Things You Should Know About Bitcoin Mining

Things You Should Know About Bitcoin Mining

Bitcoin Mining
March 5, 2018 by CryptoKnight
219
Bitcoin mining is a process to get bitcoin by solving mathematical equation on a blockchain. When the equation is solved the bitcoin miner or group of miners are rewarded some bitcoin. In groups or mining on a pool, the reward is different on each one. The higher the mining power a certain miner have the higher the given reward.
bitcoin mining

Bitcoin Mining

Bitcoin mining is a process to obtain bitcoin using your computer hardware or buying contract to cloud mining websites. These cloud mining websites offers members contract to rent their miner. By using bitcoin cloud mining, miners don’t need their own hardware to mine bitcoin. The price of acquiring contracts depends on the members. The higher the mining power they want the higher the price of the contract.

The price of bitcoin in the bitcoin market greatly affects the price of mining power in cloud mining websites. The higher the bitcoin value the higher the price members are gonna pay for their hashpower. If you want to buy bitcoin and you will only store it in your wallet, just by a cloud mining contract. It is more profitable and you can earn your bitcoin while you sleep.

Bitcoin Mining Calculator

Use a bitcoin mining calculator to get an estimate how many bitcoin you’ll earn before you purchase in any cloud mining website. You only need to enter the amount of mining power you want to buy. Then it will show you how many bitcoin you will earn per day.

Best Paying Cloud Mining

Website StatusBitcoinStart Mining
Genesis PayingBitcoin Start Mining
HashflarePaying EthereumStart Mining

Types of Bitcoin Cloud Mining

1. Hosted Mining – You will need a machine that you will send to a host mining provider. They will be responsible for maintaining your miner. The installation, cooling and the electricity will be their responsibility. You only need to sit back and provide mining hardware and they will do the work for you. To apply you need a bitcoin wallet to get your payment when you withdraw your bitcoin.

2. Buying Hashing Power – You only need to buy or rent hash power to cloud mining website. You can buy as many contract as you want to get more hash rate. To apply you need a bitcoin wallet to get your payment when you withdraw your bitcoin.

Bitcoin Cloud Mining Pros

  • Higher Profits for Members – combine mining power using one mining pool can generate more bitcoin reward.
  • No Headache – dealing with hardware replacements and maintenance.
  • No Noise – If you have a asic bitcoin miner at home it is loud that’s why cloud mining website place their miners in a secluded area.

Bitcoin Cloud Mining Cons

  • Prone to Scam – There are many cloud mining sites that claim they have a bitcoin miners and they will post images to prove it. Be very wary an read reviews of the site before you join.
  • Hardware Maintenance Fee – Members are pay maintenance fee for their miner.
  • Less Control – Member can not choose what mining pool to join and when to sell their earnings. Because there are minimum withdrawal before you can withdraw you earning to the site.

How To Get Bitcoins

It is very easy to earn bitcoin and other crytocurrency using cloud mining sites. You can earn even without buying mining contracts. These cloud mining sites offer affiliate links you can use to invite other members to the site. When the member that you invite bought a mining contract you will get a certain percent of what they invest.
Mining bitcoin is the same as bitcoin investment. So you just invest the amount that you can afford to lose. Many cloud mining websites turn scam after three months of operation. SO pick the ones that is stable and paying for a long time before you join. Hashflare and genesis mining are the two giants when it comes to bitcoin cloud mining. They are known to pay their members and are still up and running until now.

Free Bitcoin

If you want free bitcoin using cloud mining, join eobot. It is also a cloud mining site that give free bitcoin when a member access their faucet. Members then can use their faucet earning and exchange it for hash power.

“EARNING BITCOIN IS EASY. YOU ONLY NEED TO KNOW HOW”

  • Pick a stable and paying bitcoin cloud mining site.
  • Buy hash power to earn bitcoin or other cryptocurrency.
  • When you receive your payment invite your friends, families or neighbors to join using your referral link. Show them the payment proof you got so you can convince them easily.
  • Withdraw your earning everyday. To secure your earnings and to get more proofs of your payments.
  • Make a blog and advertise your referral links using google adword or other advertising platform.
  • To max your earning don’t stop getting referrals. This will dramatically increase your earnings.

Bitcoin Mining Calculator

Is use mostly by bitcoin miners to calculate the probability of profit and the knowledge to answer the what if question. What if I buy more GHS? How much bitcoin would I earn. What if I have lower electricity cost? The bitcoin mining calculator will give you an estimate answer to these questions.

Bitcoin mining calculator have a lot of factors to calculate when it comes to bitcoin mining, like electricity, the hardware and hashpower. It is best before you invest in bitcoin mining you have a general idea how much you’re going to earn. If you have a target income per day, you can also check how much are you going to invest in GHS to reach your goal.

This calculator doesn’t give the exact value but a near estimate. You need to know how many GHS you have or want, difficulty of mining, if there are any pool fees, the maintenance cost, hardware cost, your power usage and electricity cost.

bitcoin mining image

How To Use The Calculator

1. Click the link cryptorival to open the calculator.

2. Enter the hash power of your bitcoin miner.

3. Enter your power usage and power cost.

4. Click the button calculate and you will get your answer.

Today it is easier for both bitcoin miners and those who want to invest in bitcoin mining. They don’t need to monitor how much earnings they can achieve if they have a certain amount hash power everyday. Even with hardware maintenance fees and electricity cost can now be calculated in a push of a button.

Before a good investor invest in a business he would want a business plan and a thesis on how the business works and how much it will earn. Bitcoin mining calculator does that for bitcoin miners. Now if you want to mine bitcoin your not blind and could see the future ahead.

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