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NiceHash Review

NiceHash is the most advanced crypto currency cloud mining, hash rental service and multipool.

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One way to take advantage of cloud mining technology is to rent mining hardware and point it to a pool of your choice. NiceHash takes this to a new level. Instead of renting individual mining rigs for a set amount of time, you actually buy the hashing power itself, and you only pay for accepted shares. The source of the hashing power is from mining rig owners who put their hash up for sale by pointing their rigs to the NiceHash stratum server. NiceHash automatically pays rig owners a competitive rate and users only pay for valid shares. This system combines all the good features of cloud mining with the ability to mine almost anywhere you want to mine.

Company Background: NiceHash posted its announcement thread on the Bitcoin Forum on April 14, 2014, opening up its service for beta testing. The main service is based in Europe, but it has stratum servers in the US and Japan. Buyers can purchase hashing power from either Europe or the US depending on where the target mining pool is located. The service and the people behind it are well known and trusted by the digital currency community. The people are also very involved in the Bitcoin forum and other channels of communication to
either provide technical support or contribute to the various discussions. With a Twitter profile, Facebook page, YouTube channel, and multiple contact email addresses, it is easy to reach someone from NiceHash.

Value For Money: Since what you pay as a buyer for is valid hashing power, or accepted shares, you will absolutely get all the hashing power you buy. The only exception to that is if your target pool is having certain types of issues. Usually, if the pool is unstable or rejects shares, the miners will simply stop mining there and you will not be charged, but there are rare cases in which the shares appear to be valid to the NiceHash servers but are not working out at the pool, so you do need to monitor your pool when you first place your order to make sure everything is working. To buy hashing power, you will need to place an order at or just slightly below
the going rate. The going rate is usually a bit higher than what the best multipools pay for Scrypt, but there are plenty of other algorithms to choose from as well, each with its own market rate. You have the option of bidding lower than market rate to get a discount if you don’t mind waiting or having your order paused, or you can pay a bit higher for a guarantee that you will have hashing power immediately and for the duration of your order. A rig owner will be paid a competitive rate which fluctuates based on what buyers are paying. NiceHash a great hassle free set it and forget it service for hardware owners, but may not pay out as well as individual rig
renting services such as Mining Rig Rentals.

Customer Support: NiceHash has a professional website which includes a couple of tutorial videos and an extensive FAQ section. The FAQ section answers many of the early questions from the Bitcoin Forum announcement thread. Questions and their answers range from basic information about frequency of payouts for rig owners to highly technical explanations of how NiceHash determines pricing for fixed orders complete with mathematical formulas. It is likely that whatever issue you may be having will be thoroughly addressed in
the FAQ section. There is also a Bitcoin Forum user handle dedicated to providing NiceHash technical support, and there are email addresses for technical support in English, Russian, and Chinese. Customer support appears to be top notch.

Payout Processing: Payouts for rig owners take place as often as four times a day and are sent directly to the owner’s wallet address. For buyers of hashing power, payouts are handled directly by the target mining pools and never even touch the NiceHash system. In other words, NiceHash tries to keep as little of your money as possible and would prefer to not even touch it unless it absolutely has to.

Security: There is no sign up process for rig owners; they simply point their rigs to NiceHash’s stratum servers using a Bitcoin address as their user ID. Payments are made directly to that address, so keeping funds secure is completely up to the owner of that address. With payouts as often as four times a day for rig owners, NiceHash keeps a bare minimum of rig owner funds on its servers at any given time. Buyers need to register an account and make a Bitcoin deposit to their account wallet in order to start buying hashing power. It is recommended that buyers only deposit the funds they actually need and use them promptly. Buyers can further protect their
accounts by using a robust password and activating two-factor authentication. The website itself takes security seriously and has partnered with CloudFlare to protect its website and BitGo for secure payment processing.

Summary: If you want to mine in a specific pool but own any mining hardware, NiceHash is a great way to quickly get as much hash as you need pointed at your pool for as long as you want it. You only pay for valid shares, so you’re not renting rigs, but buying actual hashing power. For rig owners, providing hash power to buyers is as simple as pointing rigs to a stratum server. NiceHash provides the meeting place between hashing power providers and buyers. It aggregates hashing power from real mining hardware owned by individuals all over the world to provide on demand hashing power which can be pointed to almost any stable mining pool. NiceHash does its part to keep its servers and funds safe for all users, as well as provide excellent customer support.

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