What is NiceHash?
NiceHash is a prominent cloud cryptocurrency mining platform that operates as an online marketplace for buying and selling computer processing power. This platform caters to the diverse needs of crypto miners by facilitating the exchange of hashing power for various cryptocurrencies, including Bitcoin.
Overview of NiceHash
Established in April 2014, NiceHash has evolved into the largest hashpower marketplace globally. With over 250,000 daily active miners, 3.3 million orders served, and more than 181,000 BTC paid out, it has gained the trust of cryptocurrency enthusiasts worldwide. NiceHash is known for its reliable customer service, resolving user queries and issues promptly.
Functionality of NiceHash
NiceHash accommodates both sellers and buyers of hashing power, providing a versatile platform for users. Sellers, even those with small gaming machines, can sell their hashing power, while buyers can acquire hashing power without investing in expensive mining hardware. The platform supports 34 different algorithms, allowing buyers to mine the most profitable cryptocurrency at any given time.
Infrastructure and Security
NiceHash operates with cutting-edge technology, utilizing servers in east Europe, west Europe, the eastern U.S., and the western U.S. Each registered user receives a secure and insured BitGo wallet for BTC deposits, ensuring the safety of their cryptocurrency holdings.
How NiceHash Works
NiceHash serves as an intermediary for both sellers and buyers of hashing power. Buyers can initiate hashpower orders immediately after registration, and sellers have the option to remain anonymous without the need for registration.
Buyer's Experience
As a buyer, you can choose from 34 different algorithms, such as SHA-256, Blake, Equihash, Scrypt, X11, X13, and X15. This flexibility enables users to mine the most profitable algorithm at any given moment, with payments made in Bitcoin.
NiceHash Fees
While utilizing NiceHash, users encounter various fees that contribute to the platform's operation.
Buying Hashing Power Fees
Non-Refundable New Order Fee: 0.00001 BTC
Spending on Orders for Buying Hashing Power: 3% (unspent amount on canceled orders exempt from this fee)
Selling Hashing Power Fees
Payouts for Balances Greater Than or Equal to 0.00001 BTC (1000 satoshi) to NiceHash Wallet: 2%
Withdrawals and Deposits
Withdrawals and deposits incur fees based on the specific coin and amount involved. Establishing a direct connection to the NiceHash Lightning Network node eliminates Bitcoin transaction fees.
By offering a comprehensive overview, NiceHash caters to both beginners and experienced users in the cryptocurrency mining space.
What are the trading fees on NiceHash?
While utilizing NiceHash, users encounter various fees.
Does NiceHash offer leverage trading?
NiceHash does not currently offer margin trading or leverage options.
Is NiceHash safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
