Stupidy of nicehash.

[swogerino]

Who cares, Nicehash is already dead from a lot of time if you ask me, they have done a lot and they have thrown a lot away by themselves, there are other platforms which are better and I also have much more options regarding the payment to which currency I want to be paid which is a very nice one and one of such platform is Unmineable, I know they have to do a lot regarding offering more algorithms to mine as they have almost nothing in Cryptonight related algorithms but they are doing pretty well from a lot of time and 0 KYC needed, just setup your miner, configure it and start mining, no questions asked and the rewards will be paid directly to your wallet of your choice, once a day at 01:00 UTC if you qualify for minimum payment. The coin that I choose to be paid with 70 Mhsh of Ethash power is Litecoin and the minimum is 0.00075 LTC which you can achieve in less than a day.

[batsonxl]

Nicehash will even charge you for having an inactive account lol

Better to avoid this shit IMHO.

It looks like Nicehash has gone even further in making bad decisions...

I just came across this on Reddit:



LOL!
@Nicehash, are you really going to make people pay for having an inactive account??


Otherwise I've learned from your blog that you're going to stop providing exchange services to focus on hashrate rental and mining services. So there will be no more FIAT managed by you, should assume that you will therefore stop forcing your users to go through KYC?

It is called nicecrap now 
What happened to them, i used to love their service.

[FP91G]

NiceHash is Relocating To Switzerland!

Dear NiceHash Users,

We are delighted to announce an exciting development in the evolution of our company, that NiceHash will be moving to a new home in the crypto valley, Zug, Switzerland.

This move brings forward a new era for NiceHash, one which brings us focus to our strengths and core values; Mining. As the world’s largest hashpower marketplace, we are here to provide all our customers with the best service and peace of mind, and relocating to a country with an advanced regulatory framework, historical financial prominence, and industry experts helps us fulfill this.

This change brings forward several structural changes, such as an increase in regulatory requirements, that we believe are a net positive for the mining industry, and we are proud to be at the forefront of this movement.

How this will affect you:

Starting November 4th, users without completed KYC verification will be unable to deposit or withdraw funds. To ensure uninterrupted access to all services, please complete KYC by this date.
As of November 12th at 11:00 UTC, KYC will be fully mandatory, and users without it will no longer be able to mine, or access any other NiceHash services.

https://www.nicehash.com/blog/post/nicehash-is-relocating-to-switzerland?lang=en

There are definitely dumbasses in the management of the company. First they offered Russian users to complete KYC, and then they announced that from November 12 it will no longer be able to support users from Russia.

[JayDDee]

There are definitely dumbasses in the management of the company. First they offered Russian users to complete KYC, and then they announced that from November 12 it will no longer be able to support users from Russia.

By introducing KYC they will be able to identify country so will have to abide by sanctions against Russia, seems like a lose-lose situation.

[Really A Genius]

I dont care about the monthly inactive fee that nicehash has recently introduced but it's the fact they did this to take a fee from accounts that can't be used by the account holder because they will not allow the account holder to complete KYC.
And because they won't allow the account holder to complete KYC nicehash they will eventually drain the account empty with there fees.
It's a clever scam and how they live doing that is despicable.

[batsonxl]

Ok if someone cant withdraw there is one solution.
You need to close your account then you can withdraw what is left in your wallet.
Dont pay fees to them.They got way fat anyway.

[Easteregg69]

See if mining rig rentals has any demand for your hashes.

[FP91G]

There are definitely dumbasses in the management of the company. First they offered Russian users to complete KYC, and then they announced that from November 12 it will no longer be able to support users from Russia.

By introducing KYC they will be able to identify country so will have to abide by sanctions against Russia, seems like a lose-lose situation.

I don't agree that this is a lose-lose situation for everyone. There are a lot of alternatives for any miner, as well as many pools that do not care what country the miner is from. But many large pools have Russian servers despite the sanctions.
https://bitcointalk.org/index.php?topic=5457533

[OgNasty]

I went ahead and KYC’d to continue using NiceHash. I never thought I would because I don’t agree with it, but my house is cold and I need the heat. My GPU operation isn’t massively profitable or anything so taxes isn’t really a concern there. Mostly I just don’t agree with KYC but that’s where the industry is headed. Might as well get on board now.

[FP91G]

I went ahead and KYC’d to continue using NiceHash. I never thought I would because I don’t agree with it, but my house is cold and I need the heat. My GPU operation isn’t massively profitable or anything so taxes isn’t really a concern there. Mostly I just don’t agree with KYC but that’s where the industry is headed. Might as well get on board now.

I will always find any other service, but I will never give my data to mining services.
https://bitcointalk.org/index.php?topic=5457533
https://bitcointalk.org/index.php?topic=5516906.msg64709293#msg64709293

[OgNasty]

I went ahead and KYC’d to continue using NiceHash. I never thought I would because I don’t agree with it, but my house is cold and I need the heat. My GPU operation isn’t massively profitable or anything so taxes isn’t really a concern there. Mostly I just don’t agree with KYC but that’s where the industry is headed. Might as well get on board now.

