How to Mine Bitcoin
You might be wondering how to mine bitcoin. Mining bitcoin and bitcoin cash can be both easy and hard. It just depends on the type of mining you decide to go with. There two types of mining, cloud mining and hardware mining. However, cloud mining is a lot easier. With cloud mining you don’t need many computer skills. When compared to the high level requirements of mining on your own hardware. Even though mining with hardware can be hard it does have a greater reward. Mining on your own hardware gives you full control. Where as cloud mining you have little control and you are open to being scammed. Don’t let that last statement scare you away from cloud mining though. It can be a great passive income. That takes little to no work. You just have to sit back and watch the satoshi’s come in.
How to mine bitcoin from the cloud
Cloud mining is relatively easy! All you have to do is sign up for a cloud mining service. I recommend using Genesis Mining. In my opinion they are trustworthy. They have been around a long time. However, always do your own research. You don’t have to choose them. Just take them for an example of what to look for in a cloud mining service.
The sign up process on Genesis Mining is straight forward. Enter in your details and then choose a cloud hosting plan. These plans vary in price and in length of lease contract. Each contract directs a certain mining machine to your wallet of choice. Thus, giving you a little more cryptocurrency every month! Isn’t that sweet? To be able to sit back and watch the crypto roll in to your wallet. Therefore, you can say you are a bitcoin miner! Because, you technically are a bitcoin miner! If you sign up for Genesis Mining or some other cloud mining service.
How to Mine Using Hardware
Mining using your own hardware is going to be rough. For instance, some miners require you to setup a raspberry pie board with CGminer. Bitmain machines require you to look up raw IP addresses to login to root. However, USB miners are pretty simple. You can set them up really quick if you try hard enough. Most of the time you will just be following guides. Which a lot of the times are hard to find. So, I’m going to do you a favor and link all of the best current guides below.
Those three machines are my favorite to work with. They are decent to work with and Bitmain makes good products. However, this is a lot more work than cloud mining. Make sure to keep your machines cool. When your machines get over heated they start to get damaged. Making them mine less. Also, make sure that the room you stick them in dosent have any fire hazards. For safety reasons. These machines can get very hot at times. I would recommend you leasing out a space in a Data center. Just so these machines dont have to be in your house.
There is a lot of conflicting information on the subject of mining profitability. Lots of miners dont want new people to join in mining. This is because the more miners the higher the difficulty level to mine. Therefore making mining less profitable the more people who mine. However, that is unless the price of bitcoin rises to match the difficulty. The lower your power cost the higher your profit. People have developed all sorts of tricks when it comes to saving money on electricity. For example, I know of a guy who only turns his miners on during the winter. The machines produce a lot of heat so he turns he heat off in his house. Surprisingly he says the miners keep his house warm during the winter. No heating bill for him. Just a higher electricity bill. That comes with a bitcoin rebate.
Thats just one example of how people make their operations more profitable. You can get as creative as you want. Or you can go the traditional route and experiment yourself. Until you feel like you have the right setup. But, you will find yourself always wanting to go bigger. Never invest more than you can afford. Also, always do your research on the sellers of bitcoin mining equipment. People have found engine parts in their eBay boxes instead of miners. Here is a good calculator to help you ultimately find out how profitable your specific setup is.
In conclusion, bitcoin mining is what you make of it. You can have an easy setup or a hard setup. The more advanced the more money you make. It’s that simple! At the higher levels of bitcoin mining can be very lucrative. You are turning electricity into bitcoin. Get mining today! What are you waiting for? Thank you all for reading. Make sure to check out more posts from my blog. Stay trending y’all!