NiceHash is the world’s largest hash power broker marketplace, bringing together sellers and purchasers of hash power. Hash power is a computational resource that refers to the processing power used by your computer or hardware to run and solve various cryptocurrency Proof-of-Work hashing algorithms. NiceHash is unique in that it solely links end-users and does not provide cloud mining services, implying that NiceHash does not own or rent mining equipment.
Hashing power buyers
Buyers can choose the crypto-currency they want to mine, the pool on which they want to mine it, and the price they are prepared to pay for it and make their order in an open marketplace. The customer receives the crypto-currency from the pool after the order is fulfilled by miners who are running NiceHash Miner Legacy on their machines. This eliminates the need for customers to manage complex mining operations themselves, as well as the need for capital investments in mining hardware.
Hashing power sellers (miners)
Sellers or miners can connect their mining hardware (ASICs) or just ordinary PCs to NiceHash stratum servers and the buyer’s order by using NiceHash Miner software or connecting their mining gear (ASICs) or just normal PCs to NiceHash stratum servers and the buyer’s order. Their hashing power is sent to the pool chosen by the customer for mining. They get paid in Bitcoins for each legitimate share they submit, at the current weighted average price, which is updated every minute. This is all done automatically, and the procedure does not necessitate any advanced technological knowledge.
NiceHash’s advantages
To comprehend why so many miners choose NiceHash to mine directly to a pool, you must first comprehend the advantages of NiceHash over direct mining.
Low payout threshold
Internal accounting is used by NiceHash to allow tiny amounts of Bitcoin to be moved from buyers to miners (remember, purchasers, pay sellers). The minimum payout amount is 0.00001 BTC (1000 satoshis). With an average mining gear, this may be accomplished in a matter of hours.
Pool payment thresholds, on the other hand, are much higher. At least 0.005 BTC (500000 satoshis), which is a lot of money for a miner with just one GPU or rig. It would take an average miner a few weeks to reach the minimum payout requirement.
Furthermore, transaction costs from the pool to the user wallet can consume more than half of this sum. When mining directly to a mining pool, blockchain transaction costs might be more than $30!
NiceHash Exchange
NiceHash Exchange is a robust cryptocurrency exchange built into the NiceHash platform. This makes NiceHash a one-stop shop for all hash power buyers and miners. NiceHash Exchange avoids the need to transfer cash to other exchanges, saving time and avoiding blockchain costs.
NiceHash charges a fee for trading cryptocurrencies.
NiceHash Exchange provides a simple and easy-to-use “Simple view” for beginners and a “Trade view” for more experienced traders.
Creating a new account
On the signup screen, enter your email address and password to create a new account. After that, you’ll get a confirmation email. It is recommended that you turn on 2FA to secure your NiceHash account once you have successfully confirmed your email address and logged in. This is something you can do in settings.
2FA security
When entering into your account, withdrawing funds from your NiceHash wallet, or placing a new order, 2FA (two-factor authentication) adds an extra layer of security. It is possible to enable it in your settings.
The Unset key and QR code update with each webpage refresh, so scan the code and set it up after the page has loaded.
How to use the NiceHash wallet
You can use the Bitcoin (BTC) address to mine and/or make deposits to purchase hash-power, and there are a few things to keep in mind before using the Nicehash wallet.
Mining payments to NiceHash wallet
All mining revenue will be handed out to your NiceHash Bitcoin (BTC) wallet if you utilize NiceHash as a miner. Select Mining payments in your Bitcoin wallet to see a list of all mining payments.
Deposits to NiceHash wallet
You can fund your NiceHash wallet with any quantity of Bitcoins (or other supported cryptocurrencies). It’s worth noting that conditional deposit fees apply to lower BTC deposits.
When depositing your bitcoin funds, always be cautious! In most cases, deposits received to the incorrect address are irrevocable!
Withdrawals from NiceHash wallet
There are a variety of Bitcoin withdrawal alternatives available:
BTC wallet withdrawal
Your BTC funds can be sent to any other valid BTC address. When utilizing this option to withdraw from your NiceHash wallet, you will be charged a withdrawal fee.
Payeer withdrawal
Your BTC funds can be transferred to your Payeer account. When you use this option, you will be charged a withdrawal fee.
Regular withdrawals to a compatible hardware wallet address, exchange wallet address, or any other compatible desktop, mobile, or other wallet address are accessible for all other supported cryptocurrencies.
