NiceHash Miner | How To Use NiceHash To Earn Bitcoin?

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NiceHash is a hashrate exchange platform, miners can purchase hashrate from different algorithm on it and mine in F2Pool.
The hashrate bought from NiceHash will be shown as one single mining machines with the large hashrate after connecting F2Pool. At the beginning, if miners configure on NiceHash with normal method, F2Pool will consider it as the hashrate of a normal mining machine and delicate mining task to mining machine. The difficulty of this task is normally low, which doesn’t match the difficulty required by Nicehash, and the issues about high rejection rate will occur.

What Is a Cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.

Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.

What Is a Cryptocurrency Mining?
Cryptocurrency mining includes two functions, namely: adding transactions to the blockchain (securing and verifying) and also releasing new currency. Individual blocks added by miners should contain a proof-of-work, or PoW.

Mining needs a computer and a special program, which helps miners compete with their peers in solving complicated mathematical problems. This would need huge computer resources. In regular intervals, miners would attempt to solve a block having the transaction data using cryptographic hash functions.

Hash value is a numeric value of fixed length that uniquely identifies data. Miners use their computer to zero in on a hash value less than the target and whoever is the first to crack it would be considered as the one who mined the block and is eligible to get a rewarded

Also Read - How to Mine Dogecoin.

What Is NiceHash?
NiceHash is an online marketplace for buying and selling your computer’s processing power. This processing power is known as hashing power in cryptocurrency terminology. It’s like an exchange service where you’re exchanging computing power for Bitcoin.

Anyone can sell their hashing power, even if you only have a small gaming machine. And anyone can buy hashing power if they want to take advantage of mining without spending an exorbitant amount of money on mining hardware.

NiceHash has been in business since April 2014, so they know quite a bit about cryptocurrency mining and exchange. Since opening its virtual doors, NiceHash has become the largest hashpower marketplace in the world, with over 170,000 miners, more than 3.3 million orders served, and over 181,000 BTC paid out.

Based in Slovenia, NiceHash is the world’s largest crypto mining marketplace. This platform connects sellers (a.k.a. miners) of hashing power with buyers of hashing power.

On NiceHash, Buyers and Sellers meet and make transactions. Biggest upside to this system, is that you don’t need any technical skills, you simply log in, make your order, enter the pool’s logs and there you go.

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How to set up NiceHash mining?
NiceHash is a marketplace that contains several different stratums for different mining algorithms. The main difference between NiceHash and a regular pool is that mining on NiceHash means that you are mining for someone else - for the buyer of hashing power who placed an order on the marketplace - and that on a regular pool you are mining for yourself. Some other things that distinguish NiceHash from other pools are:

You get paid in BTC since NiceHash is a marketplace and buyers of hashing power pay in BTC for the order;
You get paid for each valid accepted share - so NiceHash acts like a PPS pool.
You can mine anonymously or by registering the account on NiceHash website - so you can decide wether you want to mine to your own BTC wallet or the NiceHash wallet.

Many miners think that you cannot use NiceHash without using NiceHash Miner or NiceHash OS (NHOS), but you can set up mining on NiceHash stratums with minerstat.

NiceHash Installation Options
The first step towards renting out space on your computer and earning cryptocurrency is to check whether or not your device meets the minimum hardware requirements needed to download the NiceHash Miner. Note that NiceHash Miner only supports desktop GPUs with CUDA compute capability 5.0 and above.

In order for NiceHash Miner to be detected, GPU NVIDIA drivers 387.26 or newer need to be installed. AMD graphics cards are not supported by NiceHash Miner, so you’ll need to download the NiceHash Miner Legacy instead. The software supports CPUs with AES and SSE42 features/instruction sets. There are currently no plans to allow CPUs without these features/instruction sets to run NiceHash.

NiceHash Buying and Selling Fees
Whether you’re buying and selling hashing power for ETH or another cryptocurrency, you’ll need to 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 for buying hashing power (unspent amount on canceled orders is not subjected to this fee) is 3 percent.

Sellers: Payouts fees for balances less than 0.1 BTC to an external wallet are 5 percent. Balances greater than or equal to 0.1 BTC to an external wallet have 3 percent fees. Payouts for balances greater than or equal to 0.001 BTC to a NiceHash wallet are 2 percent

Withdrawals And Deposits
Withdrawals from NiceHash Wallet: Withdrawals to any BTC wallet of 0.002 to 0.05 BTC, the fee is 0.0001 BTC. Withdrawals of more than 0.05 BTC to any external BTC wallet have a fee of 0.2%. Withdrawals of more than 0.001 BTC to Coinbase has no fee.
Deposit Fees to NiceHash Wallet: 0 BTC for amounts greater than 0.01 BTC.

Also Read - How to Mine Ethereum.