Get to know Nicehash and How Bitcoin Mining Works

Bittime - Nicehash, a platform that brings together sellers and buyers of hashing power, provides rewards in the form of Bitcoin, which seems worthy of being used as learning material for crypto technology.

Because, at Nicehash everyone has the opportunity to mine Bitcoin or even buy other crypto assets via power hash without having to spend large capital on infrastructure or through complex programming languages.

Let's get to know Nicehash and how Bitcoin mining works at Nicehash, is it true that we can get Bitcoin?

Getting to know Nicehash, What is Nicehash?

Before discussing how Bitcoin mining works in Nicehash, let's get to know Nicehash first, what exactly is Nicehash?

NiceHash is the world's largest hash power broker platform that connects hash power sellers or miners with buyers. 

Hash power is computing power that shows the capacity of a computer or hardware to run and solve various Proof-of-Work hashing algorithms for crypto assets. 

Read Also: Guide How to Mining Bitcoin at Home

The uniqueness of the NiceHash service lies in its role as a link between various users without providing cloud mining options. This means that NiceHash neither owns nor rents mining equipment.

Hash Power Buyers and Sellers

After getting to know Nicehash, next let's discuss the aspect of buying and selling hash power at Nicehash.

The role of buyers and sellers of hash power at Nicehash is certainly related to performance and trust in Nicehash.

Descriptions of buyers and sellers of hash power on Nicehash include:

Hash Power Buyer

Hash power buyers on Nicehash will participate in an open market where they can choose the crypto assets they want to mine, choose a mining pool, set the price they are willing to pay, and place an order. 

When the desired order is fulfilled by a miner using NiceHash Miner Legacy on their device, the buyer receives the crypto assets from the pool. 

Read Also: How to Buy and Sell Bitcoins Through an ATM

Such a mechanism allows buyers to avoid the hassle of running their own mining operations and eliminates the need for capital investment in mining hardware.

Hash Power Seller

The hash power seller aspect at Nicehash or also known as miners.

Sellers or miners can use the NiceHash Miner software or connect their mining hardware (ASIC) or regular PC to the NiceHash stratum server and buyer orders. 

The hash power they produce is channeled to the pool chosen by the buyer for the mining process. 

Read Also: How to Buy Bitcoin (BTC) | BTC to IDR | BTC to USDT

Miners will be paid in Bitcoin for each valid share sent, with a price determined by the current weighted average and updated every minute. 

All processes run automatically and do not require complex technical skills.

How Bitcoin Mining Works on Nicehash

After getting to know Nicehash and the mechanism for selling and purchasing hash power at Nicehash, this time let's review how Bitcoin mining works at Nicehash.

The following is a Bitcoin mining guide on Nicehash which is processed from the official Nicehash website:

1. Prepare the Device

Make sure you have appropriate hardware for mining, such as a PC or mining rig. 

Hashing power sellers, or miners, can be anyone who has the hardware and wants to mine and earn Bitcoins on NiceHash.

2. Use Nicehash QuickMiner for Beginners

If you are just starting out with Nicehash, go for it NiceHash QuickMiner, a new generation miner from NiceHash. 

You can also access QuickMiner using Excavator for GPU mining and XMRig for CPU mining.

For your information, Excavator is an internal miner developed by NiceHash, malware-free, while XMRig is an open source CPU miner.

You just download, install, and run QuickMiner to start it on your device.

Read Also: 1 BTC to IDR - Bitcoin to Indonesian Rupiah Exchange Rate

3. Use Nicehash Miner for Mining with CPU and GPU

If you have a computer or rig with a CPU and GPU, download and use NiceHash Miner, free software that automatically selects the most profitable algorithm.

You don't need to worry about monitoring the market or managing your wallet. Just download, setup and run the software.

You just register on NiceHash, download NiceHash Miner, install it, and start mining.

4. Connect to Nicehash Stratum Server

If you are already using other mining software, you can still mine with NiceHash by connecting directly to their Stratum servers.

Connect your mining software to the NiceHash stratum server according to the instructions.

Read Also: Bitcoin Mining Income Stable, Miners Potential to Rebound

5. Mining with ASIC Machines

Lastly, if you have one or more ASIC machines, follow the specific instructions available on the NiceHash site.

Find the setup guide and instructions for your ASIC machine on the related page on the official NiceHash site.

That's the discussion about Nicehash and how Bitcoin mining works at Nicehash. Good luck trying, and hopefully it's useful.

How to Buy Crypto on Bittime

Want to trade, sell, buy Bitcoin and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with CoFTRA, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.