How to Earn Bitcoins Using NiceHash on Windows

Updated on February 12, 2018
skear profile image

Sam has been mining Bitcoin and other cryptocurrencies since 2013. He has experience building and optimizing GPU and ASIC mining systems.

Block Erupter USB ASIC miners
Block Erupter USB ASIC miners

What Is NiceHash?

NiceHash is a marketplace that allows you to earn Bitcoins by selling your computing power to their network. Miners can also purchase computing power from NiceHash to mine a wide variety of cryptocurrencies.

Their intelligent mining software monitors the exchange rates of many cryptocurrencies and automatically selects the most profitable one to mine.

There are several advantages to using NiceHash vs traditional cryptocurrency mining software.

  • You can earn using CPUs, GPUs, or ASICs.
  • The software is simple and easy to use.
  • NiceHash automatically switches to mining the most profitable cryptocurrency.
  • The minimum payout is only .001 Bitcoins.
  • Payments can be received up to once per day.

Creating a NiceHash Account

To get started you need to create a NiceHash account. This account will allow you to monitor the status of your NiceHash mining clients, view your mining performance statistics, and keep track of your earnings.

Download the NiceHash Miner

Once you've created an account you are ready to download and install the mining client. On the miner download page, there are two separate links, one for Nvidia users and another for AMD GPU users.

How to Quickly Find Your Video Card Type

If you're not sure if you have an AMD or Nvidia card you can quickly find out by using the DirectX Diagnostic Tool included with Microsoft Windows. Simply type "dxdiag" in the Windows 10 search box, then click run command. When the tool loads click on the display tab to view your video card information.

Using the DirectX Diagnostic Tool

Use the dxdiag utility to find your video card model.
Use the dxdiag utility to find your video card model.

Top 5 GPUs for Earning on NiceHash

GPU
Algorithm
Hash Rate
Daily Earnings
NVIDIA TITAN V
DaggerHashimoto
79.75 MH/s
0.00068867 BTC ($5.83)
NVIDIA GTX 1080 Ti
Equihash
630.00 Sol/s
0.00045294 BTC ($3.84)
NVIDIA GTX 1080
Equihash
575.67 Sol/s
0.00041388 BTC ($3.51)
NVIDIA GTX 1070
Equihash
514.77 Sol/s
0.00037009 BTC ($3.13)
AMD RX Vega 64
Equihash
505.92 Sol/s
0.00036373 BTC ($3.08)
This table ranks the current top 5 GPUs based on the earnings they generate by mining. The daily earnings will fluctuate based on the currency exchange rates.

Install the Latest Video Card Drivers

Before you start mining I strongly recommend installing the latest drivers for your video card. This will help your miner achieve the highest performance and produce the most earnings.

Installing NiceHash Miner 2 for Nvidia Cards

If you have an Nvidia based GPU download the NiceHash Miner 2 setup file. Launch the installer once the download has completed.

The setup wizard will walk you through the installation process. You will need to complete the captcha and accept the license agreement to finish the installation.

Once the installation has completed click the finish button to launch the miner.

Completing the installation of NiceHash Miner 2 for Nvidia users.
Completing the installation of NiceHash Miner 2 for Nvidia users.

Associating a Bitcoin Wallet

The first time you launch the mining client you will need to associate the mining client with the NiceHash account you created earlier.

Click on the wallet button and enter your NiceHash username, typically the username will be your email address then click on save.

Set a Unique Worker Name

I highly recommend setting a memorable and unique worker name for each different computer you install NiceHash on.

The worker name will show up in your NiceHash dashboard. Being able to distinguish the miners from each other will be very useful for monitoring and troubleshooting the miners.

Note that worker names cannot contain spaces or special characters.

I recommend setting a unique worker name for each computer NiceHash is installed on.
I recommend setting a unique worker name for each computer NiceHash is installed on.

Running the Benchmark Tests

The final step before you can begin mining with NiceHash is to run the benchmark test. The benchmarking process will test each of the different miners on your specific hardware to measure their performance.

The mining software has three different benchmark types: Quick, standard, and precise. I recommend running the precise benchmark. The precise benchmark will take quite a bit longer to run than the other two choices but in my experience, it is the most reliable.

Often the quick or standard benchmarks will fail with unusual errors whereas the precise typically completes without errors.

Click the checkbox to automatically start mining when the benchmark is finished.

NiceHash miner benchmark settings.
NiceHash miner benchmark settings.
NiceHash benchmark in progress.
NiceHash benchmark in progress.

Starting the Miner

Once the benchmark has completed the client is ready to start mining. You can click the start button to manually start the miner if it did not start automatically.

