Is Nicehash.com a shit or what?

[poizonbhai]

I am a new bitcoin miner mined around $18 usd in 12-13 hours on slushpool... i then started mining on nicehash and thought lets send the fund on nicehash wallet.. after doing that nicehash took $0.001 fee and i have now $1.79 balance !! is this a joke or what? as a new miner i was sitting the whole 12-13 hours infront of my machine in freezing cold weather... nicehash just fucked my ass :/ stay away from this shit everyone...

[1714820957]

1714820957

[Nalbo]

I am a new bitcoin miner mined around $18 usd in 12-13 hours on slushpool... i then started mining on nicehash and thought lets send the fund on nicehash wallet.. after doing that nicehash took $0.001 fee and i have now $1.79 balance !! is this a joke or what? as a new miner i was sitting the whole 12-13 hours infront of my machine in freezing cold weather... nicehash just fucked my ass :/ stay away from this shit everyone...

You should have watched the fees before making that deposit.
It surely has a funny fee structure, I think they're trying to discourage low deposits.

[maeusi]

Yes, nicehash has an awful fee structure. Bad are the deposit fees (you meant 0.001 BTC instead of 0.001 $, Iguess). The withdraw fee is worse. As I was in Nicehash, they wanted 0.005 BTC. So I couldn't payout and they took it as donation.

[boyptc]

They have changed their withdrawals and has increased the fee for it. If they were hacked or intruded by someone then they shouldn't be trusted anyway. Good luck if you are still trusting them and you are hoping to withdraw your new mined profit there.

[devcracker]

I am a new bitcoin miner mined around $18 usd in 12-13 hours on slushpool... i then started mining on nicehash and thought lets send the fund on nicehash wallet.. after doing that nicehash took $0.001 fee and i have now $1.79 balance !! is this a joke or what? as a new miner i was sitting the whole 12-13 hours infront of my machine in freezing cold weather... nicehash just fucked my ass :/ stay away from this shit everyone...

Well, why shouldn't you researched about the fee structure before mining? You should first research then step into any platform. Nicehash has increased it's withdrawal fee and have revived their fee structure and is expensive for low traders. It's service is also not so good. You must go for another platform and leave nicehash immediately if you are not satisfied.

[poizonbhai]

Thanks everyone for your replies...I already left mining there and continuing on slushpool.. slushpool is good so far

[poizonbhai]

Its my mistake that I didnt check their fees before making a deposit.. whatever.. shit happens :p

[Doctor.Strange]

Its not their mistake man, Bitcoin fee is high now a days due to network congestion, its not their fault. They have enabled Coinbase withdrawal now.

[error08]

Its not their mistake man, Bitcoin fee is high now a days due to network congestion, its not their fault. They have enabled Coinbase withdrawal now.

Indeed, current network require high fees to deposit and $18 in btc isn't a big amount.
However, I didn't know about this deposit and here about their fees;
- Non-refundable new order fee   0.0001 BTC
- Payouts for balances less than 0.1 to external wallet   5%
- Payouts for balances greater than or equal to 0.1 BTC to external wallet   3%
- Payouts for balances greater than or equal to 0.001 BTC to NiceHash wallet   2%

[TryNinja]

Indeed, current network require high fees to deposit and $18 in btc isn't a big amount.
However, I didn't know about this deposit and here about their fees;
- Non-refundable new order fee   0.0001 BTC
- Payouts for balances less than 0.1 to external wallet   5%
- Payouts for balances greater than or equal to 0.1 BTC to external wallet   3%
- Payouts for balances greater than or equal to 0.001 BTC to NiceHash wallet   2%

Those are the fees if you are selling hashing power. OP (if I understood correctly, - since his post is a bit confusing) requested a withdrawal, which fees are the following:

To	Amount	Fee
Any BTC wallet	(From 0.011 (min) to 0.2 BTC)	0.001 BTC
Any BTC wallet	(More than 0.2 BTC)	0.5% of withdrawn amount
Coinbase	(More than 0.001 BTC)	FREE - No fee.

Source: https://www.nicehash.com/help/fees
In his case, he earned something like ~0.001X BTC and lost 0.001 in fees. Ending with ~0.000X;

[amxcs]

Are they seriously taking a deposit fee?

https://i.imgur.com/V7kdOBD.png

[TryNinja]

Are they seriously taking a deposit fee?

Well, we are talking about 0.0001BTC. This amount (close to being considered dust amount) just creates more unnecessary inputs in a transaction, making it bigger and more expensive (more fees). They are the ones paying the fees, so it's obvious that they don't want people depositing 0.0001BTC, and if they deposit, they use that for the fees.

Why would anyone deposit $0,30?

[leowonderful]

You can't get much hashing power from just a few pennies on Nicehash considering the cost of renting hashrate from them, and as TryNinja said, many small transactions creates more inputs that results in higher fees when the coins are moved, so this makes sense for Nicehash to do. The fee for 0.001BTC to 0.05BTC seems just a bit high to me at 0.001BTC, but there's none at or above .05BTC, which is what I expect most people are depositing at one time or more. Can't blame a service for trying to lower their operating costs for unreasonable transactions.

[milewilda]

You can't get much hashing power from just a few pennies on Nicehash considering the cost of renting hashrate from them, and as TryNinja said, many small transactions creates more inputs that results in higher fees when the coins are moved, so this makes sense for Nicehash to do. The fee for 0.001BTC to 0.05BTC seems just a bit high to me at 0.001BTC, but there's none at or above .05BTC, which is what I expect most people are depositing at one time or more. Can't blame a service for trying to lower their operating costs for unreasonable transactions.

When we try to look at between 0.001BTC - 0.05BTC then such fee is really high. Therefore, people would really just pushed to make bulk amount transactions rather than
doing on a dust amount so i cant blame them if they do set out such rule because even if im the owner i would definitely do such thing to get rid of those unreasonable tx.