When it comes to trading with crypto platforms, people thread with caution. This is because the scams out there are more than the legit platforms.
Are you wondering if Nicehash is one of the scam?
The reviews of Nicehash seem to place them in a positive light. But, this doesn’t negate that you throw your caution to the winds.
Actually, Nicehash has been around since 2014. They’ve faced their fair share of challenges but have surfaced stronger.
There are lots of beautiful reviews by users of the Nicehash platform which makes us believe it is legit. Regardless, we will leave you to make a decision.
Meanwhile, the table of content is right below.
What is Nicehash?
Generally, you mine cryptocurrency, buy hash power, and exchange cryptocurrency.
Recently, Nicehash and its app have re-enabled the deposit and withdrawal of Ethereum and ERC-20 token wallets.
Having known what Nicehash is all about, who are the faces behind Nicehash?
The company Nicehash started operations in 2014.
Interestingly, it is owned by Marko Kobal and Matjaz Skorjanc. It has gone on to become one of the biggest crypto-mining hash power-house in the world.
The saying that obstacles reveal the character of a man is especially true in Nicehash. They have successfully bounced back after hackers stole $63 million worth of bitcoin from the company. Customers were repaid using a repayment plan.
Although they had to make some changes like relieving the former CEO Marko Kobal of his duties, everything seems to be in order now.
In addition, the scope of operations was enlarged to include a crypto exchange plan.
Why the NiceHash App?
Nicehash has about four applications that users can download.
There is the NiceHash Miner, NHOS Flash Tool, NiceHash OS, and NiceHash Bot used for buying hash power.
In addition to these NiceHash apps, there is also a mobile app. It is basically a management app for your account and activities.
This NiceHash mobile app has five main sections. We will outline them briefly.
With the Rig Manager, you can manage the mining rigs and check the mining status.
The wallet is where you deposit and withdraw cryptocurrency. Feel comfortable using the wallet on your mobile as no data is stored on your phone.
Likewise, the Hashpower marketplace is where you can check hash power orders, place new orders, and manage and cancel orders.
Notification and User profile is the last important feature on the Nicehash app.
Even with all these features, the review of the Nicehash app is somewhat dehumanizing. However, it received a 3.9 star.
At Nicehash mining marketplace, sellers and buyers of hashing power meet.
This typically works this way.
A buyer will select the cryptocurrency he wants to mine, set the price he is willing to pay, and place an order.
This order will then be forwarded to all the Nicehash miners, even ASICs.
From the pool, you’ll then be paid for the service when you fulfill the buyers’ order.
Nicehash mining has the best mining software that is easy to use. The payout is as low as 0.001BTC.
If you will use NiceHash as a miner, all your mining earnings will be paid out to your Bitcoin (BTC) wallet.
New users of Nicehash require little information to signup and log in.
All that you need is an email address and a password.
After login, you receive a wallet that is in bitcoin that you can trade with.
You also get multiple crypto wallets that can accept or support more than 40 currencies.
How to Make Money Using Nicehash App
If you are expecting a get-rich-quick scheme, Nicehash is not for you. Just like every crypto platform, you make money by trading all the options on the platform.
You can make money by buying power on Nicehash, but it requires effort. It is not a get-rich-quick scheme.
Miners receive payment in bitcoin for every valid share by pay per share.
It is necessary to note that buyers of hash power define the price you receive, not Nicehash. Nicehash just gives you a platform to earn.
Another way to make money is by using the cryptocurrency exchange.
How Can I Withdraw from Nicehash Wallet?
There has to be a mode of withdrawal from a wallet and Nicehash has a number of ways. Users who reviewed Nicehash have never complained that these methods went soar.
According to the Nicehash website, any withdrawals you send to the wrong address are usually irreversible.
Can I Use NiceHash As a Newbie?
Of course! Nicehash uses an automated mining system that can be used by both new users and experienced users.
Even the new exchange platform has a simple view for new users and advanced users.
As a newbie who doesn’t understand the mining marketplace, using Nicehash is very important. Why? Because Nicehash automatically switches miners to the most profitable algorithms.
In fact, one of the Nicehash reviews agrees that it is best for people new to crypto mining.
Nicehash Review- Is Nicehash scam or legit
To properly answer this question, we will give the Nicehash review from users and some platforms that will show if Nicehash is legit or a scam. They are shown below.
#1 Review by Muhammad M.
What do you like best?
The thing I like the most was the ease of use factor of NiceHash, it was very easy to use as compared to other mining software. Review collected by and hosted on G2.com.
What do you dislike?
The thing that I disliked was that I was getting the output reward in bitcoin only. I would like it if other cryptocurrencies are also added as an output reward.
#2 Review by Eric Plapp
“All my friends have used Nicehash for years, made a decent bit of money with it. Obviously, people think they are going to “get rich quick” which is not the case. You will get paid what you put into it.
If you just have one machine, you will not make much. Friends usually have at least 7 ASIC Antminers or video cards to at least make it worth doing (income varies from about $250 to $150 USD each month or $2,500.00 a year from one S9 Antminer and 2 GTX 1080 and an RTX2080 Super).
It’s a fun hobby!!” From Trustpilot
After going through the company’s profile and how the 2017 fraud case was handled, we can say that Nicehash is a company of great reputation.
Some misconduct may be hidden under outrageous fees charged for every whim. What however remains true is that users receive their money.
Our major concern is in the fees attached. You get charged for depositing bitcoin and for withdrawing. Every basic money-making activity has a corresponding service charge.
Well, to maintain the system without some fraudulent acts, the users have to pay in some sort.
If you are comfortable with all these, why not go ahead and open an account with Nicehash. It is easy, free, and user-friendly. Nicehash is legit and not a scam.
Nicehash is a crypto marketplace that is genuine. Although it is genuine, chances are that funds may be lost due to your error in the usage of the platform. Many users who have had this complaint said they recovered their funds through some recovery agency.
Actually, I cannot authenticate any of those recovery platforms. However, the important thing is that the funds were recovered.
In addition to a payout fee and lots of transaction fees, Nicehash is not a get-rich scheme. You’ll need a lot of effort and time to achieve a substantial payout.
In conclusion, Nicehash is a legit platform and not a scam site. This is the outcome of our Nicehash review.