NiceHash: the largest and most accessible Bitcoin mining marketplace
NiceHash: the largest and most accessible Bitcoin mining marketplace
NiceHash is a platform where bitcoin mining is available to everyone. Thanks to its hash rate marketplace, anyone can buy mining power on various cryptocurrency networks without owning cryptocurrency mining equipment. Many people who want to mine cryptocurrencies have all the knowledge and passion for doing it but do not have the minimum resources to take their first steps in mining. For example, not everyone has between $1,500 and $4,000 to spare to buy an ASIC device specialized in bitcoin mining or a rig of five or more graphics cards (GPUs) to mine ether. In addition, you have to invest in the maintenance of the mining hardware and in the conditioning of the place where it will be located.
The opposite of the case described above is the case of those who have equipment with suitable characteristics for mining but who are not interested in pursuing it traditionally. Perhaps, for reasons such as lack of time to be aware of the different aspects of mining, lack of knowledge on the subject, or simply unwillingness to get the best possible performance from this activity. However, miners who rent the hash rate of their equipment on NiceHash must also be attentive to the performance of their hardware. Thus, the platform spares its users some hassles they might encounter mining directly in a pool or on a cryptocurrency network.
What is NiceHash?
NiceHash was founded in 2014 as a solution for all those who identify with any of the scenarios presented above. In short, it is a platform that provides a marketplace for the rental of mining power. On the one hand, those who have mining hardware can offer the hash rate of their equipment and receive a regular payment in BTC for it. On the other hand, those who want to mine but can't afford all the expenses involved in this activity can rent a small portion of someone else's hash rate and start profiting from it little by little. Regarding the hash rate rental, NiceHash's website states that they do not own their hardware for mining bitcoin, or any other cryptocurrency, so all the mining power sold belongs to its users. The fact that NiceHash does not rent mining power produced by themselves to their users differentiates their business model from that of Cloud Mining platforms.
Which cryptocurrencies can I mine with NiceHash?
Some of the cryptocurrencies you can mine with NiceHash are bitcoin (BTC), bitcoin cash (BCH), bitcoin gold (BTG), ether (ETH), ethereum classic (ETC), litecoin (LTC), dogecoin (DOGE), zcash (ZEC), Dash (DASH), lbry (LBC), grin (GRIN), vertcoin (VTC) and ravencoin (RVN). Currently, the NiceHash hash rate marketplace comprises more than 30 mining algorithms, including SHA-256, Scrypt, Equihash, X11, Lbry, Zhash, Lyra2REv3, Cuckaroo29, Cuckatoo31, KawPow, Ethash (although this one is listed as "DaggerHashimoto"), among others.
How to use NiceHash to mine cryptocurrencies?
Both buying and selling hash rates in NiceHash are simple processes that start with registering the new user on the platform. If you are interested in buying mining power and are already registered, the next step is to select a mining pool. To do this, you should already have in mind what cryptocurrency you want to mine, as there are pools that may not offer the cryptocurrencies you are interested in.
After selecting the cryptocurrency and the pool where you will mine it, you must go to the Marketplace section to make a purchase offer. There, you will detail the hash rate purchase contract conditions such as the algorithm, the time you will mine, and the price you are willing to pay per terahash per second (TH/s). When a miner takes the purchase order, everything they mine will go to the wallet you have indicated in the pool you selected. NiceHash only accepts bitcoin as a payment method for cryptocurrency mining service contracts. However, your wallet on the platform offers you addresses to deposit different altcoins (ETH, BCH, LTC, ZEC) and the possibility to exchange them for bitcoin.
If you are interested in selling the hash rate of your mining hardware, be it bitcoin or any other cryptocurrency, the first thing to do is register on the NiceHash website. Then you must indicate the type of hardware you own and the address of your bitcoin wallet (either the one assigned by NiceHash or your own). Finally, you have to configure your miner's connection with the platform's stratum servers, and you are ready to start receiving payments in BTC while your hardware mines for someone else. It should be noted that, regardless of the cryptocurrencies that your hardware mines, NiceHash will always pay you in bitcoins and under the PPS payment scheme.
Advantages for the lessee
The main advantage you can have as a hash rate renter, or buyer, is not having to spend thousands of dollars on mining hardware and the necessary paraphernalia to make it work optimally. This involves evaluating and budgeting everything beforehand, taking into account the profitability and availability of each piece of equipment, and then buying and installing it. Something that, although it seems simple, it is not. Anyone who has spent time assembling computers knows how many things can go wrong when installing new hardware, not to mention software.
With NiceHash, you don't have to worry about anything to do with mining hardware. As a result, purchasing, maintenance, and other operational expenses are no longer a headache for you, allowing you to focus exclusively on getting the best out of mining. Another advantage is the flexibility in the hash rate purchase contract. As a buyer, you can decide how much mining power to buy and how long you want to use it. NiceHash allows you to make contracts of a few minutes duration up to a maximum of 10 days. In addition, such agreements can be canceled by you at any time.
Advantages for the lessor
The most important advantage you have as a lessor, or hash rate seller, is that you don't need to be jumping between cryptocurrencies or pools to get the highest profitability at the moment. Instead, you will simply receive your fixed fee in bitcoins without stressing the price of other crypto assets or the profitability of mining on other networks.
The fact that you receive your payments only in bitcoin is beautiful for those who don't want to do with altcoins, i.e., other cryptocurrencies different from bitcoin. If this is your case, renting the hash rate of your equipment at NiceHash is the best option; since, to mine BTC, you need to have ASIC equipment that is powerful enough to mine profitably in the Bitcoin network.
Available tools for bitcoin mining at NiceHash
Profitability calculator
This tool is intended for those who offer mining power of their equipment through NiceHash. Its purpose is to reflect an approximate profit that specific hardware can generate when mining a particular algorithm. In this regard, the website clarifies that the hash rate of each computer was measured in NiceHash facilities under the most appropriate conditions possible. They also recommend not to use the calculator to calculate the profitability overtime periods of seven days or more, as it is a parameter that varies greatly.
NiceHash Miner and NiceHash OS
NiceHash Miner is a mining software that works the same as other mining software, such as ETHminer or Claymore. This one facilitates the interaction between the hardware and the NiceHash platform. This software is only compatible with Windows 7, 8, 8.1, and 10 operating systems in their 64-bit versions. If you prefer to use different software to NiceHash Miner, there does not impede it, but you would have to make sure extra settings so that everything runs smoothly when you turn on your hardware.
Conclusion: Is NiceHash an excellent platform to mine cryptocurrencies?
In conclusion, NiceHash proves to be a relatively complete and versatile platform for mining ETH and other cryptocurrencies. The incredible benefit of using NiceHash may be to "mine with money" by purchasing a hash rate. Also, if you're on a tight budget, you can limit yourself to buying just a small portion of mining power while you test how you're doing. On top of that, you can choose the cryptocurrency you want to mine from a wide variety of options offered by the platform. And if you have mining hardware, but it is not used to mine Bitcoin, you can still receive payments in BTC for selling the mining power of your equipment in NiceHash.