There are many mining platforms and software in the crypto mining sphere that one can use to mine cryptocurrencies. This blog will focus on the two most talked about crypto mining platforms, BetterHash and NiceHash.
Nicehash Coinbase Withdrawal Disabled
I swear if you ask me how to use nicehash one more time.Use my referral link to sign up for Crypto.com and we both get $25 USD:). First of all, you should know that using the NiceHash service, you do not mine cryptocurrency in the usual sense of mining. This service buys your power and pays you a reward in Bitcoins. In turn, Hive OS includes all the programs essential for working with this service on both AMD and Nvidia cards.
The one shook up the industry with its launch in 2018, which allowed everyone to start mining cryptocurrency with their existing computer system. And, the other used the concept of sharing economy to help everyone with crypto mining.
However, when it comes to choosing one, it becomes a tough task for anyone.
We will have a detailed comparison to find out which one is a better mining platform for you.
BetterHash vs. Nicehash: 2021 Edition
What is BetterHash?
BetterHash is one of the top mining software that allows anyone to mine cryptocurrencies with their existing computer system and start profiting immediately. The software is specially designed for Windows 64 bit OS and mining Bitcoin-like cryptocurrencies.
Its simple interface makes it an excellent option for beginners who want to mine cryptocurrency and advanced settings, making it ideal mining software for professional crypto miners.
More features of BetterHash mining software:
- The quick and easy setup process for beginners and additional options help seasoned professional to get a more personalized experience
- Supports mining of a wide range of coins, including Bitcoin, Ethereum, ZCash, Monero, Dash, Ethereum Classic, and Bitcoin Gold
- Automatic updates
- Automatic mining of the most profitable currency
- Zero mining fees
- Supports GPU and CPU mining
- Can connect and monitor ASIC miners
- Benchmark utility
- Autostart with system
- Payment in Bitcoin & other cryptos
What is NiceHash?
NiceHash is a Slovenian cryptocurrency hash power broker. It’s a marketplace that connects all sellers and buyers of hash power.
Here, the seller quotes the price of hash power and, if agreed by the buyer, is redirected to the pool, the buyer has chosen for mining. And, both seller and buyer receive cryptocurrency as a reward.
In this comparison of BetterHash and NiceHash, we will be focusing on a few key factors to select the best one.
More features of NiceHash are:
- Can buy a massive amount of hash power and spend it in a short amount of time
- Flexible prices on order mean you can change the price, amount, and limit without canceling the order. This ensures you get the lowest price if there is an opportunity in the marketplace.
- Flexibility in pool selection
- Pay as you mine
- Detailed statistical report on order status
- Independence from the time factor, meaning you don’t need to worry if the coin would still be popular in a year
- Two marketplaces: EU and USA
- Allows two order types: fixed for stable mining and standard for competitive mining.
Computational Power
BetterHash allows cryptocurrency mining from your existing computer system, whether CPU, GPU, or ASIC. It allows you to start mining through its platform with whatever little hash power your system is generating and start profiting from it.
Whereas with NiceHash, you can buy a massive amount of hash power for shorter or longer than one day and mine on your favorite pool.
Here, NiceHash is truly leading over BetterHash in hash power, the key to successful crypto mining operations.
User Interface and Usability
The BetterHash platform has a smooth user-interface, and its powerful tools are suitable for both beginners and experienced miners. The platform supports auto mining of the most profitable coin, which is a handy feature for beginners. The automatic update feature makes it less hassle for users to keep software protected from malware and hacking attempts.
NiceHash is now operating for several years and has a stable working platform. The platform is best for beginners to master crypto mining and experienced miners who want to get the most out of the mining process. Most of the process is automated except placing the bid amount for hash power.
Unlike in BetterHash, which automatically mines the most profitable coin, with NiceHash, you have to find the most profitable coin and select the pool you want to mine.
In terms of usefulness, BetterHash has a clear edge over NiceHash.
Cost Structure
BetterHash has a zero-cost structure, which means it doesn’t impose any fee for mining cryptocurrency on its platform and withdrawals. However, users need to have their mining hardware, which is still a capital-intensive proposition.
Whereas NiceHash has a pretty flexible cost structure, and you pay as you mine. Also, it allows flexible prices on orders, which means you can change the price, amount, and limit without canceling the order.
This ensures you get the lowest price if there is an opportunity in the marketplace. The user also gets saved from investing in capital-intensive mining rigs.
The minimum order size is 0.005BTC for every algorithm you pay for only valid shares.
Here, NiceHash has a clear cost advantage over BetterHash.
Profitability
Comparing the profitability percentage of BetterHash and NiceHash on different mining hardware, BetterHash seems to be on an excellent footing, whereas NiceHash shows lower yields.
Following are the yield comparison on the different processor:
AMD Ryzen 9 3900X 12-Core Processor
Intel CPU i5-9600K
Conclusion
Both BetterHash and NiceHash are different from each other. The choice is tough regarding which option is better for cryptocurrency mining, but I will give my vote to NiceHash.
NiceHash shows a clear advantage in terms of cost structure and getting higher computational power. But, in terms of profitability, it loses that advantage; however, it is compensated by not investing in the setting-up of expensive mining units. If you are aware of a profitable coin, through mining with NiceHash, you can earn higher profits.
