Have you ever wondered how to get Bitcoin without having to buy it? As you predicted, you mine them to earn Bitcoin cryptocurrency.
However, the process of mining Bitcoin is not as simple as it might seem to you. Mining Bitcoins is highly computational and complex, so miners need powerful machines to mine the coins.
Alongside hardware setup, miners also need to install the appropriate mining software to mine Bitcoin. Beginners have a difficult time picking the right Bitcoin mining software, as there are several options available on the market.
As a way to simplify the decision-making process, we decided to review the two most popular Bitcoin mining software, NiceHash, and BetterHash.
In this blog, we will do a detailed review of NiceHash vs BetterHash and try to figure out which Bitcoin mining software is the most profitable for you. Firstly, let me introduce you to each of them.
Table of Content:-
NiceHash is a Slovenian company that provides hashing power for cryptocurrencies.
It is a marketplace that acts as a P2P marketplace where sellers with hashing power can connect with buyers of hashing power (miners).
Let’s develop a better understanding of the Bitcoin mining software NiceHash with the following example.
Let’s assume you are a crypto miner with all the computational required to mine cryptocurrencies like Bitcoin. You can advertise your hash power on the NiceHash platform by signing up as a seller. Any buyer who is happy with the price will be able to rent your computing power on profitable terms so they can mine cryptocurrencies for themselves.
By doing so, sellers can make money from their rented computational power. While buyers can mine cryptocurrencies without having to invest a lot in computing power.
This is how NiceHash works.
Furthermore, NiceHash also facilitates a naive cryptocurrency exchange where users can easily trade their cryptocurrencies to make a profit.
NiceHash also offers a profitability calculator which helps the miners determine their profitability.
Now that you know what NiceHash mining software is, let’s scroll down to explore further information about NiceHash.
NiceHash is undoubtedly one of the most secure crypto mining platforms. A recent survey conducted by cer.live states the same.
NiceHash mining is completely anonymous and safe, so there is no threat posed by software to miners. However, if you download the software from third-party sources, then you might be prey to security breaches.
Furthermore, every account on the NiceHash is protected by 2-factor authorizations to lessen the chances of account hacking.
One major security breach in the year 2017 severely affected the reputation of NiceHash. The NiceHash users are likely to bear the loss of close to 4,700 Bitcoins valued at around US$64 million as a consequence of this security breach.
The whole security breach was the result of NiceHash’s weak security system. However, after the incident, NiceHash investigates the breach and incorporates the various security protocols to keep preventing such incidents from being repeated.
NiceHash mining software is considered to be one of the best Bitcoin mining software for both buyers and sellers.
As mentioned earlier, it connects the seller of hashing power with the buyers of the hashing power. The buyers pay only for the mining resources they utilize, which makes it the most cost-effective mining software for themselves. While sellers get a chance to make money by renting out their vacant computational power on profitable terms.
The biggest concern of sellers and buyers while using the services of NiceHash mining software is its heavy fees, which we will discuss below in this blog.
NiceHash is one of the legit websites to buy and sell hash power to mine Bitcoin for individual benefits.
NiceHash is a company registered under the business laws of the British Virgin Islands, whose name is NiceHash Ltd.
The user who is concerned about the question “is NiceHash legit?“ can be at ease knowing that the platform is completely legitimate.
To gain more information about the terms & conditions of the NiceHash, you can visit the official privacy policy page of the NiceHash by clicking here.
BetterHash is another crypto mining software that allows miners to mine cryptocurrencies with their existing computers immediately to make a profit.
BetterHash is designed specifically for use on Windows 64 bit operating systems and to mine cryptocurrencies like Bitcoin.
All the cryptocurrencies mined using BetterHash are stored inside the program with the utmost level of security. As a miner, you only need to set up your account on BetterHash using a mail id and password.
BetterHash takes user security seriously. In that series it protects the user accounts with 2FA, which can be turned on from the security section of the software.
One of BetterHash’s best features is its profit switching option. Miners can easily switch between different Bitcoin mining algorithms to ensure that their efforts are rewarded with the maximum result.
BetterHash does not charge any fees from sellers who use the software, so it is a major advantage.
We haven’t encountered any issue with BetterHash till time regarding security problems. A major selling point of BetterHash is that almost all Bitcoin mining tasks are automated, so users can feel more at ease.
While talking about the negative points of BetterHash, users don’t have much control over the software. This statement can be proved by the fact that BetterHash creates wallets for every currency mined, and does not allow access to private keys associated with that wallet. BetterHash retains full control over the mined currency until it is not withdrawn. It is not something that all users are comfortable with.
As far as security is concerned, BetterHash doesn’t contain any viruses, hence it is safe to use. It keeps updating itself to protect software from unwanted hacking activities.
BetterHash is very good mining software, except for a few of the negative points mentioned above. In terms of profitability, BetterHash does not charge miners a fee to mine cryptocurrencies, so it seems like a more profitable crypto mining software in comparison to NiceHash.
There are a few cons that might reduce your profits from mining using BetterHash. BetterHash doesn’t automatically shift to the most profitable currencies, hence beginners won’t be able to make the maximum profit.
