Why Mine BITCOIN?

in #bitcoin7 years ago (edited)

That's like asking why mine gold. Simple. Because it MAKES you MONEY. 

But unlike with gold, you don't need picks and shovels or mining pans to do it. Or to move somewhere where there's gold. You can mine BITCOIN at home or ONLINE. 

mining bitcoin

Here are TWO WAYS to do it. 

ONE, you can buy a mining rig. The best one for bitcoin costs about $6000 on ebay or $5k directly from China. It's rated at 14TH(terrahashes) and it'll produce about 1 BITCOIN per YEAR, running 24 hours a day.


And since Bitcoin is now about $16k, you can profit around $10k by buying one and running it at your home. Of course it's a bit noisy, runs 24/7 and uses 1400 watts, which is about 1000kWh per month.


That's still a GREAT DEAL, especially considering that a year from now, bitcoin could be $160,000. Not bad on a $6k investment in 1year, huh?


The SECOND way to profit from it, and make REAL money, is to RENT MINING capacity. I.e. someone with a mining rig will rent it to you FOR A FEE. Below is one company that does that, and their fee is $220 per TH.


Now the mining rig I mentioned above is rated 14TH/s, so if you bought 14TH from this company, it'd cost you $3080/year, and you'd have an equivalent to having the actual $6k mining rig. MINUS having the headaches of maintaining it, providing internet connection to it, dealing with the heat and noise and electricity costs.


And like I said, 14TH will produce about 1 BITCOIN per year, so your $3k investment could produce $16,000 to $160,000 profit in a year!!! How much would a bank pay you in interest for $3000? Not very much, huh?


Now this is NOT an investment advice, just an FYI. I'd post it here even if I didn't have an affiliate link that pays me 10% of new people signing in. And it's anonymous, they just want you email. You can pay with BITCOIN or with credit cards, but with credit cards they require verification.


Here's how to register:


1.Go to: https://hashflare.io/r/CD873C62

Setup an account it only takes a few minutes.


2. After your account is set up click "Buy Hashrate" on the left hand side of the page.


3. From there choose "SHA-256" for bitcoin mining.


4. Use the sidebar to choose how much hashpower you want to buy and click proceed.


5. On the next page click select payment method and you can pay with BTC or with a credit card(there is no fee for using a card)


6. Agree to terms and click confirm


7. On the next page enter your payment info if you are paying by credit card. And complete the payment.


8. For first purchase with a credit card you will have to go into your credit card purchase history from you bank website and get the 4 digit code on the transaction and enter that code in hashflare so they can verify the card you are using is indeed yours and is not stolen. 


9. You are all set. Your payout will be in bitcoin once per day. 

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BTW, don't take my word for it. Here's a bitcoin mining calculator that shows you a BTC profit from 1TH. It's about 0.05769BTC per year, which is about 0.8 BTC/year from 14TH, AFTER the maintenance fees are deducted. Multiply that by today's price of bitcoin, or by $160k which LIKELY is what 1 BTC will be worth a year from now.


https://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=1000&p=0&pc=&pf=15&d=1590896927258.08000000&r=12.50000000&er=14000&hc=150


Looks to me as a potentially LIFE-CHANGING op portunity. I kept telling you guys that having bitcoin is like gold mining 150 years ago. Now that bitcoin skyrocketed from $800 in January 2017 to $16,000 today, it's a full blown GOLD RUSH!


At Hashflare you also can mine ETHEREUM and LITECOIN, but I DON'T recommend that, since mining bitcoin is now MORE profitable. Almost twice as much. But if you want Ether or LTC then you should mine bitcoin and then BUY those altcoins with the BTC you mined. Here's the registration link again:

https://hashflare.io/r/CD873C62


BTW, there are other companies that rent out mining rig capacity, but since bitcoin mining is SO PROFITABLE now, some of them ran out of capacity and have no bitcoin mining contracts to sell for any amount of money. It's like mining gold in 1800's; the EARLY miner gets the GOLD!

Oh and Hashflare was in business for several years now, so it is a LOT SAFER to deal with them than with some new mining companies that were in business only for a few months. And you don't have to buy 14 TH (terrahashes) of mining power, you can just buy 1TH or even less.

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And I've been getting ACTUAL payouts at Hashflare of about 0.002BTC/day per 14TH contract. That's $28 before you deduct about 15% maintenance fee, with BTC price at $14,000. And if BTC goes back to $20,000 sometime this year, then ADD $12 a day to that. I.e. if 90 days from now Bitcoin goes to $20k, my mining earnings will increase to about $1000 per month, which is $3000 for the first three months.

And if Bitcoin goes to $30k this year, then your MONTHLY earnings from a 14TH contract should be about $1491. And that's applicable all the way back to the first day of your mining contract, since they pay out in bitcoin, not in dollars. And that's on a contract that you paid $220/TH for, which is $3080 for 14TH. Of course those numbers could be somewhat decreased by an increased mining difficulty, which usually comes when bitcoin rises in price significantly.


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I bought at bitclub.net but the payout is very small. Think its not worth it. Better invest in penny cryptos wit 1000 % more ROI.

Investing in penny cryptos is a gamble; maybe you win, maybe you lose. Mining bitcoin is a LOT more reliable. People were mining bitcoin since 2009 and it is STILL profitable.

Mining is really profitable instead of earning in pennies/cents, I agree. Cloud mining is a much better option by the way, you get what you bet there.

Took many years until bitcoin "truly" became profitable. It was still worth under $100 in the first few years. I kind of agree with @nkkb that if one put a few dollars into many penny cryptos then one will bound to go up 1000% or more in the years to come. Just have to do research on the coins and be quick while they are inexpensive. Thanks.

