CryptoCurrency Cloud Mining for Bitcoins and Cryptocurrencies.
What is CryptoCurrency Mining for Bitcoin and Litecoin in the cloud and what does it do? Bitcoin Mining and other cryptocurrency mining is a computer program designed to create bitcoins and other crypto currency for use as a digital currency to replace or use instead of paper fiat currency. We will examine the best cloud mining sources for Crypto Mining aspiring cloud miners today.
Ultimate CryptoCurrency Mining Guide
Bitcoin Cryptocurrency Quick History
When Bitcoin was created by Satoshi Nakamoto, he visualized it in the same way Gold works in the business world as something that is limited in supply which in turn increases its value over time. Nakamoto also went a step further by ensuring that getting Bitcoin is not a cakewalk as it requires a lot of effort and resources to acquire or create it.
Mining can be simply defined as the way in which Bitcoin is created by the use of computers which are coupled with specialized Bitcoin mining hardware (ASIC miners) which then solve humongous amounts of mathematical puzzles with the chance of getting a Bitcoin reward at the end of such a process.
Many people are gambling with bitcoin and cryptocurrency technology to bring them in hords of cyber riches. The only thing is its not a get rich quick scheme. You have to work hard at acquiring cryptocurrency by gambling on hardware and software purchases and set everything up and pay your hydro consumption bills, in turn hoping that bitcoin and cryptos will rise in value. So far the gamble or investment whatever you want to call it depending on whom you talk to has paid off over the last several years quite substantially.
Another facet to Bitcoin mining is that which people with huge computational power at their disposal use that computational muscle in order to help in maintaining the Bitcoin network by making sure every transaction that gets added is 100% genuine, in exchange for a token fee at the end of the verification process. This incentivized protection of the Bitcoin blockchain is the core reason why it has so far eluded any attempts of hacking or compromising it by attackers.
Bitcoin/Cryptocurrency Mining Opportunities & Limitations
Bitcoin Mining has always been a very attractive endeavor, and the rise of the digital currency in value and use around the world only amplifies its lure for people who want to be part of the gold rush of the 21st century. With Bitcoin presently trading at thousands of dollars compared to hundreds it was trading just a couple of years ago, a lot of people now find mining Bitcoin a much more attractive choice than forking out $15,000 to simply buy it at an exchange.
There are however limits to the reach of this facet of acquiring Bitcoin for the interest public, as mining is a rather technical field that requires someone with intimate knowledge on how the industry works in order to successfully run it. Mining is also no longer a feasible venture for individuals or at-home small mining rigs.
With the increase in competition in mining Bitcoin, big industrial scale mining outfits all over the world have pushed out the small btc miner where they stand little or no chance of getting a reward that is worth or better than what they originally invested. Your better off mining for the newer less in demand cryptocurrencies if your on your own. Either that or getting into a pool now is your best bet. See more on crypto mining pools below.
Bitcoin and Crypto Currency Mining Hardware
From the beginning all that was needed for the mining of Bitcoin was the minimum required computational power to solve the mathematical puzzles that the computers do. This needed the appropriate hardware to carry out the task and as the mining of Bitcoin has evolved, so has the hardware needed to make it happen also changed. The following are the Bitcoin Crypto currency mining hardware’s that have been used over time.
CPU Mining Hardware:
This was the very beginning of Bitcoin in 2009, when it was brought online by Nakamoto. Simple desktop CPUs at the time were more than what was required to carry out the calculations for the mining process at the time. But this was a time when Bitcoin was an unknown quantity and the only people who truly benefited were cryptography enthusiasts who also didn’t have much idea what treasure they had at the time.
As Bitcoin started gaining value, slowly but surely, it began coming to the attention of the public and a race ensued as to who will mine it the most before the mining process got even harder. At the time a group of developers figured out a way to deploy computer graphic cards which were more powerful than CPUs (almost 100 times) with an added advantage of comparatively lower electricity consumption in order to mine the currency.
ASIC Miner Hardware for Cryptocurrency Mining:
The latest stage of Bitcoin mining hardware came along in 2013, when crypto enthusiasts who wanted to outpace the competition created a dedicated hardware which would take Bitcoin mining to industrial dimensions for the first time in its existence.
Advanced-Specific Integrated Circuits or ASIC miners were created purposefully to kick-start an arms race that would end up pushing out every small mining rig in the world and make modern Bitcoin Mining the exclusive forte of industrial outfits instead.
ASIC miners are created for nothing other than cryptocurrency mining, and have huge advantages over previous hardware both in computational power and lesser electricity consumption. Since 2013, only modified versions of ASIC mines have been created as there has not been any brand new hardware created yet for the industry.
Cryptocurrency Mining Software for all your favorite Cryptos
No Bitcoin mining or other cryptocurrency mining outfit will be possible without the software to set the hardware to work and monitor its performance and output.
Some of the best known CryptoCurrency Bitcoin mining software include:
CG Miner: The Most Popular Cryptocurrency mining software worldwide
This remains the most popular Bitcoin Mining software around the world, which can be used for GPU, FPGA or ASIC mining. It is open-source software that is available on all major computer operating systems like Windows, Linux and OS X. The software has features and operation-monitoring tools like overclocking, fan speed control, as well as remote access capabilities. Mine all your cryptos with this software
BitMinter: Best Cryptocurrency Mining Rig Software for Beginners
If you are a looking for a Bitcoin mining software that is tailored for the easy use of the newcomer, then perhaps BitMinter should be what you are looking for. Unlike, CG Miner, this mining software is owned by a pool mining company and as such before you get to use it, you need to register with the outfit first. BitMinter comes with a considerable number of features which its makers say will guarantee ease in ease of setting up and for high payout rates. BitMinter is available for use on Windows, Mac OS, and Linux operating systems.
