SCAM in NiceHash Mining - EwaQw/EwaQwa GitHub Wiki

Is it worth the time? NiceHash is a well-known cryptocurrency cloud mining platform that allows users to buy and sell computing power for mining cryptocurrencies. It is often touted as a convenient way to get started mining without having to invest heavily in specialized equipment.

Essentially, you rent out your computer's processing power to mine cryptocurrency like Bitcoin, and in return you are provided with Bitcoin backing. But is NiceHash a legitimate way to mine or is it more of a scam? Red flags: Lack of transparency: The operating platform and fee structure are not clearly visible, leading to confusion for users and the owner making huge profits for an increased percentage of the POOL .

Delayed payments: There have been several reports of users being charged significant fees to receive funds in their payments. High fees: NiceHash increases transaction and withdrawal fees, which can significantly reduce profitability. The rules of the resource change every day of the week.

Mixed user reviews: While some users report positive experiences, others report fraudulent activity or issues with the platform. Poor customer support: The platform lacks clear contact information, and many users report difficulty getting help from customer support.

Based on my experience of buying Easy Mining package I came to standard products. This is not a proof, but just a look at my words, which may be true or false. Claim: NiceHash is deceiving its users by using a simple mining scheme to pass on its only liability (downtime between found blocks) to users. A good hash pool operates 24/7 and finds blocks every day, regardless of whether someone buys Easy Mining packages or not.

When a buyer finds a block using the Easy Mining package, the block is not actually mined from rented computing power, but from the Nicehash mining pool. So Nicehash runs when blocks change (like all pools) and also runs when blocks don't change. With the easy mining scheme, they have effectively sold the liability (the downtime between found blocks) to their users.

When you buy a package it's easy mining industry , they believe that a certain hashing power is rented for the current term. However, in reality, the user does not receive any rented hashing power, but only a computer-generated graph is displayed. The graph shows numbers like 67%, 80% or 99%, which in reality means nothing, this is done so to deceive buyers that the business's hashing power is bought and mined .

Nicehash mining algorithm is easily designed in such a way that the strategy is awarded to buyers to create a gambling-type situation. They will reward new users with several rewards to pay for their purchase of more packages and risk additional investments.

A good hash simply offers a calculated number of blocks to a calculated number of buyers in order to attract the maximum number of buyers. The whole idea of joining a mining pool is to have consistent simplicity between finding a block by successive Payout. However, it seems Nicehash has found a way to shift this major responsibility to its client under false pretenses.

Let's look at independent reviews from NiceHash from TrustPilot with a total rating of 1.8 stars: Real commission Pool more than 3%

• Mo Dauman : I have read the same sad stories as me . and I have nothing to write. NiceHash has blocked my funds in the amount of 707 USD since November 2nd, refusing to allow me to withdraw them under the pretext that I did not pass the KYC check. I sent all the necessary documents including ID, but the account was not verified. They used the pretext of moving to Switzerland. no phone, no chat support and no way to file legal complaints. It's a disgrace. I can't leave this company anymore. Experience date: November 07, 2024

• Valentin Ciubotaru : NiceHash blocked my funds in the amount of almost 600 euros, refusing to withdraw them under the pretext that I did not pass the KYC check. I sent all the necessary documents, including ID and passport, but the account was not verified. Basically, they took my money and refuse to return it. Date of experience: November 07, 2024

• Carl: I had 400 euros but I can't switch to a BTC account, they want KYC for everything, my account is no longer valid for anything. And they surrender my money every month even if I log in because they are smart and charge for inactive accounts. Too bad they got all my money processed by years of computers and electricity bills. Experience date: 05 November 2024

And so on…. Probably, after 2017, when NiceHash was expecting a hacker attack, the Exchange decided to attack its users itself, taking advantage of its offshore immunity in the British Virgin Islands.