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Cryptocurrency mining can be daunting to beginners, but NiceHash drastically lowers the barrier to entry with its cloud mining services. However, you must purchase BTC to use any of the platform’s tools.
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TABLE OF CONTENTS
Finding a reliable and trustworthy cloud mining platform can be challenging and time-consuming. However, NiceHash has taken the world by storm due to its simplicity and robust feature set. But is it still worth using? Throughout this NiceHash review, we compare the platform's features, fees, and performance to help our readers decide whether it's right for them.
NiceHash is one of the most popular sites for cloud mining and for good reason. The platform offers a simple way to start mining cryptocurrency yet maintains appeal for experienced miners due to its management system and Hashpower Marketplace. As such, NiceHash is a great platform for anyone looking into cloud mining. However, you'll need to purchase BTC before using the platform, as the NiceX exchange is expensive.
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- Support for multiple assets. While many miners only support a single asset, NiceHash lets you choose between mining Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, and Ravencoin, making it a great choice for people wanting to invest in altcoins or those looking to hedge their mining efforts.
- Manage mining rigs from anywhere. Consistent maintenance is one of the largest drawbacks of cryptocurrency miners. However, NiceHash lets you manage multiple rigs from anywhere worldwide, making it a great tool for people who travel frequently.
- Beginner-friendly. One of the strongest aspects of NiceHash is its beginner-friendly nature. While mining crypto can be complex, NiceHash makes it simple with its EasyMining packages and Hashpower Marketplace. As such, NiceHash is a great choice for novice miners requiring a simple entry point.
- Hashpower marketplace bid system. Although you can buy EasyMining packages for a flat cost, the Hashpower Marketplace uses a bid system that could be difficult for someone new to the platform to understand, reducing beginner accessibility.
- Must purchase using Bitcoin. Unfortunately, NiceHash only lets you purchase packages or processing power using BTC. Although you can deposit 58 cryptocurrencies and Euros to the platform, you must swap your funds to BTC before they're usable, and with the NiceHash exchange charging a 0.5% fee, swapping your assets in the NiceHash ecosystem could be extremely costly.
NiceHash at a Glance
Founded in 2014, the British Virgin Islands-headquartered company NiceHash aims to provide a simple and reliable way for people to begin mining cryptocurrency without costly hardware requirements.
|Cloud Mining, EasyMining, Rig Management, Sell Computing Power
|Accepted Fiat Currencies
|Wire Transfer, Direct Deposit
|Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, Ravencoin
|Help Center, Ticket System
|2FA, Settings Confirmation, Withdrawal Monitoring
|Yes (Android and IOS)
NiceHash Features Reviewed
The primary draw to NiceHash is its cloud crypto-mining functions. Instead of being forced to outlay thousands of dollars for expensive mining hardware that becomes outdated quickly, you can purchase computing power, select from a list of the top mining pools, and set up a practical crypto-mining operation from anywhere in the world.
Although NiceHash offers Bitcoin mining software that lets you validate transactions to earn rewards using your PC, the company also lets you purchase processing power from other users on the site using Bitcoin, which could be ideal for beginners wondering how to mine Bitcoin.
When you purchase mining power on NiceHash, you must select a mining algorithm that determines which coin you're working to attain, for example, SHA256 for Bitcoin. Then, NiceHash will display the total available power in hashes per second. Using this information, you can understand how much speed you can access through NiceHash to determine your potential earnings.
It's important to note that NiceHash uses a bid system that gives users willing to spend the most priority access to computing power. While this approach boosts competition, it can make things difficult for users looking for a simple cloud mining solution as you must compete with other users. That said, NiceHash does display an order book so you can determine the most cost-effective bids to input.
Overall, NiceHash's cloud mining services are well-designed and provide ample information to make a well-informed decision about whether the platform is right for you. The ability to purchase computing power on various mining algorithms vastly boosts the versatility of NiceHash, as you can mine several coins from a single account. However, the bidding system could confuse some NiceHash users.
Although crypto mining can be daunting for those new to the space, NiceHash offers a simple entry point with its EasyMining packages. The service is a spin on traditional crypto mining and adds an element of luck to mining.
Instead of directly buying computing power, you buy a package ranging in price from around $2.90 to $290. Then, NiceHash creates a fixed order on its Hashpower Marketplace, and if the hash power your purchased validates a block, you get the entire reward. By going this route, you can attain higher, less frequent payouts, but you lack the consistency of traditional mining.
On top of its single packages, NiceHash offers TeamMining products that let you work with other users in an attempt to validate a block and split the rewards, like typical cloud mining pools. All key information, like probability, current block reards, and your shares, are displayed when previewing an EasyMining package, which is good news for anyone who values transparency.
