NiceHash is a marketplace that connects miners who want to sell their computing power with buyers who rent hashing power for crypto mining. The company provides user-friendly mining software, a marketplace to buy or sell hashrate, and an integrated wallet for receiving mining payouts, so users can mine without managing complex pools.
This NiceHash review explores the platform’s key features, security measures (including past incidents and current protections), fee structure and any hidden charges, and the quality of customer support.
We’ll also include a step-by-step guide on how to sign up and use NiceHash to help you decide whether it is a safe and legit choice for your mining needs.
What is NiceHash Platform in Cryptocurrency Mining?
NiceHash is a leading cryptocurrency mining platform that operates as an open marketplace for buying and selling hashing power. It allows users to rent computing resources for mining crypto without needing their own hardware setups.
NiceHash was founded in 2014 by Slovenian developers Marko Kobal and Matjaz Skorjanc to connect miners (sellers of hashpower) with buyers seeking to mine cryptocurrencies, using a sharing economy model where payments are primarily in BTC.
The platform’s core business focuses on hashpower brokerage, crypto mining software, and tools like EasyMining for simplified entry, supporting algorithms such as SHA-256 and Ethash across CPU, GPU, and ASIC rigs.
Currently, NiceHash has a large user base of over 2.5 million members, with over 250,000 daily active miners serving users in 190 countries. Some key services include the hashpower marketplace for real-time trading (prices update every 10 seconds), user-friendly mining apps, pay-per-share (PPS) payouts every 4 hours starting at 0.001 BTC, and features such as automatic profitability optimization.
Who Should Use NiceHash?
Use NiceHash if you are a;
- Beginner and casual miner: Miners with spare GPUs from gaming PCs or basic rigs who want simplified tools like EasyMining and profitability calculators to start earning passively.
- Hashpower renter (buyer): Traders or investors needing quick access to computing power for mining specific algorithms like SHA-256, without owning ASICs, GPUs, or CPUs.
- Experienced miner (seller): Users with ASIC, GPU, or CPU setups looking to monetize idle hardware via the marketplace, benefiting from frequent PPS payouts and global reach.
Non-ideal users: Professional mining farms with dedicated operations may prefer direct pool mining for lower fees, as NiceHash prioritizes user-friendliness over enterprise-scale optimization.
What are Pros and Cons of NiceHash?
NiceHash gives miners a simple, accessible way to mine and other cryptocurrencies, but it has some limitations. The pros and cons of NiceHash are explained below;
Pros of NiceHash
- User-friendly interface with automated profit-switching to select the most profitable algorithm, ideal for beginners and casual GPU/CPU miners.
- Supports multiple hardware types (ASIC, GPU, CPU) and over 30 algorithms, enabling broad accessibility and quick setup in under 15 minutes.
- Frequent payouts every 4 hours with a low 0.001 BTC threshold, plus features like EasyMining for passive earning and higher pay rates than direct pools.
- The marketplace model allows selling idle hardware or buying hashpower flexibly, with global servers for low latency.
- Secure, insured wallets and malware-free proprietary miners like QuickMiner and Excavator.
- Global reach with low-latency servers, secure features (2FA, SSL), and support for fiat on-ramps.
Cons of NiceHash
- Platform fees (2-5%) cut into profits compared to direct pools.
- Bitcoin-only payouts require conversion for other cryptos.
- History of the 2017 hack, though resolved with reimbursements.
- Profitability is sensitive to electricity costs and market volatility, meaning it is less ideal for large-scale professional farms.
NiceHash Marketplace: How It Works in Crypto
NiceHash marketplace operates as an open hashrate broker, connecting sellers of computing power (miners) with buyers seeking hashing power for mining various cryptocurrencies. Sellers use tools like NiceHash Miner or QuickMiner to contribute CPU, GPU, or ASIC power and earn payouts.
Meanwhile, buyers place orders for specific algorithms, choosing between standard bidding (competitive pricing) or fixed pricing (locked rates up to 24 hours). Here is a more detailed breakdown of how the marketplace works.
NiceHash: Hashing Power Buyers
Buyers on NiceHash are cryptocurrency miners, traders, or enthusiasts who don’t own hardware or want scalable power without upfront costs. Buyers purchase hashing power to mine specific coins, such as during profitable spikes, new coin launches, pool testing, or solo block attempts, avoiding maintenance costs.
