Are you looking for a crypto currency platform that allows mining as well as Trading coins in the form of exchanging coins for cash, or you may have heard about NiceHash and want to verify if they are legit? Then you just stumbled on the right page.
There are lots of platforms out there that allow mining but do not support exchange of coins for cash. Most of the platform allows you to mine with ease but at the end of the mining section, you are being sent bitcoins.
But with Nicehash, you’ll be able to mine coins easily as well as exchange the mined coins. I know you are probably wondering “What makes Nicehash special..?”
Nicehash has certain features that make it special and unique from other related platforms. The specialty including the answer to the initial question “Is Nicehash Legit” are contained in this page.
Other relevant information like how Nicehash works and Nicehash fees and payout system will also be discussed in this article. So without further Ado, let’s get started
What is Nicehash?
Nicehash is a bitcoin mining application that allows you to perform two basic activities with it. The first is to mine cryptocurrency and the second is to exchange cryptocurrency.
You can mine cryptocurrency for free with the application. The good thing about this application is the fact that it is legit and the coins you mine are real coins having Their original value and not both. This is one of the factors that sets it apart from other websites.
All you need to be able to successfully mine is an internet connection, a desktop or laptop.
You can also exchange your cryptocurrency here for cash. The exact amount of the coin exchanged will be sent directly to your payment system.
How Does Nicehash Work?
Nicehash uses the GPU and RAM to mine bitcoin, the GPU is of topmost priority as it helps to speed up the mining process and puts less stress on the computer CPU.
Bitcoin has a mining rate that has been halved and reduced over the years, mining 1 bitcoin would take less than 2hrs now; 9 years ago it could take up to 4months.
Using the NVIDIA GTX 3080 which is the most powerful graphic card in the world currently, you can mine at a faster rate. GPU’S are originally meant for gaming, but they’ve shown to consistently mine faster than regular CPU’S.
Owning these GPU’s would cost you a fortune as it will be installed in your desktop or laptop. Aside from the GPU, you will also need an unbreakable data connection for a longer period of time to be able to mine any reason coins.
But Nicehash has simplified the entire process by having the mining application and GPU’S installed in their application. You can now mine for free using their application.
All you need do is to ensure that your laptop or desktop has windows operating system installed and upto 64 Bits.
Nicehash also sells hash power for people that might not fancy the idea of mining with the Nicehash mining application.
It also has a trading API installed and integrated into their application. They have listed over 50 different crypto currencies which you can trade coins for coins as a professional trader because it has an advanced trading interface.
You can also trade your coins for cash and it will be processed immediately and your cash sent to your specified payment system.
How to Use Nicehash
It is very easy to use Nicehash for any of the services it offers. All you need is to leverage any of the routes it offers depending on your purpose of using Nicehash.
Nicehash has both a website and a mobile app for desktop, laptop, Android and tablet. They also have a customized app for iPhone users.
For crypto traders, you can leverage the website directly for your trading purpose or download their app depending on the device you are using. You can trade crypto currency using their platform and app on any device.
For crypto miners, you can directly mine cryptocurrency on their website. You can as well make use of a simpler version with the app. All you need do is either visit the site or download their app, then you start mining.
The only downside to using Nicehash for crypto mining is the fact that whether you’re on a desktop or laptop, you cannot mine. Mining is restricted Only to desktop users.
If your main purpose for leveraging Nicehash is to buy hash power, you can either use the website or download the app depending on your device. Once you’ve downloaded the app or you’re on the site, then you’re good to go.
How to Setup Nicehash
It is very easy to set up your Nicehash account and get started. You only need to follow a predefined procedure and you’re good to get started.
The first step to getting your account on Nicehash set up is to visit the website. You can as well download and use the application instead.
The second step is to click on create an account. Once you’ve done that, you’ll be asked to fill in some details and verify your email address and most times your identity.
Once you have successfully created your account on Nicehash, you need to input your payment system. This is applicable to those that want to start mining with Nicehash. Your mined coins will be sent to your specified details.
If you want to start trading crypto currency on Nicehash, you need to fund your wallet with the amount you’d like to start trading with. You can find your wallet with crypto currency or cash.
And if your main purpose of getting an account with Nicehash is to buy hash power or graphics card, you will be shown a list of graphics card or hash power, pick one and pay for it using the available payment systems.
One thing is common when setting up your account regardless of your purpose, you will need to properly set up your profile details.
Nicehash has a very low fee compared to its competitors. They do not charge you for depositing any fund or coins when you want to make any transaction.