After a few minutes, NiceHash will have enough data to provide a daily estimate of your earnings. The earnings estimate will fluctuate based on the performance of your computer hardware and also the real-time value of the cryptocurrencies.

The miner will track the currency exchange rates in real time and automatically switch to the most profitable one to maximize your earnings potential.

You will receive a payout to your wallet once you're earnings reach .001 Bitcoins.

NiceHash miner in operation.
NiceHash miner in operation.

NiceHash Miner Legacy Setup

Users with AMD GPUs will need to use the NiceHash Miner Legacy version. Eventually NiceHash plans to integrate AMD support into NiceHash 2 but for now, this method is required. Advanced users may also prefer to use this version.

To install the legacy version download the ZIP file and extract the contents to a new folder on your hard drive as shown below (I suggest creating C:\NHML).

Extract the contents of the NiceHash Legacy Miner zip file to a folder on your hard drive.
Extract the contents of the NiceHash Legacy Miner zip file to a folder on your hard drive.

Launching the NiceHash Legacy Miner

To launch the Legacy Miner double click on the NiceHashMinerLegacy.exe file in the folder on your hard drive where you extracted the files.

When the program starts, accept the terms of use and click "I agree" when the third party software disclaimer appears.

NiceHash Miner Legacy Configuration Steps

  1. Set the service location to the server nearest to you.
  2. Enter your bitcoin wallet address. You can find this by logging into your NiceHash account. You can also use a Bitcoin wallet you already have.
  3. Set a descriptive worker name used to identify the computer.
  4. Select the devices you want to mine on in the devices section.
  5. Click the benchmark button to run the benchmark tests.

NiceHash Miner Legacy
NiceHash Miner Legacy
Running the benchmark tests on the legacy miner.
Running the benchmark tests on the legacy miner.

Starting the Legacy Miner

Once the benchmark tests have completed the miner can start running. Click the start button to start the minder if it did not start automatically.

Your estimated daily earnings will be shown below in USD/Day.

NiceHash Miner Legacy version in operation.
NiceHash Miner Legacy version in operation.

Monitoring Miner Performance

The NiceHash miners will automatically report their performance statistics to the online dashboard. From the dashboard, you can view all of your connected miners and monitor how much Bitcoin they are earning.

Within the dashboard, you can also find the estimated date of your next Bitcoin payment and your total estimated monthly earnings.

NiceHash miners dashboard.
NiceHash miners dashboard.

How to Increase Your Bitcoin Earnings

Now that you've completed the installation and configuration of the NiceHash miner you can work towards increasing your earnings. Here are some ways to maximize your earnings potential.

  1. Install NiceHash miners on all of the computers that you own (do not install miners on computers you do not own without permission from their owners).
  2. Upgrade or purchase additional GPUs.
  3. Build a dedicated GPU mining rig.
  4. Purchase a dedicated Bitcoin ASIC miner.

Mining on NiceHash Using ASICs

In addition to CPUs and GPUs, you can also mine on NiceHash with ASICs. ASICs are microchips designed for mining a specific cryptocurrency. Unlike GPUs which can mine several different cryptocurrencies, ASICs can only mine the cryptocurrency they were designed for (typically Bitcoin).

ASICs are expensive but very powerful machines. Bitmain is currently regarded as one of the top manufacturers of ASIC mining hardware. Their Antminer series has been very popular with both hobbyist and professional miners.

If you are considering mining with ASICs, I recommend running some calculations using a mining profitability calculator to determine the estimated time to achieve ROI (return on investment).

You should also make sure you understand the power and cooling requirements of these machines before making a purchase.

Bitmain Antminer S9 ASIC miner and power supply.
Bitmain Antminer S9 ASIC miner and power supply.

Securing Your Bitcoins

Once you've started earning Bitcoins you'll want to take some security precautions to protect them from loss or theft. Ensuring your Bitcoin wallets all have strong passwords and two-factor authentication enabled are the first security steps you should take.

The safest method to store Bitcoins is to use a hardware wallet. I personally use a Trezor hardware wallet and highly recommend them to others who are concerned about security.

The Trezor safely stores the private keys for your wallet in a secure hardware form. When it's not in use the Trezor can be disconnected from your computer protecting it from hackers.

Unlike cloud-based wallets hardware wallets let you maintain complete control over your Bitcoins. Cloud wallets are vulnerable to hackers and could also cease operations at any time leaving you at risk of a complete loss.

Trezor hardware Bitcoin wallet.
Trezor hardware Bitcoin wallet.

Which cryptocurrency do you prefer to mine?

See results

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working