There are many cryptocurrency cloudmining platforms, and NiceHash is one among them. However, NiceHash is a bit different from others as it allows people to not only purchase mining power but also sell hashing power. It is a mining power trading platform.
Address: NiceHash doesn’t provide any address on its website. However, the website states to have its servers based out of various locations across the globe, including Amsterdam (Europe), San Jose (USA), Hong Kong, Tokyo, Sao Paulo (Brazil) and Chennai (India).
An analysis of the website and its terms and conditions lead us to speculate that the company’s base of operations is located in Slovenia. Those wanting to get in touch with the team can do so either by sending an email to email@example.com or raising a support ticket on the dashboard.
According to the website, NiceHash has been operating since 2014, offering advanced cryptocurrency cloud mining, hash rental service and multipool. The platform also offers value added services to miners, digital currency traders, and investors.
Value for Money
NiceHash offers flexible mining options to the cryptocurrency mining community members. It allows people to buy and sell mining power while enabling the users to make use of their own devices to mine cryptocurrencies. A specialized software offered by the platform, allows individuals to connect their computers, GPUs, AISC machines, rig farms and more.
NiceHash is unique in that allows miners with old or unused mining hardware to sell their hashing power online to people looking to cloud mine, so anyone with an old miner lying around can earn money from NiceHash. If this is you, click here to start earning BTC with your old miner today.
NiceHash supports a range of cryptocurrency algorithms including Bitcoin, Bitshares, EmerCoin and Digibyte (SHA 256 algorithm); Litecoin, DogeCoin, FedoraCoin (scrypt); LeoCoin, DASH, Fuelcoin, StartCoin, VCash (X11) and a lot more. Rest of the supported cryptocurrencies include Hellemmic Coin, AmberCoin, Mxcoin, HTMLCoin, Mary Jane, Talkcoin, FeatherCoin, OrbitCoin, PhoenixCoin, Vertcoin, Crypto, Vanillacoin, DGB-Qubit, Decred, Ethereum, Ethereum Classic Zcash and more.
The platform offers lots of flexibility when it comes to purchasing the hashing power. Buyers can select the cryptocurrency they would like to mine, choose the mining pool they want to connect to and even the price they are willing to pay for the hashing power while placing the order.
Unlike other cloudmining services, NiceHash is also a marketplace that not only allows buyers to purchase the hashing power but also enables owners of mining infrastructure to sell their hashing power to the customers. In order to be able to sell the mining power, the seller has to connect his mining hardware to the platform’s stratum servers following which the hashing power purchased by the buyer will be forwarded to the mining pool of his/her choosing. They will receive Bitcoin payouts for each submitted valid share based on the current weighted average.
The platform follows a free market pricing model for mining contracts for different cryptocurrencies. There is a minimum price slab set for each cryptocurrency which might exceed based on the demand and the bid values,
NiceHash is said to have a responsive and efficient customer support that can be reached by email or by raising a support ticket on the platform. Most of the frequently faced issues by the customers are already listed in the FAQ section of the website, which makes it easier for the users to troubleshoot the problems or get their queries addressed without having to interact with the customer support team.
The platform has multiple payment schedules in place, based on the nature of wallet associated with the user account. If a user on NiceHash is using the platform’s own wallet, then the payouts greater than 0.001 BTC will be processed on a daily basis. Similarly, for external wallets, the daily payouts should exceed 0.1 BTC and weekly payouts at greater than 0.01 BTC. If the accumulated balance doesn’t cross the minimum threshold, then the generated balance continues to accumulate, to be transferred only after it crosses the threshold limit.
NiceHash has a pretty standard security setup including secure web pages and two-factor authentication, making it much safer for its users to log in and enter confidential details.
There is always a risk of NiceHash’s cloud mining service being hacked, so it is advisable to not leave large amounts of BTC in your user account.
NiceHash is more of a cloud mining hashpower trading platform than a cloud mining service. However, they both share many striking similarities. The company seems to have a good track record so far. But the lack of proper contact details on the website is a cause of concern. Factoring the service, years of operations and the experience of some of the users, NiceHash could be something worth exploring, especially if you have an old miner lying around and would like to sell hashing power. We hope this NiceHash review has helped you make an informed decision.
Disclaimer: CloudMiningReport does not provide any warranties towards the accuracy of the statements in the above NiceHash review. It is your responsibility to conduct your own due diligence of the platform. Bitcoin cloud mining profitability depends on many factors such as the current and future Bitcoin exchange rate, future mining difficulty, and the reliability and security of the service used, including the risk of the service being hacked. As with Bitcoin and cryptocurrencies more generally, do not invest more than you can afford to lose.