Yes thats right, the Mining field is heavily Dominated by Mining farms and the only real way to profit off of mining without having a beast system is mining in a cloud or "renting a miner"
however in order to build up a decend hashing capability you need lots of time. but lets talk how this is supposed to work. the cloud mining service lets you rent a share of their ASICs and GPU rigs to mine Bitcoin (SHA-256) or Litecoin (Scrypt). its basically a long term investment as the miners usually take months to give back what you put in - but after that point you make profit.
so lets give you a nice Cloud mining service to start. i have picked out two very nice Cloud Mining Services:
- Option 1: EO-Bot
1.1 - getting started with EO-Bot
Eobot features lots of currencies and fair fees for their mining rigs, however this is not their best feature in my oppinion, they have a nice daily faucet but what strikes the hardest is its top of the line exchange system, when using Eobot to mine you can tell it to mine "GHS 4.0" which is the hashing power to mine on the cloud.
what this means is that you can get a bit of hashing power using a dollar worth of currency and let it run constantly where it automatically converts its mined bitcoin into GHS 4.0 Contract,
1.2 - getting on some currency
so once you made an account you can use their daily faucet to get a few satoshis or your first bit of mining contract, however just doing that would be terribly slow so what you should do is deposit some currency, they accept lots of various currencies and have a short deposit time. now you can deposit however much you want, but it goes without saying the more the better. once you have your currency you need to
1.3 - start getting mining power
to start getting mining power you need to do a few things. first you will need to go to the exchange tab and select whichever currency you deposited. then select what you want to convert it to. in this case you want SHA-256 Mining contract for 24 hours. the site gives you rental mining power according to how much you exchange and now you just need to
1.4 - Configure what you want Eobot to mine
as said earlyer, the site allows you to automatically exchange your mining profits into GHS 4.0 contract, in order to set that up you need to go to your account tab and search for the "Mining:" dropdwon menu and scroll to the bottom to select GHS 4.0. doing so will mean that all your mining power goes to expanding said mining power.
1.5 - You are done!
now that you set up your cloud mining all you need to do is claim all your faucets daily and put in the earnings to further increase your GHS 4.0. after you have a sizeable ammount of GHS you may consider mining currency of your choosing. one thing to know is that the currency you select is just the currency the bitcoins get converted to. the SHA-256 contract is bound to Bitcoin Difficulty and the Scrypt contract is bound to litecoin difficulty.
- Option 2: Hashflare
2.1 - Using Hashflare with Hashflare
to avoid repeating myself i advise to read through the first option. Hashflare is different from Eo-Bot in certain ways. while EO-Bot Offer 24 hour and 5 year Contracts, Hashflare only serves 1 year contracts. however in many cases this is actually better. an additional feature from Hashflare is that you can sellect whatever pool you want to get the most profitable mix of your choosing. while Hashflare doesnt allow you to convert your minings directly into hashpower, you can conviniently add more once you have mined/deposited the funds for it.
as Hashflare only allows for USD, BTC or ETH payments it is advised that you first get some mining done with EO-Bot.
- i hope this guide has helped you and i wish you good luck in building up your mining rig to the point of it giving you good side money.
-Kull
however in order to build up a decend hashing capability you need lots of time. but lets talk how this is supposed to work. the cloud mining service lets you rent a share of their ASICs and GPU rigs to mine Bitcoin (SHA-256) or Litecoin (Scrypt). its basically a long term investment as the miners usually take months to give back what you put in - but after that point you make profit.
so lets give you a nice Cloud mining service to start. i have picked out two very nice Cloud Mining Services:
- Option 1: EO-Bot
1.1 - getting started with EO-Bot
Eobot features lots of currencies and fair fees for their mining rigs, however this is not their best feature in my oppinion, they have a nice daily faucet but what strikes the hardest is its top of the line exchange system, when using Eobot to mine you can tell it to mine "GHS 4.0" which is the hashing power to mine on the cloud.
what this means is that you can get a bit of hashing power using a dollar worth of currency and let it run constantly where it automatically converts its mined bitcoin into GHS 4.0 Contract,
1.2 - getting on some currency
so once you made an account you can use their daily faucet to get a few satoshis or your first bit of mining contract, however just doing that would be terribly slow so what you should do is deposit some currency, they accept lots of various currencies and have a short deposit time. now you can deposit however much you want, but it goes without saying the more the better. once you have your currency you need to
1.3 - start getting mining power
to start getting mining power you need to do a few things. first you will need to go to the exchange tab and select whichever currency you deposited. then select what you want to convert it to. in this case you want SHA-256 Mining contract for 24 hours. the site gives you rental mining power according to how much you exchange and now you just need to
1.4 - Configure what you want Eobot to mine
as said earlyer, the site allows you to automatically exchange your mining profits into GHS 4.0 contract, in order to set that up you need to go to your account tab and search for the "Mining:" dropdwon menu and scroll to the bottom to select GHS 4.0. doing so will mean that all your mining power goes to expanding said mining power.
1.5 - You are done!
now that you set up your cloud mining all you need to do is claim all your faucets daily and put in the earnings to further increase your GHS 4.0. after you have a sizeable ammount of GHS you may consider mining currency of your choosing. one thing to know is that the currency you select is just the currency the bitcoins get converted to. the SHA-256 contract is bound to Bitcoin Difficulty and the Scrypt contract is bound to litecoin difficulty.
- Option 2: Hashflare
2.1 - Using Hashflare with Hashflare
to avoid repeating myself i advise to read through the first option. Hashflare is different from Eo-Bot in certain ways. while EO-Bot Offer 24 hour and 5 year Contracts, Hashflare only serves 1 year contracts. however in many cases this is actually better. an additional feature from Hashflare is that you can sellect whatever pool you want to get the most profitable mix of your choosing. while Hashflare doesnt allow you to convert your minings directly into hashpower, you can conviniently add more once you have mined/deposited the funds for it.
as Hashflare only allows for USD, BTC or ETH payments it is advised that you first get some mining done with EO-Bot.
- i hope this guide has helped you and i wish you good luck in building up your mining rig to the point of it giving you good side money.
-Kull
Still new into BTC, I have little already and will want to use it to mine...how do I multiple this thing
ReplyDeletewith bitcoin and alot of other coins the investing period is really long, i for now reccommend branching out into different currencies as bitcoin has unreal transfering fees at this time, however EOBot Accepts many different Currencies as payment so i reccommend getting into one they support ;)
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