To place an order on the marketplace, buyers fund a BTC wallet, and select algorithms (e.g., SHA-256). They also set duration and hashrate, and choose standard bidding (market-driven, competitive) or fixed-price (locked rate up to 24 hours, limited to 50% supply).
Some of the benefits of being a buyer on NiceHash include instant access to massive hashrate (over 250,000 daily users), low latency delivery, automatic pool routing, and flexibility without mining rigs.
However, it also has risks, which involves 3% fees on spends plus 0.00001 BTC per order, market volatility affecting profitability, and verifying trusted pools to avoid scams.
NiceHash: Hashing Power Sellers
Sellers provide computing power from CPUs, GPUs, ASICs, or farms using NiceHash Miner or QuickMiner software. Sellers earn BTC payouts via pay-per-share (PPS) or real-time PPS (RTPPS) for valid shares submitted, with minimums as low as 0.00001 BTC paid every 4 hours.
As a seller, your earnings depend on hashrate supplied, market demand, and BTC price, minus a 2% payout fee. You also benefit from ease (no registration needed for anonymity), global server options, and steady income without selling mined coins directly.
Similar to the buyers, there are also risks for sellers. Risks include hardware wear, electricity costs, and profit drops from volatility or network difficulty.
What are the Best Features of NiceHash?
The best features of NiceHash are the Profitability Calculator, the NiceHash Miner and QuickMiner, auto-tuning features, NiceHash Exchange, and the mobile app. These tools simplify entry for beginners by automating algorithm selection and earnings estimates based on real-time data.
NiceHash Calculator for Tracking Profitability Spikes
NiceHash’s Profitability Calculator estimates mining earnings based on historical marketplace data, hashrate, electricity costs, hardware efficiency, and recent buyer pay rates for algorithms over periods like the last day, week, or month.
The tool computes potential BTC revenue minus power costs, displaying results in USD or BTC for selected timeframes, using actual past share payments rather than future predictions.
The calculator matters for miners as it reveals profitability spikes from demand surges, helps compare mining rigs like GPUs vs. ASICs, and guides decisions on overclocking or downtime to avoid losses amid volatility. You can also use it to check your estimated earnings.
NiceHash Miner vs. NiceHash QuickMiner
NiceHash Miner and QuickMiner are tools for selling hashing power, but they differ in control, ease of use, and optimization approach. Here’s a rundown of their differences.
| Aspect | NiceHash Miner | NiceHash QuickMiner |
| Interface | Full GUI with benchmarking, stats, and plugin management. | Tray icon/minimal UI. Settings via config file or web console. |
| Miner Engine | Uses multiple 3rd-party miners/plugins for broad algorithm support. | In-house Excavator only; safer, fewer dependencies. |
| Overclocking | Manual tweaks (e.g., via MSI Afterburner integration). | Built-in auto OC tuner (Lite/Medium profiles) for efficiency. |
| Performance | Stable but may have higher rejects (1-2%), making it good for custom setups. | Often higher hash rates/lower power (e.g., 30 MH/s vs 27 on RTX 1660Ti) (<0.1% rejects). |
| Ease of Use | More complex setup/benchmarking. | Simpler, set-and-forget. |
Purpose and Simplicity
NiceHash Miner is ideal for advanced users who need control over algorithms, mining rigs, and multi-GPU tweaks for maximum customization. Meanwhile, QuickMiner targets simplicity, running quietly in the background with one-click optimization, ideal for gaming PCs or beginners who are trying to avoid manual configuration.
Auto-Tuning Features
QuickMiner has an embedded OC tuner that auto-adjusts core/memory clocks, power limits, and fans to hit target temps/efficiency without external tools. On the other hand, NiceHash Miner relies on user-driven benchmarking and manual OC, though it integrates well with third-party software.
Who Benefits Most
Beginners, casual gamers, and efficiency-focused miners benefit most from QuickMiner’s automation and safety. Meanwhile, experienced miners with multi-rig farms or specific algorithm needs prefer NiceHash Miner for granular control.
NiceHash Exchange
NiceHash Exchange is a crypto-only trading platform integrated within the NiceHash ecosystem. The exchange allows users to buy and sell over 50 cryptocurrencies, including BTC, ETH, XRP, LTC, USDT, and USDC directly from mining profits or deposited funds.
It supports seamless transfers from the mining wallet, removing the need for external bridges, and operates without fiat currencies for straightforward crypto-to-crypto trades.
The exchange offers two views: the Simple View for beginners, with instant market-rate trades by selecting pairs and amounts, and the Trade View for advanced users, featuring order books, price charts, limit/market/stop orders, and analytics tools.
