Based on the user reviews, NiceHash is safe and secure in all aspects. The centralized exchanging platform was founded in 2014. Its main work is to provide software for cryptocurrency mining. In the year 2019, it started its crypto-crypto exchanging platform.
| Company Profile |
|---|
| Headquarters: British Virgin Islands Founded: 2014 Minimum Payout: 1000 Satoshis Parent Company: H-Bit Holding Employees: 60 Users: 2.5 Million NiceHash Founders: Matjaž Škorjanc, Marko Kobal |
What Is NiceHash?
If you are here, I assume you have heard about cryptocurrency mining. NiceHash is everything that you need. The website works with more than 30 algorithms as a regular crypto exchange.
Check out the …
| Basic Information |
|---|
| Demo Account: Yes Mining Algorithms: 30+ Cryptocurrency Exchange: Yes Number Of Cryptocurrencies: 50+ Mining Contracts: No Mining Hardware: GPU, CPU, ASIC Customer Support: Email, Discord Mobile Apps: Android and iOS Hash Power Cost: Minimum 0.0001 BTC |
NiceHash is one of the few services of its kind. The other cloud minings are restrictive contracts, but NiceHash is an open marketplace. In this marketplace, a buyer can also purchase hash power from pools and individuals.
The NiceHash miner is a renowned software. The best characteristic of this software is that it uses the automatic algorithm switch for the 3rd party miners. Anyone can mine cryptocurrency on their computer through the software.
| Strengths | Weaknesses |
| This is a significant mining software. | The payout supports here is only in BTC. |
| The marketplace is open. | The profitability is not significant. |
| You can cancel your orders at any time.(The orders need to be partially completed) | The customer support feature is hidden. |
| This is a complete cryptocurrency exchange. |
The cryptocurrency exchange is robust, quick, safe and secure. There are more than 50 cryptocurrencies that you can trade here. You can also exchange your fiat currency for cryptocurrency.
Note- The cryptocurrency exchange has a restriction in accessibility from the United States, China and Pakistan.
How Does It Work?
The NiceHash marketplace is a little different from the usual crypto exchange. Let’s take a look at three different factors.
Hash buyers
The buyers need to pay in BTC. They can choose the cryptocurrency to mine, the price and the mining pool. In this case, people view it as commissioning mining or renting the computer power for mining.
There have to be the miners who are accepting the orders. Then they need to supply computing power to the pool by using the proper software. In the end, the buyer gets the cryptocurrency through this platform.
You may find it very difficult. But the real catch is to purchase the power at a lower price and then sell the mined crypto at a high price.
Hash Sellers
The sellers are lending computing power to the mining pool through the mining software. From the beginning, you will know if your setup is profitable or not. I can give you my example. My Nvidia RTX 3060 Ti is giving me $4.73 per day.
The aim of the miners or sellers is to get a profit to finance the electricity. What is left after that is the true profit. Honestly speaking, if you are using your home computer, then it is not worth it.
The buyers get the mined coins which will ultimately be exchanged in BTC. This process doesn’t require much technical knowledge. The software works automatically, from connecting buyers and miners to pools. It is all done through the stratum server.
Exchange
The exchanging platform works like any other cryptocurrency exchange. You need to open your account. Then add any wallet, or you can fund your account with Euros. Keep in mind that you can not access the exchanging platform from every country.
You can buy or sell cryptocurrencies at market value. There are different trades that the exchange supports.
- Limit
- Market
- Stop-Limit
- Stop-Market
- Take Profit Limit
- Take Profit Market
Why Should You Choose NiceHash?
I have been using this platform for around one year. And I have seen these features.
- This platform has no mining restrictions. It has its own hardware and a closed partnership with the mining pool.
- The risk of trading on this platform is low.
- The buyers and sellers trade in real-time.
- The latency here is very low because of the infrastructure location.
- The NiceHash calculator is really useful. This calculator checks any system and tells the average profitability. It also measures the profits on a monthly, weekly and daily basis.
- To handle the software, no one needs to have technical skills.
- The platform is secure enough and also has two-factor authentication.
