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How to setup and use NiceHash

What is NiceHash?

NiceHash is the world’s largest crypto-mining marketplace. It is based on the concept of a sharing economy by connecting sellers and buyers of computing power from all over the world.

Sellers are provided with the easiest way of earning money through the NiceHash Miner (GUI software) that autosells user’s computing power for highest possible profit on the marketplace. The dashboard provides sellers with additional value and data insights for better day-to-day mining.

Getting started

Before getting started, you should check out Is NiceHash worth using? and see if NiceHash is right for you.

In order to use NiceHash, you must sign up for a free account to receive your NiceHash wallet address. This address will be important later when you setup the mining software. Once your account has been created you can then download the free mining software. Their mining software can be downloaded here. To begin the download, choose if you are using an AMD or Nvidia graphics card. Once the program has downloaded proceed through the installation steps and run the program.

Setting your wallet

Before you begin mining, we will need to set the wallet you will be storing your Bitcoin earnings in. You will see an option at the bottom of the software welcoming you with a link to set your wallet.

Note: You do not have to use a NiceHash wallet to store your earnings however there are fees associated with using external wallets.

Enter your email address (or click use BTC address if you are using an external wallet) and save.

Benchmarking

This step is the most important in setting up your mining software. Benchmarking will store how your system handles different algorithms for mining so NiceHash can determine which is the most profitable for you. I recommend you close out of anything running on your PC before beginning as this will begin to use 100% of your graphics card.

Start Mining

Once your benchmarking is completed, it should automatically begin mining unless you choose otherwise. Next time you launch the program you can just click start to continue earning bitcoins.

Auto-switching profits

NiceHash will automatically switch your mining algorithm to the most profitable at the time and frequently do this throughout the day. It is a little complicated on how it works exactly however they have explained it here.

Daily Estimated Earnings

Estimated earnings are just that. It is taking the current pay for your hashing power and calculating the market rates over one day. This will vary throughout the day as it may show higher and lower depending on the algorithm you are mining on. Do not worry though, NiceHash is still using your hashing power for the most profit.

Balance

This will show you your existing unpaid balance for the hashing power you sold in real time before sending it to your NiceHash wallet.

When do you get paid?

Your balance is transferred into your NiceHash wallet after your balance has reached 0.001 BTC.

What can I do with my NiceHash wallet?

You are free to move your Bitcoin out of your NiceHash wallet to an exchange, external wallet, pay for products/services, etc… However, Fees are associated with withdrawals.