Is NiceHash Worth It?

What is NiceHash?

NiceHash is a cryptocurrency hash power marketplace that connects sellers of hashing power with buyers of hashing power using the sharing economy approach. The company was founded in Slovenia by Marko Kobal and Matjaž Škorjanc in the year 2014.

What is Hashing and Hash Rate?

For the sake of security, information (or Blocks) in a Blockchain Network, are not just encrypted — i.e. made impossible to be understood by anyone for who the information was not meant for — but also hashed.

Have you heard about Hive OS? Read; Is Hive OS Worth It?

Why Was NiceHash Created?

Due to the nature of the task at hand, miners needed very powerful machines, but they also consumed monstrous amounts of energy in order to carry out these calculations fast. And the problem was, if you are not the first to predict the right hash, and validate the block, then there is no reward for your efforts.

  • Ease of Usage: The service is intuitive and easy to use; This very feature is mostly appreciated by users who are entirely new to crypto mining and trading.
  • Neat Interface: The simplicity of the User Interface is also commendable. It is uncluttered, comprehensive, and also intuitive. The central dashboard shows you your current mining activities, devices connected, and even your balances, giving you an at-a-glance overview of your portfolio.
  • Initial set up: The process of registering, and setting up a NiceHash account is simple, and can be done within 15 minutes
  • Anonymity: Sellers don’t even need to register at all if they prefer to remain anonymous. And Buyers are able to begin ordering hashpower immediately after they register.
  • Profitability Calculator: The website also includes a profitability calculator. This calculator can help you predict the amount of mining you can practically carry out, hence allowing you to better weigh your options.
  • Autopilot: After initial setup, the system can pretty much work on its own — needing almost no monitoring.
  • Automatic Switching: The software also has a brilliant algorithm that automatically determines which coins are worth mining based on their profitability (at a particular time).
  • Quick And Easy Exchange: Users can also sell their coins on an integrated exchange that is available on NiceHash, thereby eliminating the need to transfer their funds to an external exchange before carrying out transactions or trading.
  • Access To Extra hash power: If you have a huge target to hit and need a lot of hashpower, you do not have to get an expensive dedicated machine to do it, as NiceHash enables you to rent additional hash power without needing to upgrade your hardware.
  • Assorted Pools: Thanks to the popularity of NiceHash, Buyers can easily find a wide range of Pools dedicated to mining several types of coins.
  • ASIC support: If you have the money to get dedicated mining hardware, you’d also be glad to know that NiceHash supports it.

Other Factors To Consider About NiceHash:

  • Virus Threat: Trying to install the NiceHash software on your Personal Computer will most likely bring up the Virus Threat notification. But this is only because Anti-Virus Programs usually flag CPU mining software like Viruses, due to past histories of Malwares secretly installing CPU miners in order to use people CPU’s (for mining) without their permission — slowing down their devices in the process.
  • NiceHash Fees: As stated earlier, certain fees are charged for carrying out transactions within the platform (this is what keeps the platform running). To prevent spamming, a fee of 0.0001 BTC is first charged for each transaction, plus 3% of the total amount spent on the order. But for a sale of power, if the balance is less than or above 0.1 BTC, 5%, or 3% are charged respectively. Please note that these fees may change from time to time.
  • NiceHash Affiliate Program: NiceHash also has an Affiliate program available to users. However, you would have to go through rigorous scrutiny before being accepted, and given the materials to work with. Anyway, your potential earnings will be about 5% of all funds generated by the people you invited. There are also bonuses available in the Affiliate program.

How Long Will GPU Mining Be Profitable? (Would NiceHash Be Profitable In 2022, And The Future?)

The future of Blockchain technology indicates a shift from “Proof of Work” to “Proof Of Stake”. This implies that the major commodity traded on the platform — i.e. Hashing Power — might be obsolete in the not so far future. The result would be a dramatic decline in demand (Buyers), as well as supply (Sellers). The business model of NiceHash would be effectively dead by then.

Is NiceHash Reliable? (My Verdict on NiceHash)

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Branditechture is a full-experience design and PR agency. Since 2014, we’ve been building successful brands from scratch and promoting real challenger brands.

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Branditechture Design Agency

Branditechture Design Agency

Branditechture is a full-experience design and PR agency. Since 2014, we’ve been building successful brands from scratch and promoting real challenger brands.