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NiceHash has become one of the most popular ways to extract Ethereum (ETH). Whether you are a beginner in the mining industry or an experienced miner who is trying to use NiceHash, here are some things you should know about using this cloud mining software.
What is NiceHash?
Headquartered in Slovenia, NiceHash is the largest cryptic market in the world. This platform connects sellers (a.k.a. miners) with hashing power with hashing power buyers.
Looking at the NiceHash website, the company boasts a lot of impressive statistics. It has over 332,000 active daily workers, 109,000 mining users, 4,009,000 orders and 192,000 BTC in payments.
In addition to supporting Ethereum mining, NiceHash also supports a variety of other mining algorithms. This means that it supports Bitcoin, Zcash, Litecoin and many others.
Is NiceHash an effective solution for ETH extraction?
According to various online reviews, NiceHash offers one of the fastest and most convenient ways to extract Ethereum. With the NiceHash miners, the process of choosing the optimal algorithm for the hash can be automated.
After all, it does not matter if Ethereum is the most efficient option. Essentially, software removes many of the guesswork and strategy typically involved in choosing a specific algorithm and a coin to be extracted. This also means that you have more versatility with NiceHash than without. One potential disadvantage is that several users have reported that the hashing rate could be lower with NiceHash than other options on the market.
Algorithm of extraction of etereum
Ethereum 1.0 when used Dagger-Hashimoto as its extraction algorithm. Since then, Ethereum has moved to Ethash. However, you will notice on the NiceHash website that the mining of Ethereum with this platform is still based on Dagger-Hashimoto.
The good news is that the NiceHash website includes instructions for connecting the necessary ethminer software. This includes AMD GPUs, NVIDIA GPUs and Linux build instructions. It also has instructions for connecting to two different server stations: the EU and the United States.
NiceHash Installation Options
The first step to renting space on your computer and earning cryptocurrency is to check if your device meets the minimum hardware requirements needed to download NiceHash Miner. Note that NiceHash Miner only supports desktop GPUs with CUDA 5.0 and higher calculation capabilities.
To detect NiceHash Miner, NVIDIA GPU drivers 387.26 or more recent need to be installed AMD graphics cards are not supported by NiceHash Miner, so you will have to download NiceHash Miner Legacy. The software supports CPUs with AES and SSE42 functions / set of instructions. At the moment there are no plans to allow CPU without these functions / set of instructions to run NiceHash.
Control of the support, considering the profitability
If you are not sure if your PC can run the software, the best way to test it is to download the miner first. Secondly, you should run the benchmark, which will give you a good idea if using NiceHash is practical (or even possible) with your system.
Finally, you should check the profitability calculator to determine the estimated gains or losses. In many cases, the hardware option will not be profitable. Naturally, this varies depending on the electrical costs, types of hardware devices and prices of cryptocurrency.
The NiceHash profit calculator provides estimates for which hardware options should be the most profitable, excluding electrical costs.
Payments
One of the most important aspects to consider when extracting Ethereum, or any other cryptocurrency, with NiceHash is the form of payment. You might think that since you are tracing ETH, payments will be in ETH. This is not the case with this specific platform.
BTC is the only form of payment on NiceHash, regardless of which crypt you decide to extract. This means that if you want to get ETH, you will need to use a cryptocurrency exchange to convert BTC funds.
Hashing: buyers and sellers
While competitors mainly sell monthly passes, NiceHash does not. The minimum amount needed to start the extraction of Ethereum is 0.005 BTC. Using the site, you will find out that the contracts are listed as a quantity of BTC per day. However, it is also possible to create a contract for a period of more or less than one day.
The site offers two options for offers on hash rate purchases: standard offer and fixed price. Basically, the fixed price option probably costs more than the standard offer, but it simplifies the process of finding a match. By choosing the standard offer, there is the possibility that you can be overtaken by another user.
The NiceHash marketplace page provides live statistics for hashing power orders. This includes Dagger-Hashimoto and other algorithms.
NiceHash Taxes of purchase and sale
Whether you are buying and selling hashing power for ETH or another cryptocurrency, you must be aware that all commissions are calculated in BTC.
Buyers: There is a non-refundable order fee of 0.0001 BTC. The amount spent over it orders for buy hashing power (amount not spent over it canceled orders is not subjected to this fee) is 3 percent.
sellers: Payment commissions for balances of less than 0.1 BTC to an external portfolio are 5%. Scales greater than or equal to 0.1 BTC to an external portfolio have 3% commissions. Payments for balances greater than or equal to 0.001 BTC on a NiceHash portfolio are 2 percent.
Withdrawal and deposit fees
For withdrawals from 0.001 (minimum amount) to 0.1 BTC to any Bitcoin wallet, there is a fee of 0.0001 BTC. If the withdrawal is more than 0.1 BTC to any Bitcoin portfolio, the fee is equal to 0.1 percent of the amount withdrawn. Those who want to exchange funds through Coinbase can do it fairly easily. More importantly, there is no cost for any amount sent over 0.001 BTC to a Coinbase wallet.
NiceHash allows you to sell the power of your mine. The site recommends connecting your systems to the nearest location. This map shows six locations available worldwide.
NiceHash Competitors
When it comes to mining of Ethereum, there are other options besides NiceHash. For example, you might decide not to completely enter a mining pool. However, miners with a limited number of rigs generally do not choose to do so as they are less likely to solve the algorithm and receive rewards.
ISAlthough NiceHash is the most popular choice, there are other major competitors. Nanopool, for example, has over 130,000 active miners. Rates are only 1%. In addition, Nanopool pays for uncle's blocks. This means that if your rig approaches the resolution of the algorithm, you can expect to receive some reward. Ethermine provides another solution. It has over 75,000 active miners. He also has 1% tax and pays his uncle's blockages.
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