Sell Your Computing Power
Rather than using your computer for traditional GPU mining which can damage the GPU, where you join mining pools and solve cryptographic calculations to earn a block reward, NiceHash lets you sell your computing power to other users using the NiceHash software. This makes it a great alternative to solo mining for people without costly mining setups. However, there are cloud mining platforms we've reviewed like BeMine that offer ownership of mining hardware that works indefinitely, which is good for long-term investments.
Although the NiceHash software lets you rent out the power generated by your CPU and GPU, it doesn't require any other data, meaning that your privacy is secure while using the service. However, you must know that you sell your computing power to other users, not NiceHash. Therefore, your earnings can vary significantly day-to-day, which isn't ideal for people searching for consistent income.
Manage Mining Rigs
On top of its cloud mining capabilities, NiceHash lets you manage mining rigs on the website. Perfect for anyone with their own mining hardware, NiceHash's rig management system enables you to control all your mining rigs from a single website, regardless of where you are.
After linking a DIY ASIC miner to the software or setting up the NiceHash software, you'll see its current profitability, balance, time to payout, and operating temperature, which vastly streamlines the process of managing several machines. Furthermore, you can change the power mode and turn a rig on or off from NiceHash, which is perfect for people who frequently travel or store their mining setup out of the house.
Although NiceHash mainly operates as a cloud mining platform, the ability to manage your own rigs from anywhere in the world is a huge advantage that goes a long way to helping cement NiceHash as one of the top crypto mining platforms worldwide.
Supported Mining Assets
When trying to select the best option out of the available cloud mining operations, it's important to consider which assets the platform supports for mining. The NiceHash miner platform is quite varied, offering support for Bitcoin, Bitcoin Cash, Dogecoin, and Ravencoin. As such, NiceHash is a good option for those looking for a single portal to acquire multiple cryptocurrencies.
NiceHash Fees and Pricing
NiceHash offers hundreds of packages meaning that just about everyone can find one matching their budget and token mining preferences. Regarding EasyMining, which gives you the possibility of successfully mining a block, packages start as low as $2.88, with the most expensive options costing around $265.88.
When it comes to purchasing computing power from other users for mining, NiceHash prices its services in BTC per day, based on the hash rate denominated in Terahashes per second (TH/S). By taking this approach, NiceHash ensures that sellers and buyers can all access the service regardless of their computing power or budget.
Prices range from hundreds to thousands of dollars but constantly change, meaning it's worth double-checking current bids to determine whether the service is right for you.
On top of product pricing, NiceHash charges a 2% fee for payouts to NiceWallet with a minimum of 1000 Satoshis (0.00001 BTC). However, for external wallets, the charge is 2% plus network fees. Although the withdrawal fees NiceHash charges aren't overly expensive, they could eat into your crypto mining profits, so it's worth considering before using NiceHash's services.
Creating and Verifying a NiceHash Account
Creating an account by providing an email address and password is initially the only requirement for using NiceHash. However, to make orders on the Hashpower Marketplace and purchase EasyMining packages, you must complete Know-Your-Customer (KYC) verification.
The NiceHash verification process is similar to popular crypto exchanges like KuCoin or Coinbase. You must provide proof of identity (passport, driving license), proof of address (bank statement, utility bill), and a selfie to confirm your identity. For our NiceHash review, we tested the verification process and were impressed to see our account was approved within 24 hours, which matches most leading platforms.
Supported Fiat Currencies and Deposit Methods
To ensure that it's easy to fund your account and buy hashing power, NiceHash supports deposits in 58 cryptocurrencies, including Bitcoin, Ethereum, Polkadot, and Tron. Additionally, you can deposit Euros (EUR) by connecting your bank account to NiceHash. Unfortunately, though, EUR is the only fiat currency supported by Nicehash, limiting accessibility for international customers looking for cloud mining software.
However, during testing for our NiceHash review, we noticed that although NiceHash supports deposits in many fiat currencies, you must convert your assets to Bitcoin to purchase a NiceHash mining power package or hash power from the marketplace. NiceHash's partner crypto exchange NiceX makes swapping crypto simple, but the platform charges a 0.5% trading fee which is five times Binance or Bybit.
NiceHash Ease of Use
When deciding which cloud mining platform is the best for your needs, ease of use is an important consideration. Thankfully, NiceHash makes cloud mining extremely accessible for beginners as well as more experienced users due to its simplistic interface and lack of advanced terminology.
If you want to mine with NiceHash, you have a few different options to consider. Firstly, you can connect most Bitcoin mining hardware like an ASIC device, and manage it from NiceHash. However, if you want to mine without any hardware requirements, you can either buy hash power from the marketplace or use an EasyMining package to earn full-block rewards if your hashing power validates a transaction.
