NiceHash, founded in 2014, is a Slovenian cryptocurrency cloud mining marketplace that connects miners (in this case sellers of hashing power) with buyers of hashing power. NiceHash’s online platform is where buyers rent hashing (computing power). Sellers provide hashing power by connecting to the NiceHash marketplace with NiceHash’s own mining software.
One can earn with NiceHash as a miner and the amount depends on the hashing power that one advances to NiceHash. One can calculate how much its hardware can earn for one in a day or a month by using the profitability calculator. In case one’s hardware isn’t listed there, one can simply check potential earnings by downloading and running NiceHash Miner.
Just like Bitcoin, Ethereum is a proof-of-work coin that uses miners to confirm network transactions. The profitability of mining varies from person to person and changes over time – usually becoming less profitable as the coin matures. There were some doubts recently about whether Ethereum mining is still profitable, but only when it is considered on a larger scale. While mining Ethereum, the Ether and cloud mining prices are the most important factors that need to be considered. Every mining process uses a lot of electricity. There are some sites where one can calculate how much electricity is needed considering one’s hardware, for example, CryptoCompare or What To Mine.
Before deciding whether to go with NiceHash or Ethereum, one should calculate its costs, using the online calculators mentioned above, or some of the other available options. On the other side, some would argue that the better investment is NiceHash because one can convert the profit to ETH. Most people would agree that in the short-term, NiceHash is more profitable but considering the fact that many people acquired millions of Ethereum for essentially zero dollars, they are going to cash it out soon. Having this in mind, Ethereum is a probably better investment than NiceHash in the long term.