vineri, 11 iulie 2014

How to Mine Bitcoin in the Cloud

Mining Bitcoin in the cloud is great for beginners, because you don't have to deal with any hardware or electricity costs. In most cases, the server connects directly to a mining pool, so you begin to earn Bitcoins instantly.

With the mad rush of newbies trying to capitalize on Bitcoin comes the scammers. I have personally calculated the mining yield of several cloud hosted mining companies. For the vast majority of them, you won't ever get your money back. The reason being is that mining gets more and more difficult overtime, requiring more and more computer power to earn the same amount of Bitcoins. Therefore your earnings will decay significantly per month, unless you up your computing power.Don't forget that you can always earn free bitcoins online.

When you buy a mining contract, you buy a certain number of gigahashes per second (Gh/s) for a certain duration of time. I use this Bitcoin Mining Calculator to calculate how much I will earn. Simply input the hash rate (Gh/s) and you will see how much you will earn this month and the next month, assuming Bitcoin stays the same price.

Currently, the cheapest cloud hosted mining contracts out there are from PB Mining. I estimate that from PB mining, I will recover my principal in roughly 3 months and continue to earn passive income for 5 years.

PB Mining contracts are 5 years long, verses the typical 12 month term. I don't anticipate that I will make that much money after 12 months, since the mining difficulty will go up so much. But it is nice to know that my mining contract will still be trickling Bitcoins for 5 years.

Before you buy any mining contract, make sure you calculate your yield so you don't get scammed. If you don't want to buy and install expensive mining equipment, Bitcoin cloud mining is the way to go.

Here we have a list of most trusted cloud mining websites, hope that will help any user who want to start mining in the cloud !

From here you can buy the cheapest KHS from the market to mine the most protitable Scrypt coins
Here you can buy KHS and GBS to mine coins from Scrypt, SHA-256 and X11

On of the fist website which provide cloud mining service with thousands of members !

If you have any question do not hesitate to let us one comment! Happy mining.

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