NiceHash Review: Who Is It For?

NiceHash, a cryptocurrency mining software product, allows you to mine and trade valuable crypto coins on an integrated exchange platform. It supports many coins including Bitcoin and other popular altcoins. The platform also offers a useful profitability calculator and a multi-switching algorithm. NiceHash can be installed on both Windows and Linux. The mobile app is available for Android and iOS.

What is NiceHash?

Nicehash allows buyers and sellers to trade computing power for crypto mining around the globe. NiceHash Miner software allows sellers to earn, while buyers can purchase power on any profitable mining algorithm.

NiceHash began operations in 2014, the year of its registration. NiceHash has its headquarters in Ljubljana in Slovenia. It also has production servers in the USA (USA, Brazil), India, China and the Netherlands. The project was narrowly focused until 2017 however. NiceHash specialists modified the site’s interface and expanded its functionality in response to cryptocurrency hype.

The project’s official website is available in seven languages: English, Chinese Chinese, German Spanish Portuguese Russian Russian, Spanish and Portuguese. The site also offers cryptocurrencies that are based on over 30 algorithms. Scrypt, CryptoNight and SHA256 are some of the available cryptocurrencies.

Trades can be done in real time without long-term contracts. NiceHash acts as a backbone network and indirectly influences the generation of digital coins and transaction confirmation.

NiceHash also offers a profitability calculator. It allows you to calculate the profitability of your mining operations.

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MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.8

4.9/5

78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$100

EXCL. OFFER

USER RATING

9.7

4.8/5

Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.6

4.5/5

CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

How to set up NiceHash

NiceHash’s registration process is easy and straightforward. Users can sign up for a NiceHash account by visiting the website. The website will ask for information such as username, email address and password in the sign-up window. The user will need to create a password in order to access their NiceHash account. The password must be strong and follow the instructions.

After the password has been set, the platform will ask users to choose the country. It is easiest to register for European countries. It may take some time for users from non-EU countries to complete the NiceHash Registration process. The users will need to verify their email addresses electronically during this process. The verification link is sent to the address and users can click that link to verify their email addresses.

A new NiceHash user account is now registered and created. This account will require a crypto-friendly bank or a crypto wallet to be linked. A KYC is required online to link or integrate crypto wallets. This process can take several days in some countries. Most of the time, this process takes less than an hour. Once the wallet has been correctly linked to the NiceHash Account, users can buy, sell and trade cryptos easily.

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How does NiceHash work?

How does NiceHash operate? It is best to seperate the NiceHash power marketplace and the crypto exchange. There are two roles in the marketplace: power sellers and buyers.

Hash Power Buyers 

Hash power buying can be described as renting or commissioning computing power. The buyer selects the cryptocurrency they want to mine, as well as the mining pool and the price in BTC.

The order is accepted by miners who then use software to supply computing power to the pool. The NiceHash platform pays the cryptocurrency to the buyer once the coin has been mined.

Although it may seem like a complicated way to obtain crypto, the real goal of the buyer is to trade the market. This is a way to purchase the power for one price and then sell their mined crypto for another. This is a great way to anonymize crypto activity and hide the origins of funds.

Hash Power Sellers

NiceHash mining software is used by sellers to lend computing power to a mining pool. It also allows you to see how profitable your setup is right from the start. My simple Nvidia RTX 2070 super GPU at home gets a NiceHash profit in the region of 2.39 EUR per day.

Sellers, or “miners”, aim to make enough money from mining to offset electricity costs. True profit is what remains.

It is usually not worthwhile to use a home computer for crypto mining. However, specialized mining rigs can earn reasonable daily profits, particularly if you use multiple machines in a network.

NiceHash pays BTC miners for their computing power while the buyers get the mined coins. You don’t need any technical knowledge. NiceHash servers do all the work for you, connecting miners to buyers and pools.

NiceHash Features

Contract-free Crypto Trading

NiceHash’s key feature is its contract-free use. Crypto trading is now more flexible because there are no smart contracts. The contract does not limit the freedom of trading. Users are free to trade as they wish and are not bound by it. These contracts can be avoided by users. Open-sourced intelligent contracts and user interfaces that are poorly designed can be exploited by hackers to retrieve crypto assets. NiceHash’s “no contracts” policy prevents hackers from doing this.

Mining Pool

NiceHash is a crypto mining pool that brings together professionals and beginners. This pool has the highest combinative hashing power thanks to the participation of multiple miners. The collective hash rate of mining pool members is higher than that of individual miners. This decentralized network of members can be accessed by everyone in the mining pool. The members of NiceHash mining pool earn additional revenue streams. These pool features are quite compelling. The majority of the pool features are on a new cryptocurrency blockchain. This ensures fair reward distribution for all members.

NiceHash Mining Profitability Calculator

Mining is easy for everyone. You can get the NiceHash profitability calculator before you sign up. It scans your system to find relevant hardware and calculates the average profitability based upon its power. Based on similar hardware usage, it also calculates daily, weekly and monthly profits.

GPU Mining

NiceHash has added a new set of tools that can be used to solve complex math problems using GPU cards (graphics card). Users can use GPU cards and other computer components to verify electronic payments. NiceHash is a highly-respected platform for miners because of these features. GPU mining allows users to create digital coins using the processing power of their GPU components.

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Each GPU can perform calculations that provide a better output for NiceHash cryptocurrency mining processes. Users can perform repetitive and similar tasks instantly thanks to the GPUs of their devices. For better results, they can multi-task and diversify their mining tasks.

These features demonstrate how NiceHash exchange functions as a cloud mining software. All of these features improve the website experience, and make NiceHash a trusted cloud mining farm. Most of these features use NiceHash algorithms over a backbone network. They also make use of the computing power from all users’ devices to produce higher outputs.

