What is NiceHash and how does it work?

NiceHash is the largest hashrate broker marketplace that connects sellers or miners of hashrate with buyers of hashrate. Hashrate is a computational resource that describes the power that your computer or hardware uses to run and solve different cryptocurrency Proof-of-Work hashing algorithms. NiceHash service is unique in that it only connects different end-users and is not offering any cloud mining options - meaning NiceHash does not own or rent out any mining equipment.

Hashing power buyers

Buyers participate in an open marketplace where they can select the crypto-currency that they want to mine, a pool on which they want to mine, set the price that they are willing to pay for it, and place the order. Once the order is fulfilled by miners, the buyer gets the crypto-currency from the pool. This means that buyers don't require to run complex mining operations themselves, and there are no capital investments in mining hardware required.

Hashing power sellers (miners)

Sellers or miners can run NiceHash mining software (NiceHash Miner, NiceHash QuickMiner, NiceHash OS, NiceHash Docker) or connect their ASIC's to NiceHash stratum servers and to the buyer's order. Their hashrate is forwarded to the pool that the buyer has chosen for mining. For each valid share they submit, they get paid in Bitcoins for the price that is determined by the current weighted average and refreshed each minute. This is all done automatically and the process does not require complex technical skills.