That's like asking why mine gold. Simple. Because it MAKES you MONEY.
But unlike with gold, you don't need picks and shovels or mining pans to do it. Or to move somewhere where there's gold. You can mine BITCOIN at home or ONLINE.
Here are TWO WAYS to do it.
ONE, you can buy a mining rig. The best one for bitcoin costs about $6000 on ebay or $5k directly from China. It's rated at 14TH(terrahashes) and it'll produce about 1 BITCOIN per YEAR, running 24 hours a day.
And since Bitcoin is now about $16k, you can profit around $10k by buying one and running it at your home. Of course it's a bit noisy, runs 24/7 and uses 1400 watts, which is about 1000kWh per month.
That's still a GREAT DEAL, especially considering that a year from now, bitcoin could be $160,000. Not bad on a $6k investment in 1year, huh?
The SECOND way to profit from it, and make REAL money, is to RENT MINING capacity. I.e. someone with a mining rig will rent it to you FOR A FEE. Below is one company that does that, and their fee is $220 per TH.
Now the mining rig I mentioned above is rated 14TH/s, so if you bought 14TH from this company, it'd cost you $3080/year, and you'd have an equivalent to having the actual $6k mining rig. MINUS having the headaches of maintaining it, providing internet connection to it, dealing with the heat and noise and electricity costs.
And like I said, 14TH will produce about 1 BITCOIN per year, so your $3k investment could produce $16,000 to $160,000 profit in a year!!! How much would a bank pay you in interest for $3000? Not very much, huh?
Now this is NOT an investment advice, just an FYI. I'd post it here even if I didn't have an affiliate link that pays me 10% of new people signing in. And it's anonymous, they just want you email. You can pay with BITCOIN or with credit cards, but with credit cards they require verification.
Here's how to register:
1.Go to: https://hashflare.io/r/CD873C62
Setup an account it only takes a few minutes.
2. After your account is set up click "Buy Hashrate" on the left hand side of the page.
3. From there choose "SHA-256" for bitcoin mining.
4. Use the sidebar to choose how much hashpower you want to buy and click proceed.
5. On the next page click select payment method and you can pay with BTC or with a credit card(there is no fee for using a card)
6. Agree to terms and click confirm
7. On the next page enter your payment info if you are paying by credit card. And complete the payment.
8. For first purchase with a credit card you will have to go into your credit card purchase history from you bank website and get the 4 digit code on the transaction and enter that code in hashflare so they can verify the card you are using is indeed yours and is not stolen.
9. You are all set. Your payout will be in bitcoin once per day.
*************************
BTW, don't take my word for it. Here's a bitcoin mining calculator that shows you a BTC profit from 1TH. It's about 0.05769BTC per year, which is about 0.8 BTC/year from 14TH, AFTER the maintenance fees are deducted. Multiply that by today's price of bitcoin, or by $160k which LIKELY is what 1 BTC will be worth a year from now.
Looks to me as a potentially LIFE-CHANGING op portunity. I kept telling you guys that having bitcoin is like gold mining 150 years ago. Now that bitcoin skyrocketed from $800 in January 2017 to $16,000 today, it's a full blown GOLD RUSH!
At Hashflare you also can mine ETHEREUM and LITECOIN, but I DON'T recommend that, since mining bitcoin is now MORE profitable. Almost twice as much. But if you want Ether or LTC then you should mine bitcoin and then BUY those altcoins with the BTC you mined. Here's the registration link again:
https://hashflare.io/r/CD873C62
BTW, there are other companies that rent out mining rig capacity, but since bitcoin mining is SO PROFITABLE now, some of them ran out of capacity and have no bitcoin mining contracts to sell for any amount of money. It's like mining gold in 1800's; the EARLY miner gets the GOLD!
Oh and Hashflare was in business for several years now, so it is a LOT SAFER to deal with them than with some new mining companies that were in business only for a few months. And you don't have to buy 14 TH (terrahashes) of mining power, you can just buy 1TH or even less.
