Introduction
Consolidated as the largest hash power brokerage platform, the basic function is to connect vendors and currency miners to interested buyers. But how does this work? Simple, miners with high processing power “lend” their hardware or run “NiceHash Miner” software to get virtual coins and use them in exchanges with bitcoins.
The hash function is a mathematical algorithm used in encrypts that transform data into files or passwords into alphanumeric sets with a fixed number of characters, used for database searches, file integrity check and password storage.
How does NiceHash work?
The platform aims to connect the sellers (who profit lending the hash power), with buyers who choose the currency they want to minerate and define the value they want to pay for the needed hash. In this way, it is possible to generate profit to those who lends processing force and filter the most profitable currency for the buyer.
In this way, buyers do not need to execute or worry about any complex mining operation and neither invest in cutting-edge hardware. Just forward the request for a “pool” to receive the cryptocurrencies. “Pools” are communities of anonymous people who “group” computing resources with the goal of mining in the Blockchain network.
NiceHash worth it?
The platform has accessible and facilitated use for beginners, as it uses the capacity of third-party CPUs and GPUs. Some strengths cited by Forbes are: Mining made on autopilot (even when the PC is idle), simplicity in the configuration options, automatic change to the most profitable algorithm at the time and realization of daily payments in Bitcoin.
Among the disadvantages are: mining made for other people, costs with very high electricity, hacking history on the platform, profitability less than the direct mining of slow coins and transfers of slow Bitcoin, with higher rates than coins like Litecoin and ZCash.
Is NiceHas trustworthy?
By performing a quick search on complaints or problems reported by users, I did not find much information. What I have been able to raise were situations related to problems with the account, unsuccessful transfers and total account balance.
In addition, the platform presents a cybersecurity system for proving funds with encryption and more than eight million people currently negotiating. However, as every digital network, it is subject to security and hackers problems. The last hacking happened in 2017 and cost about $60 million to the company.
Values and fees
The service fee currently used for Power's hash buyers is 0.00001 Bitcoin for order creation. The fee for the sale of Power hash is 2% for the users of the exchange platform. There is also a variable additional developer fee, as well as lifting charges ranging through the sum and option of collapsed.
Conclusion
NiceHash is another option of many that exist for currency mining. Consolidated as the largest in the market in the Power Hash segment, many people use because of their way of connecting vendors with buyers and the non-requirement of a powerful or advanced computer. As any network, you have your problems and instabilities, but I believe your advantages are much larger. Is that you ? Are you going to give a chance to NiceHash?
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