If you’d like to start Bitcoin cloud mining, this guide will be useful for you. You are about to find out how cloud mining Bitcoin functions, how you can start mining and turn it into a profitable endeavor with Hashing24.com.
As for hashing24.com, this is one of the best Bitcoin cloud mining platforms. It provides a variety of options for all cryptocurrencies and cheap services that you can use to get a profit.
Is there any free trial? No. However, by choosing this platform, you’ll be able to leverage a lot of profitable mining cloud based opportunities.
This article explains what cloud mining is and how you can begin with cloud Bitcoin mining.
Cloud Mining Bitcoin Introduction
Cloud mining is the process of obtaining Bitcoin by leasing computing power from large server farms.
After signing up, you will be provided with several mining contracts and a unique URL with which you can connect to the mining farm.
Each contract provides you with a unique Bitcoin address, where your wallet will be stored.
Just like cryptocurrency wallets, you’ll also have access to your cryptocurrency balance and to your mined Bitcoin.
How Does Bitcoin Mining Cloud Work?
The process of mining Bitcoins is slightly different in comparison with other cryptocurrencies. So I’m going to briefly explain how it works for Bitcoin.
Let me also explain how to use Hashing24.com, where I’ve been mining for several months.
Here’s how it works:
You will have a unique Bitcoin address in your wallet, a wallet address that is similar to a bank account and uses the same type of password.
- Any amount of Bitcoin you’d like to mine with Hashing24.com can be deposited to that address and the contract will be created.
- The contract will require the amount of computing power you need to mine at the given time, and your wallet address will be the only thing you have access to in order to make transactions with other clients.
- Mining contracts require a minimum amount of electricity cost and will reimburse your mining contract as well as the electricity cost.
- After the mining contract has been created, you will receive a notification with a summary of the mining payment and the number of BTC that will be earned.
- You will have a mining confirmation link, which you can send to your contacts or update your profile on the blockchain with.
- Once you receive your earnings, the contract will expire.
In order to become a member of Hashing24.com, you will need to provide a mining address, which is unique for each client.
Other Important Things to Consider While Mining Bitcoin
As I’ve been mining for several months, here are some important things I’ve learned that you should keep in mind.
It’s better to have too much power than too little. Your electricity consumption is going to vary according to the amount of Bitcoins you mine. The cheaper your power consumption, the more of your profit you will keep. You can buy mining computers for about $350-450 (8 years old or newer).
You can save money by hiring someone to mine for you. They will provide you with electricity, but you will have to pay for the wages of the contractor you hired.
There is no better way to ensure you will never run out of cash than by renting your computer’s electricity needs to someone else. Always check your contract terms regarding insurance. The mining industry is not yet mature, and there have been cases of companies going bankrupt.