Sam has been mining Bitcoin and other cryptocurrencies since 2013. He has experience building and optimizing GPU and ASIC mining systems.
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.
Top 5 GPUs for Earning on NiceHash
|GPU||Algorithm||Hash Rate||Daily Earnings|
NVIDIA TITAN V
0.00068867 BTC ($5.83)
NVIDIA GTX 1080 Ti
0.00045294 BTC ($3.84)
NVIDIA GTX 1080
0.00041388 BTC ($3.51)
NVIDIA GTX 1070
0.00037009 BTC ($3.13)
AMD RX Vega 64
0.00036373 BTC ($3.08)
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.
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.
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.
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 your earnings reach .001 Bitcoins.
NiceHash Miner Legacy Setup
Users with AMD GPUs will need to use the NiceHash Miner Legacy (NHML) 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).
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.
NiceHash Miner Legacy Configuration Steps
- Set the service location to the server nearest to you.
- 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.
- Set a descriptive worker name used to identify the computer.
- Select the devices you want to mine on in the devices section.
- Click the benchmark button to run the benchmark tests.
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.
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.
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.
- 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).
- Upgrade or purchase additional GPUs.
- Build a dedicated GPU mining rig.
- 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 hobbyists 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.
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.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.