Just like NiceHash, BetterHash is also a legit cryptocurrency mining website that works under the US privacy law and information security. The website also follows the compliance of the General Data Protection Regulations (GDPR) and EU law on data protection that ensures the protection of the personal information you share on the website.
To gain better knowledge of how the BetterHash website works, you can go through the privacy section of the website.
Also Read:
Here we are going to compare NiceHash vs BetterHash depending on the various factors such as computational power, user interface, fee, and so on.
Computational power is the key to success in the world of crypto mining. Hence this is a foremost factor in the comparison of BetterHash vs NiceHash.
BetterHash enables users to mine cryptocurrency instantly with their existing computing power, regardless of whether they use CPU, GPU, or ASIC. You can even mine cryptocurrencies with your low specification computer system no matter how little hash power it generates.
While talking about NiceHash, it lets the miner rent the hash power on profitable terms. Mines can rent the requisite amount of hashing power based on their requirements.
Verdict: NiceHash has gained a lead in terms of hashing power. Here you can rent the requisite amount of the hashing on profitable terms. While on BetterHash, miners are limited to the hash power of their existing system.
The design of the NiceHash is crafted keeping both beginners and seasoned cryptocurrency miners in mind, hence the navigation through the different features of the NiceHash is simple. A large part of the Bitcoin mining process is automated, except for placing the bet for the required hashing power.
A smooth user interface coupled with powerful mining tools makes BetterHash crypto mining software an ideal choice for both novice and seasoned crypto miners. The best feature of BetterHash is that it supports auto mining which automates the process of choosing the most profitable cryptocurrencies. Additionally, the software is continuously updated to address the ever-changing needs of miners as well as keep itself protected from malware attacks.
Verdict: BetterHash seems to be a better option in terms of user-friendliness. The algorithm automatically selects the most profitable coin to maximize the profit of the miners, whereas, with NiceHash, this must be done manually.
NiceHash follows a pretty flexible cost structure. It charges based on the crypto coins mined.
NiceHash charges a fixed amount of 0.0001BTC on every purchase you make on the platform. 3% is also added to the amount spent on buying the hashing power. Sellers also need to pay a certain fee for selling the hashing power on NiceHash. If the order value is less than 1000 satoshi, then 0.00001000BTC is charged. If the order exceeds the value of 1000 satoshi, then a 2% fee is charged to the seller.
BetterHash doesn’t impose any fee on mining cryptocurrencies nor the withdrawal of the cryptocurrencies except for 0.0002 BTC for external wallets. However, users need to invest huge capital in the hardware setup to make a profit from mining.
Verdict: NiceHash has an obvious advantage over BetterHash as it requires no capital investment to get started mining. Furthermore, the price structure of NiceHash is fairly simple.
NiceHash offers support for a wide range of cryptocurrencies as follows:
Furthermore, BetterHash did not lag behind NiceHash in terms of the cryptocurrencies available on their platform.
Verdict: Both NiceHash and BetterHash offer support for all of the major cryptocurrencies available on the market. Hence, deciding a winner between BetterHash vs NiceHash is a difficult task to do. In terms of what cryptocurrency miners wish to mine, miners can decide which Bitcoin mining software to use.
All the user accounts on the NiceHash are protected with 2-factor authorization. Every time a user places an order, they need to go through the process of SMS authentication. The web is also protected using the SSL certificate.
BetterHash also offers support for the 2-factor authorization, to make sure nobody expects you to manage to get access to your account. Furthermore, the website and software are scanned regularly to detect security loopholes. In addition to all this, BetteHash is protected with the SSL certificate.
Verdict: Here Nicehash takes the lead over Betterhash by offering better security to the users.
NiceHash offers around-the-clock customer support service to address all inquiries and concerns related to the mining software. Besides this NiceHash also offers customer support through email.
BetterHash lacks in terms of the customer support system. It only offers support through the mail, there is no real-time support system.
Verdict: NiceHash is the clear winner in terms of customer support.
Also Read:
Both NiceHash and BetterHash mining software have their own pros and cons. Based on the comparison above, it is evident that NiceHash wins the majority of the time. NiceHash leads BetterHash on all fronts, whether it’s security, customer service, or computational power.
If you want to explore a few of the great alternatives to the NiceHash Bitcoin mining software, then explore the following informative YouTube video.
Both NiceHash and BetterHash are labeled with a certain fee that you need to pay. Also in the long haul, you will also find a lot of scope in terms of improvement.
In this case, when NiceHash and BetterHash do not seem to be that profitable, what else can we offer you?
Here at BR Softech, we can offer you a high-performance cryptocurrency mining software similar to Nicehash and BetterHash tailoring to your custom requirements. It won’t cost you anything except development and it’s going to provide mining services that are better than NiceHash miner catering to your specific requirements.
Let’s get in touch with our experts to develop your Bitcoin mining software today.
Helpful Articles: Read More
IPL Cricket Betting Software Features For Bookies
Fantasy Cricket App Development Cost In this IPL season 2022
Top 5 Reasons To Start Your Fantasy Sports Software In This IPL
Launch Your Cricket Betting Software Before IPL
IPL Cricket Betting App Development Cost and Features With “Odds API”
