Best Way to Explain How to Connect Nicehash to Binance Pool
Nicehash is a popular hash power broker and marketplace where investors can buy and sell the computational power of their mining devices, known as hashrate. Hashrate or Hash power, is a computational resource that is a quantification of how much hashing power your computer or mining hardware can produce for the purposes of solving different cryptocurrency Proof of Work algorithms. Nicehash allows users to buy and sell hash power and point it at the mining pool of their choice where they will be paid proportional to the amount of Hash power they connect.
Nicehash and other hashrate marketplaces allow users to mine on Binance Pool without having to own and run their own mining hardware and allow users to participate in popular Binance Pool exclusive products such as Pool Savings.
How to participate in Nicehash mining with Binance Pool?
Buyers on Nicehash connect to miners (hashrate providers) on the Nicehash platform and choose where they want to submit their hashrate. Buyers can submit either ETH hashrate or SHA-256 hash rate to Binance Pool to be rewarded. Binance Pool is an attractive option for many Nicehash buyers as the combination of low Pool fees and multi payment system means they are often more profitable. Buyers on Nicehash will first need to create a Binance Pool Account in order to route hash power.
How to create a Binance Pool Account:
Nicehash users will need to have a Binance Pool account to route their purchased Hashrate to create & register an account on Binance Pool.
How to create a NiceHash account:
To registers a new Nicehash account. You will then need to deposit Bitcoin into your Nicehash wallet to be able to buy Hashrate on the NiceHash marketplace as all Hashrate contracts are purchased in Bitcoin regardless of the Hashrate algorithm you chose. Please keep in mind, Binance Pool only accepts SHA-256 and ETHash Hashrate.
How to Place an order on Nicehash:
A new order can be placed directly through the hash power marketplace. Note that a service fee is applied only to the spent amount and that for each placed order, a non-refundable 0.00001 BTC is taken to prevent order spam.
1. First, you need to select the right algorithm to load the marketplace you want. Then, you need to decide which stratum server you will place the order on EU or USA. The selection of a server depends on the servers your pool offers. Select a location that is closer to the location of the pool.
2. You need to select a pool. If you haven’t set it up in your pools section, you can select “Add new pool” and you will have the option of entering the pool in this step.
3. You need to set the price. NiceHash suggests the minimum possible price for you to get miners. You can change it, but please note that you might not get miners assigned if the order price is too low. Also, note that this is not the price you will pay for the order – the price you will pay is entered in the fourth step and is called “Amount”.
4. You need to set the limit. NiceHash suggests the minimum possible limit. If you don’t want to limit the order, you should enter “0” in this field.
5. Finally, you need to set the amount that you are willing to pay for the order. This is the maximum amount you will spend on the order. Note that if there are no miners, you won’t be paying for the order and that if you cancel the order, the unspent amount is returned to you.
6. Whenever you enter any of these three values – price, limit, and amount – the estimated duration of the order is calculated and shown at the bottom.
After you have successfully set all of these values, you have to read and agree with the terms. If you have set up 2FA (we suggest you do), you need to enter the 2FA code as well, and then you are ready to place a new order. Note that with a hash power order, you can always change the value of the price and limit during the order itself. You can also refill the order to ensure it lasts longer. The order cannot last more than 10 days.
You will be able to find all of your opened orders in the order list. The order can also be seen in the hash power marketplace.
How to link NiceHash to Binance Pool.
Once you have created a Binance Pool account and Nicehash account you can configure your worker and stratum proxies.
Available stratum proxies for SHA-256 (Binance Pool):
Mining URL:
stratum+tcp://sha256.poolbinance.com:8888
stratum+tcp://bs.poolbinance.com:3333
Supported ports: 8888、3333、1800、443
Available stratum proxies for ETHash (Binance Pool):
Mining URL:
stratum+tcp://ethash.poolbinance.com:1800
Supported ports: 1800、25、443、3333、8888
How to connect Nicehash to Binance Pool:
On the buyer side of Nicehash you will see an option to configure your stratum proxy and the worker name. Please choose from the stratum proxies listed above and input the worker name in the username box that exactly matches your sub account name on Binance Pool. If you have not changed it, the default password for Binance Pool accounts will be 123456
Adjusting Minimal Pool Difficulty
For ETH mining you may need to configure the minimal pool difficulty as seen above.
You can choose difficulty according to the current amount of hashrate for example:
Mining Difficulty =137438953472=2^37=2^7×2^30=128Gh/s,
Mining Difficulty =17179869184=2^34=2^4×2^30=16Gh/s,
The difficulty can be adjusted appropriately according to the amount of hashrate that needs to be connected
Executing a Hashpower order on Nicehash.
Once you have deposited bitcoins on your NiceHash wallet and configured Binance Pool, you are ready to place an order. From here execute the buy order on NiceHash and check your connection on Binance Pool.
About The Author