Poclbm: Best Cypto Mining Software for Multiple Mining Rigs
This is a Bitcoin mining software that was written in the python programming language and which uses the Open CL framework to enable it conduct the hashing computations of your mining process quickly. What makes this software stand apart from others is the flexibility it allows its user to tailor their operation for any given hardware, by writing a code for each mining rig themselves.
The software is especially ideal for modern GPU mining such as the AMD-4xxx or the NVIDIA-8xxx. If you are running multiple mining rigs from different hardware, then look no further than this software as it is among the most highly adaptable around.
Cryptocurrency Cloud Mining Pools
As the race for mining Bitcoin became ever hotter, owners of small mining rigs were pushed out of business, where the relative cost which the small miner accrues for mining is much greater than the reward they get in the end, if any. This kick-started another idea in which these small miners began to group and pool their small hashing powers in to bigger ones that could competitively mine Bitcoins against the large scale industrial operators.
Mining pools are very popular today as people who forked out a lot of money on mining Hardware now have a way to get back their investments by signing up to mining pools where any Bitcoin reward is shared among the participants in proportion to the hash power they contributed towards the mining process, with a commission going to the company that brings them all together.
Also Popular today is the search for free bitcoin by individuals around the world looking to get started with the technology by acquiring the basics like a digital wallet and starting to collect coins as a beginner. This usually occurs as they watch ads and complete surveys in exchange for Satoshi, the smallest units of bitcoin Cryptocurrency. So in essence these people with little to no money or curious about the technology or wanting to just be cool, can do so by these advertising facet pools. Be aware: Is Bitcoin Mining Profitable? You will have to watch out for bitcoin costs.
Cryptocurrency and Bitcoin Cloud Mining
Another way of mining which is definitely the most popular and most convenient for everyday investors, is what is known as cloud mining. The cloud mining outfit as the name implies is a company in which anyone interested in mining for Bitcoin or other cryptocurrencies can buy-in to, with their fiat currency.
They in turn get allotted a certain hash power from an already established industrial mining rig somewhere around the world, where it is immediately deployed to mine their Bitcoin. As long as the cloud mining contract runs, the user gets the Bitcoin mined with a commission also going to the company that is setting up the mine.
The genius behind cloud mining outfits is that for the first time anyone can conveniently take part in the creation process of Bitcoin notwithstanding their capital. It takes off the need to know any technical detail of the mining process, rid them of the need to continuously pay for the huge electricity bills and mining hardware cost that incurs on them, and it also is the most convenient as the miner doesn’t have to suffer sleepless nights from the noisy mining rigs that are kept in their homes.
Best Cloud Mining Choices for Cryptocurrency Miners
The field of cloud mining due to huge demand is seeing a tremendous growth with many outfits coming out now and then. But the three best cloud mining outfits are:
Genesis Cloud Mining:
This is the oldest and most well-known cloud mining companies in the world. It currently has the biggest market share of this niche and offers cloud mining contracts for Bitcoin, Litecoin, Ethereum and a dozen other altcoins. Genesis Mining has mining farms spread in very well hidden locations. It has very attractive custom mining options but its maintenance fee for Bitcoin mining contracts is not the lowest in the market.
Hash Flare Cloud Mining:
This is an Estonian based cloud mining company with a growing popularity for their very flexible contract options, and offers of unlimited contracts to interested buyers as well. Hash Flare is known for its immediate payouts with the lowest GH hash rate prices in the industry, but their downside is that their long-term maintenance fees are not the most attractive. Some reports are coming in of people losing money.
Miner Gate Cloud Mining:
Another company that has been in existence since 2014 with very solid payout records is Miner Gate. The location of the company remains unknown but with over 14 different coins supported, it provides for one of the widest cloud mining options of any company in the industry. Miner Gate is also very popular for its very transparent pricing, but has rather higher withdrawal thresholds compared to other outfits.
Just because these are the best legitimate miners, take note that alot of cloud miners since 2018 had contracts terminated as they were unprofitable. Here is an exact quote put out by Genesis
Here’s an exact quote from Genesis mining:
In the event of a contract becoming unprofitable (i.e. the payout can’t cover the maintenance fee), the resulting daily payout will be zero. After that, the contract will continue to mine for 60 days….If the contract does not return to profitability in this period it will be terminated….Genesis Mining
A good way to look at it is like gambling, or investing in risky instruments like options. Be fully prepared to lose all of the money you put in. Do not invest more than you can comfortably afford to lose. Do your research, check online for scams, non payouts, current contracts not being profitable etc.
Cryptocurrency Mining Wrap Up:
BitBetBuddy hopes that helps with your Crypto Mining Questions. Stay Tuned for more Bitcoin Tips, Tricks, Prices, Value Predictions, and Ways to save, invest, and have fun with your bitcoins into your bitcoins adventure here with us. Technical and Fun both at the same time.
A message to our readers
Please note: We do not recommend any of the cloud miners above, nor do we recommend mining of any kind. This information is for information purposes only. Mine at your own risk. Many people are reporting losses when it comes to cloud mining pools, and also through solo mining with your own hardware, and software selections. Be careful. Maybe just buying bitcoin or other altcoins may be a better option overall for most of you. Mine and invest with caution and make sure you know what you are doing. Many people can and do lose money.
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