I will always find any other service, but I will never give my data to mining services.
https://bitcointalk.org/index.php?topic=5457533
https://bitcointalk.org/index.php?topic=5516906.msg64709293#msg64709293

Totally understandable. I wouldn’t either if I were running a serious mining operation and using them for it. Right now it’s just a way to heat my house. I seriously doubt there are any tax implications from what I’m doing currently. If I ever upgrade to a more serious setup I’ll find a new pool for sure.

[FP91G]

I went ahead and KYC’d to continue using NiceHash. I never thought I would because I don’t agree with it, but my house is cold and I need the heat. My GPU operation isn’t massively profitable or anything so taxes isn’t really a concern there. Mostly I just don’t agree with KYC but that’s where the industry is headed. Might as well get on board now.

I will always find any other service, but I will never give my data to mining services.
https://bitcointalk.org/index.php?topic=5457533
https://bitcointalk.org/index.php?topic=5516906.msg64709293#msg64709293

Totally understandable. I wouldn’t either if I were running a serious mining operation and using them for it. Right now it’s just a way to heat my house. I seriously doubt there are any tax implications from what I’m doing currently. If I ever upgrade to a more serious setup I’ll find a new pool for sure.

If we support mining services with KYC, they will all be like this soon. These companies should see that if they use KYC, they lose a lot of customers, even if they are miners with a very small number of graphics cards or asics.

[batsonxl]

I went ahead and KYC’d to continue using NiceHash. I never thought I would because I don’t agree with it, but my house is cold and I need the heat. My GPU operation isn’t massively profitable or anything so taxes isn’t really a concern there. Mostly I just don’t agree with KYC but that’s where the industry is headed. Might as well get on board now.

I will always find any other service, but I will never give my data to mining services.
https://bitcointalk.org/index.php?topic=5457533
https://bitcointalk.org/index.php?topic=5516906.msg64709293#msg64709293

Totally understandable. I wouldn’t either if I were running a serious mining operation and using them for it. Right now it’s just a way to heat my house. I seriously doubt there are any tax implications from what I’m doing currently. If I ever upgrade to a more serious setup I’ll find a new pool for sure.

If we support mining services with KYC, they will all be like this soon. These companies should see that if they use KYC, they lose a lot of customers, even if they are miners with a very small number of graphics cards or asics.

Agree with you, i stopped using nicehell service after kyc.

[chup]

Just removed (NotSo)NiceHash from all my miners serving as backup pool.  They lost me forever for less than 10 bucks I had left at the platform before change.

[FP91G]

Just removed (NotSo)NiceHash from all my miners serving as backup pool.  They lost me forever for less than 10 bucks I had left at the platform before change.

Let NiceHash look for their clients in Europe , I have nothing against European countries, but in Europe electricity for mining on video cards is very expensive, so I do not understand how the company will develop its business if there is now a lot of competition in mining among similar services and pools.

[swogerino]

Just removed (NotSo)NiceHash from all my miners serving as backup pool.  They lost me forever for less than 10 bucks I had left at the platform before change.

Let NiceHash look for their clients in Europe , I have nothing against European countries, but in Europe electricity for mining on video cards is very expensive, so I do not understand how the company will develop its business if there is now a lot of competition in mining among similar services and pools.

I am thinking more about an exit scam from them or something similar. I know they are very trusted and all that and I don't doubt that yet wasn't another service not mining related though it offered some sort of crypto services like Paidverts/MytrafficValue and they are down from more than 2 weeks now, what do we know that Nicehash owners haven't gotten enough money from that pool mining that people did to hit a block and earn a lot of money, sure some people managed to hit crazy amount of Bitcoin and withdrawn from there yet what about this big fee they want as monthly compared to many other services, I have a lot of doubts though I hope they don't make an exit scam strategy, that would be devastating to people keeping cryptos in their wallet.

[tuaris]

Yeah, this change is super upsetting.  What concerns me most is my unpaid balance that is below the payment threshold, will that be paid?  It's quite significant considering the rising value of Bitcoin.  I'm guessing it a no.  They are going to add a "Service fee" which basically means they are going to steal my balance.  No other way to put it, but these people are scumbags.


Seems like there will be demand for a replacement.  I really need to get my pools up and running again.

[FP91G]

Yeah, this change is super upsetting.  What concerns me most is my unpaid balance that is below the payment threshold, will that be paid?  It's quite significant considering the rising value of Bitcoin.  I'm guessing it a no.  They are going to add a "Service fee" which basically means they are going to steal my balance.  No other way to put it, but these people are scumbags.


Seems like there will be demand for a replacement.  I really need to get my pools up and running again.

At Lightning Network, you can withdraw coins for almost free and the withdrawal limit is very small. In other coins the commission is higher.
https://www.nicehash.com/support/general-help/service-fees/withdrawal-fees