Initially, they didn’t have any price attached but with the recent increase in the price of coins along with the high rate of cash flow in and out of the platform, they now charge 2% of your total amount when withdrawing your funds.
Automatically, the Nicehash fee is 2% of your withdrawal funds only.
Nicehash API and Affiliate Program
Nicehash offers you the opportunity to use and test their application giving you a better edge in covering the entire service both The paid and free ones. The opportunity enables you to have a better feel and practical knowledge on their application.
This opportunity is done on a test application. In this application whatever you do is free and could be considered as a demo application. No matter the amount of funds generated or the hash power bought, you cannot claim any because it’s a test application.
To be able to access the test application, you need a Nicehash API key and a secret Key. Once you have registered, go to your settings and you will find the option. If it’s not there, then chat with the customer service. They will send you the link to register and get your API and Secret Key.
Nicehash Also has an affiliate Program where you earn. Nicehash affiliate commission is 5% of the total money anyone using your affiliate link spends on Nicehash Application.
So you need to refer people to Nicehash and ensure they make any transaction using your affiliate link so you can earn.
Nicehash Minimum Payout
Nicehash has a stipulated amount for minimum payout. This minimum payout is only associated with crypto miners mining on Nicehash Application.
The minimum payout is 1000 satoshis. If the total amount of Bitcoin or other crypto currency you have mined is not up to the stipulated amount, you will not be allowed to pull out from the Nicehash wallet where your mined coins are stored.
How to Withdraw from Nicehash
They are two basic ways to withdraw from Nicehash. The first way is through the method you credited your wallet with. And the second is through the per to share reward method.
As a trader, you can withdraw your coins or funds directly to the same method you used in crediting your wallet. You can withdraw it to your external wallet or through any third-party bank like PayPal.
For crypto miners you can only withdraw your funds through the per share method. In this method, your coins are put out for exchange and bought by people who want to buy hash power with coins. After which, your money is then sent directly to you.
As a Crypto miner, you can as well decide to trade with the mined coins. In that way, you will no longer be limited to Only one type of withdrawing system.
Alternatives to Nicehash
Talk about these alternatives:
1. Betterhash vs Nicehash
Betterhash is like another version of Nicehash because they offer almost the same services as Nicehash.
Betterhash has been classified as one of the biggest alternatives to Nicehash because both platforms offer the opportunity to mine directly in Their application.
The difference in Both platforms is the payout option and the fees involved. Nicehash has a specific withdrawal fee which is 2% of every mined coin that you want to withdraw. While the fee is flexible and not specific for Betterhash.
Nicehash allows you to use the Per to Share payment system when withdrawing your mined coins. But a better hash allows you to withdraw your coins directly to your external wallet.
Another major difference between both applications is the nature of their mining dashboard. Nicehash dashboard has an integrated wallet where your mined coins are stored. But betterhash has no wallet.
This is another alternative to Nicehash because they also engage in offering crypto mining services. The difference between Honey Miner and Nicehash is the nature of the dashboard and the fees involved in both softwares.
Nicehash has it’s fees which is 2% fixed on any withdrawal of mined coin while Honey Miner has it’s fees fixed on the GPU to be used in the mining. For 1 GPU it’s 8% and for 2 GPU it’s 2.5%.
Nicehash dashboard has an integrated wallet for storing mined coins while Honey Miner has no wallet.
3. Cudo miner
Cudo Miner is more of an alternative to Honey Miner than to Nicehash. Although it is classified as one of Nicehash alternatives. The difference between both applications is the fees.
Nicehash has it’s fees of 2% on every withdrawal while Cudo Miner actually charges for the type of mining done. Cudo minerals charge 6.5% for Bronze, 5% for Silver and 4% for Gold.
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Is Nicehash Safe and Legit?
Nicehash is completely safe and legit. You are not giving them your credit card when signing up nor are you giving them access to some of your personal details.
The verification process you might be asked to do is just to verify your identity and it’s common with any financial application. It’s mainly used to detect fraud and illegal activity.
Nicehash is completely legit because they do not operate with both. The entire Service is real. The trading is done by you, the hash power is also bought by real humans too and the coins from mining are real because it maintains the original value.
It will not be wrong to say that Nicehash is legit and Safe.
Conclusion – Should you use Nicehash?
The decision is basically yours. But if I’m to decide for you, I’ll advise you to make use of Nicehash because you have nothing to lose, instead you have a lot to gain.
By deciding to use Nicehash, you are also accepting to use one of the legit mining platforms. You are also accepting to trade crypto on one of the most advanced but simplified trading platforms.
You can Also make money while using Nicehash. That is through your unique affiliate link.