Want to know more about the world of the cryptocurrency cloud mining business? Want to sell and buy hashing power with minimal risk? If you’ve got two “Yes”, you’ve turned to the right page. The answers to your questions can be given by referring to such notion as Nicehash. Further we are going to explain the way it works, services provided, its unmatched advantages and disadvantages.
- Understanding the nature of Nicehash
- Nicehash on Social Media
- What can Nicehash offer to the users?
- Comparing Nicehash to other services alike, does it stand out?
- How to make a deal
- How to pay for the service
- Want to create your own mining platform?
- Knowing more details about the service
- Is it convenient to use Nicehash from client’s point of view?
- Making a conclusion
Understanding the nature of Nicehash
Nicehash opens new horizons for users by offering cloud mining services; it is a huge mining pool where clients can sell and buy hashing power easily with minimal risk.
It has been introduced in 2014 for the very first time. Today there are services in Europe and the USA. Neither their exact location nor the identification of owners is disclosed. Even web studies cannot give the exact information about the company. What we can say for sure is that they can really guarantee the security of the data. In other words, the mined bitcoins is under protection of such programs as CloudFlare and Bit Go bitcoin wallet. These days the protection is considered to be one of the most reliable.
Nicehash on Social Media
- Twitter: https://twitter.com/NiceHashMining
- Github: https://github.com/nicehash
- Youtube: https://www.youtube.com/c/NiceHashmining
- Facebook: http://facebook.com/NiceHash
- X11 algorithms
What can Nicehash offer to the users?
The idea is the following: you’ll have access to the complex service on the mining market. What does it mean? On the one hand, the mining power of different miners is joint into one, which makes it possible to rent out the miner you wish in accordance with the rules and terms of the service. On the other hand, the users can sell and buy hashing power.
Comparing Nicehash to other services alike, does it stand out?
The peculiar feature of Nicehash is that it is not based on investments; it stands out by the advanced cloud mining experience.
How to make a deal
To use the service, the clients can be offered two types of contracts. Let’s have a look at each of them.
- The first type is developed in such a way that the price can be set during the bidding process. How does it work? You offer the price that you are ready to pay for the service and if no one bids it, you’ll pay such price, if somebody can offer more attractive price, unfortunately, he or she bids your offer.
- The second type is contracts with fixed price. The thing is that in this case the hashing power of the contract stays the same during the whole period that you are dealing with the service. One more thing to remember about such kinds of contracts is that they have got higher fees in comparison with the first type. Besides, it can only take half of the total hashing power of the pool.
How to pay for the service
There is only one way to pay for the service – bitcoin. Neither credit card nor fund transfer is possible. It is also possible to use Shape Shift to convert altcoins to bitcoins, for example, litecoins, dogecoins and so on. Turning back to credit card users they can exchange it on bitcoins. Every user involved in the service is receiving revenues in accordance with their contribution to the overall hashing power 4 times a day.
Want to create your own mining platform?
It is possible by using Nicehashbot on Git Hub. You will not only know how to create it on your own, but also how to run it with profit. Besides, Nicehash has got a well-developed system of support, in case of having any questions you can be consulted.
Knowing more details about the service
Here we should touch upon prices and fees. The information about it is available only for registered users. To become the registered user you are to undergo a simple procedure which requires only your e-mail address with password.
Talking about the price itself, it depends on the amount purchased. The clients can choose hashpower based on GH/s or the cost in BTC.
How it all works:
- Bidding scenario: From 0.0264 BTC per GH/s a day if nobody offers a better price;
- Fixed price: 0.0305 BTC per GH/s a day.
Depending on their location (the USA or Europe) users can rely on two services which differ from each other. Comparing the USA and European contracts there can be seen one consistency- in USA the fixed contracts are much more costly in comparison with European, but turning to bidding contracts the situation is vice versa.3 % fee is charged by Nicehash on transactions. So it can be rather costly to transfer hashpowers.
Is it convenient to use Nicehash from client’s point of view?
Yes, it is. The user can select a language. Here 3 options are possible: English, Russian and Chinese. In case of having any questions it is possible to get consultation. Or there can be found the following section on the web-site: Frequently Asked Questions where the most popular questions find the answers.
Making a conclusion
For sure, Nicehash opens new horizons for its users making the cryptocurrency cloud mining business more accessible and easy for the clients. Of course, here we can find both positive and negative sides, just like in any kind of thing.
Among strong points there should be mentioned the following:
- The process of trading hashpower has become much more easier
- The possibility to combine different miners into one huge pool
- The security of data
- The system can be complicated for new users
- Bitcoin is the only way to pay
- European and US users have got different prices for using the service