Founded in 2014, when becoming a Bitcoin miner was the best decision of one’s lifetime, NiceHash made a name for itself by offering a hash power marketplace for buyers. The platform had a simple mission – to connect miners of hashing power with those willing to buy it in exchange for cryptocurrency.
To explain further, hashing power is the power your device uses to create new crypto and validate transactions on the network. Essentially, that’s what crypto mining is all about – providing computing power or joining it with other miners and aiming to win the reward.
So, if you’re wondering why anyone would want to sell their hashing power, the answer is pretty obvious, duh. They want the moneys, of course. But if you’re also wondering why on earth a buyer would pry over your hashing power, here are a couple of reasons:
- It can be cheaper than buying crypto from a marketplace: Hash power buyers are like investors on steroids – they’ve already crunched all the numbers and tried all the tips and tricks that would allow them to acquire a bunch of coins at a dirt-cheap rate. And yes, sometimes buying hashing power, and using it for mining BTC that earns you rewards, is a lot cheaper than exchanging fiat for crypto.
- It’s all about that digital gold: Some hash power buyers are mining pool owners in disguise. The more hashing power their pool operates on, the better the chance of solving the mathematical problems and winning that sweet crypto. Crypto mining is like a digital Olympics and all the miners want to take the gold medals home, so it makes sense to invest in hashing power.
How Does the NiceHash Platform Work?
NiceHash is an open marketplace for hashing power. Whether you’re a buyer or a seller, you’ll find everything you need within this small ecosystem. Here’s what it would look like:
- A buyer would hop on the platform, pick the crypto and pool on which they want to mine and, of course, set the amount they can invest in these shenanigans.
- Then they have to place an actual order, which is forwarded to all the hash sellers on NiceHash.
- The sellers provide the hashing power needed to fulfill the said order.
- Miners, aka hash power sellers, earn money for providing the computational power the buyer needs for mining.
Source: NiceHash
To get started, simply open the website, and click on the GET STARTED button. But before you do that, it’s always a good idea to take a quick look at their privacy policy, and maybe check out resources that would help you get on board.
If that sounds like too much work, here’s what NiceHash is all about. For starters, NiceHash offers several options, ranging from packages for individuals using their idle computing power to professional miners using more advanced mining equipment.
Mining With CPU/GPU
If you want to mine, but don’t want to spend a fortune on equipment you might have to sell someday, your PC might just suffice. NiceHash allows you to share your idle computational power of your GPU or CPU with buyers. However, in order to get that far, you must first install NiceHash miners on your device.
NiceHash miners are nothing more than programs enabling users to sell their hashing power. The platform offers two options – you can either go for NiceHash QuickMiner or NiceHash Miner.
Pay attention to their differences here – the former is more suited for beginners, primarily because it offers better security, but is also more profitable. However, if you want a more advanced option, you could go for NiceHash Miner software instead. Still, keep in mind that both software options are compatible with Windows 64-bit only. In addition, the users of QuickMiner software don’t have to pay 3rd party developers’ fees, while Miner software takes a chuck of 2-3% from your profits to pay 3rd party providers.
Speaking of third-party providers, QuickMiner undoubtedly offers better security.
For NiceHash Miner to fully work, it relies on 3rd party plugins and miners. In most cases, these are programs of unverified and unknown origin. Authors of these programs are not known by their real names or there is no company that stands behind the software. If you want to use NiceHash Miner, you need to agree with that, confirm and acknowledge that you are using NiceHash Miner at your own risk! If you want to be completely safe, then we recommend you use NiceHash QuickMiner.
Mining with an ASIC Machine
An ASIC (Application-Specific Integrated Circuit) miner is a sleek piece of hardware that’s all about mining digital dough. If you happen to own one, you can integrate it with NiceHash and earn even more BTC. ASIC integration is simple, and in only a few steps, you can start earning coins!
