Nicehash Review 2021: Is It Safe To Use and Profitable? How much can you earn? Mining Power Marketplace

For anyone who has ever participated in cryptocurrency mining, you have undoubtedly considered using NiceHash.

This is the world's premier crypto mining market, and it's also a place where miners and blockchain projects get redundant hashing and computing power. By combining user-friendly mining software and powerful infrastructure, NiceHash has established a strong presence.

However, is NiceHash all its content?

In this comprehensive NiceHash review, we will provide you with all the information about the market. We will look at costs, returns and competition. We will also show you how to use NiceHash and key considerations.

What is NiceHash?

NiceHash is an online marketplace for buying and selling your computer processing power. This processing power is called hash power in cryptocurrency terminology. It's like an exchange service where you can exchange the computing power of Bitcoin.

Anyone can sell their hashing power, even if you only have a small game console. Anyone can purchase hashing power if they want to take advantage of mining without spending too much money on mining hardware.

NiceHash has been in business since April 2014, so they know a lot about cryptocurrency mining and trading. Since opening the virtual door, NiceHash has become the world's largest computing market, with more than 170,000 miners, serving more than 3.3 million orders, and paying more than 181,000 BTC.

Needless to say, NiceHash has gained the trust of cryptocurrency enthusiasts around the world. Another reason for NiceHash's success is its low cost and ease of use, making it a good choice for first-time miners who are just starting out.

NiceHash has servers worldwide and uses cutting-edge technology in its infrastructure and delivery. Each registered user will also receive a secure and insured BitGo wallet for BTC deposits.

How NiceHash works

NiceHash can be used by sellers of hashing power and buyers of hashing power. This has significantly increased its potential user base, and some sellers have also become buyers, and vice versa. Buyers can start ordering computing power immediately after initial registration. If sellers are willing to remain anonymous, registration is not required at all.

As a buyer, you can choose which cryptocurrency to mine. The service supports 34 different algorithms, including SHA-256, Blake, Equihash, Scrypt, X11, X13, X15. You can mine the most profitable algorithm at the time and pay in Bitcoin.

You can also choose the mining pool you want to use. After deciding which coin to mine, just deposit some bitcoins (minimum 0.01 BTC), and then go to the NiceHash market to place an order. You can choose the US or EU market and specify the highest price you are willing to pay. Please note that no matter which cryptocurrency you mine, all prices are displayed in Bitcoin.

If you want to sell hashing power, NiceHash can do it easily no matter what equipment you have. If needed, you can sell hashing power from GPUs, ASIC rigs, or entire rig farms. You can also choose your algorithm and the location of the server you are mining.

NiceHash currently operates servers in Amsterdam, Chennai, Hong Kong, San Jose, Sao Paulo and Tokyo. You should use the location closest to your own location for best performance.

Nicehash profit calculator

Of course, your main goal when mining is to make a profit, and NiceHash also wants you to make a profit. Therefore, they created this convenient mining profitability calculator that allows you to plug in the type of hardware and electricity bills you own, and then tell you how much you can earn from the service in 1 day, 1 week, and 1 month .

You will see that not all hardware is profitable, but since this is based on the current Bitcoin price, the future price may be high enough to make selling your hashing power profitable in the future.

NiceHash plans and pricing

NiceHash does not have a fixed subscription plan, you can start from 0.005 BTC. Although the price is quoted on a BTC/day basis, you can create contracts of less than one day or more than one day. And the price fluctuates according to the market price of the coin and the total hashing power for a given algorithm. NiceHash refreshes the price list every 10 seconds based on the real-time information they obtain from various networks and exchanges.

Buyers have two options for purchasing computing power:

Standard bidding-With standard bidding, you can place an order at a lower price, but you may eventually be overtaken by the bid and need to increase your bid. Nonetheless, this is the cheapest way to bid for hashing power.

Fixed-This is a good choice for those who want to know their cost base and don't want to mess around with changing their bids and orders. Your initial price will be higher, but it is fixed during the validity of the contract, so if the standard bid price rises later, you may end up with a good deal. The duration of a fixed order is limited to 24 hours and is also limited to 50% of the total available hashing power to ensure that there is still hashing power available for standard bidding.

Please note that all payments to NiceHash must be made in Bitcoin.

NiceHash fees

Of course, you need to consider the cost when using NiceHash. Some of the costs you will encounter are as follows:

Purchase computing power
Non-refundable new order fee: 0.0001 BTC
Purchase amount of computing power: 3% (this fee will not be charged for the unspent amount of canceled orders)
Sell ​​computing power
Spending to an external wallet with a balance less than 0.1: 5%
A balance greater than or equal to 0.1 BTC paid to an external wallet: 3%
A balance greater than or equal to 0.001 BTC is paid to NiceHash wallet: 2%

Withdrawal and deposit

Withdraw from NiceHash wallet: Withdraw to any BTC wallet between 0.002 and 0.05 BTC, the fee is 0.0001 BTC. 