*************************
And I've been getting ACTUAL payouts at Hashflare of about 0.002BTC/day per 14TH contract. That's $28 before you deduct about 15% maintenance fee, with BTC price at $14,000. And if BTC goes back to $20,000 sometime this year, then ADD $12 a day to that. I.e. if 90 days from now Bitcoin goes to $20k, my mining earnings will increase to about $1000 per month, which is $3000 for the first three months.
And if Bitcoin goes to $30k this year, then your MONTHLY earnings from a 14TH contract should be about $1491. And that's applicable all the way back to the first day of your mining contract, since they pay out in bitcoin, not in dollars. And that's on a contract that you paid $220/TH for, which is $3080 for 14TH. Of course those numbers could be somewhat decreased by an increased mining difficulty, which usually comes when bitcoin rises in price significantly.
I bought at bitclub.net but the payout is very small. Think its not worth it. Better invest in penny cryptos wit 1000 % more ROI.
Investing in penny cryptos is a gamble; maybe you win, maybe you lose. Mining bitcoin is a LOT more reliable. People were mining bitcoin since 2009 and it is STILL profitable.
Mining is really profitable instead of earning in pennies/cents, I agree. Cloud mining is a much better option by the way, you get what you bet there.
Took many years until bitcoin "truly" became profitable. It was still worth under $100 in the first few years. I kind of agree with @nkkb that if one put a few dollars into many penny cryptos then one will bound to go up 1000% or more in the years to come. Just have to do research on the coins and be quick while they are inexpensive. Thanks.
If you put a few dollars into many penny cryptos and one will bound to go up 1000%, then you maybe DOUBLE your money in a year or two. Bitcoin increased 20 TIMES in 2017 alone. So it's really DUMB to bet on penny cryptos when you can go with the cryto leader, Bitcoin and get it at huge DISCOUNT which is what mining does.
If you put $1k into a 1-year mining contract, you'll get back 3-4 TIMES that. And that's like buying bitcoin at a 75% DISCOUNT.
And that's when the price doesn't increase. And when the price does increase, you can get 10-20 times your @1k investment.
I explained EXACTLY how that works in this post:
https://steemit.com/bitcoin/@jaro/12rjqr-bitcoin-mining-update
I actually have a 4 month old contract with hashflare. I will admit that I am profiting due to the price of bitcoin. Trouble though is I am earning a lot less than the first day I signed up. I think this has a lot to do with rising mining difficult. I remember on the first day I signed up I was projected to earn 0.05 bitcoin a year. Now it is barely above 0.03 in a year. I am hoping before my contract ends that hashflare will lower its withdrawl fees. At current pace I will have difficulty withdrawing my earnings unless I invest more. I may do that just for the sake of getting my bitcoin in the end.
Just saying not every mining contract is a bargain deal. I would avoid hashflare unless someone can really put a lot of money into it. Some where around $1,000 or more.
You gotta realize that as the price of bitcoin increases, the mining difficulty also increases. But the daily payoff in dollars remains about the same since those two cancel out each other.
On the other hand, a $4.00 investment made me $500 in a few months. Have to bet on the right coins. This is where research and intelligence have value. ;)
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I agree you are gonna be more profitable if you actually buy solid coins and hold them for like a year rather than mining any coin.
Yeah I am learning that very quickly that holding a coin one can earn a lot more than mining it on a rig or cloud mining. Not to say I won't be mining, but mining is more about support the coin's infrastructure long term while buying the coin and hold is where the real investment earners are. Thanks,
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@mawit07 yes absolutely right but now a days rate of bitcon is un chase able like us$13743 per one bitcoin unbelievable rate
yes
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https://www.spacemining.io/?ref=30523 new site 100 GH/s for start on mining Bitcoin proof payment 100% im testing from myself
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Correct! Investing in low market cap in crypto is much better than actually investing in a mining hardware. Because in the long run, mining is not profitable if the rate doesn't increase due to the increase in mining difficulty.
Nonsense. Difficulty has been increasing every year since 2009, and mining bitcoin is STILL HUGELY profitable. In fact it's about TWICE as profitable as mining Ethereum or Litecoin.