NiceHash OS
For all the serious players out there, NiceHash OS (NHOS) allows you to connect all your rigs for free. Just pop it into your USB drive and watch your mining rig come to life. Not only is it simple to use, but it’s also more profitable compared to the majority of competitors. With all the tools a BTC miner might need on their journey, NHOS is an excellent choice, a mining machine wizard even.
Photo illustration: Freepik
Unlike other NiceHash software, which operates on Windows only, NHOS is Linux-based. This automatically means you can enjoy better security and say goodbye to Windows-only limitations.
NHOS boasts a variety of features, including rig management, mining history stats, and a comprehensive hash rate and payments analysis. So, if you’re new to mining, utilizing NHOS’ potential is like having a dedicated mining coach at your disposal.
How Much Money Can You Earn with NiceHash?
One thing’s for sure, NiceHash offers you a profitability calculator to check how much money you can make from selling your computational power on this platform. That way, you can evaluate your chances for success beforehand and know for sure whether this platform is the right fit for you.
Source: NiceHash
Still, it’s important to mention that mining isn’t what it used to be. Back in the day, when mining was actually profitable, only a handful of people were diving in these waters. Now you have thousands, millions of people even, competing for the reward, which, as the time passes by, is only getting less lucrative. Besides, you should also factor in the electricity costs before making the final decision.
Now, how much can you earn with NiceHash?
Well, truth be told, it depends on your hardware components. After all, the rules of the digital Olympics are simple – the more power you can provide, the more money you can earn.
For example, NVIDIA RTX 3090 GPU, which is considered one of the fastest GPUs on the market, could earn you roughly 0.88 euros a day. If you sell your hashing power daily, you’ll end up with around 24 euros at the end of the month. With ASIC machines you can expect greater returns.
If that sounds like a good deal to you, NiceHash is a good platform to try.
Note: the earnings are mere estimates, and not guaranteed.
NiceHash Customer Reviews
This NiceHash review wouldn’t be as honest if we didn’t include what others have to say about the platform. And with that in mind, you will soon realize that despite being a decent hashing power marketplace, NiceHash definitely isn’t for everyone.
Let’s take a look at NiceHash reviews on Trustpilot. The platform has a 3.4 rating, coming from almost 400 reviews.
Source: Trustpilot
As you can see, NiceHash is a mixed bag of opportunities. While most reviewers express extreme satisfaction with NiceHash, you should tread lightly. After all, 23% of all reviews on Trustpilot are 1-star ratings, indicating a decent number of dissatisfied users. It’s a hit-or-miss opportunity, really, and it would be best to weigh the pros and cons and make an informed decision to reduce the probability of a financial downfall.
NiceHash Pros and Cons
Despite receiving some negative feedback from the users, the majority of NiceHash miners are satisfied with the service.
But why does it have so many negative reviews then?
Perhaps comparing pros and cons will help us find out.
| NiceHash pros | NiceHash cons |
| An array of tools a user may need to fulfil their orders | Customer support takes a while to respond |
| Affiliate programs for loyal users may drive profit | Could impact the performance of your GPU |
| Offers competitive fees | Relies on third party providers, which poses some security risks |
| Supports a variety of hashing algorithms | |
| Easy-to-use interface |
Ah, you just looked at the disadvantages and noticed me mentioning a security risk. Oh no. You didn’t come all this way to learn that NiceHash isn’t secure! So, before we jump to conclusions, let’s take a breather – there’s no need to worry just yet.
Yes, NiceHash relies on third-party miners to automatically switch algorithms, but that doesn’t have to be bad. Not everyone on the internet has malicious intents, you know. Since 2014, no user has reported a direct security breach of any sort, and that is saying something. But if you want to play it safe, you can stick to NiceHash QuickMiner software, and the risk of facing security issues will be slim to none.
Additionally, NiceHash is user-friendly and equips you with all the tools you need to enter the world of crypto mining, making it a good starting point for new miners. It would be a shame not to try it, at least. All things considered, NiceHash is a decent hash power marketplace for beginners looking into new ways to make a few extra bucks without lifting a finger. Just be sure to keep an eye on your electricity bill if you want to become a miner, for it might start looking a little… heftier.
