With the last few years’ arrival of computing power marketplaces, NiceHash [NiceHash.com] is emerging as one of the largest and most successful.
Based on a model of a mutual economy, buyers and sellers of computing power contribute to the platform from all over the globe. The computing power traded on the platform is tailored to apply to altcoin mining. Having emerged as a logical upshot of mining protocols generating profits in a new asset class, the company provides power sellers with an easy way of earning money via NiceHash Miner.
As a seller on the site, the GUI software auto-sells available computing power to competing buyers for the highest price. As the computing power is remotely employed, the site’s dashboard gives sellers pertinent data and intel to optimize regular mining.
With the NiceHash marketplace, buyers can shop for any amount of hashing power on any major hashing algorithm, and can mine new and established altcoins on a pay-as-you-go structure. Moreover, on the platform, buyers are free to make immediate bids on available power without having to be tied into any longer-term arrangement once their needs have been met.
Indeed, the company does not force an onerous registration process to endure before trading on NiceHash. Although the company suffered a loss of around $63 million to a hack – an incident that cost the CEO his job – it seems a successful patch has been applied to that possibility in future. The company has since been at pains to highlight their successful addressing of such potential going forward.
NiceHash Services Immediate Hashing Needs
Although Cloud Mining has attracted loads of negative press, with frequent scams and hidden costs abounding, NiceHash has avoided both greed and bad publicity. Often billed as a “multi-mining pool” that allows miners to employ any hashing algorithm, the power exchange has a large user base of some quarter of a million daily users.
Ranked as a serious cloud miner, the company opened for business in 2014. Since then, miners seeking additional power can employ the platform to enjoy a quick and wholly automated process that gets them the computing power they need. All payment protocols are crypto-centric and the developers have streamlined all processes to enable a fast, easy transaction at every turn.
Some of the site’s benefits include the fact that the AI at play will switch between cryptocurrencies, based on prevailing market prices. In other words, the profits from mining a certain coin on a certain algorithm may be surpassed by another altcoin while mining is underway.
In this case, the software will switch to mining the highest profit in real time and mine the other higher-value coin. For a myriad of reasons, sellers find that they have computing power to spare and a wide variety of algorithms to pursue. This has enabled a vibrant marketplace. So vibrant, in fact, that NiceHash offers tailored consumption solutions to large mining houses, and not just individual users.
With such an automated solution, many users enjoy concentrating on the basic figures to determine profitability, mining in an almost guaranteed way each day. The site’s software is geared, very much the intelligence at play in forex apps, to always maintain and maximize a miner’s profitability.
Sellers sell their availability on the hashpower exchange to miners looking for a profitable mining contract. The fees charged by Nicehash sit at three percent. All parties are paid only in Bitcoin. While the profitability of Bitcoin mining has been a hot topic within the cryptosphere recently, it seems that in spite of the fees levied by NiceHash, sellers are making acceptable money by selling their computing power. Indeed, it appears that for many, selling available power is more profitable than mining the currency themselves.
Onsite, NiceHash displays guidelines and other intel for third-party pool operators and also pool users, and pools of users benefit from NiceHash through the massive hashing power accessible on the platform. Optimizing initial setup, a pool can also run through a trial phase simply buying hashing power to confirm that an overall mining rig is performing as expected.
The “renting” of the hashing input often enables a far more cost-effective arrangement, particularly for mining startups. Indeed, for some buying computing power, a marketplace like NiceHash is an essential leg-up, without which barriers to entry will remain. Spared the capex requirement to purchase hardware, many mining outfits could turn a profit no other way.
NiceHash pays 5 percent of an order’s value to participating pool users who secure additional clients. Through a loyalty protocol, users can earn commission fees by actively engaging others and getting them to employ the site’s services. For many involved with buying daily mining power via the site, especially on a large scale, NiceHash is an essential backup facility for when they have unavoidable downtown.
The company kicks into two imperatives – prevent wasted idle downtime for sellers and preventing those same contract miners from migrating to healthier pools, costing the buyer once they are back online. Particularly during longer downtimes, NiceHash attempts to mitigate losses and dispense power as equitably as possible to enable minimal losses all round.
Not only a massive amount of hashing power, but also tight security, a sleek experience and regular payouts await users. Support is adequate and responsive, and the platform is now entrenched as a go-to option for miners. The percentage of coin creation in the altcoin universe as a whole that NiceHash can lay claim to is unknown, but they are playing an important role in the crypto ecosystem.
Enabling transaction confirmation on several decentralized ledgers by indirectly providing new coin creation and transaction validation on several different blockchains. Here are some interesting facts in numbers:
NiceHash Exchange Conclusion
Listing “585,000+ daily active workers” and 166,000+ orders served and settled, NiceHash is growing and finding itself a persistently valuable service to users. Based in Slovenia, the company has banks of servers positioned across the globe. Payments happen from a frequency of daily and start at 0.001 BTC.
Offering an alternative to giant mining houses, or rather, their initial setup, anyone with enough available BTC can buy whatever volume of mining power they desire. For the ambitious, the platform ends up being very much a matter of needing money to make money from mining where the Bitcoin mining profitability threshold generally oscillates remains a volatile input.
With Bitcoin mining becoming dominated by powerful investors who run dozens upon dozens of mining rigs, typically Bitmain Antminer machines, many enthusiasts see the flexibility and potential power of NiceHash as a positive countermeasure.