True. You always can sell the coin, but you cannon sell the mining power.
Yes it is worth to invest in "cheap" coins and hold till they pump. In this way I would suggest to take a look at this guide , I've found it quite iluminating.
The link: http://cryptogurus.com/guides/price-or-market-cap/
Pd: thank you so much @jaro for this interesting post ;)
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Yeah 🔝🔝🔝
I had heard about bitclub and was interested in joining. Now reading your response I am glad I never got involved. Thanks.
Want 30GH FREE (REALLY) Go to https://world-mining.net/924987409/ create your account, scroll down left side panel, click "Bonus", click "Activate 30GH/s".
Nice!
hope you've managed to get your free 30 GH :)
There is many ways you can earn. And only you can choose which part you can go , there is neither bad or good chooses , only your way . Choose wisely !
please give the full site of the penny cryptos. thank you
https://dentacoin.com/
http://dogecoin.com/
Next Jump
https://steemit.com/bitcoin/@salahuddin2004/bitcoin-will-retest-20-k-before-30-march-2018
https://www.spacemining.io/?ref=30523 new site 100 GH/s for start on mining Bitcoin proof payment 100% im testing from myself
I own some hashflare but love having hardware mining under my control more.
i have a question to you. if i keep my cryptocurrency like btc,ltc or something like that in blockchain or coinbase how much safely it is in there???
i guess you're new to cryptocurrency.
get your coins off exchanges and into nano ledger s or trezor so the coins are offline, keep the ledger in a fireproof small box keep the seed words in fire proof small box some where else and keep copy too.
key logging software is used every hour by criminals stealing cryptocurrencies from coinbase etc when they are gone they are gone, get a crypto education or get recked
yes i am new and i have not enough idea about it that is why i asked you.please give me answer
Safe enough. As long as they don't get hacked or run off with the money.
Or you can manage it all on your own device and hope you don't get hacked.
If you intend on buying and holding then look into an offline wallet that you can backup your private keys yourself
thank you so much
Great post
yea, so informative
I agree, mining from home is a bit of a headache, keeping sure things are up and running. If I could do it again, I would likely do cloud mining.
Thank you for sharing on how and where we can mine bitcoins. I would love to mine bitcoins too.
I like your calculation. thanks.
(please upvote me too)
A great post for new like myself looking to get into Bitcoin, thanks for taking the time to share this with the community
Really interesting post and it has certainly peaked my interest. I was able to understand it having really no prior knowledge of anything crypto but i am starting to get into it.
Thanks for your explanation and also reading the comments have been very useful and interesting! @jaro
Wow👍 This fully explains bitcoin mining ⛏ Thank You for sharing 👍
Great article, I’m going to take a look at hashflare. I mine altcoins on my computer and was thinking of buying an ant miner for mining bitcoin but I see now it is cheaper and less hassle signing up for one of these contracts. I will sign up under your link if I decide to do this.
Hashflare is good for bitcoin cloud mining and it gives good profit to miners
Beautiful
how much do u earn from mining in a month
Around $25/day net from 14 TH that cost $3080 for 1 year. But if bitcoin price doubles or triples in 2018, those earnings will double or triple as well.
great stuff @jaro ! at the moment, mining BCH is way more profitable than BTC... it can be done with the same S9 machines... then you can convert it into btc when you fancy... also consider that, despite the initial investment of the expensive machines, you have to pay electricity monthly....so depending on how costly it is in your country, it might be cheaper and easier, to buy it with fiat straight away now that the price is a bit low...also, nobody guarantees you 160k btc in the near future
Not sure where the 160k speculation came from. Lots of chatter indicating that btc has less room to grow than many others due to its usefulness
Is it really trustworthy ? I just had a fast check on http://bittrust.org/hashflare and the reviews are quite bad... 2,63/5 only ! I think we can find a better cloud mining service on the internet.
Why do you think mining is better then buy&holding?
Nice post. Should i try to use nicehash. Can you make a post about that as well.
i really appreciate the time you took to make this write up. it s very informative. however, i still need you to through more light on this issue.
i notice...that when btc price is rising, ones earning from mining is reducing. and when btc is decreasing the earning from mining increases. why this...it does not allow one to see real benefit from mining.
