Welcome to my Nicehash review!
Are you looking to get in on the cryptocurrency mining process with Nicehash but not sure whether it works for you?
First things first, I’m really happy for you that you’re willing to do your own research before joining any program as there are way too many online scams that can waste you a ton of time and money.
And this is the only way to stay away from scams and find the legitimate way to make money online!
Let me be completely honest with you, I’m not associated with Nicehash in any form so I’m not here to sell anything to you.
So, if you’re doing research about is Nicehash a scam or legit, rest assured that this is the right place.
In this review, I’m going to be giving you a thorough breakdown of Nicehash and whether you should join this program.
Product Name: Nicehash
Overall Rank: 30 out of 100
NiceHash was established in 2014. Being one of the earliest cryptocurrency platforms in the world, it is generally used to mine and trade cryptocurrencies by miners, buyers, and traders.
From the beginning, NiceHash has provided services for more than 600,000 active workers and 250,000 active miner users, which has been the go-to platform for many customers all around the world.
How NiceHash Works?
In a nutshell, the mining service NiceHash provides is called cloud mining, which is basically the process of renting hashing power in a shared mining pool in return for a fixed amount of fee. Hash power refers to the power that your mining hardware users to run and solve different cryptocurrency algorithms.
Normally, cloud mining company will be the one who owns or rent out mining equipment, but this is not the case for NiceHash.
In fact, NiceHash only acts as a middleman that connects the hashing power buyers and sellers.
When buyers register an account at NiceHah, they can choose the cryptocurrency and mining pool that they would like to mine at the marketplace. Once they pay for the order, the sellers will forward the hashing power to the pool to start mining. For every share they provide, sellers will get paid in Bitcoins correspondingly. The entire process will be done on autopilot so that no technical skills will be required for both the buyers and sellers.
In other words, buyers will be able to start mining without having to purchase or manage any high-end mining equipment, and earn Bitcoins when a block was successfully mined, whereas sellers will receive revenue when someone has rented their mining power.
Comparing to traditional cloud mining, buying hash power at NiceHash also comes with a number of benefits:
- Flexible mining duration (From a few minutes to a maximum of 10 days).
- Faster delivery time.
- On the go payment instead of upfront payment.
- Full control over the price and amount of hash power.
How To Get Started?
1. Register an account at NiceHash
2. Log into your account and deposit Bitcoins or other supported cryptocurrencies to your NiceHash Wallet.
Note that you can only buy hash power with Bitcoins, you may have to use the NiceHash Exchange if you have already deposited other supported cryptocurrencies.
Here’s a quick list of the exchange fees:
3. Choose and register at a pool
4. Create and place an order
Once you deposit Bitcoins on your NiceHash Wallet, head over to the “Hashpower Marketplace” to place your first order. After that, select the appropriate algorithm for your cryptocurrency from the drop-down list and choose your pool location – Europe or USA.
There are 2 types of orders you can choose from: Fixed order type and standard / bidding order type. The main difference between these two is that the fixed order type provide with a fixed price and hashing power, whereas the latter can be outbid by other bidders with a higher cost.
If you’re wanting to mine 24 / 7 at an affordable price, a fixed order will work better for you.
On top of that, there are 3 variables that you will need to set to place your order:
Keep in mind that the price is merely a number that places you on the market, meaning that it doesn’t indicate the total amount you’re going to spend on hashing power as it is defined by a variable amount. That is to say, 0.0224 BTC / PH / DAY doesn’t mean that you’ll be charged 0.0224 BTC.
This is the number that determines the maximum and minimum speed of your order. To set a limit for your order, you can enter any value between the upper limit field and lower limit field. Meanwhile, if you don’t want to limit your speed, simply fill in 0.00 in the field.
Lastly, amount is the variable that determines how much will you spend for your chosen order in Bitcoins. As soon as you set all these variables, the duration will be calculated and start mining automatically. For fixed order, the duration is limited to 24 hours, while standard / bidding order can last up to 10 days.
5. Check your income from purchased hashing power
To view or collect your income, you will need to refer to your chosen mining pool.
Note that NiceHash doesn’t guarantee that you’re going to get paid at the pool since payouts will only be distributed after a block was successfully mined.
As far as I know, this FAQ section above is the only support you can get at NiceHash.
To be honest, if I were a beginner and I saw this website, chances are I would leave immediately because I wouldn’t know how to get started.
There are no fixed pricing options or contracts at NiceHash so you can literally get started with as little as 0.005 BTC.
Also, there are minimum trade value for each type of cryptocurrency in order to be accepted by their trading platform.
Who is Nicehash for?
NiceHash is for those who would like to start cryptocurrency mining or for those who wants to trade hashing power.
However, it would be better off for you to avoid this kind of crypto investment since there are more straightforward and better ways to generate consistent revenue online, like Affiliate Marketing.
What is Affiliate Marketing?
Affiliate marketing is, by definition, the process of promoting and selling other peoples’ products, and when someone makes a purchase via your affiliate link, you earn a commission as a result.
Additionally, an affiliate marketing business is also a passive income stream, meaning that by investing your time and money beforehand, it can generate consistent revenue into your bank account in the future without trading your time for it like your daytime 9 – 5 job.
Like most online business, the time and effort you put forth into your affiliate marketing business normally pays off MONTHS or even YEARS later.
But I assure you that affiliate marketing is truly something that works for ANYONE and it will lead you to financial freedom if done correctly.
VERDICT: NOT LEGIT
Is NiceHash a Scam?
Fortunately, it seems to me that NiceHash is a legitimate platform where people can start crypto-mining without setting up their own mining equipment so it’s not a scam.
The only downside is that it has a low earning potential and it’s simply not worth your time.
If you’re interested in earning big bucks online but don’t know where to start. My recommendation is to get started with what I think is the best affiliate marketing training platform and mentoring community that I’ve personally tried.
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