Why is Bitcoin Cloud Mining Moving Forward?

Cloud mining involves accessing the processing power of a data center and buying the right hardware, software, electricity, maintenance, etc. allows you to get cryptocoins without having to spend money. The essence of cloud mining is that it allows users to purchase the processing power of remote data centers.

The entire cryptocoin production process is done in the cloud, which makes cloud mining very useful for those who don’t understand all the technical aspects of the process and don’t want to manage their own software or hardware. If electricity is expensive where you live – for example in Germany – then outsource the mining process to a country where electricity is cheaper, such as the US.

Types of Bitcoin cloud mining:

There are currently three ways to do cloud mining:

1. Leased mining. Rental of a mining machine operated by the supplier.

2. Virtually Hosted Mining. Creating a virtual private server and installing your mining software.

3. Lease of hash power. Renting a certain amount of hash power without special physical or virtual hardware. (This is the most popular method of cloud mining).

What are the advantages of Bitcoin cloud mining?

– Not dealing with excess heat generated by machines.

– Avoiding the constant buzz of fans.

– No need to pay electricity bill.

– Not selling your mining equipment when it is no longer profitable.

– There is no ventilation problem in the equipment, it usually overheats.

– Prevention of possible delays in the delivery of devices.

What are the disadvantages of Bitcoin cloud mining?

– The possibility of fraud,

– Bitcoin transactions cannot be verified

– This can be boring if you don’t want to build your own Bitcoin hash systems.

– Low profit – Bitcoin cloud mining services bear costs.

– Bitcoin mining contracts may allow transactions or payments to be suspended if the Bitcoin price is too low.

– Not being able to change the mining program.

Risk of cloud mining:

The risk of fraud and mismanagement is prevalent in the world of cloud mining. Investors should only invest if they are comfortable with these risks – as the saying goes, “never invest more than you’re willing to lose.” Explore social networks, talk to old customers and ask all the questions you think are appropriate before investing.

Is cloud mining profitable?

The answer to this question depends on some factors that affect the profitability of investments. Cost is the most obvious factor. The service fee covers electricity, accommodation and equipment costs. On the other hand, due to the prevalence of frauds and bankruptcies, the reputation and credibility of the company is a determining factor.

Ultimately, profitability depends on factors that no company can predict or control: just remember the high volatility of bitcoin over the past three years. When buying a mining contract, it is better to take a fixed price for Bitcoin, because your other alternative is to buy bitcoins and wait for the price to rise. Another important factor is the capacity of the entire network, which depends on the number of transactions per second. The power has grown exponentially in the last few years. Its growth will continue to rely on the value of Bitcoin and innovation in the development of integrated circuits for specific applications.

Bitcoin Mining Step by Step Guide for Beginners

Bitcoin Mining is the act of verifying transactions that occur on each Blockchain. It gives validity to each transaction and then shares the transaction publicly on a peer-2-peer network for all to see. Bitcoin miners are the people responsible for verifying and evaluating each transaction before it is added to the block to create the blockchain. Once a miner places the next block on the blockchain, he can claim a reward, usually in the form of bitcoins. The more maths you solve, the more rewards you get.

You don’t need to be a professional software developer or coder to participate in Bitcoin mining. Below is an easy to follow step by step guide for Bitcoin mining beginners.

Buy Bitcoin Mining Hardware

Bitcoin mining equipment

As higher computing power is used in mining, the world of mining is becoming increasingly complex. The higher the level of mining, the more difficult it is to make a profit, because the investment in equipment is very high. Bitcoin mining is very competitive and you should do adequate research before investing in a hardware. It used to be possible to use a personal CPU to mine Bitcoins, but with the complexity of mining, this method is no longer reliable. You need to buy a specially built computer whose main purpose is bitcoin mining.

Get a Bitcoin wallet

Bitcoin wallet

You must have a local or online wallet to store your digital currency. The wallet comes with a Public Wallet Address and a private key or password which are the most important details to note. If the wallet is self-hosted, you will need a copy of the wallat.dat file to prevent you from losing your investment. It acts as a backup wallet in case of any mishap with your machine. They can even get wallets for their mobile devices. A highly recommended wallet is a self-managed or locally made wallet.

