Bitcoins have gained a lot of popularity over the years, and this can be evident from the way companies, online markets and even countries are acquiring it in a significant amount. There are various modes of getting bitcoins; this article will mainly deal with these methods.
The value of bitcoin against the dollar is continuously rising, and this is due to its trading volume. You can make tonnes of money just by trading bitcoins, in fact, many forex brokers are beginning to adopt bitcoin trading into their systems.
Further, apart from just making money through trading bitcoin, you can also make money through mining bitcoins.
What is bitcoin mining?
Bitcoin mining is the process by which transactions on the blockchain network are confirmed. In confirming these transactions, hardware specially designed for mining bitcoins are used.
How do I mine bitcoins?
Mining bitcoin can be done in different ways which such as
- Mining bitcoin using mining hardware
- Mining using cloud service
Mining bitcoin using mining hardware
You can mine bitcoins by utilizing a mining hardware; this device comes in different capacities and mining power. The more power has the hardware, the more the bitcoin you can mine. Mining hardware is expensive to purchase that is why not many people can mine at home. Since this hardware are costly, and you can hardly make money mining bitcoin alone, most people opt-in for mining pools. In mining pools, miners collectively combine their hardware capacity into one to achieve high mining power. Your share in any mining pool depends on the power you generate. The bottom line is, mining using a mining hardware is difficult and might yield you nothing. Hardware mining requires a lot of maintenance, upgrade, and regular payment of electric bills as it consumes a lot of power. From experience, I consider hardware mining unprofitable.
Mining using cloud services
Mining bitcoins through cloud services is much better. This involves a purchase of hash rates from a mining company who will then mine for you for as long as the contract covers. Companies offer different contracts such as 1-year contract, lifetime mining contract and more. After purchasing a hash rate, your mining starts immediately. The amount of mined bitcoins you receive daily depends on the amount of hash rate you bought. The more hash rate you purchase, the more bitcoin is mined for you.
Getting a legitimate mining company to purchase a cloud service from is difficult, so, care should be taken. There are cloud mining services I have paid for that till date I can’t account for any profit or returns. However, I have paid for some that I have gained a lot and still gaining.
Genesis Mining
Genesis mining offer cloud mining services to their customers. I mine bitcoins with them. I can boldly say they are the most trustworthy mining company out there. They have been mining bitcoins for years and still mining. You can be a part of it if you so wish.
Other mining companies offer similar services, but since I haven’t tasted it, I can’t vouch for either. You can open an account with GENESIS MINING and start making money.
Read Also: HOW TO MAKE MONEY TRADING BITCOIN 1
In case you have other trustworthy mining companies, you can let us know in the comment section. Remember to share this post.
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