and 80 trading pairs. In May 2022, NiceHash became the first provider of mining software to unlock Nvidia's LHR (Light Hash Rate). Business model Hash power marketplace NiceHash provides an open hash power marketplace where buyers can bid to purchase computer power to add to their mining pool or operations. In return for providing this service, NiceHash takes a percentage or fee from each group (buyers and sellers). Sellers of hash power Sellers have to run NiceHash mining software and connect their mining hardware or just regular PCs or graphics cards to NiceHash stratum servers and to the buyer's order. Their hashing power is forwarded to the pool that the buyer has chosen for mining. For each valid share they submit, they get paid in bitcoin for the price that is determined by the current weighted average and refreshed each minute. This is all done automatically and the process does not require complex technical skills. The sellers are technically not 'miners' (although the computer hardware is mining) as they do not choose or control which algorithm their hardware operates on. They are renting out the hardware to be used for mining by other people (buyers) in a similar concept to cloud mining. Buyers of hashpower (miners) Buyers bid on the open marketplace for hash power on different mining algorithms, and direct it to their mining pool to increase their chances of finding a block reward. Much of the process of bidding is automated by trading bots. References External links licensed CC BY-SA Cryptocurrencies Slovenian websites Internet properties established in 2014 Companies based in Ljubljana Slovenian brands Companies established in 2014 Cryptocurrency theft