Find a pool to join

Mining pool

It is recommended that you join a mining pool or choose to mine solo. A mining pool is a group of miners who come together to share resources and share rewards. The pool guarantees you faster revenue when you pool your computing power for higher results. Each pool has its own rules, reward method and fee for mining. You should find the one that best suits your needs. Mining alone is complicated and you will never get any return on investment.

Get Mining Software for your PC

Mining pool

There are different free mining software depending on the hardware you use. Mining software helps you monitor and manage your hardware. Some common mining software are CGminer, BFGminer, and EasyMiner. If you’re in a pool, it’s a good idea to check with them when connecting your pool to your program. Programs run on the command line and may require a batch file to launch properly.

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After all that, you’re good to go. Launch your mining software and start by entering your pool’s username and password. You will notice that your machine slows down while the miner is running.

It is very important to keep a close eye on the temperatures as the software heats up your device. Some programs like SpeedFan can keep the temperature under control. You don’t want to risk literally blowing your investment before you even get started. After some time, you need to check how much you have earned to see if your investment is worth running.

The reason for the Bitcoin crash

We all knew that when 1 BitCoin was more than $13,000, it suddenly crashed and now it is only worth $6,000.

People never know or understand the reason for this enmity and I will explain it to you.

Initially, there was a total amount of BitCoin created by developers, and once it became valuable, more needed to be created. Did you all get it wrong? Let me explain better.

Imagine that the developers of bit coin initially created 10,000,000 BitCoins. Now these 10,000,000 BitCoins have been put into circulation for individuals, so when 10,000,000 BitCoins are now owned by individuals around the world, their value has started to increase.

Now the developers have seen that their cryptocurrency has gained more value, but fewer individuals own it, needing to create more of it so that more people can own it.

And what better way to generate more BitCoin?

If

1 BitCoin = $13,000.

Then

10,000,000 BitCoins = $130,000,000,000.

So there’s $130,000,000,000 on the internet.

Then the idea came to the developers!

Let’s crash the price of BitCoin and use the remaining amount to create more BitCoin.

I mean:

As BitCoin builds $130,000,000,000 on the internet, lower the price and earn more.

I want to say

1 BitCoin = $13,000 Then Now

1 BitCoin = $6000

So 2.2 BitCoins can be generated from 1 BitCoin.

Now the question is where is the newly created BitCoin?

It’s everywhere on the internet!!!

Every website you visit has it.

It’s on every social media platform.

It’s all over the world!!

It is in North America.

It is in South America.

It is in Africa.

It is in Asia.

It is in Europe.

Scattered everywhere!!!

All you need to do is start Mining it.

Now how do you start mining this cryptocurrency?

There are many BitCoin Mining software that I would recommend Web’Miner.

This is an app developed by Soft Tech Geeks in China. I have used it a lot, I use it myself whenever I want and I get a lot out of it.

Some will say, why is he sharing now?

Some will say, if it’s so easy, why not just Mine? So you can get everything for yourself.

Good developers are smart, they put a mining limit on it. The idea was not in a single person or a certain group of people.

The idea was that everyone around the world would have this cryptocurrency.

If you need help with Bit Coin mining, you can get in touch

SOFT TECH GEKS

softtechgeeks@gmail.com

Thanks

2017 was the year of BITCOINmining. Is it profitable to do this in 2018, is it worth digging?

2017 was the year of BITCOIN mining. Is it profitable to do this in 2018, is it worth mining?

Crypto Mining LTD is a proven service that offers flexible rate plans.

Cloud mining allows you to “get into” cryptocurrency production with relatively low costs, while also making a profit (although less than mining on your own powerful hardware).

So, you can recommend a closer look at cloud solutions for 2018, as well as to monitor the new appearance and development of old but worthless altcoins that distribute computing power and investment to extract the most profitable for the near future or have growth potential. It is difficult to predict what will happen in the long term, as the cryptocurrency market is still poorly predictable.

Bitcoin – now a mineral? As mentioned earlier, at the end of 2017, the complexity of bitcoin mining increased dramatically. Similarly, the profitability of mining has also changed: for example, if on February 20, 2017 the profit on a conventional ASIC miner at a rate of 14 tehrayshes (theoretical maximum for S9) was about $7.99 per day, now the daily profit will increase. it will be about 12 USD.

