One of the most popular mining pools is NiceHash. The service aims to unite sellers and buyers of crypto mining capacities around the world. The site operates with more than twenty cryptocurrency blockchain encryption algorithms. The company is originally from Slovakia. This article will focus on the NiceHash miner product. Software that automatically determines which crypto-coin is better to mine on your hardware.
How NiceHash miner works and what it produces
The software installed on a personal computer or farm will use the computing power of a processor or video card to extract cryptocurrency. The program will be as useful as possible for newcomers to cryptocurrencies because when loading, it will automatically determine which coin is profitable to mine on the offered hardware with maximum efficiency.
If necessary, the application will set up the division of capacities for dual mining, if, of course, the internal algorithm considers the event to be effective. This will allow you not to go through a lot of options in search of the best one for making money.
All crypto tokens earned by NiceHash are converted into BTC at the internal rate and credited to the internal wallet. Currently, software mining is only possible for a 64-bit system and there is no application for Linux, but the developers promise to create an application for this operating system shortly.
NiceHash miner setup
Download and install the software. We take sources only from the official NiceHash site. There they are not infected with any malware. By installing, we agree with everything that the installer asks for. Nothing superfluous will be loaded during the installation process.
We launch the software and select the location closest to you.
We fill in the fields. The purse field is required. It is necessary to enter the BTC wallet number into it. Any information can be specified in the worker field. It doesn’t matter when mining. If you do not have a wallet, you can create an electronic one directly on the NiceHash website in your account.
Start mining by clicking the “Start” button. In the statistics, you can find a report on the power of the issued hash rate and on what algorithm cryptocurrency mining was carried out. It is important to note that the minimum threshold for withdrawing the earned funds is 0.001 BTC and when transferring, the service will charge a commission of 3% of the withdrawal amount.
NiceHash security
The latest version of the miner has proven itself on the positive side and no serious hacks have been noticed. However, do not forget about the hacker attack in December 2017, which led to the loss of earned crypto tokens by NiceHash users for more than $ 60 million at the exchange rate at the time of the pool hack. This suggests that no matter how perfect the security system is, a key for illegal entry may be found on it. And if you have a lot of coins being mined, it is better to transfer them for storage to cold wallets, which will ensure the maximum safety of the mined currency, because not a single, even the largest exchange or pool, guarantees the safety of funds in electronic wallets. It is important not only to be able to make money, but also to protect funds from intruders, and cold wallets provide the maximum possible protection.
Benefits of working for NiceHash miner
Easy to customize
Getting started is easy. You just need to download and install the application.
Saving time
By automatically determining the most profitable algorithm for mining, you save a lot of time, because you do not need to constantly track the rates of different coins yourself, the complexity of the network, and other subtleties. All the work will be done for you by the program and the algorithm.
Versatility
NiceHash miner works with all video cards, and also makes it possible to mine crypto-tokens at the expense of the processor’s power.
Payments in BTC
Regardless of what kind of coin your equipment mines, the payment takes place in the most stable and shows constant growth of the cryptocurrency.
Disadvantages of NiceHash miner
Like any service, NiceHash miner is not without its drawbacks. But it is better to know about them when choosing a pool for mining cryptocurrency.
Payment in BTC
This can be either a plus, to which we referred above, or a minus. After all, the coin that your equipment mines may experience a sharp rise in the rate and it will turn out that your earnings will increase significantly over the entire time, but on the other hand, a sharp drop in the rate may occur, which will lead to large losses.
Pool commission
NiceHash takes a small, but commission. And working on mining coins on other pools can bring you more profit by eliminating the payment of a commission share to the organizers
Outcome
Summing up the above, I must say that mining on NiceHash miners is very convenient and efficient. The advantages more than cover the existing disadvantages.
The software will be especially interesting for novice miners or those who have time constraints. Since the algorithms of the software independently choose the most effective algorithm for work, you do not need to delve into all the subtleties of mining yourself.
