From a simple idea 10 years ago, to a global platform enabling millions of people to mine cryptocurrency, NiceHash is a familiar name in the mining world. NiceHash has battled with controversy, survived nation state attackers, and still solidified its unique position in the crypto space as the world’s largest Hashpower Marketplace.
“NiceHash has always had usability and simplicity at the core of our products, with the goal to encourage greater crypto adoption, bring new people and show them that crypto isn’t scary. Cryptocurrency will change how we interact worldwide, and we have been pushing forwards to bridge the gap by simplifying the crypto experience for many years. We are proud to work towards the common goal of bringing crypto adoption to even more people.” – Martin Škorjanc
A unique concept, drawn up in 2014 through spotting a gap in the cryptocurrency mining industry by a Slovenian university student, who was an expert computer programmer who saw the utility of Bitcoin on the world stage. He created NiceHash, and blew away the cloud mining competition which was plagued by many scams at the time, by providing hashpower (the computing power required to mine cryptocurrencies such as Bitcoin, Ethereum, and many more), on demand and with no contracts, in an open market model. Buyers purchase hashpower for the mining algorithm of their choice, and forward it to their mining pool, increasing the chances of finding a block reward.
Eight years later, in 2022, NiceHash is still the only platform providing this service to the mining industry, and the company has gone from strength to strength, with over 2.5 million miners connected to the platform selling their hashpower.
From day one, the team at NiceHash knew Bitcoin would take on the world and provide a better financial system inclusive of everyone. The goal from the start was to encourage as many new people into the world of crypto as possible, and this remains the goal today. Sataoshi Nakamoto originally wanted that Bitcoin could be mined on anyone’s home computer, and this is an important factor of decentralization, a key component of blockchain technology.
Since the first ASIC miners were introduced back in 2012, which contributed to mining being more and more grouped in ‘farms’ or big data centers, NiceHash has always aimed at encouraging participation, and for this reason GPU (graphic card) mining remains the core of the business as it enables millions of people with PCs to continue to take part in cryptocurrency mining and get paid directly in Bitcoin.
This even makes it possible for hundreds of thousands of people to make a living just off mining with NiceHash. Many customers in poorer countries or restrictive economies are able to pay for their everyday commodities from the Bitcoin they get from simply leaving their PC connected to NiceHash for mining. The price of Bitcoin goes a lot further in somewhere like Thailand or Venezuela than it does in The United States or Europe, and this contributes to further adoption of cryptocurrencies.
NiceHash was also a victim of its own success, and became a target of the Lazarus group back in 2017, where the platform came under attack and many assets were stolen. Instead of backing down after the loss, NiceHash bounced back and decided to continue, and cut its profits to the bare minimum in order to pay back every single user who was affected. Through solid determination to adhere to the platform’s goals, NiceHash fought off false accusations of a so-called ‘inside job’ and pushed forwards to improve the infrastructure, security, and expand the team and line of products to become a global force in the crypto space.
Since then NiceHash also started an educational podcast ‘NiceTalk’ featuring many other crypto projects with the goal of encouraging more transparency into the crypto world, an industry which is often misunderstood from the outside.
Five years later, NiceHash is now present in 190 countries worldwide, has an integrated fully-featured cryptocurrency exchange, NiceX, and is always working on pushing forward new innovations in the crypto space with some very exciting breakthroughs to be announced in 2022.