If you put a few dollars into many penny cryptos and one will bound to go up 1000%, then you maybe DOUBLE your money in a year or two. Bitcoin increased 20 TIMES in 2017 alone. So it's really DUMB to bet on penny cryptos when you can go with the cryto leader, Bitcoin and get it at huge DISCOUNT which is what mining does.

If you put $1k into a 1-year mining contract, you'll get back 3-4 TIMES that. And that's like buying bitcoin at a 75% DISCOUNT.
And that's when the price doesn't increase. And when the price does increase, you can get 10-20 times your @1k investment.
I explained EXACTLY how that works in this post:
https://steemit.com/bitcoin/@jaro/12rjqr-bitcoin-mining-update

I actually have a 4 month old contract with hashflare. I will admit that I am profiting due to the price of bitcoin. Trouble though is I am earning a lot less than the first day I signed up. I think this has a lot to do with rising mining difficult. I remember on the first day I signed up I was projected to earn 0.05 bitcoin a year. Now it is barely above 0.03 in a year. I am hoping before my contract ends that hashflare will lower its withdrawl fees. At current pace I will have difficulty withdrawing my earnings unless I invest more. I may do that just for the sake of getting my bitcoin in the end.

Just saying not every mining contract is a bargain deal. I would avoid hashflare unless someone can really put a lot of money into it. Some where around $1,000 or more.

You gotta realize that as the price of bitcoin increases, the mining difficulty also increases. But the daily payoff in dollars remains about the same since those two cancel out each other.

On the other hand, a $4.00 investment made me $500 in a few months. Have to bet on the right coins. This is where research and intelligence have value. ;)

it depends. only doubling your money in a year or two is a gross understatement. To suggest putting money into something other than bitcoin mining is DUMB.

If you dont want to do research or really any work to get into crypto then fine, look into mining contracts. But i have had several coins explode just last month. Out of 30 coins i have in my portfolio exactly one has been less profitable than BTC. But i must be DUMB

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I agree you are gonna be more profitable if you actually buy solid coins and hold them for like a year rather than mining any coin.

Yeah I am learning that very quickly that holding a coin one can earn a lot more than mining it on a rig or cloud mining. Not to say I won't be mining, but mining is more about support the coin's infrastructure long term while buying the coin and hold is where the real investment earners are. Thanks,

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@mawit07 yes absolutely right but now a days rate of bitcon is un chase able like us$13743 per one bitcoin unbelievable rate

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https://www.spacemining.io/?ref=30523 new site 100 GH/s for start on mining Bitcoin proof payment 100% im testing from myselfspacemin ing.JPG

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Correct! Investing in low market cap in crypto is much better than actually investing in a mining hardware. Because in the long run, mining is not profitable if the rate doesn't increase due to the increase in mining difficulty.

Nonsense. Difficulty has been increasing every year since 2009, and mining bitcoin is STILL HUGELY profitable. In fact it's about TWICE as profitable as mining Ethereum or Litecoin.

but still not nearly as much as doing research and buying a good alt coin

True. You always can sell the coin, but you cannon sell the mining power.

Yes it is worth to invest in "cheap" coins and hold till they pump. In this way I would suggest to take a look at this guide , I've found it quite iluminating.

The link: http://cryptogurus.com/guides/price-or-market-cap/

Pd: thank you so much @jaro for this interesting post ;)

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Want 30GH FREE (REALLY) Go to https://world-mining.net/924987409/ create your account, scroll down left side panel, click "Bonus", click "Activate 30GH/s".

hope you've managed to get your free 30 GH :)

I had heard about bitclub and was interested in joining. Now reading your response I am glad I never got involved. Thanks.

There is many ways you can earn. And only you can choose which part you can go , there is neither bad or good chooses , only your way . Choose wisely !

please give the full site of the penny cryptos. thank you

https://www.spacemining.io/?ref=30523 new site 100 GH/s for start on mining Bitcoin proof payment 100% im testing from myselfspacemin ing.JPG

I own some hashflare but love having hardware mining under my control more.

i have a question to you. if i keep my cryptocurrency like btc,ltc or something like that in blockchain or coinbase how much safely it is in there???

i guess you're new to cryptocurrency.

get your coins off exchanges and into nano ledger s or trezor so the coins are offline, keep the ledger in a fireproof small box keep the seed words in fire proof small box some where else and keep copy too.

key logging software is used every hour by criminals stealing cryptocurrencies from coinbase etc when they are gone they are gone, get a crypto education or get recked

yes i am new and i have not enough idea about it that is why i asked you.please give me answer

Safe enough. As long as they don't get hacked or run off with the money.
Or you can manage it all on your own device and hope you don't get hacked.
If you intend on buying and holding then look into an offline wallet that you can backup your private keys yourself

Great post

yea, so informative

Thank you for sharing on how and where we can mine bitcoins. I would love to mine bitcoins too.

I agree, mining from home is a bit of a headache, keeping sure things are up and running. If I could do it again, I would likely do cloud mining.

I like your calculation. thanks.
(please upvote me too)

A great post for new like myself looking to get into Bitcoin, thanks for taking the time to share this with the community

Really interesting post and it has certainly peaked my interest. I was able to understand it having really no prior knowledge of anything crypto but i am starting to get into it.

Thanks for your explanation and also reading the comments have been very useful and interesting! @jaro

Wow👍 This fully explains bitcoin mining ⛏ Thank You for sharing 👍