In a significant advancement for cryptocurrency mining and transactions, NiceHash, the premier global hashpower marketplace, has successfully implemented miner payouts via the Lightning Network, marking a new era of efficiency and convenience in mining payments. This innovative move has led to the processing of over 1,800 weekly payouts, signaling a major shift in how hashpower transactions are conducted.
Established as a leading force in the cryptocurrency mining sector, NiceHash is renowned for its pioneering services and technological advancements. It operates one of the world’s oldest and most efficient Lightning nodes, which is currently ranked third globally due to its exceptional performance and connectivity. With a channel that comprises 2.2% of the entire Lightning Network’s capacity, NiceHash stands out as a top node by capacity on this cutting-edge network.
A Game Changer for Crypto Miners Worldwide
The introduction of Lightning for mining power payouts earlier this March represents a significant leap forward, offering miners a more cost-effective and streamlined method to receive payments for their hash power. NiceHash’s marketplace is a core service that facilitates miners to allocate their hardware to the marketplace, allowing users to rent this power for specific cryptocurrency mining operations. This model ensures a steady income for hardware operators while enabling users to maximize mining efficiency.
With the rollout of Lightning mining payouts, there has been a notable increase in user engagement, evidenced by the creation of over 700 new Lightning addresses every week and an average of 1,800 payouts weekly. Additionally, there have been 1,136 deposit transactions, indicating a strong interest in utilizing the Lightning Network from both sides of the marketplace. To date, NiceHash’s Lightning node has processed more than 350,000 transactions and handled over 1,500 BTC in transaction volume.
The launch of Lightning payouts not only underscores NiceHash’s commitment to supporting the network’s infrastructure but also its role in fostering broader adoption of the Lightning Network. Comparative data suggests that NiceHash users are engaging with the network at nearly double the rate of similar initiatives, like Kraken’s initial Lightning rollout in 2022. This surge in activity underscores the effectiveness and appeal of Lightning payouts among NiceHash users.
Vladimir Hozjan, CEO of NiceHash, expressed his enthusiasm for the positive reception of Lightning payouts, stating, A few weeks after introducing Lightning payouts, it’s clear that our users are loving this feature. 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.”
Looking ahead, NiceHash is preparing to launch NiceHash Pay, a Lightning-enabled payment solution for merchants to accept Bitcoin effortlessly. This initiative is poised to simplify the adoption process for merchants and users alike, leveraging NiceHash’s extensive experience within the Lightning Network ecosystem.
Since its inception in 2014 by two Slovenian university students, NiceHash has grown exponentially to become the world’s largest hashpower marketplace. It connects over 250,000 daily active miners and more than 1 million total users from 190 countries, facilitating the buying and selling of hashing power in a shared economy model. As a prominent figure in the crypto mining industry, NiceHash continues to lead the way in Lightning Network adoption and efficiency, shaping the future of cryptocurrency transactions and mining payouts.
Source: https://blockchainreporter.net/nicehash-pioneers-faster-efficient-crypto-mining-payouts-with-lightning-network/