Please excuse my skepticism, but I'm really just interested in getting to the root of the matter.
Do you actually pay for someone else to mine BTC for you? Would you share monthly returns/ pay rates?
I find it hard to believe that there isn't a catch... why wouldn't the miner just mine and keep the profits themselves? My guess is that the miner makes more money from "renting out" their equipment than the actual value of BTC being mined, which means the "renter" is probably losing money.
Genuinely interested, cheers!
There's no catch. For a 12-month 14TH contract you'll be getting around $30/day worth of bitcoin. And miners do this because they get paid upfront. I.e. they can buy a mining rig with the money you pay them for a one-year contract. That lets them get into mining business with practically zero investment. They just have to uphold that contract for one year and then they own the mining rig.
Why wouldn't they let you buy them a mining rig? All they have to do is to run it for you for one year. So it's a WIN-WIN; you profit from mining without all the hassle with having an actual mining rig, and they get a mining rig for running it for you for one year.
this clarifies my doubt as why they are renting. put simply they mine BTC with your money for you. keep the convenience charge and gives rest to you.
but for me altcoins are more profitable. i love those tiny coins.
This is actually what I was looking for, thanks! I reasonable answer to a troubling question.
Same question i had in mind. For sure owner of equipment makes more money,otherwise they would not rent their equipment and do mining themselves. I think trick here is the payout limits. Most probably some high percent of the people who rent equipment and do mining do not hit the payout threshold and as a result leave their BTC s to equipment owner. So hashflare for example in this scenario earns money from renting their equipment and from left out BTCs..
The only thing that's risky is that some companies pretend to mine for you and then run away with your money. So you gotta go with a company that was in business for several years, such as Hashflare. Signup link for Hashflare is in the article above.
Great post,
Now that the Bitcoin is high isnt it better to mine something else?
like Ethereum\Monero\ Ripple?
What do you thing?
You can't mine ripple. Ethereum going POS and that profitable is down. Monero cpu but not the most profitable in bulk. If bitcoin is high that means that more money you make!
Doesn't it mean that it will be harder to mine?
That I will need, more electricity and better equipment to mine 1 bitcoin?
If you compare to 1 year ago
Kinda but the more bitcoin rises the more profitable mining is. A 2year mining rig can now make a profit.
If it's helpful, I'm testing out mining Monero on a pretty standard computer now. It sounds like you don't need an expensive rig to be able to mine it at the moment. I'm finding that I've been getting somewhere around .002 XMR per day on a bit of an outdated machine. I plan to post about it after about a month when I have some better metrics but it seems like at the current price it may not be worth it. I'm using a mining pool so if you look at the XMR I'll have mined minus the .008 fee to withdraw and factor in the cost of electricity it looks likely I'll be in the red.
I'm still going to stick this out for 2 main reasons.
can you explain more how do you mine it?
I have some machine that I dont need I might try too
Sorry for the late response galhadas, I decided the easiest option would be to make an entire post on how to mine it. Check it out here: https://steemit.com/monero/@mjo/monero-mining-how-to-estimate-profit-and-configure-a-miner-on-your-pc
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Very interesting subject and Post!
Upvote this 👍🏼🔝🔝🔝
I was giving up the idea of mining Bitcoin and I began buying some coins like TRON until I read this. This was because I thought BTC would have a major drop that would've been caused by the high transaction costs.
Thank you for this post. I would like to read more of you!!!
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You should also mention the Antminer Hardware. They cost about 3-6k but are worth it.
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Welcome.
trap or not it doesn't matter... i'm a coin collector and i'm not after for the value of these coins i am after for it's history and not the monetary value... i am after for the ART present in these coins and not the dollars..
thats something new
not worth investment its better to buy equipment and mine it rather than going with cloud based miner .
Except that most people don't have $6,000 to buy a new miner rig, so for them it's a LOT better and easier to sign up for online mining.
