If you are someone who has been involved in Crypto mining or want to get started with it, then you must have come across Nicehash. And we are sure the most urgent question in your head right now might be- Is Nicehash profitable?
Nicehash is no doubt a leading platform when it comes to crypto mining, thanks to its flawless interface and useful features.
But is Nicehash really that good? Should you consider it for making money? Stick to this guide till the end to find out!
What Is Nicehash?
Nicehash is an online marketplace that allows buyers and sellers to trade a computer’s processing power for crypto mining worldwide.
The processing power is known as hashing in the cryptocurrency world. So, in other words, Nicehash allows you to exchange computing power for any cryptocurrency that uses proof-of-work mining, such as Bitcoin.
Mining software costs a lot; hence, a platform like Nichehash is handy for someone who does not want to spend a hefty amount on procuring it.
Nicehash was founded in 2014 in Ljubljana, Slovenia, and today, it has production servers in the USA, China, Japan, Brazil, India, and the Netherlands.
Over 9 years now, Nicehash has become a leading hash power marketplace in the world with more than 250,000 daily active miners, over 3.3 million orders served, and more than 181,000 BTC paid out.
Another reason why Nicehash is so succesful is because of its ease of use and low fees. The platform also supports more than 50 types of cryptos and allows traders to exchange them for FIAT currencies or exchange coins.
It is also worth noting that the platform can be viewed in seven languages, including English, Chinese, Spanish, German, Russian, Portuguese, and French.
How Does Nichehash Work?
Nicehash can be utilized by both buyers and sellers for hashing power. So, the ultimate goal of Nichehash is to provide enough hash power to the users so that they can make profits by trading them through crypto mining.
The server supports 34 different algorithms, including Blake, X11, Equihash, Scrypt, SHA-256, X13, X15, etc. You can mine among any of these algorithms depending on its profitability at that time, and payments are made in Bitcoins.
Apart from this, you can also choose the mining pool you’d like to choose. Nicehash offers 23 different mining pools.
So, how this works is that if you are a seller, then you can choose not to register and remain anonymous. However, if you are a buyer, then you will have to complete the registration on Nicehash.
This is how Nichhash works for the Buyer:
- After your initial registration as a buyer, you will simply need to choose a coin that you want to mine and will need to deposit a minimum of 0.01 BTC.
- Now, you can go to the Nicehash marketplace and place your order.
- You can choose between the U.S. or EU marketplaces and specify the maximum amount you can pay. However, regardless of which currency you are mining, all prices will be shown in Bitcoin only.
This is how Nichehash works for the Seller:
- As a seller on Nicehash, you will be required to Install and run NiceHash software, connecting your computing power to the Buyer’s order and platform servers.
- Now, the power will be directed toward the pool selected by the Buyer, and payment for the same will be received in Bitcoin.
- The cost is calculated by the average of the current moment and is updated every 60 seconds.
How To Start Mining with NiceHash?
What Can I Mine on Nicehash?
You can mine coins via GPU, CPU, and ASIC on Nicehash. All of these machines support different algorithms and coins.
There are over 100 coins that users can mine on Nicehash, including:
- Monero, etc.
Plans & Pricing Of Nicehash
Nicehash does not have a fixed subscription, and you can start using Nicehash for as low as 0.001 BTC. Prices are quoted on BTC/day basis on Nicehash, and you can create a contract for less than or more than a day.
The prices vary based on the current prices of coins in the market and the total hashing power that is being directed toward the algorithm. The platform refreshes and updates the price list every 10 seconds based on the information they are getting from different networks.
Depending on the purpose of use, there are different fees that you will encounter on Nichehash. Let’s look at them:
Nicehash Mining Fees
Here’s what the mining fee looks at Nicehash:
- Mining fee – 2%
- Buyer’s order creation fee – 0.00001 Bitcoin
- Buyer’s order completion fee – 3% of the spend amount
Additionally, unless you are using the NiceHash Excavator in the QuickMiner interface, the developer of the mining software might also charge you some fee.
NiceHash Wallet Fees
Nicehash charges 3% fee for external wallet payouts.
So, users have to earn a minimum of 0.001 BTC to receive external payouts. And are required to fee a standard service fee of 2% plus an additional 3% for using the external method.
NiceHash Deposit Fees
Nicehash will charge a deposit fee if the user does not meet the required minimum for free deposits.
