Welcome to this comprehensive NiceHash miner review. There are people who want to know if it is legit or not. If it is legit does it work? Well, some people are just curious while others are seriously considering making an investment.
This review includes the company’s offerings. We have also included some analysis, which of course should be taken with a grain of salt since it is of course just someone’s opinion regardless if it was well thought out. We’ll just lay everything on the table so to speak and you get to decide if NiceHash is for you and if it can really boost your efforts in the field of cryptocurrency.
The Pros and Cons
To start with, here’s a little overview of the pros and cons of using the NiceHash service:
- It pays as you mine
- It gives you the opportunity to mine more coins
- There are no limits on maximum hashpower orders
- The service offers up to 23 algorithms for mining
- It supports plenty of pools
- Sellers can take advantage of the service’s PPS system
- Buyers are provided with a lot of flexibility for their orders
- There are pretty steep fees when you use external wallets
- They only pay in BTC
The company was established back in April of 2014. From its small beginnings it has climbed up the ladder is now one of the biggest hashpower markets in the world today. It actually has the largest number of algorithms that are used for bitcoin mining. To date, it has served a total of three million orders. It boasts of a customer pay out of 80,000 BTC.
The statistics released by the company shows that they have a total of 85,000 active users, which contribute to the total pooled computing power daily. The company has a total number of active workers up to 170,000. They also utilize CloudFlare protection and acceleration. They also utilize BitGo BTC deposit wallets, which you should know are not only secure but are also insured.
The company operates its servers in different locations around the world. Their servers are located in Sao Paulo, Tokyo, Chennai, Hong Kong, San Jose, and Amsterdam.
How the Service Works
The company caters both for people who want to sell and buy hashing power. If you want to buy hashing power you can immediately place your order as soon as you create your account.
The registration is pretty straightforward and you are only required to provide your email to register. Note that you also need to deposit 0.01 BTC before you can make an order. Note that all buyers can choose the type of cryptocurrency they want to buy or sell. Among the algorithms supported by the system are Equihash, Scrypt, X11, X13, and SHA-256 among many others.
Another nice feature of the service is that you have a lot of legroom when choosing the marketplace – they support both US and EU marketplaces. You also get to choose the pool you want to use as well. One drawback though is that the company only uses bitcoin when paying out customers or when they take payment.
Note that the BTC that you deposit will be spent as you mine but the good news is that you don’t have to pay for anything in advance. As stated earlier, you also don’t need to pay anything for just subscribing to the company’s services.
NiceHash works like any other cloud mining service you can find on the web but it actually offers a few things more. For instance, unlike your run off the mill cryptocurrency mining service, NiceHash does not require users to sign a contract. If you have created your account and have deposited the minimum amount of BTC then you can place your order.
You can select any pool you like. You can also connect to P2Pool nodes if you want. Users are also allowed to buy as much hashrates as they need. Users may also indicate the price that they are willing to pay for the amount of hashpower they want to get – some sort of a bidding process. Users can also set the limits of the mining activities they are signing up for.
REMEMBER: buyers are allowed to limit the hashing power and also the price. Orders can be edited and customized according to your needs.
What happens if you cancel your order? You can get a bitcoin refund whenever you cancel an order. However, as a bit of protection from order spamming activity, there is a non-refundable fee that will not be credited back to you, which amounts to 0.0001 BTC.
Sellers are provided with a pay per share system or PPS. Sellers get daily pay outs provided they have unpaid balances in their internal wallets amounting to 0.001 BTC. The same rule applies to external wallets with amounts greater than 0.1 BTC. The system also provides weekly pay outs to external wallets that have balances more than 0.1 BTC.
NiceHash provides people with opportunities to make the most of their cryptocurrency efforts. It is legit even though it does have its own set of pros and cons. And that concludes this NiceHash miner review
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