NiceHash starts charging service fees for inactive users

pututu

[H]ard DC'er of the Year 2021
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Dec 27, 2015
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Got this email today from nicehash. Since the ETH mining ended, I left some BTC (converted from ETH) in nicehash account. They will start charging service fees at the rate of 0.0001BTC (~$5.8) per month for inactive account. See more info in nicehash website.

Anyone know the most economical way to withdraw BTC from nicehash? TIA.

Edit: just found out this from their website: https://www.nicehash.com/support/general-help/service-fees/withdrawal-fees. Maybe I should open Lightning Network. Comments?

Dear NiceHash user!

As we are operating in an evolving environment and increasing complexities of safekeeping and managing your digital assets, it has become necessary to introduce several key changes to our platform, particularly concerning inactive accounts. These changes are designed to ensure that we can continue to provide a secure and efficient service to all our users.

To make sure we keep the security and compliance with the latest standards on the market and to maintain the operational integrity and best service possible to our active users, we will be introducing a service fee for inactive accounts starting from October 1st, 2024. This fee will apply to accounts that have not shown any activity for over 6 months.

What this means to you

If you are not using our services on a regular basis and your account has been inactive for more than six months, we will start charging you a monthly service fee for inactive accounts starting with October 1st 2024. Please check here to see how much it will cost you.

How to avoid service fees

To avoid the service fee from being applied to your account, simply engage in an activity on the platform. This will reset your account’s activity status and exempt you from the fee.

Examples of valid transactions:

  • Buying hashrate via Marketplace
  • Buying EasyMining or TeamMining package
  • Receiving payout from selling your hashrate over Nicehash
  • Receiving payment via NiceHash Pay as a verified merchant
Our commitment to you

We understand that these changes may be to a certain extent significant, but they are necessary for us to continue offering a high level of service and security. We remain committed to our core mission of driving the future of crypto mining and finance through cryptocurrency and ensuring that our platform serves as a robust, secure, and user-friendly space for all our users.

Continued support

As always, we are here to support you. If you have any questions or concerns regarding these changes, our support team is available to assist you through our ticketing system. Additionally, we are continuously working on enhancing our platform to provide even better tools, features, and partnerships that will benefit our entire community.

We thank you for your understanding and continued support as we work together to build the future of crypto.

Your NiceHash team
 
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i wonder what inactive means.

Do I just need to log in? have a machine mine for 12 seconds every year......ya know?



Then again, not much reason to keep anything there any more. The worst part is another place I had some stuff did the same thing. But the fees to move out the asset was more than the value. Just wrote it off.
 
My thing is I don't have access to that account anymore since I moved to a new phone and lost the 2FA for it. They better not come after me after a bunch of fee accumulate.
 
i wonder what inactive means.

Do I just need to log in? have a machine mine for 12 seconds every year......ya know?



Then again, not much reason to keep anything there any more. The worst part is another place I had some stuff did the same thing. But the fees to move out the asset was more than the value. Just wrote it off.

It's in the OP's spoilers.

  • Buying hashrate via Marketplace
  • Buying EasyMining or TeamMining package
  • Receiving payout from selling your hashrate over Nicehash
  • Receiving payment via NiceHash Pay as a verified merchant
 
I was going to say if they take time to precise the notion of valid transaction.... make it sound that by simply engage in an activity on the platform. They do not really mean simply engage in an activity on the platform. (which simply logging in and consulting your current account to look if everything ok and still there would count in a lot of reasonable comprehension of : engage in an activity on the platform
 
I'm just going to do a CSV dump of my transactions and then close the account. I have no interest in what they have to offer nowadays.
 
My thing is I don't have access to that account anymore since I moved to a new phone and lost the 2FA for it. They better not come after me after a bunch of fee accumulate.

They probably just want to zero out your account so they can close it. If you had real money in there, you'd probably have moved it already.
 
So not only this, but I got a notice in the mail I need to clear out my binance.us account. Due to new rules, they wont do business with Washington residents.
 
I just moved all btc balance from nicehash to paypal crypto. Now to close nicehash account as I don't think I'll be doing mining in the near future...
 
I just moved all btc balance from nicehash to paypal crypto. Now to close nicehash account as I don't think I'll be doing mining in the near future...

It was good while it lasted, but there's no real ROI anymore. It's not even worth just using one card you game with in the off times since you're not even making enough to cover electricity.
 
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