It should be taken into account that such an increase was possible only due to an increase in the pace. If BTC was worth around $1000 and returns would be significantly lower.

It can be assumed that the complexity will continue to increase and the production of bitcoin will become the prerogative of large farms with sufficient power. Extracting it alone is now no longer profitable, with huge costs required to create a competitive farm.

Crypto Mining LTD

One of the most popular services among US and UK citizens. The company’s servers are located in Ireland, which guarantees stable operation and a low risk of equipment failure. On the plus side, the ease of use of customers from all over the world, the convenient interface of the site, it is necessary to carry fifteen languages ​​u200bu200bin the site – it will not be difficult for a beginner user to understand the intricacies of work on the site. There is also 24/7 online support for consultants.

The customer has 7 fixed rate plans. Users are offered to rent servers with different capacities up to 3125000 Gh/s per customer. These plans range in price from $10,000 to $500,000. You can use the calculator on the main page of the site to understand how profitable it is to rent a capacity in this company.

Today, the company’s equipment:

Hardware based on Sun chips at 16 nm, Neptune at 20 nm, machines – Spondoolies-Tech SP50, Bitmain Antminer S9, AntMiner S7, AntMiner S5, Antminer S3, AntMiner R4, C3SS5 (Smart Heat), Avalon Tech 6, SSP3- For the SHA256 algorithm.

MINER TITAN for SCRYPT algorithm.

iBeLink DM384M for X11 algorithm.

New products:

The innovation is computing devices based on 28 nm chips of the latest models and 16 nm BitFury chips, which are leaders in energy efficiency.

Go to https://crypto-mining.ltd to access the company website

24/7 Customer Support

Bitcoin Mining and Security, Part 1

The main concern now is to make sure that our files are secure and that no one can modify said file and claim that they have more Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) in their address than they actually do.

This is where “mining” comes into play as a solution.

Basically, we have a network that sends the file to tens of thousands of “rubber stamps” that sign off on the authenticity of the transaction, verify that everything is authentic, and approve the transfer. As a result, the sender can spend their Bitcoin and eventually you can receive it without worry.

Now, this is where human nature kicks in, we have to compensate people (or miners) for the time and effort to verify all these transactions (and also factor in the energy costs) After all, why not share with all of us, which leads us to “Bitcoin miners”.

Did you see my comment above, “After all why not share between us all”, welcome to the 21st century and the world of cryptocurrencies! After all, we cut out the middle man (bankers and ultimately the government), so “miners” get compensated in bitcoins via the blockchain to make sure all transactions are authentic, so there’s no middle man manipulating the currency between them. transaction, how’s that for an amazing deal?

So now you have a decentralized currency (no government manipulation or interference, and that’s what matters) monitored by thousands of miners, who admittedly charge a small fee, but verify the validity and integrity of all these transactions.

This is money for the 21st century and beyond.

Now transactions are covered, but where do I store Bitcoins?

This is where the wallet comes in.

Simply put, you have a unique bitcoin code that can be used to send you bitcoins, so it can be seen by anyone and visible for you to transact in the bitcoin environment.

So where can I store my bitcoins?

This Bitcoin (cryptocurrency) wallet is where you store your money (if you use a wallet).

All you do is set up a unique address where you will store your bitcoins (cryptocurrency) and you will go to this address to get the number of bitcoins you currently hold. This program can be accessed online with email and password.

OK, that’s a simple explanation, I’ll go into more detail in the next article.

Mom, where do bitcoins come from? Bitcoin Mining Explained

“Mom, where do bitcoins come from?” You see, when a bright young Bitcoin catches the eye of an ambitious Bitcoin miner, and because they love each other so much…

Wait, it’s too hard to solve here. Besides, my whole point is to keep things simple. After all, bitcoins are made by solving complex mathematical problems. This is done by a powerful machine built to solve these math problems. This process is called mining. The people who own these machines to earn money mining Bitcoins are called miners. When a set of problems is solved, it is known as a block. Blocks are validated by other users and added to the block chain after validation. This chain continues to grow and a new block is added approximately every 10 minutes. This chain is truly a key book that will continue to grow and never end.

