Nicehash: a detailed overview of the site for buying and selling mining power. Guide to personal account settings and a description of the service functionality (calculator, miner)
Nicehash is a marketplace that allows sellers and buyers to trade in computing power for crypto mining around the world. Sellers can earn money using Nicehash Miner software, and buyers can purchase power for any popular mining algorithms on favorable terms. Another service is popular – the equipment profitability calculator. With its help, you can determine the profitability of mining.
Nicehash official website: nicehash.com
Trades are carried out in real time without the use of long-term contracts. Nice Hash also works as a backbone network, indirectly affecting the generation of new digital coins and the confirmation of transactions. The Btcnewsweb.com editors have prepared a detailed review of the Nicehash service and the specifics of working with it.
|Year of foundation||2014|
|Address||Obrežna ulica 3, 2312 Orehova vas, Slovenia|
|Kind of activity||hash power market provider and software developer|
|CEO||Marko Kobal; Matjaž Škorjanc|
|Minimum order amount||0,005 BTC|
|Output||Bitcoin (BTC), Coinbase, Payeer|
|Software (miner)||Nicehash Miner Legacy|
|Calculator||Profitability calculator NiceHash|
- 1 NiceHash Review
- 2 How the service works and its features
- 3 NiceHash official website: sections and services
- 4 Registration Guide
- 5 NiceHash profitability calculator
- 6 Instructions: how to buy power on the NiceHash website
- 7 Instructions: how to sell power
- 8 Buy / Sell Commissions
- 9 Withdraw funds from NiceHash
- 10 The difference between NiceHash and cloud mining sites
- 11 Advantages and disadvantages
- 12 Conclusion
To date, the Nicehash mining service has the following indicators:
- total processed sales – 2 MIO
- daily use the site – 250 thousand
- active workers – 600 thousand
The organization is registered in Slovenia and has working servers in the USA, Brazil, Japan, India, China and the Netherlands.
How the service works and its features
Nicehash is an online brokerage market that brings together buyers and sellers of mining power. Power is a computing resource, an indicator of how much power the hardware spends to run software and solve Proof-of-Work algorithms.
Nice Hash – NOT cloud mining, the company does not lease equipment; it is just a platform for connecting end users.
Two types of users on NiceHash:
- Power buyers. They choose the cryptocurrency they need, the mining pool, set the price they can pay for the service, and place the corresponding order. When the order is filled by miners (see below), 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 his funds in the purchase of equipment.
- Power sellers (or miners). Install and run NiceHash software, connecting their computing power (PCs, farms, ASICs) to the buyer’s order and platform servers. The power is directed to the pool chosen by the buyer. Payment for each validation confirmation comes in Bitcoins. The cost is determined by the current average and is updated every 60 seconds. The process is automated as much as possible.
NiceHash official website: sections and services
The top menu of the Nicehash website contains the following sections:
- Home. Main page – general information about the service. Latest project news. Information about recent payments to users and the latest orders created.
- About us. A short story about the company, statistics, registration data.
- For sellers. Detailed description of the work process, the ability to choose a way of earning in accordance with the available equipment.
- Buyers. Information about the method of purchasing power and the current average prices for certain algorithms.
- Reference. A detailed information section, where frequently asked questions are sorted into categories.
- Register Login. Create or activate a NiceHash account.
There is another menu at the bottom of the NiceHash website page:
- Sellers. The section includes all functions that are useful to power sellers in one way or another: mining using CPU, GPU, ASIC, farms; downloading NiceHash Miner application; search for a miner; choice of algorithm; profitability calculator; information about the last payments made.
- Buyers. The items in this section allow you to go to the online market to acquire capacity, as well as learn about prices and select compatible mining pools.
- Development. This section provides information about APIs, pool operators, and software developers.
- Section with detailed information about the project: news, publications in the media, referral program, commissions, etc.
- Find us on … List of social networks where the service has a representative.
At the very bottom of the page, there is always information about the status of the servers. A green circle means the server is operating normally.
To register on the NiceHash cryptocurrency service, you need to go to nicehash.com and enter your email address there, as well as come up with a password. Then confirm that you have read the user agreement and complete the registration.
A letter with a code of letters and numbers will be sent to your email inbox – copy it and paste it into the confirmation field. Click “Confirm Now” and the account is created.
Personal account overview
To enter your NiceHesh personal account, enter your email and password.
The main page of the personal account contains four main sections:
✅ Active workers.
✅ Active orders (initially the function of buying orders was disabled, enabled by confirmation via e-mail, this was done to increase the level of security).
✅ History of withdrawals and deposits.
✅ Current balance. BTC address used for deposits and mining.
The choice of the currency in which the principal amounts will be displayed, and the choice of the interface language. Change your password to log into your account.
Activating two-factor authentication for certain functions – entering the site, purchasing, withdrawing funds.
You can configure the receipt of a notification in the system for certain events:
✅ order is 95% complete
✅ the order works at less than 60% of the desired speed
✅ the order expires in an hour
✅ the order expires in a day
✅ order canceled
✅ updated support tickets
✅ NiceHash service news
Activation of the function of buying orders through confirmation of the code by e-mail.
Session information – from which browser and IP-address the last login was made. Configuring automatic logout (from 5 to 300 minutes, default 120).
Information about the addresses used for withdrawing money – their type and last use.
Obtaining keys for embedding the project API.
NiceHash profitability calculator
The calculator has gained popularity not only among NiceHash users, but also among other miners, due to its convenience and clarity.
A link to it is in the footer on the official website nicehash.com/profitability-calculator.
Select your device (the list contains GPU, CPU, ASIC). Then select the currency in which the potential profit will be displayed and the electricity cost (cost of one kilowatt per hour).
