In this NiceHash review, you’ll see why this mining software is one of the most powerful programs to use if you wish to mine crypto. We’ll cover all its features to help you better understand how NiceHash works and what it offers.
Scroll to see more about its fees, profitability calculator, and to learn how to withdraw funds with this miner.
NiceHash pros and cons:
- Hash power marketplace
- BTC payouts
- Stable platform
- Decent profitability
- Not suitable for long-term investment
- Slow payouts
A Comprehensive List of NiceHash’s Features
Let’s explore the essential features of this platform and see whether NiceHash is worth it. This section will give you a detailed overview of the mining company.
Mining With CPU/GPU
NiceHash lets you use your GPU or CPU power to mine Bitcoin. This is a great way to enter the crypto market and earn passive income. However, you should download one of the mining programs to use your power.
NiceHash Quick miner is the most profitable miner that’s easy to use, according to our NiceHash review. As a result, this software is recommended for NVIDIA mining cards.
On the other hand, you have NiceHash Miner, a software that uses a third-party mining program for automatic algorithm switching. This one is suitable for NVIDIA, AMD, and Intel hardware.
If you own an ASIC machine, you can utilize NiceHash to improve your earnings. To connect your ASIC machine, select the desired algorithm and your location. Then, if you have any issues, the NiceHash mining platform is there to provide all the instructions to help you mine Bitcoin.
NiceHash OS allows you to connect all your mining rigs for free. In addition, it comes with the following features:
- Boots in less than 10 seconds
- Has automatic updates
- Offers support for infinite rigs forever – for free
According to a NiceHash review on Reddit, there are a few differences between NiceHash Miner and OS. for example, NiceHash Miner runs on Windows and has a clean UX, while OS runs on Linux Tiny Core, doesn’t support CPU, but is more stable since it runs on a Linux platform.
NiceHash supports the following algorithms:
- KAWPOW, and more
These NiceHash algorithms are available for West and East Europe and West and East USA locations.
Mining Hardware List
The Mining Hardware section on the official website lets you compare potential earnings between ASIC, CPU, and GPU hardware. In addition, you’ll see a list that includes daily earnings, power usage, efficiency, net profit, and other details to help you decide which hardware to use for mining.
However, keep in mind that the values you see on the list are based on past performance and that current values may differ.
This calculator can help you learn potential earnings for your hardware. Compared to the Mining Hardware List feature, the mining calculator lets you automatically select your hardware or enter it manually. You won’t have to go through a long list of rigs. Instead, you’ll immediately get results on how much you can earn.
Stratum Generator and Private Endpoints
If you’re new to crypto mining, you should know that Stratum is a pooled mining protocol. Stratum mining might be too complex to understand if you recently started your mining journey. However, if you wish to explore it, you can do so via NiceHash.
Still, according to one NiceHash review, Stratum Generator might not work at all times. If you face any issues, it’s best you contact support.
Additionally, NiceHash offers private endpoints – a network interface that connects you to NiceHash Stratum Servers.
Private Endpoint uses a private IP address and avoids latency caused by DDoS protection. This is another reason NiceHash is a good mining platform for medium and large-size mining farms – it offers maximum performance and maximum earnings with the lowest possible latency.
Hash Power Marketplace
Besides all the other powerful features, NiceHash also lets you purchase mining power from others if you wish to start mining, making it one of the best Bitcoin mining software out there.
The prices start at 0.001 BTC, which is the minimum order if you wish to buy hash power, regardless of the algorithm. You can also cancel at any time and receive your remaining funds back with no cancellation fee.
What’s more, you can receive massive hashing power at a very short timespan. You’ll never pay for dead or faulty configured rigs, and you’ll always have access to real-time data.
NiceHash works hard to offer the best possible service, including compatibility with multiple mining pools. Supported NiceHash pools include:
- Nanopool, and many more
Lightning Network Mode
If this is your first time hearing about Lightning Network, know that its purpose is to solve the scalability problem of the Bitcoin blockchain. Basically, it’s the second layer protocol on the Bitcoin network that allows fast transactions with low fees.
NiceHash offers a connection to the Lightning Network via its node. With the NiceHash node, you can send and receive Bitcoin from the other nodes.
If you’re wondering whether NiceHash miner is safe, know that the platform offers multiple ways to keep your account secure:
- A 2-factor authentication
- Email confirmations – all unusual activity is reported via email
- SSL/TLS Encrypted connection
- QuickMiner’s open-source software, signed by the strongest EV certificates
- Digitally signed third-party software
- Live monitoring for suspicious activity
Additionally, all wallets and private keys are secured with AES-256 encryption. NiceHash works closely with law enforcement agencies and regulators, which also helps detect and prevent money laundering.
The NiceHash withdrawal process is physically monitored, and the data storage is distributed in secure locations around the world with 24/7 surveillance. Additionally, all NiceHash’s funds are backed by real reserves.
Still, know that you should pass the Know Your Customer (KYC) process of ID verification if you wish to purchase hash power or use fiat currencies in the exchange.
NiceHash Profit Via PPS System
The pay-per-share reward system works in a way that miners receive rewards for each valid contributed share. The idea behind the platform is for the providers to be paid 100% for all valid work their rigs produce.
Other miners might use different payment systems where not all miners are paid, which makes NiceHash a solid platform for serious miners.
Finally, NiceHash offers mobile apps, but these aren’t working as a Bitcoin miner for Android and iOS.