The platform charges 0.00001 BTC for deposits that are between 0.00001 and 0.0005. Euro deposits are free at a minimum of 1 EUR.
NiceHash Withdrawal Fees
The withdrawal fees differ depending on the type of currency you are withdrawing. However, the minimum amount for withdrawal is 10 EUR (for Euro balances).
- Nicehash charges NiceHash charges 0.00000369 BTC for Bitcoin withdrawals.
- If you are using Coinbase, then for 0.0005 BTC transactions, the withdrawal is free.
NiceHash Exchange Fees
The maker and taker fee will be 0.5% at a lifetime trade value of 1,000. The fees would get lower as your lifetime trade value grows.
Nicehash Profitability Calculator
The main objective of Nicehash is profitability, and for this, Nicehash offers this useful profitability calculator.
This calculator allows you to plug in your hardware and have your electricity costs, and then tells you how much you can expect to make in a day, week, or month.
This is a great tool to set your expectations.
You must note that Nicehash pays all of its miners in Bitcoin only.
Each time a miner makes a valid share, the algorithm pays the miner Bitcoins. Nicehash pays every four hours, and even if the user stops mining, the algorithm will identify this and will pay you for every valid transaction.
Furthermore, the Bitcoin that you earn can be traded or withdrawn in all standard ways.
Pros and Cons of Nicehash
Pros of Nicehash
- Low fees
- Supports popular hashing algorithms
- Allows internal exchange of funds between wallets
- Allows cancelling created orders
- Using Nicehash wallet, users can store cryptocurrencies in their cold storage
Cons of Nicehash
- Not suitable for long-term crypto investments
- Alternative payment methods charge high fees and are slow
- Only users who select BTC-only payment methods can enjoy trading services
Is Nicehash Profitable?
Nicehash is definitely profitable, and in 2021, it was even declared as the most profitable mining rig. The fees on this platform are very competitive, so it does not affect the profits you earn that much.
However, it is difficult to pinpoint exactly how much you can make on Nicehash since that depends on how much hash power you provide to the platform.
The best way to get a good idea of how much profit you can make using Nicehash is by using their profitability calculator.
How to Get Started On Nicehash?
To get started on Nicehash, follow these steps:
1. To Nicehash’s website, click on the “Get Started” button that you see in the upper right corner.
2. Now, enter your email ID and password, agree to the rules and regulations, and click the “Create Account” button.
3. You will now receive a confirmation code in your email. Enter that code on the website.
4. After verifying, you will again be required to enter your email ID and password.
5. And that’s it! You can now start exploring Nicehash’s dashboard.
Is Nicehash Safe?
Nicehash is definitely safe to use. Mining can be done anonymously on this platform. The software in itself does not pose any threat to the miner.
However, some users download software from untrusted sources, which might bring viruses to their computers.
As far as the security of Nicehash is concerned, the platform has the option of connecting two-factor authentication to your account. To ensure more safety, you can enable this option.
For this, you would have to go to the “my settings” option and access the 2-factor authentication setting.
Is Nicehash Legit?
Yes, Nicehash is a Slovenian-based company, and it has been successfully running for 9 years now. So it is legitimate.
However, the platform faced a hacking attack in 2017, which cost them $64 million in cryptocurrencies. But the company has introduced robust security measures now to avoid such happenings in the future.
What Payment Methods Are Accepted by Nicehash?
Nicehash supports a number of payment methods, including:
- Credit/debit cards
- Wire transfers
- Crypto payments
As per user reviews, credit card payments charge the most fees and take the most time to finish. While e-wallets and wire transfers are considered ideal for fiat currency pay.
Pools That Are Most Compatible with NiceHash
These are a list of pools that work best with Nicehash:
- BSOD Pool
Nicehash is most popular in Europe and operates in most countries with the exception of:
If you are a casual miner or are someone who is just getting started, then Nicehash might be the perfect place for you to get started.
We have already answered your most eager question- Is Nicehash Profitable in the guide above?
Ultimately, it is up to you to decide whether you want to go with Nicehash or its alternatives. However, we find Nicehash refreshing and easy to use.
Is Nicehash regulated?
Yes, Nicehash is regulated by the European Union Commission. It is registered and licensed under the laws of the British Virgin Islands.
What are some good alternatives of Nicehash?
Does Nicehash offers a mobile app?
Yes, Nicehash offers a free app for both Android and iOS devices. You can download the app on your phone and manage your tradings on that.