NiceHash Mobile App
NiceHash Mobile app serves as a management tool for the platform. It allows users to oversee mining operations, marketplace activities, and account settings without performing mining on the device itself. The main functions of the mobile app include:
- Manage Mining (Rig Manager): Users remotely monitor rigs, view temperatures, start/stop mining, and adjust power settings for optimal performance.
- Track Performance: Real-time stats on earnings, hashpower orders, mining history, and algorithm performance via dashboard and notifications.
- Buy/Sell Crypto (Hashpower Marketplace): You can use the app to place new orders, check statuses, manage, or cancel buy/sell hashpower transactions directly.
- Withdraw BTC: Handle BTC wallet management, including deposits, payouts, and withdrawals through the integrated profile and settings.
NiceHash Security Features
NiceHash implements multiple layers of protection to safeguard user accounts, funds, and mining operations. Although the platform suffered a major hack in December 2017, losing around $64 million, the company has since improved its security features to better protect users’ assets and data.
Account Protection
Two-Factor Authentication (2FA) is mandatory for enhanced logins, using apps like Google Authenticator or Authy. New device access requires email codes or SMS verification for orders. IP login history tracking and withdrawal whitelisting prevent unauthorized transfers, while KYC verification adds identity checks for higher limits.
Wallet and Transaction Security
The built-in BTC wallet employs multisignature technology and cold storage for funds, with SSL encryption securing all web/app communications and transactions. And the Lightning Network support enables fast, low-fee withdrawals, and suspicious activity monitoring flags potential money laundering or hijacks.
Software and Platform Safeguards
Mining software like NiceHash Miner includes updated security patches, helping avoid third-party vulnerabilities through in-house engines like Excavator. EU regulatory compliance ensures transparency, with no major incidents since 2017 (when users were fully reimbursed).
What are the Available Fees on NiceHash Exchange?
NiceHash charges fees across deposits, withdrawals, cryptocurrency trading, mining, and marketplace activities to cover network and operational costs.
NiceHash: Deposit Fees
NiceHash charges minimal deposit fees, primarily applied based on the amount received to cover blockchain network costs. For BTC deposits between 0.00001 and 0.00005 BTC, the fee is a flat 0.00001 BTC.
Deposits of 0.00001 BTC or less result in the entire amount being taken as a fee. These fees apply to incoming transactions, such as NiceHash Pay, which adds 1% to payments, and they are applied automatically upon receipt without user selection.
NiceHash: Withdrawal Fees
Withdrawal fees on NiceHash vary by cryptocurrency and network conditions, covering blockchain transaction costs plus platform charges. Fees have included structures like 0.4% or around $4-12 USD, though Lightning Network enables zero-fee BTC transfers.
Other coins follow similar regular withdrawal fees based on the specific blockchain used, with dynamic pricing by amount and coin. Payouts from NiceHash wallets require a minimum balance of 0.001 BNO. Fees apply to every external wallet transfer initiated by the user.
NiceHash: Other Fees
- NiceHash Trading Fees
NiceHash applies fees on its exchange for buying and selling cryptocurrencies, structured as maker and taker fees similar to other platforms. The rates are around 0.2% or less, depending on volume and order type.
These fees are deducted automatically from trades executed on the marketplace, where makers (limit orders) often pay lower rates than takers (market orders).
- Hashpower Marketplace Fees
In the hashpower marketplace, NiceHash charges a 2-3% service fee on transactions for buyers and sellers of computing power. For miners selling hashrate, payouts to NiceWallet incur a 2% fee once the minimum balance (0.00001 BTC) is reached, while buyers face a 3% service fee plus a small fixed order fee of 0.00001 BTC.
- Inactivity Fees
NiceHash charges an inactivity fee on accounts with no qualifying BTC activity for a set period. As the name implies, the fee is applied only to “inactive accounts,” defined as accounts with no qualifying BTC activity (such as mining payouts, buying hashpower, EasyMining purchases, or similar transactions) for more than 6 months.
So if you are an inactive user, your dormant balance will be slowly deducted until it reaches zero or you become active again. Once the account is flagged inactive, a monthly service fee is deducted from the BTC balance; if the balance reaches zero, no further inactivity fees are charged.
- Other Service Fees
Additional service fees include mining setup costs treated as expenses and a 2% wallet transaction fee for internal payouts. These apply to features like NiceHash Pay (1% on BTC) and third-party miner dev fees (e.g., 1% for NBminer), contributing to overall profitability reductions of 5-8% compared to direct mining.
