Setting up Ethereum mining on Nicehash - registration, installation, withdrawal

Early adopters of blockchain assets mined bitcoins alone. But already at the end of 2010, the first mining pool appeared. It still exists, and its creator, Czech Marek Palatinus, is an active member of the cryptocurrency community.

Mining cryptocurrency, renting out and renting equipment to generate new blocks of virtual money has become a profitable activity. Services such as NiceHash pool have appeared.

What is NiceHash?

NiceHash is based in Slovenia and is the world's largest crypto mining marketplace. This platform connects sellers (known as miners) with hashing power.

Looking at the NiceHash website, the company boasts some impressive statistics. It has over 600,000 daily active workers, 144,000 miner users, 5,434,000 orders and 124,000 BTC in payouts.

Besides supporting Ethereum mining, NiceHash also supports many other mining algorithms. This means it supports Bitcoin, Zcash, Litecoin and many more.

Is NiceHash an effective ETH mining solution?

According to various online reviews, NiceHash offers one of the fastest and most convenient ways to mine Ethereum. With the help of NiceHash miners, the process of choosing the optimal hashing algorithm can be automated.

Ultimately, it doesn't matter whether or not Ethereum is the most efficient option. Essentially, the software removes a lot of the guesswork and strategy typically involved in choosing a specific algorithm and coin to mine. This also means that you have more versatility with NiceHash than without it. One potential downside is that various users have reported that the hashing rate might be lower with NiceHash compared to other options on the market.

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 required to download NiceHash Miner. Please note that N iceHash Miner only supports desktop GPUs with CUDA 5.0 and above computing capabilities.

To read: Clams Advanced Project (CLAM)

To detect NiceHash Miner, you must have NVIDIA 387.26 or later GPU drivers installed. AMD graphics cards are not supported by NiceHash Miner, so you will need to download NiceHash Miner Legacy instead. The software supports processors with AES and SSE42 feature/instruction set. There are currently no plans to allow processors without these features/instruction sets to run NiceHash.

User reviews

To top it off, you need to pay attention to the reviews about NiceHash.
Thanks to user opinions published online, potential users have the opportunity to obtain reliable information about the practical aspects of working in a pool. This information is especially valuable because it allows us to erase the barrier between NiceHash’s promises and the real picture. For ease of perception, the opinions obtained from the reviews were divided into positive and negative. + ease of use; + user-friendly interface, a lot of accompanying information; + regularity of payments; + possibility of anonymous work; + no deception regarding work statistics; + effective work of the support service;

— problems in the security system; — the results of work do not always allow you to compete with other services;

Additionally, it is worth noting that against the backdrop of a negative attitude towards the service, which was provoked by its hacking, customized reviews of a positive nature began to appear on the Internet arena.

Cost-Effective Support Review

If you're not sure whether your computer can run the software, the best way to check is to download the miner first. Secondly, you should run a test that will give you a good idea of ​​whether using NiceHash is practical (or even possible) with your system.

Finally, you should check the profitability calculator to determine your estimated income or loss. In many cases, your hardware option will not be profitable. Of course, this depends on the cost of electricity, types of hardware devices, and cryptocurrency prices.

Profitability The NiceHash Calculator gives estimates for which hardware options should be the most profitable, not including electrical costs.

Payments

One of the most important aspects to consider when mining Ethereum or any other cryptocurrency with NiceHash is the form of payout. You might think that since you are mining ETH, the payouts will be in ETH. This is not specific to this specific platform.

BTC is the only form of payment on NiceHash, no matter what crypto you decide to use. This means that if you want to receive ETH, you will need to use a cryptocurrency exchange to convert your funds to BTC.

Hashing: Buyers and Sellers

While competitors primarily sell monthly subscriptions, NiceHash does not. The minimum amount required to start mining Ethereum is 0.005 BTC. When using the site, you will find that contracts are listed in terms of BTC amount per day. However, you can also create a contract for more than one day.

To read: Blockchain training

The site offers two hash rate bid options: standard bid and fixed price. Essentially, the fixed-price option will likely cost more than standard rates, but will simplify the process of finding a match. When choosing standard bets, there is a possibility that another user may outbid you.

The NiceHash marketplace page provides live statistics for hash power orders. This includes Dagger-Hashimoto and other algorithms.

How to mine on MinerGate: step-by-step instructions

Many questions concern how to properly mine on Miner Gate to get maximum profit. Here you need to follow these instructions:

1. Register on the official website. To do this, you need to log in to MinerGate.com and click on the Sign Up button.
2. Enter the information provided. They must be correct in order to restore your account in the future.
3. Log in to your Minergate account using the previously entered login and password.
4. Download MinerGate Miner for your operating system. It is already available on the main page.
5. Launch the program and log in by entering your account information.
6. Select the cryptocurrency to mine and the number of device cores. It is advisable not to install all cores for mining, because in this case the device will slow down.
7. Alternatively, select the “Smart Mining” option, in which the program determines the most promising coin at the moment.

