NiceHash operates as both a mining marketplace and a cloud mining platform. It allows users to buy or sell hashing power. On one side, hardware owners can rent out their mining equipment, and on the other, buyers can purchase mining contracts without owning any machines.
In 2025, NiceHash remains popular due to its flexibility. It allows short-term contracts, meaning users are not tied down for months. However, the platform has faced security incidents in the past, and although it has recovered, users remain cautious.