Very powerful mining machines consume a lot of power and increase the monthly utility costs of the miner. The reason it takes so much power is because it’s math genius. This requires the mining machine to perform complex cryptographic algorithms. After a math problem is solved by a machine, a coin block is born. Every time 210,000 blocks are created, the miner’s reward is halved. It will take 4 years to implement. So it’s kind of like the Bitcoin Olympics. Currently, the block reward is 12 bitcoins (on June 23, 2020, the reward will be only 6 coins). Those coins then go to the miner whose machine is the lucky lottery winner. There is a winner every 10 minutes. There are also many miners competing there. Said miner now has something of value. Make enough money and you pay the electricity bill and then some.

There is another way for me. This is called cloud mining. With this type of mining, you pay to use someone else’s network, which significantly reduces your earnings. The positive aspects of this method are that it does not require the use of electricity or even the purchase of a machine.

Sounds good to me. I want to start mining now. Is this a good idea and can I earn passive income on a regular basis? It may be. Hold tight for now and you can make that call later.

Let’s try to break it down.

Going back to the original way of making a machine, you need to start by buying a quality mining machine. This will set you back about $2,000. Here is a picture of a good machine (Antminer S9 from Bitmain) capable of generating a high hash rate of 14 TH/s. 1 TH/s is 1,000,000,000,000 hashes per second. This car does it 14 times. That’s a lot of hashing power. A hash is a very long number that the machine generates each time it tries to solve the algorithm. Again, to use my lottery analogy, all these machines are going away in hopes of being the next winner.

Then, with more competition, your chances of winning become increasingly difficult. What makes this matter even more difficult is that each time a math problem is solved, the next problem becomes more and more difficult to solve. The difficulty of the Bitcoin network changes approximately every two weeks or every 2016 blocks. The number of bitcoins that will ever be created is limited. This number is 21,000,000. Once we hit this number, no more Bitcoins can be mined. However, the blockchain itself will continue to expand as it is used to verify each transaction or purchase.

Remember the pseudonymous Satoshi Nakamoto I also wrote about? Did you know that today’s math problems are 70,000 times harder for machines to solve than when we mined the 1st Bitcoin in 2009?! It is estimated that the last coin will be produced in 2140, as the system halves every four years (210,000 blocks). 16,400,000 coins have already been mined (78%) and each coin will be mined at a lower rate. Yes, you read that right. Basically 80% was mined in the first 8 years and it will take more than 100 years to extract the last 20%. If any of my great, great, great grandchildren are reading this, I hope you are sitting pretty with our family’s bitcoins. We can all dream right!

Buying a mining machine or buying a mining cloud contract is risky. While there are some great success stories out there, be sure to research them thoroughly before deciding whether mining is right for you. For every person who makes money, there are many people who lose money.

Coin Market Cap is a great resource, by the way, a great place to see all the cryptocurrencies out there and their total coins and market cap. There you can see all 700 plus flying altcoins. Altcoin is another way of saying any cryptocurrency coin that is not Bitcoin. By now you probably know that Bitcoin is like the Rose Bowl, the granddaddy of them all! I would try to limit my focus and research to the top 10 for now. Not to say that one of the now almost worthless ones won’t have success stories. Simply finding one is like picking the right penny stock. It’s a safer bet to stick with established companies recognized by mainstream analysts. The same goes for the stock market you use to buy, sell and trade. That’s why I use Coinbase to make my trades because they are the most reliable, secure and convenient exchange. When it comes to adding altcoins, they also have the most thorough vetting process.

Summary of key points in this article:

-Bitcoins come from mining

-Mining is performed by powerful machines that solve complex mathematical problems. If you don’t want to buy a machine, you can also get contracts called cloud mining.

-The challenges get harder as the coins are mined and the production rate drops

-As of May 2017, a total of 72 bitcoins were mined every hour (12 every 10 minutes).

-On June 23, 2020, this will be halved again to only 6 generated every 10 minutes.

-Approximately 80% of Bitcoin’s limited supply of 21,000,000 coins has already been mined.