The fee for withdrawing more than 0.05 BTC to any external BTC wallet is 0.2%.

Withdrawing more than 0.001 BTC to Coinbase is free.

Deposit fee for NiceHash wallet: 0 BTC is greater than 0.01 BTC.
You can view the complete NiceHash fee structure here.

How to buy on NiceHash

If you want to mine cryptocurrency, you can buy your own mining equipment (expensive), purchase a cloud mining contract (long-term) or simply order any hashing power you need from NiceHash.

If you choose to buy your hashing power from NiceHash, you can buy it for any algorithm they support and start mining any coin you like almost immediately. Here are the simple steps:

• Register an account with NiceHash.
• Deposit at least 0.005 BTC into your NiceHash wallet. Don't forget to consider transaction costs.
• Decide which token you want to mine and which mining pool you will use.
• If necessary, register in the pool you will use and create a new worker.
• Save the pool to your NiceHash pool list. This includes algorithms, Stratum servers, ports (some mining pools have special NiceHash ports), staff usernames and staff passwords (usually the staff password is x).
• Use NiceHash pool validator to validate the pool. Please note that some mining pools can choose to customize the difficulty of the staff. Usually, this is the staff password.
• Place a new order in the market and make sure to use the correct algorithm for the coins you want to mine. When placing an order, you will be able to choose the EU market or the US market. Each has its own standard and fixed order pricing. Once you decide how much you are willing to pay, the order is started and your bitcoins will be withdrawn as you mine, leaving unused bitcoins in your wallet.
• Finally, go to your swimming pool to check your income. Please note that NiceHash is only responsible for providing hashing power to the mining pool, and they are not responsible for the amount of rewards or expenditures obtained from the mining pool.

For a more detailed NiceHash buying guide, you can view this pdf created by the NiceHash team.

How to sell on NiceHash

Those who sell hashing power are sometimes referred to as miners, although this is technically incorrect. The seller of NiceHash can be anyone who owns computer hardware that can be used for mining, and hopes to earn some bitcoins through NiceHash mining by using the hardware. It only takes a little over 15 minutes for the seller to get started.

Although you can sell hashing power from ASIC miners or even mines on NiceHash, I am pretty sure that most people reading this article only want to sell the hashing power of your video card or GPU. You can use AMD and Nvidia cards to do this, the easiest way is to use the free NiceHash Miner software.

This will require you to register an account with NiceHash so that you can use NiceHash wallet to deposit your mining profits. NiceHash Miner allows you to connect the two using the email used for your NiceHash account without the need for a long and difficult to remember wallet address, making it very easy to connect the software with your NiceHash account.

NiceHash miners will also automatically select the most profitable algorithm and use that algorithm for mining, so you don't have to worry about checking the coin price or the difficult time-consuming process of the algorithm yourself.

If you have used some other software, such as CCMiner, you can directly connect to the NiceHash Stratum server to sell your hashing power.

The few who are reading this article and have ASIC devices can follow the special instructions created by NiceHash for ASICs here.

NiceHash payment

• NiceHash uses a Pay Per Share (PPS) system to pay sellers, so as long as you meet the minimum requirements specified below, you can expect automatic daily payments:
• Daily spending of unpaid balances greater than 0.001 BTC in NiceHash wallet
• Daily spending of unpaid balances greater than 0.1 BTC in external wallets
• Weekly spending of unpaid balances greater than 0.001 BTC in external wallets

NiceHash Pros

• It is very simple, fast and easy to set up;
• It makes your mining in an automatic driving state;
• Maximize profits by automatically switching to the most profitable algorithm;
• Pay in BTC every day;
• It can be configured to mine only when your PC is idle.
• NiceHash disadvantages
• You are mining for others;
• If you have very expensive electricity bills;
• You are worried about the NiceHash hack in 2017;
• The profit of using NiceHash will be slightly lower than the profit of direct mining;
• The cost of transferring the bitcoins you earn may be higher than most other coins.

Since the software can be downloaded and configured within 15 minutes, it is quick and easy to know how much you like NiceHash. If you are considering using NiceHash as a buyer, you can get a lot of hashing power faster. This can be very useful when you encounter a situation where an algorithm or token is more profitable than usual.

In the final analysis, this is your decision. I have mine directly before and I have tried NiceHash. To be honest, the simplicity of NiceHash is refreshing. I did not notice the huge difference in income.

If you are just getting started, or are a casual miner, NiceHash may be the perfect solution for you.