiceHash is charging 3% fee on hashpower transactions. According to their site they process this fee from each side of the transactions: so both the buyer and the seller must pay for the processing fee. That makes it quite expensive to transfer the hashpowers.
SHA256, Scrypt and X11 algorithms are all available to purchase at NiceHash.
In order to get started with a buyer package at NiceHash, users must fulfill a minimum payment of 0.005 BTC for every algorithm. It should be mentioned that no contracts are incorporated on the site so you are able to cancel at any time and best of all there are no cancellation fees. Buyers are protected through NiceHash and never end up having to pay for faulty rigs or invalid shares and are able to track their workers performance. Furthermore, investors have the ability to choose between 3 buyer packages which are listed below:
Bitcoin – SHA256
Hashing Power: 0.05 PH/s for every 24 hours
Starting Cost: 0.0091 BTC
Ethereum – DaggerHashimoto
Hashing Power: 0.74 GH/s for every 24 hours
Starting Cost: 0.0050 BTC
ZCash – Equihash
Hashing Power: 0.01 MSol/s for every 24 hours
Starting Cost: 0.0063 BTC
Supported Cryptocurrencies: Litecoin, DogeCoin, FedoraCoin, Bitcoin, Bitshares, EmerCoin, Digibyte, LeoCoin, Dash, FuelCoin, StartCoin, VCash, HellenicCoin, AmberCoin, Maxcoin, HTMLcoin, MaryJane, TalkCoin, Feathercoin, Orbitcoin, PhoenixCoin, Vertcoin, Crypto, VanillaCoin, DGB-Qubit, Quark, Monetary United, AmsterdamCoin, Axiom, BlakeCoin, Decred, Diac, Holdcoin, Ethereum, Ethereum Classic, Monero, DigitalNote, Lbry, Zcash, Cash Classic, Zencash, Hugh, PascalCoin, SIBCoin, Siacoin, NevaCoin, Netko Coin, Verge & Signatum.
NiceHash for Sellers
NiceHash is supported by over 330,000 daily active miners and offers free software, user-guides and support. Payouts are able to earned once a day as long as 0.001 BTC in profits has been generated. Again, users are not required to enter a set contract for selling hashing power so users can choose when they wish to start or stop and remain fully anonymous at all times through NiceHash.
In order to start supplementing your income by becoming a seller, you’ll be required to get started with their Seller Registration. Once you create an account the buyer will place a new order where he will dictate which price, which algorithm and the duration of time they wish to mine. Next, the sellers start fulfilling the order and starting earning bitcoins for every valid share.
NiceHash accepts only bitcoin as payment method. There is no option to choose credit card payment or wire transfer. They offer Shape Shift as an option to convert altcoins to bitcoins if someone wants to pay for the services with litecoin, dogecoin or other altcoins. For credit card and PayPal they refer clients to Coinbase and list a couple or more exchanges to buy bitcoin.
The PPS payment method ensures that clients at NiceHash are receiving payouts based on valid shares only. NiceHash collects all the hashing power around the world from the workers and also from it’s own mining facility and distributes the earnings within the pool with the PPS payment method, so each miner is receiving revenues based on their contribution to the overall hashing power. The payouts are happening 4 times each day.
NiceHash offers it’s NiceHashbot on GitHub. This is an open source software that helps anyone to create their own mining platform. There is also plentiful information on the site about how to run mining profitable.
They also run a referral system for registered users. In order to enable this functions, users have to request it via email from their support team. Once it is enabled, users can earn commission from each new order that their referred new customer makes.
NiceHash User Experience
NiceHash website is available in three different languages: beside English, clients can read the page in Russian and in Chinese too. The platform is providing detailed information on both trading hashrates, setting up mining at home or purchasing cloud mining contracts. Their FAQ section is well structured and has probably all the answers that clients may have. Sometimes however even too much information is crammed on a page that makes it hard to find the relevant information on a topic.
NiceHash Review Conclusion
NiceHash is perhaps one of the world’s largest and most reputable cryptocurrency mining operators. Used daily by hundreds of thousands of users is testament enough that NiceHash is a legitimate and trustworthy Bitcoin investment opportunity. Whether you are looking to sell hashing power or mine cryptocurrencies, users are able to generate tangible profits which is an element that most other competitive cryptocurrency mining operations have eluded in accomplishing.
12/07/17 NiceHash has confirmed hack attack resulted in the loss of over 4,700 BTC, an amount worth more than $78 million at press-time prices.