-Competition among miners and increasingly complex math problems make it difficult to turn to profit mining

– It is estimated that the last coin will be released in 2140

Bitcoin Mining Has Changed The Game

ASCI or application specific integrated circuit machines have arrived in the Bitcoin mining market. The first machine arrived at a miner’s home in late January, and since then, reports have spread of ASCI machines being shipped to miners finding their way into Bitcoin mining rigs.

Since ASCI machines are designed specifically for Bitcoin mining, they are highly efficient machines at what they are designed to do. High-end ASCI machines have a hash rate of over 1 million per second. A typical CPU running Bitcoin mining software has a hash rate of 1.5 per second.

It goes without saying that shipping ASCI machines is a game changer in the Bitcoin world. CPUs are no longer supported by Bitcoin mining software because a 24/7 CPU won’t see Bitcoin for several years, even if the pool is mining.

This trend favors those interested in mining, those who have thousands of dollars to spend on expensive hardware, and early adopters of Bitcoin mining who have made huge profits from their initial mining efforts. These initial profits can be converted into installing the latest and greatest equipment and facilities to continue generating bitcoins in the future.

Miners running relatively powerful GPUs are most affected by ASCI development. The difficulty of successfully mining a Bitcoin block has risen to a level that could make the cost of electricity outweigh the payout a GPU miner would see in Bitcoin year after year.

All these assumptions are closely related to Bitcoin price stability. If Bitcoin stays at the current $30 level, innovation will continue to advance. ASCI has partly contributed to the rally that Bitcoin has seen over the past 2 months. The dollar to bitcoin exchange rate has risen from $10 to $30. It’s hard to find such a profitable investment anywhere on the planet, so it’s only natural that Bitcoin has gained attention in recent days. But will this focus continue? If so, will it bring more scrutiny and volatility to the young digital currency than stability? Relative stability in the long term is a feature that Bitcoin must build upon in order to achieve its original goal of becoming a globally viable and competitive currency.

So will Bitcoin outgrow the current speculative instrument label? The answer lies in the tangled web of variables that span the spectrum of humanity: politics, psychology, finance, fear, freedom, privacy, security…

Bitcoin Mining and Security, Part 2

Let’s talk about cryptocurrency security briefly, and if you need to, check out part 1.

Bitcoin security is important. Your bitcoin or any other cryptocurrency has a unique address, identification or private key. Therefore, you must realize the importance of keeping it safe. If you lose it, it is difficult to recover it, so you need to secure it as well as possible.

I must emphasize this clearly because security should be of utmost importance and should not be taken lightly.

There are countless stories of people who have lost access to their computers (due to carelessness or wrongdoing) and as a result have been unable to recover their bitcoins or other cryptocurrencies. This should equate to leaving your wallet vulnerable to pickpocketing or carelessness while out and about.

Fortunately, there is a way to doubly protect your assets. A secure hardware wallet keeps your bitcoin, ethereum, litecoin, etc. in case (however) you lose access to your computer or tablet, etc. will ensure that you have the ability to recover.

A hardware wallet allows you to restore your cryptocurrency on any other computer because it’s basically the USB connection you use to secure your transactions.

Secondary security.

Trezor is an original hardware wallet and easily setup for your bitcoin security. There are other products, but for the rest of this article I decided to deal primarily with the Trezor hardware wallet.

The core principle of Trezors bitcoin security is one of zero trust.

Using the Trezor screen, you can independently verify and physically confirm each transaction directly on your device.

It also asks you for a pin every time you log in. This way, you ensure that you are always available.

As a single-purpose device, the wallet has no other functions.

It equals simple added security.

Trezor is not exempt from the risk of malware or viruses. However, the fewer devices the Trezor communicates with, meaning no Bluetooth, wifi or QR code scanning, so the simpler the communication protocol, the safer your bitcoin security.

Also, the Trezor does not have a battery. When unplugged, it turns off and your coins are safe from any cyber attack.

I hope I have highlighted the importance of bitcoin security. The main issues are zero trust and concrete security. Also, make sure your backup process is equally secure, meaning that your data is clearly accessible to someone you trust if necessary.