I LOVE the idea of mining and making passive income from crypto and NiceHash is one way to do this. More good news is NiceHash has a referral program where you can earn money. You can earn money, helping others earn money is this too good to be true or is there some NOT nice stuff with this program?
NiceHash does have a referral program and an affiliate program but they don’t pay a lot and there are high requirements for the affiliate program.
Keep reading and I’ll share how NiceHash works, what the hack was all about, 3 pros and 5 cons to the platform, its main competition, and if it’s worth it.
What is NiceHash?
NiceHash is a program you can run on your Windows computer that allows you to rent out your computer power for others to use.
These other people would use your computer to mine other cryptocurrencies and you get paid for doing this in Bitcoin.
You could say NiceHash is a broker between buyers and sellers of Hash Power (computer power).
For making it easy for people to participate in mining cryptos NiceHash gets paid! You can also trade cryptocurrencies on the platform.
Is NiceHash Worth It?
When it comes to business “you just need to spend less than you make.” The cost of mining is going to be your electricity.
If you go to the Nicehash website they have a tool that automatically detects your system and gives you an estimate of your profit and electricity cost.
Mine wasn’t very good.
I’ll be making 1 penny a day.
However, that is if the price of Bitcoin stays the same. If the price of Bitcoin 10x then maybe I would make more money.
What is crazy about Bitcoin is you can loan your Bitcoin and earn interest on it. There is even a way to do liquidity mining and earn even more money with your Bitcoin.
I created a post about all the different ways to earn with Bitcoin and you can check it out HERE.
For 1 cent a day, it’s NOT worth it for me but maybe you have a better computer and your situation maybe it’s different. Also, Bitcoin will probably increase in price so keep this in mind.
Pros and Cons to NiceHash?
Let’s get the negative stuff out of the way first ok?
One negative is there was a LARGE hack on the website and 4,700 Bitcoins were stolen in December 2017. If someone store Bitcoin on the website their money was lost.
The good news is that NiceHash was able to repay ALL this amount to its users who lost money during this hack (but it took a lot of time to repay this). There is a controversy that the hack took place when Bitcoin was at its high and NiceHack (oops, I mean Nicehash) could have made money at this.
Some people think that NiceHash sold the Bitcoin at the high and purchased the Bitcoin low to repay the stolen accounts (but nothing is proven).
If you are going to use NiceHash just like ANY exchange it’s probably best not to keep lots of crypto in the hot wallet. It’s ok to keep some crypto on an exchange, but in “large” amounts it’s better to keep someplace more secure like a cold wallet (not connected to the Internet).
The second negative NiceHash is a middle person. This means you know NiceHash is going to take a percentage of the money you work for.
The third negative is the program has a lousy referral system. You get 5% of the profits and that is VERY small! They do have an affiliate program that pays 15% but it’s VERY hard to get into.
The fourth negative is there are fees for “everything.” There is a fee for withdrawing your money, transferring your money, buying hash power, selling hash power, and more. HERE is a link where you can find all the fees.
The fifth negative is the program requires KYC to “know your customer” and this is a BIG pain in the ass. KYC means you have to take many pictures of your ID and it can take some time.
Let’s talk about some of the positive things with NiceHash.
The largest positive to this service is they make mining crypto easy. It might just be the easiest way to start mining crypto and this is a LARGE positive.
Some money is better than NO money, right?
The second positive is the website is very user-friendly and I like the way it looks.
The third positive is they look like a solid company after the hack they did repay everyone who lost money. Taking that kind of punch and doing the right thing is a BIG positive. They probably will be around for a while.
How Does the NiceHash Affiliate Program Work?
This company does have both an affiliate program and a referral program. The referral program accepts “anyone” and you get paid 5% on the spent fee for each placed order for the person you referred.
So this would be 5% of what NiceHash earns and it’s not a lot of money, but it’s better than nothing.
NiceHash also has an Affiliate Program where someone can earn MORE money. The problem with the affiliate program is the requirements are VERY high.
You must have a large social media channel with over 200,000 followers. You should be able to bring in several thousand users a month into the platform.
By doing this you will be rewarded 15% of the mining fees. Still, not a lot of money, but it’s better than 5%. Oh and if your wondering what the mining fees are Here is a LINK that breaks it down.
When it comes to affiliate programs I ONLY recommend programs I use or they have to be VERY good products. I’m not sure NiceHash hits that bar for me, with you maybe it has.
HoneyMiner WAS a competitor of NiceHash but sadly they closed down in October 2021. HoneyMiner was great because you were using your computer itself to mine crypto and you kept more of the money.
Another competitor is going to be MinerGate and this is just joining a pool to mine altcoins. The good thing about MinerGate is the Affiliate Programs pay 65% instead of 5%.
That is a HUGE difference. There is the fine print and when you start out you will get paid 30%. After you have referred 10 people you will get a 50% commission rate. Then after 30 people, it jumps up to 65%.
Back in the days, I used to mine Dogecoin with a pool and I made some GREAT money at it. Then the requirements outdid my computer and I stopped. Here is a post I made on how to mine DogeCoin. Maybe you have a computer that can handle this mining.
When it comes to getting crypto passively I found staking and liquidity mining to be the BEST and easiest ways to earn money. You can learn more about liquidity mining from the link HERE.
Oh, and the right ad network for a blog isn’t too bad either if you’re into blogging.
NiceHash is a nice idea, but for me isn’t worth it, and maybe you’re in a different situation. I hope this blog post on if NiceHash has a referral program was helpful to you. Bye for now.