These features are used primarily by people who want to mine complex cryptocurrency mining operations. The company charges a small fee or takes a percentage from each miner in return.

Mobile App

The NiceHash app is available for free on both Android and iOS devices. Although it will allow you to manage your wallets and make withdrawals, you can’t trade crypto. You also have access to a Rig Manager. However, machines that contain the mining software can only perform the mining. This means that you cannot mine with your smartphone’s hardware.

Orders can be cancelled, placed, and viewed by hash power buyers. To keep users up-to-date, all users can set push notifications.

Google Play users give it an average rating of 3.5 stars out five. Although it has a higher rating in the Apple App Store, there are only a few reviews.

NiceHash mobile browser support works seamlessly. The website is fully responsive on all devices.

Fees

NiceHash charges fees for all services. The amount varies depending upon the operation.

A commission of 0.0001 BTC is charged for each purchase order. The order amount is also subject to a 3% commission. This 3 % doesn’t apply to the unpaid amount of canceled applications.

The following commissions are charged for the sale of power (charged for withdrawing to other wallets)

  • Balances below 0.1 BTC are subject to a 5% surcharge
  • If your balance is greater than 0.1 BTC, – 3%

NiceHash Exchange charges a simple fee structure that includes taker and maker fees. Your lifetime activity is used to calculate trade levels.

How to withdraw

Users respond well to the payment system. There are no hidden fees. After reaching the required threshold, withdrawals are made immediately. Earned funds can be exchanged using any cryptocurrency exchanger or exchanger. From there, you can withdraw your card. You can also use bitcoins to pay for services or online purchases.

To withdraw manually to an address or Coinbase account, go to “My Wallet” then press “Withdraw” next to the “Deposit” button. You will need to indicate the withdrawal currency, address, and amount in the form. After all information has been submitted, click the “Review Withdraw” button. Every 4 hours, funds are withdrawn from the service wallets.

Once you have withdrawn your coins you can trade them anywhere you like, HitBTC included.

NiceHash Security

It is generally considered a secure platform by users. It has been vulnerable in the past. After hacking, criminals stole more than $64 Million worth of Bitcoin.

All the money was returned by the company out of its own pockets, which proved it to be a trustworthy service. In case of a similar situation, however, it is advisable not to keep large amounts in your NiceHash wallets.

Two-factor authentication is an option that can be enabled in your account settings to increase security. You will need additional SMS or email confirmation to log in, place orders, or withdraw your balance. A Yubico OTP Key, which is a physical USB encryption key, can also be used.

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Although hash mining and buying is anonymous, it’s important to opt for Know Your Customer (KYC). This adds a paper trail and legal recourse. NiceHash KYC is required if you wish to trade crypto on the exchange.

How to sell and buy cryptocurrencies on NiceHash

NiceHash is just like every other cryptocurrency exchange. It makes it easy to buy and sell crypto coins. This platform supports the exchange of more than fifty popular crypto currencies. Registered users can trade their crypto assets for fiat currency on this platform. Users can also sell their digital assets to buy crypto coins. A user could buy bitcoin by selling XMR, which is equal to the purchase price. The same applies to buying BTC directly with fiat currency funds.

NiceHash accounts make it easier to buy and sell bitcoin. To provide the best prices, the platform uses its hashing algorithms simultaneously. This method is popular among crypto investors around the world. NiceHash allows users to combine their trades and the NiceHash algorithm’s mining capabilities with a crypto wallet. This makes crypto trading simple for anyone new to the space.

There are additional components that go into the sale and purchase of cryptocurrency on NiceHash:

  • Backbone network (series computing devices)
  • GPU cords’ computing power
  • Membership in mining pools

NiceHash is used by people today primarily to mine or execute cryptocurrency mining, rather than just buy or sell crypto coins.

Pros and Cons

Pros Cons
It is simple to use Minimum withdrawal requirements
Rented Hash Power Frequent updates
Automatic switching

NiceHash supported cryptocurrencies?

NiceHash supports over 50 cryptocurrencies. Moreover, users can deposit fiat Euros to purchase crypto directly. The most popular options are:

Tether (USDT), Bitcoin (BTC), and USD Coin are the trading partners. To trade with any other coins, you must first exchange them with one of these three.

Is NiceHash legitimate?

The website contains information about NiceHash’s regulatory details. NiceHash Ltd is NiceHash’s corporate entity according to the Privacy Policy. The British Virgin Islands’ business laws currently license this company. NiceHash is located at Intershore Chambers Road Town, Tortola (British Virgin Islands). The registration number for the company is 2048669.

The platform is also registered under H.BIT, d.o.o. NiceHash founded it in 2014 as a limited liability company. It is licensed by the Slovenian laws and registered at Radvanjska Cersta 128, 2000 Maribor (Slovenia). The registration number for this entity is 6633994000.

These licenses allow the platform to collect, use, report, and protect the user’s personal data. NiceHash Platform & Mining Services are closely regulated by the European Union Commission. The EU has oversight over the NiceHash Platform and Mining Services. Users who are concerned about “is NiceHash legitimate?” can feel secure knowing that it is. The EU crypto regulators have strict rules and conditions that ensure the authenticity of NiceHash’s algorithm. These laws protect NiceHash Mining farms as well as their miners.

Conclusion

This platform makes it easy to get into crypto mining without spending a lot of time. While miners who have farms are the most successful, they also have the knowledge and experience to make higher profits elsewhere.

The system is primarily designed for beginners, who are still learning about mining, and those looking to make an extra income. However, it is not a full-time business.

NiceHash, however, has established itself as the leader in the hashpower marketplace and has become the best service of its kind. It is the oldest and most trusted software provider, and it doesn’t have any serious competitors.

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