|Owner/Founder||Marko Kobal, Matjaž Škorjanc|
|Hash Algorithm||Scrypt, SHA256, ScryptNf, X11, X13, Keccak, X15, Nist5, NeoScrypt, Lyra2RE + 22 more|
|Coins||Bitcoin (BTC) LitecoinX (LTCX) Dogecoin (DOGE) LEOcoin (LEO) DASH (DASH) Siacoin (SC) Monero (XMR) AmberCoin (AMBER)|
- Users can hook up as many equipment as they want
- There are various algorithms available
- The program chooses the most suitable algorithm for your work automatically
- Users can view online statistics on the website
- Sellers can stay anonymous
- NiceHash is a third-party resource and your income will depend on the profitability of other people, not you
- It is not the most profitable way to get coins (considering high fees)
NiceHash is a well-known platform that provides cloud mining services. It works simply: some users have powerful hardware and sell the hashrate it generates to miners, while the others buy it to mine coins within a pool. Therefore, it would be more honest to say that NiceHash is more like something between a cloud mining platform and mining rig leasing. As a result, you get an alternative service that covers users’ needs at fullest.
In this review we are going to discuss service’s principles, pros and cons to let you know whether it is a good choice for you.
How it works?
From the first glance, NiceHash’s website seems a little bit misleading, therefore we recommend you to start from the FAQ section to learn all details about the service and the way it works. They do have an extensive FAQ section, so you will find the answers to the most questions you might have.
In short, NiceHash acts as a proxy server between you and the mining pool that your (or rented) hardware is mining at. So all you need is to install a server for NiceHash in your miner, run it and enter your Bitcoin address/password. To sell your hashrate, you don’t even have to register, but you need to create an account for buying it. NiceHash supports the following algorithms SHA-256, Scrypt, Scrypt-Adaptive-Nfactor and X11.
All purchases are made in bitcoins and no other currency is available at this website. So if you are going to sell your hashrate at NiceHash – you might say that it is similar to mining bitcoins and you get a reward regardless of what is being mined!
Pros and cons
There are some advantages of NiceHash when compared to the other services. Here they are:
- Flexible order system for purchasers
- Many mining pools are supported
- More than 20 different mining algorithms are available
- PPS system for sellers
- No limitations on hashpower purchase
- Various coins available for mining
- Pay as you mine
As for the weak sides, we have found the following:
- All payments are made in bitcoins only
- There are high fees for transactions, especially when it comes to external wallets
NiceHash serves customers from all corners of the world since 2014. There you will find a great number of opportunities for mining, buying and selling hashing power. In fact, NiceHash is one of the biggest resources where purchasers can place bids or accept fixed offers to get the best of their mining activity. At the same time, individuals who are looking for an opportunity to sell their hashing power can meet all the ordered requirements. As we have already mentioned, NiceHash is not just a cloud mining services, but a mediator. The platform works according to the principle “from people, to people”.
This is a trusted platform and we didn’t find any pitfalls in its services, so we can boldly recommend this website to all users – buyers and sellers.