Instead, NiceHash mobile apps are management apps that help you manage your account and activities. NiceHash mobile app has five main sections:
- Rig manager
- Hash-power marketplace
- User profile
The user reviews are quite positive on both iOS and Android platforms. Plus, the apps are free to download. Still, you can’t use them for mining via mobile. If you own a smartphone with enough power, it’s best you look for other best mobile mining apps in 2022.
Pricing, Fees, and Free Trial on NiceHash
Now we’ll cover NiceHash’s pricing plans, fees, and other relevant info related to costs. You’ll see how much you should expect to pay for buying the hash power, withdrawing, or mining.
Nicehash Fee List
While there are no paid subscription plans for NiceHash tools and services, you must pay some fees to use its features. Prices are usually quoted with Bitcoin, so keep in mind that the prices vary based on the market changes.
Starting with the service to buy hash power, you’ll have a non-refundable order fee of 0.00001 BTC. The amount spent on orders buying hash power is 3%.
If you wish to sell hash power, the fee is 2%.
Deposit fees vary based on the coin/token you wish to deposit and the stated amount. Many transactions are free to make, and you can check the complete list of fees by visiting the Support – General Help – Fees section.
NiceHash Minimum Withdrawal
Withdrawals from NiceHash are subject to withdrawal fees, depending on the amount you wish to withdraw and the option you use. Note that if you connect to NiceHash Lightning Node, you won’t pay any fees for Bitcoin transactions.
There are multiple coins and tokens you can use to withdraw your funds. For example, if your preferred withdrawal method is any BTC wallet and you have the minimum amount of BTC to withdraw (0.0005 BTC), you’ll pay 0.000005 BTC or more, based on the current blockchain conditions.
Miners who use NiceHash are paid via the Pay Per Share (PPS) System. The buyers of hash power define the prices, while the platform only provides a brokerage service to help you rent computer power.
In addition, NiceHash doesn’t pay you directly, but you are paid via the platform. You’ll receive your payments to your NiceHash wallet if your balance is at least 0.00001 BTC (1,000 Satoshis).
If you’re wondering when does NiceHash payout the miners, know that payouts are scheduled to occur every four hours. In case you disconnect your miner and have the minimum amount for payouts, you’ll be paid every eight hours.
To track your payouts, head over to Mining, then to the Last Mining Payments section below History and Stats.
What’s more, you should know that the total mining payment includes a fee of 2%.
NiceHash’s Customer Service and Reliability
If you face issues while using the platform, you can easily submit a support ticket once logged into your account. If you’re looking to reach customer support without an account, the latest NiceHash reviews state you can do so via [email protected].
In addition to the email, the community managers are active on Reddit, where you can find additional answers.
NiceHash also has a Help page where you can read the basic instructions and latest articles related to mining, hardware, and similar topics. Overall, it seems that the quality of customer support is decent and that not many people have issues with the team.
Still, some of the 2022 NiceHash review posts show that users had issues with slow responses from the support team.
Why Use NiceHash
If you’re looking for a stable platform that pays mostly in Bitcoin, NiceHash is a place to check out. NiceHash works with any hardware setting and offers decent profitability. As a result, NiceHash is especially suitable for mid-sized and full mining farms that guarantee a stable income.
According to NiceHash reviews, individual miners have also had decent success with this platform when purchasing hash power.
What’s more, NiceHash is a highly secure platform. You’ll have several options to secure your account, including a 2-factor authentication, email confirmations, or live monitoring of account activity.
The platform also uses SSL/TLS encrypted connection and has an open-source software backed by strong certificates in addition to NiceHash KYC to prevent money laundering.
Finally, NiceHash is a fully transparent platform with all the information easily available to you. The latest reviews state that customer support is decent. While you can’t mine with NiceHash mobile apps, you can still maintain high control over your account and react to any change accordingly. With NiceHash, you can mine safely, regardless of your mining experience.
NiceHash platform and its services are completely safe and legit. You can use NiceHash to improve your mining operations, connect various hardware, and score bigger profits. Additionally, NiceHash lets you sell your power to others and increase revenue.
When it comes to safety, NiceHash has several security features that keep your account and funds safe – email confirmations, SSL/TLS encrypted connection, QuickMiner’s open-source software signed by the strongest EV certificates and digitally signed third-party software are just some of them.
NiceHash is not a bad platform, even though it has some limitations. Overall, it’s safe and offers many features for experienced and inexperienced miners, mining farms of all sizes, and others. Its software works with all mining hardware, and the platform is highly secure.
However, some users complained about missing funds and slow customer support. In addition, NiceHash requires you to pass ID verification for some transactions, so it’s not completely anonymous.
Your mining profit depends on several factors, such as which mining hardware you own, how many rigs, the current state of the blockchain network, whether you use a pool, and similar. Mining with NiceHash has been profitable for some, while others faced lower earnings.
Many users also claim that it’s better to use NiceHash to sell your computing power than to mine via the platform, as selling power might be more profitable.
As always, your total earnings from mining depend on your hash power. Full-sized mining farms will always earn more than individual miners with a limited hardware setup. Many NiceHash users report earning less than a dollar per day with weak equipment.
Luckily, you can check how much you’ll earn with a calculator on the official website. Enter the required information about your hardware setup, and you’ll get an estimate of earnings.
NiceHash follows the latest laws and regulations and applies them on its platform. In its essence, the miner is not illegal to use in countries where laws allow it or places where there aren’t enough regulations on the matter.
In addition, NiceHash is implementing KYC and AML procedures to prevent any unlawful use of its platform. As we mentioned in our NiceHash review, the KYC procedure requires identity verification that helps keep the platform secure.