Does NiceHash Have Hidden Fees?
No, NiceHash does not have hidden fees; its charges are transparent and publicly documented on the official site.
How to Create an Account and Sign Up on NiceHash?
Step 1: Visit the official NiceHash website and click the “Join now” button in the top right corner.
Step 2: Enter your email address, create a strong password (at least 8 characters with uppercase and lowercase letters, numbers, and symbols), and then click “Create Account” to submit the registration form.
Check your email inbox for a verification message from NiceHash, click the confirmation link inside or copy and paste the code to activate your account, and log in using your new credentials.
Step 3: Complete KYC by navigating to your profile section and selecting “My settings.” Then go to “Account limits” and click “verify.” Upload a government-issued ID (passport or driver’s license) and a selfie, then wait for approval, which typically takes 24-48 hours.
This step is optional, but you should consider completing it for higher limits. If you’re not sure whether to provide your personal details, learn more about what KYC in crypto is and why you should complete identity verification.
Step 4: For security, go to Settings and then select Security in your dashboard. Enable two-factor authentication (2FA) using Google Authenticator or Authy by scanning the QR code and saving backup codes.
How to Buy and Sell Crypto on NiceHash?
To buy crypto on NiceHash:
- Log in to your NiceHash account and ensure your BTC wallet has a sufficient balance (deposit BTC via the Wallet page if needed).
- Navigate to the “Marketplace” tab, select an algorithm (e.g., SHA-256), enter desired hashrate (e.g., 10 TH/s), duration, and price type (standard or fixed), then click “Buy Hashpower” to place the order.
- Monitor the order in “My Orders,” adjust or cancel as needed, and the platform auto-routes power to your specified pool.
Selling Crypto (Hashpower):
- Download and install NiceHash Miner or QuickMiner from the official site, launch it, and log in with your account credentials.
- Run benchmarking (select all algorithms), start mining, and the software auto-selects profitable orders from the marketplace.
- Earnings accrue in BTC to your internal wallet; set payout minimum (0.00001 BTC) and minimum frequency (every 4 hours) in Wallet settings, with automatic payouts to external addresses.
Next Read: Before you start buying and selling on NiceHash, find out the best cryptos to mine both on NiceHash and alternative mining platforms.
Do I Need a Crypto Wallet to Use NiceHash?
No, you do not need a separate external crypto wallet to use NiceHash, as the platform provides a built-in BTC wallet upon account creation for deposits, mining payouts, marketplace transactions, and internal management.
All your earnings from selling hashrate accrue directly to your NiceHash BTC wallet, which supports Lightning Network for faster transactions and is accessible via web or mobile app. Deposits require confirmations (e.g., 1-6 for BTC), and payouts occur automatically every 4 hours once the 0.00001 BTC minimum is met.
An external wallet is recommended for long-term storage beyond 60 days (due to regulatory limits on collective wallets). It is advisable to withdraw funds to a personal, non-custodial wallet to maintain full control of your assets and avoid platform risks.
Explore and compare the best cryptocurrency wallet options for the most secure wallets compatible with NiceHash withdrawals. Depending on your needs, you may need hardware or software/mobile wallets that support BTC and other crypto assets.
Is NiceHash Worth It for Beginners?
Yes, NiceHash is worth it for beginners due to its user-friendly tools, no hardware ownership requirement, and quick BTC earnings from renting out computing power.
The platform simplifies mining with one-click software like QuickMiner, automatic algorithm switching, and a profitability calculator to spot opportunities without deep technical knowledge.
Beginners can start selling hashrate from GPUs in minutes, earning via pay-per-share payouts as low as 0.00001 BTC every 4 hours. Additionally, there’s no barrier to entry since you don’t need to cover ASIC costs upfront, and the platform provides educational resources and global support.
Conclusion: Is NiceHash Safe, Legit, and Profitable?
NiceHash is a legit cryptocurrency mining marketplace with a strong track record of processing billions in payouts and serving over 250,000 daily users. It is also safe thanks to features such as 2FA, internal wallet protections, and automatic low-minimum BTC payouts.
As to whether mining crypto on NiceHash is profitable, profitability depends on electricity costs, hardware efficiency, and market demand spikes, making it viable for GPU sellers via tools like QuickMiner but less so in high-cost regions without optimization.
Source: https://www.cryptoninjas.net/crypto/nicehash-review/
