Vadim Zhdanov

NiceHash is a global cryptocurrency hash power broker and cryptocurrency exchange with an open marketplace that connects sellers of hashing power (cryptominers) with buyers of hashing power using the sharing economy approach.

The project allows miners who have production facilities to sell their services to people who would like to start mining, but do not have the necessary equipment. Here, an economic sharing approach is implemented - not every miner or mining pool can be rewarded with cryptocurrency for work, while electricity and equipment wear and tear constantly require money for maintenance. As a result, it is easier for miners to rent out their equipment, earning money from it. And buyers, if their rented capacities can receive a reward in cryptocurrency, receive a much larger amount, which is enough to pay the rent further.

In addition, the NiceHash project invites miners to join pools to increase the chances of receiving a reward. In addition, the company became the first in the world to create software to bypass the lock on Nvidia's Light Hash Rate series graphics cards.

Separately, the company offers a trading platform for the exchange of cryptocurrencies. Platform users are offered more than 80 trading pairs, among which the most popular are XRP/BTC, ETH/BTC, BTC/USDT, ETH/USDT, LTC/BTC.

When exchanging digital assets among themselves or for fiat currency, the company takes a commission. Depending on the amount and form of exchange, the commission can be up to 0.5%.

At the same time, it should be noted that the account on the NiceHash platform is replenished in euros. The minimum amount for replenishment is 1 euro, but it is recommended to replenish immediately with 25 euros, since this amount allows users to carry out some transactions.

The NiceHash project also has a demo site where beginners can learn how to work with digital assets and mining. The demo version completely copies the functionality of the real site with all commission sizes and tools.

• Foreign economic policy. It aims to protect the market from foreign competition in order to support domestic entities. (Includes: imposition of duties on foreign goods, import restrictions or prohibitions).

• Natural monopoly (railway, water supply systems) - enterprises united by a single marketing organization, the state of the commodity market, in which the satisfaction of demand in this market is more efficient in the absence of competition due to technological features of production (due to a significant decrease in production costs per unit of goods as increase in the volume of production), and goods produced by subjects of natural monopoly cannot be replaced in consumption by other goods, and therefore the demand in this commodity market for goods produced by subjects of natural monopolies depends to a lesser extent on changes in the price of this product, than the demand for other types of goods. At the same time, there may be a situation where the company's services have analogues, but according to generally accepted standards, such a company is still considered a monopoly (for example, passenger transportation by rail competes with air transportation, but some railway companies are still considered a monopoly).
• State monopoly - a monopoly created by the force of legislative barriers that determine the commodity boundaries of the monopoly market, the subject of the monopoly (monopolist), the forms of control and regulation of its activities, as well as the competence of the regulatory body.
• Open monopoly - a temporary situation that exists as a result of the emergence of a new technology or product in the period until competitors have mastered this technology and the production of this product.

• Cartel. The best strategy for an oligopoly is to collude with competitors over production prices and output volumes. Collusion makes it possible to increase the power of each of the firms and to use opportunities for obtaining economic profits in the amount that a monopoly would receive if the market were monopoly.
• Price leaders. As a rule, among the set of firms, one stands out, which becomes the leader in the market. This is due, for example, to the duration of existence (authority), the presence of more professional staff, the presence of scientific departments and the latest technologies, their higher market share. The leader is the first to make changes in price or output. At the same time, the rest of the firms repeat the actions of the leader. As a result, there is a coherence of common actions. The leader should be the most informed about the dynamics of demand for products in the industry, as well as about the capabilities of competitors.
• General addiction. Since there are a small number of firms in the market, sellers need to develop development strategies for their firm so that they are not forced out of the market by competitors. Since there are few firms in the market, companies closely monitor the actions of competitors, including their pricing policy, with whom they cooperate, etc.

The products that the oligopoly supplies to the market are identical to the products of competitors (for example, the Internet or mobile communications), or have differentiation (for example, aircraft, ships). At the same time, price competition is very rare in oligopolistic markets. Firms see profit opportunities in the development of non-price competition. As a rule, it is very difficult for new firms to enter the oligopolistic market. Barriers are either legal restrictions or the need for large initial capital. Therefore, big business is an example of an oligopoly.

Of particular importance to the functioning of oligopolies is their awareness of the market. Given the ability of competitors to expand production, each firm is afraid of rash actions that reduce its market share. Therefore, awareness is one of the prerequisites for existence. The behavior of each firm in the market has a clearly justified logic of actions and therefore is called strategic. Over time, strategies can be adjusted, but such changes are of a medium or long-term nature.

• A high proportion of fixed costs that require one-time large investments in creating a business and in the event of competition do not pay off.
• Acquisition and merger of firms (when a larger firm buys a smaller firm, eliminating competition in the market).
• Legislative barriers to the implementation of activities; (licensing, certification).
• Desire to earn monopolistic profit - above average profit, possible as a result of the fact that the consumer is deprived of an alternative.
• Foreign economic policy. It aims to protect the market from foreign competition in order to support domestic entities. (Includes: imposition of duties on foreign goods, import restrictions or prohibitions).