Different Software
The exchanging platform uses different software for mining. These are as follows.
NiceHash QuickMiner
This is a in-house software. It performs well with Nvidia GPUs and supports both Intel and AMD processor. The software is best at performance increasing on 1000 series GPUs.
OCTune
This software’s basic use is to configure graphics card settings. It requires some tech knowledge. It helps to increase the mining performance.
Miner
This is used for automatic algorithm switching. The best use of Miner is to manage one-click mining and multiple rigs.
NiceHash OS
It works as a USB miner and straight from a flash drive. It can be controlled remotely.
NiceHash Mining
There are more than 30 algorithms for different minings.
Scrypt: Litecoin, Dogecoin, Verge
SHA-256: Bitcoin
X11: Dash, Pura, Hatch, SmartCoin
X13: Bitcoin Diamond, Stealthcoin, DeepOnion
Keccak: MaxCoin, Cryptometh, Slothcoin
System Requirements
Your system must meet the requirements.
- GPU Mining: Nvidia GPU (Compute capability 3.0 or more) or AMD GPU (OpenCL support).
- CPU Mining: AES support modern processor.
- 60% or more paging file size of total GPU VRAM memory.
Cryptocurrencies
It has more than 50 cryptocurrencies.
- Bitcoin
- Ethereum
- Litecoin
- Dogecoin
- Ripple
- Dash
- Ravecoin
- Tether
- Monero
- Fantom
Though there are a lot of cryptocurrencies. But the basic trading partners are Bitcoin (BTC), USD Coin (USDC) and Tether (USDT).
Supported Countries
The platform is anonymous and open to anyone. But in many countries, there is a restriction on trading cryptocurrencies. The supported countries are as follows.
- Australia
- United Kingdom
- Canada
- Germany
- South Africa
- Sweden
- India
- France
- Hong Kong
- Saudi Arabia
Some Reviews Of NiceHash
Here we have a few reviews of NiceHash. Let’s see what people are saying.
Review 1: “NiceHash (NH) is a marketplace for buying and selling computational power to mine different cryptocurrencies provided by NiceHash. Its user-friendly interface allows it to be easily used, due to which it has gained popularity among miners. These miners automatically benchmark their hardware and select the best mining algorithms based on the current market conditions. It can be downloaded and installed from NiceHash since I have used NH seamlessly to mine some Bitcoin and buy various hash powers. To me, it’s very satisfying. NH offers buyers an excellent way to approach hash power without investing in and maintaining expensive mining equipment and direct it towards their chosen cryptocurrency.
Furthermore, it is very secure; it provides 2FA security and is the fastest-paying platform with a small fee commission. Most importantly, the computer software can be remotely optimized and controlled through its mobile application.”
Review 2: “The best part about NiceHash is trust. In 2017 when Nice Hash got hacked, I was one of the users affected and lost all my bitcoins on the platform, I thought I lost them forever, but Nice Hash took ownership and refunded all the lost bitcoins in monthly splits.”
Review 3: “Ease of enrolment and getting you started. Easy to understand how it works. Easy to manage your assets. Easy to withdraw your funds. Fair rates.”
Review 4: “The most interesting and practical of NiceHash is that its platform allows you to interact in two ways; the first being a buyer, you can request the mining services of other platforms or algorithms offered by different vendors, which makes a significant savings to the buyer, since it does not require capital investment in mining hardware. You simply rent the “hashing” computing power of your online platform.”
Frequently Asked Questions (FAQs):
People tend to know these questions more often.
Ans: The NiceHash has no malware in it. Also, technical people and users have confirmed that it is safe.
Ans: Mining is always profitable. But you need to measure the profitability of your electricity. If your electricity price is low, then you will make more money.
Ans: Actually, it is taxable. Because this is a centralized exchanging platform, you need to pay taxes. The moment you receive mined coins, you need to pay taxes in fiat currency.
To Conclude
I have told you every single aspect to use NiceHash. I would suggest you use this platform and get the best profit out of it.
There are more cryptocurrencies coming into this exchanging platform.
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