NiceHash is an interesting and relatively new service that allows users to sell the hashrate that their mining hardware generates or to buy such to mine a specific coin at a user set pool with one of the supported crypto algorithms. This service however is not a mining rig leasing or cloud mining from a centralized service provider, it is more like something in between these two and the result you get is actually pretty nice as an alternative to the other two services. We have tried the service for both selling some hashrate ourselves as well as buying some to see how are thing and to also get a good idea on how well it operates for both buyers and sellers. We are also going to share some useful tips that we have discovered during our testing of the service, so that you might get a better start should you decide to check it out yourself.
The first impression when you open the website of NiceHash can be a bit misleading if you are not sure what to expect, so we do recommend to start with the FAQ section of the website to learn about the service and how it operates in order to get to know how things work. The FAQ section should give you most of the answers you might have, and you should also check the page with information about compatible software miners with the service and make sure you are using one of the recommended miners in order to avoid possible problems. In short what NiceHash does for you is act as a stratum proxy between you and the pool that your hardware is mining at for the moment. So all you have to do is to set the right stratum server for NiceHash in your miner, depending on the algorithm that the miner uses and just run the miner as usual with your Bitcoin address as a username and enter any password. It is as simple as that and you don’t even need to register in order to be able to sell your hashrate, though for buying hashrate you will have to make an account, because you will be depositing Bitcoins that you will use for purchase. Currently NiceHash supports Scrypt, SHA-256, Scrypt-Adaptive-Nfactor and X11 algorithms and you can purchase hahsrate and point it at the pool you want to mine at if you are buying hashrate. All purchases and payments are made in Bitcoins, no other crypto currency is currently supported by the service. So you can say that when selling your hashrate it is almost as if you are mining in a multipool where regardless of what is being mined you get payed in Bitcoins in the end.