Everything boils down to economics over the technical specification, which NiceHash is enjoying. I hope I have made your choice easier.
Contents
- BetterHash vs. Nicehash: 2021 Edition
| Type of business | Private |
|---|---|
| Marketplace | |
| Headquarters | |
| Area served | Worldwide |
| Industry | Internet |
| Services | Cryptocurrency |
| URL | www.nicehash.com |
| Registration | Optional |
| Launched | 2014; 7 years ago |
| Current status | Online |
Nicehash Miner Download
NiceHash is a Slovenian cryptocurrencyhash power broker with an integrated marketplace that connects sellers of hashing power (miners) with buyers of hashing power using the sharing economy approach. The company was founded by Marko Kobal and Matjaž Škorjanc in 2014. USD$64 million were stolen from the company's customers in December 2017.[1][2] The company is headquartered in Maribor, Slovenia.[3][4]
Buyers rent computing (hashing) power through NiceHash's online platform. Sellers provide hashing power by connecting to the NiceHash marketplace with NiceHash's own mining software.
Business model[edit]
Hashing power buyers[edit]
Buyers 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 who are running NiceHash Miner on their machines, the buyer gets the crypto-currency from the pool. This means that buyers are not required to run complex mining operations themselves, and there is no capital investment in mining hardware required.
Hashing power sellers (miners)[edit]
Sellers or miners have to run NiceHash Miner software and connect their mining hardware or just regular PCs to NiceHash stratum servers[5] and to the buyer's order. Their hashing power is forwarded to the pool that the buyer has chosen for mining. For each valid share they submit, they get paid in bitcoins[6] for the price that is determined by the current weighted average[7] and refreshed each minute. This is all done automatically and the process does not require complex technical skills.
In return for providing this service, NiceHash takes a percentage or a fee from each group (buyers and sellers).[8]
Service disruptions[edit]
On December 6, 2017, approximately 4,700 Bitcoins (US$64 million at the time of the hack) were stolen from NiceHash allegedly by a spear phishing attack.[9] Due to the open and transparent nature of the blockchain, the security breach received an influx of attention as the stolen sum and movement of bitcoins were visible to anyone on the internet.[10]
On December 21, 2017, Marko Kobal resigned as the CEO of NiceHash.[11] On that day, the company also re-opened their marketplace after the December 6th hack.[citation needed] NiceHash reimbursed the affected users through the Repayment program, and 100% of the stolen funds were reimbursed by December 16th 2020.[12]
Controversies[edit]
NiceHash's founder Matjaž Škorjanc is a creator of malware Mariposa botnet, which infected over 1 million computers with Butterfly (mariposa in Spanish) Bot. The goal of Butterfly Bot was to install itself on an uninfected PC, monitoring activity for passwords, bank credentials and credit cards. Slovenian police arrested Matjaž on charges of distributing the malware in 2010. Matjaž was found guilty and served four years and ten months in a Slovenian prison. On June 5, 2019, US law enforcement opened a case in the operations of the Mariposa (Butterfly Bot, BFBOT) malware gang.[13] The FBI has moved forward with new charges and arrest warrants against four suspects, including Matjaž Škorjanc.[14]
References[edit]
- ^Browne, Ryan (7 December 2017). 'More than $60 million worth of bitcoin potentially stolen after hack on cryptocurrency site'.
- ^Russell, Jon. 'Bitcoin mining marketplace NiceHash loses tens of millions of dollars following hack'.
- ^'About NiceHash'. NiceHash.
- ^Lee, Dave (8 December 2017). 'Millions 'stolen' in bitcoin heist' – via www.bbc.com.
- ^'Which Stratum servers are available? - Mining on NiceHash'. NiceHash. Retrieved 2017-12-29.
- ^'What is the PPS reward system? - Earnings & Payments on NiceHash'. NiceHash. Retrieved 2017-12-29.
- ^'Available algorithms on NiceHash'. NiceHash. Retrieved 2017-12-29.
- ^'Fees - Service on NiceHash'. NiceHash. Retrieved 2017-12-29.
- ^'Millions May Have Been Stolen in a Bitcoin Marketplace Hacking Heist'. Forbes.
- ^'Bitcoin Address 1EnJHhq8Jq8vDuZA5ahVh6H4t6jh1mB4rq'. blockchain.info. Retrieved 2017-12-29.
- ^'Marko Kobal Resigns'. LinkedIn. 2017-12-21. Retrieved 2017-12-27.
- ^Campbell, Mark (December 17, 2020). 'Nicehash has claims to have paid back all of its users following its 2017 hack'. Overclock3D.
- ^'Four International Hacking Suspects Charged with Racketeering'. US Department of Justice. 2019-06-05. Retrieved 2019-06-11.
- ^'Eight years later, the case against the Mariposa malware gang moves forward in the US'. ZDNet. 2019-06-11. Retrieved 2019-06-11.
Nicehash Coinbase
External links[edit]
- nicehash on GitHub
- Nguyen, Linh (December 12, 2017). 'NiceHash CEO speaks out after $60m cryptocurrency hack'. WikiTribune. Retrieved June 5, 2018.CS1 maint: discouraged parameter (link) licensed CC-BY-SA