Cryptomining & Cloudmining - Pay to Mine CryptoCurrency (ETH, BTC) for you, and Make Profits! (Passive Income)
When it comes to bitcoin, mining is not exactly what you think. The term mining conjures up images of dirty men in horrible conditions slaving away to make a living. The new mining is much different. These days bitcoin mining consists of some folks sitting around a table listening to loud fans as their machines hum away trying to solve hashes.
What is Hash?
In order to mine bitcoin a computer tries to solve very complex mathematical problems called a hash. This hash, once solved, releases your bitcoin. But only after its verified by the blockchain. In the beginning it was easy for your computer to do this and everyone was mining bitcoin at home. Normally these folks would use graphics cards because the processors that are used in graphics cards do these math problems much easier than your computer processor.
To combat this and limit the amount of bitcoin in the world the inventor created a very complex algorithm that increases the difficulty along with the amount of people actively trying to solve these hashes. This would ensure that as more people started to digitally mine for bitcoin it would become increasingly more difficult to do so. In turn, limiting the supply of bit coin and allowing it to retain its value. If everyone has a pound of gold the value of that gold would go down.
So, right about now, your asking yourself, how do I mine me some of that sweet sweet bitcoin?
Performing bitcoin mining at home
This can be done and many people are mining their own bitcoin at home. Several things need to be addressed before diving into your own digital mining operation. The largest issues you will face are power consumption and heat from your computer or mining equipment. With your equipment running at full capacity it will draw a very large amount of power from your home as well as create heat that will need to be properly ventilated. These concerns can be overcome and bitcoin mining at home is a viable option if you can.
Bitcoin mining in the cloud
Say what? This is quickly becoming a trend in bitcoin mining. Companies have setup large server farms and lease out hashing power to users at a cost. This removes the concerns of mining at home and your large electric bill but has its own drawbacks. Normally the bitcoin return for cloud mining is lower than if you owned your own equipment because the company will charge fees to account for the power consumption and operating fees. The other drawback to cloud bitcoin mining is to ensure your dealing with a reputable company. Do your research. Daily new cloud mining operations are forming and to be honest, many of them are ponzi schemes or scams in general.
What the heck is Hashflare?
Hashflare is a cloud mining company that I personally have invested in. They have been around a few years and have proven themselves to be a legitimate operation. One of the great things about bitcoin is that you can use the blockchain to validate if a company is actually paying out to its customers and hashflare does. You can start investing with as little as 2.20 US dollars and they payout in bitcoin daily.
Should you mine at home or in the cloud?
Only you can make that decision. Both options have their pros and cons and they should be weighed and taken into consideration. I personally chose to use Hashflare and cloud mining so that I would not have to deal with the power consumption and heat issues at home. The rule of thumb for bitcoin though is this. Never invest more than your willing to lose as with any investment. At the moment the bitcoin price raises and falls by thousands of dollars a day which could cause huge swings in a home mining operation or a cloud mining payout.
If this post helped you at all, use my referral link for both of us to benefit! https://hashflare.io/r/F1E252AB
Good luck and happy mining.
What is Hash?
In order to mine bitcoin a computer tries to solve very complex mathematical problems called a hash. This hash, once solved, releases your bitcoin. But only after its verified by the blockchain. In the beginning it was easy for your computer to do this and everyone was mining bitcoin at home. Normally these folks would use graphics cards because the processors that are used in graphics cards do these math problems much easier than your computer processor.
To combat this and limit the amount of bitcoin in the world the inventor created a very complex algorithm that increases the difficulty along with the amount of people actively trying to solve these hashes. This would ensure that as more people started to digitally mine for bitcoin it would become increasingly more difficult to do so. In turn, limiting the supply of bit coin and allowing it to retain its value. If everyone has a pound of gold the value of that gold would go down.
So, right about now, your asking yourself, how do I mine me some of that sweet sweet bitcoin?
Performing bitcoin mining at home
This can be done and many people are mining their own bitcoin at home. Several things need to be addressed before diving into your own digital mining operation. The largest issues you will face are power consumption and heat from your computer or mining equipment. With your equipment running at full capacity it will draw a very large amount of power from your home as well as create heat that will need to be properly ventilated. These concerns can be overcome and bitcoin mining at home is a viable option if you can.
Bitcoin mining in the cloud
Say what? This is quickly becoming a trend in bitcoin mining. Companies have setup large server farms and lease out hashing power to users at a cost. This removes the concerns of mining at home and your large electric bill but has its own drawbacks. Normally the bitcoin return for cloud mining is lower than if you owned your own equipment because the company will charge fees to account for the power consumption and operating fees. The other drawback to cloud bitcoin mining is to ensure your dealing with a reputable company. Do your research. Daily new cloud mining operations are forming and to be honest, many of them are ponzi schemes or scams in general.
What the heck is Hashflare?
Hashflare is a cloud mining company that I personally have invested in. They have been around a few years and have proven themselves to be a legitimate operation. One of the great things about bitcoin is that you can use the blockchain to validate if a company is actually paying out to its customers and hashflare does. You can start investing with as little as 2.20 US dollars and they payout in bitcoin daily.
Should you mine at home or in the cloud?
Only you can make that decision. Both options have their pros and cons and they should be weighed and taken into consideration. I personally chose to use Hashflare and cloud mining so that I would not have to deal with the power consumption and heat issues at home. The rule of thumb for bitcoin though is this. Never invest more than your willing to lose as with any investment. At the moment the bitcoin price raises and falls by thousands of dollars a day which could cause huge swings in a home mining operation or a cloud mining payout.
If this post helped you at all, use my referral link for both of us to benefit! https://hashflare.io/r/F1E252AB
Good luck and happy mining.
Which method of crypto-mining is more preferable for you: CPU mining or GPU mining? Which Cryptos to choose? Take a look at Cryptodetail recomendations.Best Cryptocurrencies to Mine with CPU or GPU.
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