After installing the miner, you can start working. After logging into the software, a large list of cryptocurrencies is available. To avoid confusion, it is recommended to clear the interface of excess “garbage” using a special program. Take the following steps:

1. Go to the "Downloads" section.
2. Wait until the device automatically detects the characteristics and helps you choose the optimal software version.
3. Download and install the software. It is better to turn off anti-virus software during installation, because it identifies the program as a virus.

For a better understanding of how to mine on MinerGate, you can enter the “Benchmark” section, where you can test the device. Additionally, it is worth turning off all unnecessary currencies in the “Viewe” tab. For a better understanding, watch the MinerGate video and get detailed instructions for use.

On the phone

Alternatively, you can mine cryptocurrency on your mobile device. The algorithm is like this:

1. Register on MinerGate.com.
2. Download the MinerGate app. The program is not available on Google Play, so you will have to look for it on third-party services.
3. Log in to the miner and select the appropriate cryptocurrency.
4. Click on “Launch”.
5. Select mining speed.

If necessary, the application can be minimized and mine in the background. All statistics on mined coins are available in the “Profile” tab. You can’t count on greater efficiency when choosing this method due to the low hashrate. But for new virtual coins this method may be suitable.

In the browser

To mine cryptocurrencies in your browser, you need to go to the “Cloud Mining” section, and then click on Start. At this stage, you must select the appropriate currency. When choosing, you need to focus on the current situation and choose a promising coin.

NiceHash Tariffs for buying and selling

Whether you are buying and selling hashing power for ETH or another cryptocurrency, you should be aware that all fees are calculated in BTC.

Buyers: There is a non-refundable order submission fee of 0.0001 BTC. The amount spent on orders to purchase hashing power (unspent amounts on canceled orders is not subject to this fee) is 3 percent.

Merchants: The fee for paying balances less than 0.1 BTC to an external wallet is 5 percent. Balances greater than or equal to 0.1 BTC per external wallet incur a 3 percent fee. Payouts for balances greater than or equal to 0.001 BTC per NiceHash wallet are 2 percent.

How much does mining bring in 2022?

Before calculating the final profit from the experiment, let’s fix the cryptocurrency rate. Here is the cost of RVN at the end of the experiment - 2.95 cents.

Source: CoinMarketCap.com

The results of the mining week were as follows.

• 2Miners - 105.435 RVN or $3.11;
• NiceHash – 0.00033251 BTC or $3.08;
• Kryptex – 0.00024199 BTC or $2.30.

We immediately attach screenshots of the profitability that we recorded. First up is 2Miners.

Source: 2Miners.com

Here's a summary of NiceHash.

Source: NiceHash.com

And Kryptex.

Source: Kryptex.org

Withdrawal and deposit

For withdrawals from 0.001 (minimum amount) to 0.1 BTC to any Bitcoin wallet, a fee of 0.0001 BTC is charged. If the withdrawal amount exceeds 0.1 BTC for any Bitcoin wallet, the fee is 0.1 percent of the withdrawal amount. Those looking to exchange funds through Coinbase can do so quite easily. Most importantly, there are no fees for any amount sent over 0.001 BTC to a Coinbase wallet.

NiceHash allows you to sell the power of your mining rig. The site recommends connecting your rigs to the nearest location. This map shows six locations available around the world.

Withdrawal of funds

There are two ways to withdraw earned bitcoins: to a BTC wallet or to Coinbase. The second method is instant, but requires registration on the exchange. Payouts to wallets are often delayed due to congestion on the Bitcoin network. The form for withdrawing money to NiceHash is extremely simple: you only need to indicate the address and transfer amount. The commission (if any) is calculated automatically. All payment statistics are saved in the transaction history.

Exchange BTC for real money

There are several ways to convert BTC to USD and EUR:

• transfer to bank account via Cashila or Bitwala;
• use the services of exchangers or cryptocurrency exchanges;
• buy games from Steam, PC equipment from Case King or similar stores;
• exchange or transfer to plastic cards using Coinsbank.

Advantages and disadvantages of NiceHash

So, let's list the main advantages of the NiceHash pool, thanks to which hundreds of thousands of users from all over the world chose it:

1. Convenience. You don’t have to delve into the intricacies of mining and equipment settings. NiceHash is a great option for busy owners of free computer power.
2. Stable payments.
3. Responsive and highly qualified support service.
4. User-friendly interface.
5. No prepayment. You can pay for the service from your earnings.
6. Automatic selection of effective mining options.
7. Anonymity mode for capacity suppliers.

Among the shortcomings, we note the low profitability of mining, frequent technical problems, lack of support for video cards and processors of older models, display of dialog boxes with suggestions and questions, etc. In 2022, hackers stole about 5 thousand BTC from the wallets of NiceHash users. After this, the service continued to operate, but its reputational losses were quite noticeable.