Summary
Hashrates are essential in POW mining. They determine profitability and contribute to network security. Running a POW mining rig directly requires you to manage the core procedures effectively. This includes scaling your hashrate and selecting a profitable algorithm. The profitability of an algorithm depends on the supported coins and the mining difficulty. Individual and institutional miners are constantly in pursuit of higher hashrate.
The nuances of POW mining may be overcomplicated for a significant percentage of crypto enthusiasts who wish to run crypto mine. If you are in this faction and are looking for a platform that aids your strategy, this review article presents NiceHash, a hashrate marketplace for POW miners.
What is NiceHash?
NiceHash is an aggregator and marketplace for POW hashrates. It connects hashrate sellers and miners through an independent platform that lets providers lease their hashrate to buyers who utilize it to mine Bitcoin and other POW codins. The NiceHash POW market features an orderbook-style sorting of purchasable hashrates. Buyers can place an order and be matched according to set parameters. Acquired hashrates are used to mine eligible POW coins. Hashrate buyers and sellers receive earnings in BTC payouts.
How does NiceHash work ?
NiceHash does not own or sell mining equipment nor does it offer cloud mining services. It runs operating systems that handle rig connection, marketplace placements on the sellers’ end, and hashrate acquisition and utilization on the buyers’ end. Hashrate sellers earn from fees paid by miners.
Sellers on NiceHash can use a range of operating systems, including the NiceHash OS, NiceHash Miner, and NiceHash QuickMiner, to connect their miners to the platform.
Buyers source mining power via the marketplace by specifying the algorithm, amount, and preferred pools. Complementary orders are matched automatically.
NiceHash manages hashrates for users, it optimizes profitability by switching the GPU rigs between multiple coins.
This way, NiceHash aims to simplify crypto mining and explore optimal profitability for miners.
How to create a NiceHash Account
A NiceHash account is required to access the key features of the platform. Set up your account.
- Visit the NiceHash platform
- Click Start Mining Now from the landing page or Sign In from the top right corner
- Enter the required details and click Continue to proceed
- Check your email for verification details, and follow the directions in the email to verify your email
- After verifying your email, your account will be created.
You are required to complete KYC verification to access key services.
How to use the Key Features of NiceHash
After creating your account and completing KYC verification, you can now start using the features on NiceHash. These features include;
NiceHash Miner
This section allows you to connect your miner to the NiceHash platform. To do this,
- Navigate to the Mining section on your dashboard
- Click How to Connect and follow the guide to connect your miner to the platform
- After the connection, you can manage your miner and review mining statistics on the mining dashboard
NiceHash HashRate Marketplace
The Hashrate marketplace allows buyers to place orders for hashrate and be matched with corresponding sellers.
To use the marketplace
- Navigate to Hashrate Marketplace
- Select Basic view or Trading View to see available hashrates
- Place an order. You will be matched with corresponding sell orders.
NiceHash EasyMining
NiceHash’s EasyMining enables miners to obtain on-demand computing power and validate blocks on POW blockchain networks. It features available hashrate packages that miners can easily acquire to increase their probability of winning a block and receiving mining rewards.
EasyMining packages include,
Single Package: Individual miners can obtain additional hashrates and try to win a block.
Team Winning: Enables users to purchase a hashrate and join a mining pool. This unifies all hashrates in the pool and increases the chances of mining a block.
To use the EasyMining feature
- Navigate to the EasyMining section
- Toggle between Single Packages and Team Winning and scroll through to select a package that works for you.
Miscellaneous tools and features
In addition to the core mining services, the NiceHash platform features a profitability calculator that enables miners to estimate their mining earnings. The calculator is handy for users who wish to adjust their mining strategy or develop new strategies.
NiceHash also runs a referral program that rewards affiliates for bringing new users to the platform. Visit the affiliate page for more details on the referral program.
Pros And Cons of NiceHash
PROS and CONS
- User-friendliness: The NiceHash platform and mining protocol are easy to use. You can set up your account and integrate your mining facility with minimal or no supervision.
- Optimized Mining earnings: According to NiceHash, the NiceHash OS and the “Catch the block” products collectively boost mining earnings by selecting profitable algorithms, utilizing available resources, and gamifying hashrate trading.
- Tax reporting: Through its partnership with tax reporting firm Koinly, NiceHash offers a 50% discount on tax reporting charges. Users who contract Koinly for their tax reports only pay half of the service charges.
- Community Support: NiceHash’s large community of users is a good support resource. You can obtain clarifications, solutions, and ideas from the user community on social platforms.
- Responsive customer support: NiceHash also has an active customer support system for prompt user assistance. You can contact the customer support via any available outlets or send a complaint email.
- BTC-only Payouts: Despite supporting several POW minable coins and algorithms, NiceHash only remits earnings in BTC. This might be a point to consider if you wish to receive payments in other coins.
- KYC verification: Users are required to complete a KYC verification procedure before they can use the NiceHash platform.
- Several Platform Charges. NiceHash charges numerous platform fees, including management fees and inactivity fees for dormant accounts. This may erode profits, compared to direct mining.
Conclusion
NiceHash offers advanced facility management for POW miners. If you are looking to scale your mining strategy and possibly boost your earnings, NiceHas is an option to consider. It has several noteworthy positives, including the algorithm switching and other features we discussed here. POW mining is capital-intensive; therefore, tools that help you stay in profit amidst fluctuating hashrates and mining difficulty are handy. We also mentioned a few unappealing features of the NiceHash platform. We recommend that you review these pros and cons as they concern your mining setup and strategy.
Disclaimer: This article reviews the NiceHash platform for educational purposes only. It does not offer financial advice nor endorse the featured project. Note that crypto investments carry significant risks.
Frequently Asked Questions (FAQs)
NiceHash starts charging inactivity fees after an account stays dormant for over 6 months.
Your account will be marked ‘inactive’ if it has had no BTC activity for over 6 months or hasn’t transitioned to the Switzerland platform.
You need a valid government-issued identification card that contains your picture, full name, and date of birth. For higher KYC tiers, you will need your driving license, residency card, ID, and passport.
Source: https://coingape.com/nicehash-review/