When it comes to understanding the various services offered, NiceHash is extremely transparent, which is useful for anyone wishing to understand what they're in for properly. The platform details the probability of earning a block reward, highlighting potential block rewards based on your shares and which packages entitle you to the most shares, which will help people to avoid any nasty surprises.
During testing for our NiceHash review, we found the service mostly easy to use. However, NiceHash EasyMining works somewhat differently from other platforms, which could make it confusing for those new to the space. Additionally, the more traditional Hashpower Marketplace doesn't offer a calculator or profit/fee estimations, making the service far more cumbersome.
NiceHash Mobile App
For anyone wishing to manage their cloud mining activities and mine Bitcoin on a mobile phone while traveling, NiceHash has created an app available for Android and iOS devices with the full functionality of the desktop platform. The NiceHash app is rated an average of 4.6/5 based on hundreds of reviews. However, while people agree that the app is working now, many users wrote about issues and bugs they experienced over the past few years.
During testing for this NiceHash review, we didn't experience any bugs and could easily log in and access key features like the Hashpower Marketplace and EasyMining packages. Furthermore, the app was easy to navigate because all key features were accessible via a button on the bottom of the screen, making the app suitable for anyone regardless of their technical knowledge.
Similarly to the desktop platform, you can review important details like reward probability, potential reward, and amount of package shares, helping you to understand the likelihood of your investment yielding a profit. Additionally, you can view miner bids, outbid orders for computing power, and monitor Bitcoin mining pools directly from within the app. The NiceHash exchange is also available on mobile but requires its own app.
Despite some reviewers stating that the app lacks polish, we found the NiceHash mobile app to be well-designed, straightforward, and, most importantly, functional. It lets you perform every action available on the desktop platform supports, meaning it's a great tool for anyone looking for a way to manage their mining rigs while on the move.
NiceHash has a detailed blog containing articles on topics like understanding your earnings, explaining how cloud mining sites work, and issues with Know-Your-Customer (KYC) verification. Unfortunately, however, some of the guides lacked depth, failing to properly explain the topic, meaning that some users could be left confused by the blog.
For those with more pressing questions about their NiceHash mining software, the company offers a ticket system that lets people connect to an advisor via email. However, reply times were as long as 48 hours, and the lack of a dedicated live chat or phone support system means that getting a prompt answer to a question is unlikely.
We analyzed security measures to determine whether the platform is safe for our NiceHash review. From what we found, we were impressed by the validation mechanisms that were in place. When accessing NiceHash from a new device, you must input a code from an authenticator app, and when changing critical settings, you must input a code sent to your email address.
Naturally, NiceHash requires Two-Factor Authentication (2FA) using an app like Authy, making it harder for a bad actor to access your account. Additionally, NiceHash monitors withdrawals for suspicious activity, helping to prevent money laundering or account hijacks. However, despite its best efforts, NiceHash was hacked in 2017, but all users were made whole, and the platform has been free from incidents since.
Frequently Asked Questions
Is NiceHash Safe?
NiceHash is one of the most popular cloud mining platforms worldwide. Although the platform was previously hacked in 2017, it has gone steady since, and all affected users were repaid. As such, NiceHash is a safe place to buy or sell computing power for cloud mining. However, it's still crucial to utilize proper safety procedures like two-factor authentication (2FA) and a unique password to secure your account.
Does NiceHash Only Mine Bitcoin?
No, NiceHash supports mining Bitcoin and several altcoins, including Bitcoin Cash, Dogecoin, Litecoin, and Ravencoin. As such, NiceHash is one of the most versatile cloud mining platforms available right now, making it a strong choice for anyone looking to hedge their bets by mining multiple assets.
How Does NiceHash Work?
NiceHash is an all-in-one platform for Bitcoin, Bitcoin Cash, Litecoin, and Dogecoin mining. The platform offers downloadable mining software and a rig management system. However, the primary draw to NiceHash is its cloud mining services. You can buy an EasyMining package to potentially earn block rewards or use the Hashpower marketplace to buy computing power to mine passively without hardware.
Final Verdict and Scores
NiceHash is a well-designed and feature-rich cloud mining platform that provides a great way for investors and traders to enter the mining world without outlaying large sums for expensive hardware.
The platform supports multiple cryptocurrencies, making it a great choice for people looking to mine multiple assets to hedge against a market downturn. While Bitcoin is required to purchase packages on NiceHash, which could cause trouble if you don't own crypto, the platform is reliable and trustworthy, making it one of the best options for people getting into cloud mining.
|4.6 / 5
|Supported Fiat Currencies and Payment Methods
|2.8 / 5
|3.6 / 5
|Pricing and Fees
|4 / 5
|Ease of Use
|4.5 / 5
|4 / 5
|4.2 / 5
|4.3 / 5