NiceHash Users Switch to Lightning with Thousands of Weekly Payouts Since Rollout

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NiceHash Users Switch to Lightning with Thousands of Weekly Payouts Since Rollout

Maribor, Slovenia, March 29th, 2024, Chainwire

NiceHash, the world’s leading hashpower marketplace, is pleased to report a successful rollout of miner payouts with Lightning, processing over 1,800 weekly payouts for renting hashpower delivered via the Lightning Network.

NiceHash operates one of the oldest Lightning nodes, ranked third globally by its performance thanks to high connectedness to peers. The channel holds 2.2% of the total network capacity, putting it among the top nodes on the network by capacity as well.

Early in March, NiceHash enabled mining power payouts to be delivered with Lightning, making it cheaper and more convenient for miners to receive payments for their hash power. NiceHash’s main product is its hash power marketplace, allowing miners to commit their hardware to the marketplace while users can rent it to mine specific coins. This allows users to focus on optimizing mining efficiency while hardware operators have a guaranteed flow of income with a simpler overhead.

Since adding Lightning mining payouts, users created over 700 Lightning addresses weekly and obtained an average of 1,800 weekly payouts. Another 1,136 deposit transactions were recorded as well, which shows interest to use Lightning on both sides of the marketplace.

Since the launch of its node, NiceHash has processed over 350,000 Lightning transactions and over 1,500 BTC of transaction volume. By launching Lightning payouts, it is now contributing to the adoption of the network, after supporting it on the infrastructure side for many years.

Due to its private nature, the total transaction statistics for the Lightning network cannot be counted. However, compared to similar post-launch figures for Kraken’s initial Lightning rollout in 2022, NiceHash users seem to be transacting nearly twice as often on a weekly basis.

“A few weeks after introducing Lightning payouts, it’s clear that our users are loving this feature,” said Vladimir Hozjan, CEO of NiceHash. “We’re proud to be one of the top supporters of the network both in terms of operating nodes, and now in terms of driving usage as well. Lightning lends itself very well to making small and regular payments, and we will be pushing adoption even more in the future.”

NiceHash is gearing up to launch NiceHash Pay, a Lightning-enabled solution for merchants to accept Bitcoin. It promises to be the easiest platform for onboarding merchants and users, helped by NiceHash’s extensive experience in operating within the Lightning network.

About NiceHash

NiceHash is a crypto mining hashpower marketplace, founded in 2014 by two Slovenian university students. Since then, it has grown into the largest marketplace on the planet, supporting more than 250,000 daily active miners and more than 1 million miners total users across 190 countries. As a global hashpower broker and cryptocurrency exchange, NiceHash is an open marketplace that connects sellers of hashing power with buyers of hashing power, adopting sharing economy principles. NiceHash is also one operating one of the most efficient Lightning network nodes globally, and it is spearheading Lightning network adoption since its early days.


Joe Downie