Yeah, investing $1k to get $4k worth of bitcoin over 12 months is not worth it. RIGHT? lol
i meant if you are having an X amount you want to invest better , invest that directly in buying cryptocurrencies . the profitable yield will be higher for you .
absolutely agree with you @piyushpurwar. It takes 4 months to break event if we buy $ 6,000 mining rig and we haven't calculate the electricity cost yet. The difficulty that always rise significantly make our ROI longer than expected. Currently... it's more profitable to invest in great coins such DASH, XRP, Ether, etc. My experience by doing this, my investment increase 1,000% in only 2 months
I think if you have the money to invest in mining wither its hardware or cloud-based it makes sense, but $4000-$6000 isn't just sitting on everyone's shelf or in their bank account like that. Those on a smaller budget might want to start with a few alt-coins, $20 on a $0.01 coin will get them 2000 coins in which their money will double every $0.01 it increases. But when dealing with alt coins there are key factors to realize such as the satoshi rate and the actual technology and development of the coin. In other words, if you are going to start small do some research and find creditable crypto news sources on why the coin will rise or never get off the ground. Only other good thing about investing that low is you can only go up!
I don
t think is worthy to mine bitcoin these days, it takes to much, there are to many miners and you have to invest a lot in software and components. I think it
s just better to invest in other crypto like ETC, XRP, Litecoin and other "small" coins. :)This is a cool article, and it is true that Bitcoin mining is profitable. However, Bitcoin mining is the equivalent to spending $1.50 on $1 of water and then selling it for $2. Cool, you made $0.50 profit, but you could have just bought a dollars worth of water, sold it, and made $1 profit, instead. And, it would have been far easier to do the latter.
I wrote a quick article on it if you want to check out the numbers. If not, just know that for the majority of individuals, the numbers don't support the fact that Bitcoin mining is MORE profitable than simply buying and holding Bitcoin. And, Cloud mining is far less profitable given the numbers.
Good post
bitcoinmining is a idealism action. you never back the investment. i am a pionier of bitcoin on 1ts hour. ;) bitcoinmining is a very big scam-business.
Bitcoin mining using Hashflare is still doable but the minimum payout has been increased to 0.05 BTC. This plus the additional transaction cost means that you should invest in a lot of hashpower to break even in just a few months. Otherwise, you will not mine enough just to withdraw. Genesis Mining is much more preferrable at 0.003 BTC but mining contracts have ran out.
Why should someone rent out their capacity for less money if they could make a lot more money from it, if they use the capacity themselves?
got 24TH's on it currently.. im very happy with hashflare so far :D happy earnings
It is one of the best article that I read on steemit so far. Well done mate, very clear.
That's a lot on the electric bill, but I suppose that issue will work itself out.
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If you can't afford 5/6K for a rig, anyone with an iPhone can mine coin with a mobile miner app. https://electroneum.com/2017/10/24/how-much-can-i-earn-as-a-mobile-miner/
What app mines coins on an Iphone?
Why would anyone mine for someone and take the headaches of maintaining it, providing internet connection to it, dealing with the heat and noise and electricity costs to earn less?
Because he gets paid upfront. I.e. they can buy a mining rig with the money you pay them for a one-year contract. That lets him get into mining business with practically zero investment. He just has to uphold that contract for one year and then he owns the mining rig.
Why wouldn't he let you buy him a mining rig? All he has to do is to run it for you for one year.
I tend to not agree but I do appreciate all the effort and research you've done. The hassle and the upkeep of a mining rig does not always equal the profits. Renting a miner seems especially risky. But to each their own I suppose
No work=no money. No risk=no profits. To each his own.
Enjoy the vote and reward! Mutual Upvote you :) Follow and Upvote you.
Welcome ! Thank you .
the point is the EARLY miner gets the GOLD
Informative
I think lesser people are using bitcoin as their fav transaction coin due to the high transaction fees. guess the mining world income are greatly affected
yeh using eth instead, its much faster and you can buy nearly every other coin with eth like with btc
Pointless to mine.
Mining Bitcoin is great, but how about ethereum?
Hello , please check my first post
I think this is much better situation than actual mining