This is the official NiceHash thread and this profile is run by a NiceHash team. You are welcome to ask questions and we’ll be happy to help you out.
What is NiceHash?
NiceHash is an open hash-power marketplace that connects sellers or miners of hash-power with buyers of hash-power. Buyers select the crypto-currency (algorithm) that they want to mine, a pool on which they want to mine, set the price that they are willing to pay for it, and place the order. This order is then forwarded to everyone who is connected to NiceHash with NiceHash Miner or NiceHash OS or any other mining hardware (like ASICs). Your provided computing power will fulfill the buyer’s order and you get paid for this service in BTC. You can learn more here.
NiceHash Miner NiceHash Miner or NHM (in short) is free software that allows you to connect your PC or a mining rig to the NiceHash hash-power marketplace. Learn more here.
NiceHash OS
NiceHash OS or in short NHOS is an operating system that loads from USB flash drive and runs from computer memory. It contains all the tools and drivers needed to bring your mining machine to life. NiceHash OS is free to use and you can connect an unlimited number of mining rigs! Learn more here.
If you want to learn more about NiceHash visit our official website or visit our blog for educational mining content.
For anyone wondering, we have verified that this is the official NiceHash team. For reference we have spoken with Andrej @NiceHash
I also opened a general thread on NH yesterday, going to be documenting some mining data and review information there and I invite you to share your experience mining with NiceHash in this official NH thread, or the one I linked… or both!
The niche for this company was their ability to simply mine without installing different products. People were happy to use them for testing purposes and they were happy to take that hashing power. Security is an issue there as well as questionable business practices. My personal experience was lost equipment from auto overclocking, lost money from switching to a new platform and poor customer support. Perhaps they will step up one day. But today is not that day.
To be fair I cannot say the overclocking is directly what caused my top of the line pc to fail. Switching algos on the fly is good in theory but in practice, not so much.
Not complaining here but my Antminer S17+ hashing at 73TH has made $42.27 today 4/19/20 on Nicehash. I’m just wondering why and will it continue? My ProfiMine ASIC app also gives a revenue of $50.64 a day on Nicehash.
For starters, you always get paid in BTC, which makes it cheaper to exchange to FIAT. Beside this, there are more reasons you should start mining with NiceHash:
If you have an ASIC and are connected to a SHA256 algorithm, you are basically mining (selling hashing power) more than 1 coin. So instead of manually switching between all SHA256 coins, buyers of hashing power do that for you. And you always get paid in one currency. The same goes for other algorithms.
oftentimes, payouts on NiceHash is actually higher than mining directly. 1.) Buyers always compete with each other. 2.) Some buyers are gambling. They place high paying orders in order to get the full block reward.
We offer full dev support to mining farms.
You get paid for each valid share you contribute. Buyers pay the penalty for picking the wrong or incompatible pool.
You know what would be awesome for Nicehash to do that I know would help them make way more money and attract way more new users. I do not know if anyone is familiar with “paper trading” but it is basically when you do simulated trades with no risk and you learn how a platform works when you are in live trading situations. I want to learn more about how to use the hashrate exchange but I do not feel comfortable enough to put my real capital at risk when I still do not understand exactly how it works. I am not even sure how I would solo mine with the hashrate if it was free. If there was a way to simulate renting hashrate and I could practice what i would do before I actually do it I know I would be trying it out for sure.
Meaty, I tried my luck on the exchange and found that I lost a bit of bitcoin for the lesson. Basically, the way I did it was go to WhattoMine and enter 1Tb of hashingpower into whatever coin I wanted to mine. Then I got what I would make off that entire amount of power and devide it by the going rate. Then went on the exchange and bit for 10% lower than that thinking I would get about 10% and after any fees maybe 5% profit. It didn’t work out that way.
my attempt was for ETH and 1TbHz would get me 19,243 ETH at the time / 9,754 for BTC = 1.94 BTC per unit. so I but my bid in for 1.746 and the maximum speed of .1. it took 24 hours to fill the order because miners would jump in and out as opportunities above came and went. Of course, during that time BTC went up to 10,400 and ETH not as high of a % rise. once all was said and done, I had lost $6 on my order as I spent $50 in BTC to get $44 in ETH.
I was hoping I could mine Nicehash with my rigs, till I got 0.005 BTC and then use it to mine ETH while my mines were still going. Trying to Double DIp but I don’t think that is going to happen.
As Vosk has pointed out, and now I see what he meant, this is a good way to get unattainable coins without the hardware/software costs.
What is going on with the withdrawal fees? I usually transfer to my hardware wallet when the balance gets close to $200 but yesterday I noticed that fees increase by 25X. That is ridiculous. What is going on?
Nicehash is listed and considered as a Cryptocurrency Exchange. There are rules and if what you are saying is true, they are breaking them.
Nicehash is supposed to be charging a percentage fee, which has to remain stable. You actually agree to these terms when you sign up. Imagine what would happen if they used an algorithm that said when this much value is held, up the fees for withdrawal, then when the values are lower, make more attractive fees to pull people in. This isn’t correct.
It is my understanding that since its based on a percentage, then how high BTC goes, the fee (btc wise) would stay the same, even though they would actually be making more money.
I would like to know more about this. Why would i keep storing coins with them when at any time they can quadruple my withdrawal fee?
I think it might just be the network fees. They charge 0.1% + 0.00069228 or more based on Blockchain conditions which is usually 25-30 cents on $200. After looking a little more, the BTC mempool size is massive right now so it is probably not Nicehash’s fault. My fee is up even more since I posted. It is $6.70 now instead of $4.71. I guess I will just wait for a while to make that withdrawal.
I’m glad somebody asked (and I think answered) this question. I have been doing transfers in the $30-$50 range (I’m paranoid about losing an online wallet balance to hackers) and it has been costing me as low as 4c on one occasion. I went to transfer $40 a day or so ago and the fee was $1.50 (3.75%) so I cancelled it. It’s gotten worse to the point that right now it’s wanting to charge me 10.4% of my transfer amount!!!
I think I’ll just hang on until the mempool drops and sanity returns.
Yeah, if you intend to just transfer it from Coinbase to your wallet then I assume you will end up paying the high fees anyway. If you just transfer it to Coinbase then setup a limit order on Coinbase Pro, you can turn it into fiat for no fees but that doesn’t help if you want BTC. You could always leave it on Coinbase until fees calm down I suppose. If the dollar values aren’t huge, leaving it there for a while wouldn’t bother me.