Click the “Calculate” button, and just below you will see the results – the estimated income with NiceHash per day, week or month.
If your equipment is not in the list, then click “Show custom settings” and specify the power of the equipment manually.
Instructions: how to buy power on the NiceHash website
A power buyer purchases mining services from other users. He can rent equipment, order capacity, or sign a cloud mining contract. To start mining, you need to take a few steps:
- Register and login to Nice Hash service.
- Top up your account with at least 0.005 BTC. In this case, it is necessary to take into account commission costs. You can find the Bitcoin address in the “Wallet” section of your personal account.
- Choose an algorithm and currency for mining, as well as a suitable pool.
- Save the pool in your personal list.
- Create a new order in the market, indicating the selected algorithm and other parameters. The amount is paid in Bitcoins. Unspent Bitcoins remain in the wallet, they can be withdrawn in total.
In order not to waste your money, you need to approach the choice of the algorithm with all responsibility.
Guidelines for Placing Orders
A new order can be created through the online market interface. There is a commission of 0.0001 Bitcoin for the placement – this is done to eliminate spam by transactions.
Then you need to choose the correct algorithm and server for placing the order. And also the type of order – standard or fixed. These types differ from each other in flexibility of pricing policy and restrictions, as well as in duration.
All your created orders can be viewed on the corresponding settings page in your NiceHash personal account, they are also displayed in the online market.
How to top up NiceHash wallet
Make sure your source wallet has enough Bitcoins (0.005 + commission). The service accepts deposits strictly in BTC. An attempt to send funds in another cryptocurrency will result in their irrevocable loss.
Go to NiceHash wallet and click the green “Deposit” button. A window with a QR code and a unique deposit address will appear. Make a transaction on it from your Bitcoin wallet. The funds will be credited to the account as soon as the proper amount of confirmations from the miners is received.
Prices and algorithms
The page https://www.nicehash.com/pricing contains the current prices for capacities for the algorithms and coins presented on the service.
Prices are for 1 day, but the order can be ordered for a longer or shorter period. The main thing is that the purchase amount is at least 0.001 Bitcoin.
Instructions: how to sell power
In the NiceHash system, sellers are referred to as miners or hardware owners. Any of them can mine by earning Bitcoins.
You need to install the free NiceHash Miner program on your computer and run it. The actions are minimal, the program automatically tracks the market. You can also connect to the application other software that you are used to.
NiceHash Miner is an application that allows you to connect your computer or mining farm to the NiceHash marketplace. With its help, you can rent out your computing power and make a profit for it.
The new version of the application – NiceHash Miner Legacy – also includes third-party miners, as a result of which the developers warn about its use at their own peril and risk. In addition, it is recommended to add the program to the antivirus exclusion list.
NiceHash Miner supports:
- AMD and Intel processors, AMD and NVidia graphics cards.
- Automatic switching from one algorithm to another.
- The ability to withdraw funds to both a Bitcoin wallet and Payeer or Coinbase.
Buy / Sell Commissions
There is a 0.0001 BTC anti-spam fee for each new buy order being created. Plus 3% of the amount spent on the order. This 3% does not apply to the unspent amount of canceled orders.
For the sale of capacities, the commissions are as follows (charged when withdrawing to external wallets):
✅ if the balance is less than 0.1 BTC – 5%
✅ if the balance is over 0.1 BTC – 3%
And when transferring to another NiceHash wallet, the commission is 2%. The minimum balance is 0.0001 BTC.
Withdraw funds from NiceHash
There are established commissions for withdrawing money from the NiceHash wallet. Their exact size depends on the method and amount of withdrawal:
✅ To BTC address 0.001-0.1 BTC – commission 0.0001 BTC
✅ For a BTC address from 0.1 BTC – commission 0.1%
✅ On Coinbase from 0.001 BTC – no commission
✅ On Payeer from 0.001 BTC – commission 0.95%
The difference between NiceHash and cloud mining sites
On the one hand, the concept of working on the site resembles cloud mining, but there are key differences. In traditional cloud mining, the power is purchased from the company, and on this service – from other people, while NiceHesh acts as the guarantor of the transaction.
This method has several advantages:
✅ You can independently adjust the ratio of the number of powers and the duration of their action. In ordinary cloud mining, contracts are bought for a year, which is very risky – no one knows what position this or that currency will be in in a year.
✅ Flexible prices. It is the result of an economy that is naturally formed and not established by a company.
✅ Payment upon use of facilities. The order can be canceled at any time, and the remaining money will remain on the balance.
✅ Free choice of pool.
✅ Detailed statistics on order status.
✅ Two different types of orders – one of them allows competitive mining or mining at a standard speed level.
✅ Working with the US and European markets.
Advantages and disadvantages
✅ NiceHash platform has been working steadily for several years and has not been involved in any scandalous situations.
✅ Easy to learn for beginners.
✅ Choosing a mining algorithm.
✅ The minimum degree of risk.
✅ Own cryptocurrency wallet.
✅ Natural market economics.
❌ Payments in Bitcoins only.
❌ Nice Hesh provides a middleman, which scares some off from a security standpoint.
❌ Low profitability.
❌ Not suitable for long term investment.
For sellers, NiceHash is a quick way to start making money on cryptocurrencies. Much of the process is automated, so a minimum amount of effort is required, while the prices are fairly fair. The option is suitable for those who do not have the opportunity to devote a lot of time to earning, but want to receive additional income.
For buyers, NiceHash, like cloud mining, are convenient tools that allow them to avoid buying expensive equipment. If you know a profitable coin, then working with NiceHash can help you maximize your profit from it.