NiceHash is a platform that connects those with spare computing power to miners that wants to create new tokens/coins. It’s a relatively new system that allows people sell the hash rate that their mining hardware can generate. On the platform, it also gives room for people to buy hash power from those who have to sell to mine specific coins at a set pool that has support for the crypto algorithms. This service though is not cloud mining or mining rig leasing from a service provider. They are more like intermediaries that connect those who are willing to buy and those offering to give out their hardware for mining.
The Nicehash Hack
Early December, NiceHash team had announced that there was a security breach on their platform which led to a lot of customers funds missing. The announcement follows an extended breakdown of the platform with lots of their users reporting that their wallets on the NiceHash platform had been emptied.
Though there was no disclosure of how much precisely the cybercriminals made away with, it was estimated to be worth way more than 4,700 BTC. NiceHash had since been investigating and closing up every loophole so that such occurrence won’t happen again.
Nicehash Is Back In Business
They have finally come out to tell the public that all balances in every client accounts before the attack would be paid, but the payment date would be announced on the 31st of January, 2018.
NiceHash apologizes for not being able to tell the public details of how it all happened but has mentioned how they are working to prevent such happening again. They have reprogrammed their payment system, revised and upgraded security measures thoroughly. The redesigned system is said to be henceforth handled with some extra layer of security measures; they intend to confirm every transaction on the system manually, and all transactions are approved once per day at 00:00 CET.
Old and new members are now free to lease, mine, and make money once again as the site is back online. NiceHash promises to reimburse all balances before the attack but apologizes that clients with less than 0.0001 BTC would not be paid and their balance is written off, saying that is the most appropriate way to ensuring everyone is back in business.
All those who deposited funds on the platform after the attack are safe, and those in that category will have their funds automatically sent to their wallet addressed.
External wallet holders are expected to go to Miner’s Page on the site and enter their wallet address. This is to display the old balance under “Projected Payouts” section. Just in case the balance isn’t shown, an email can be sent to [email protected], and they’ll attend that as soon as they can.
Should You Try Nicehash?
NiceHash is an excellent alternative to cloud mining or multi-pools services and depending on how it’s used; it can give a good profit regardless of whether you are selling or buying hash rates. It creates an opportunity to generate new coins. So if you are continually looking for new coins to mine but do not have enough hashing power to mine for yourself as a result of high costs of mining hardware, NiceHash is your most preferred solution.
Though right now, it’s extremely hard to cash out from Nicehash with the bitcoin network fees. Besides this, the resignation of their CEO after the hack and the modification of the payment terms made the users switch to alternatives – many reddit users choosing MPH instead of Nicehash.
We recommend you to try and test both and see which one is fit for you. Remember to withdraw your funds as soon as possible and use extra security measures such as 2FA