One of the best jobs of this decade…
Cryptocurrency mining is an ever before transforming landscape. As the appeal of Bitcoin has actually grown over the years, so has the passion in mining procedures. Everything started with CPU mining (ie. your computer system cpu), then people identified that visuals cards are really better at hashing therefore GPU mining took control of. Then you can have run an extremely effective Bitcoin mining procedure from your bed room.
In the future, a brand-new generation of mining tools appeared in the type of ASICs, a specialized, powerful chip created for something: getting those Bitcoins! The real makers of the equipment identified that they can get a slice of the pie and so they started developing huge ranches of those specialised mining rigs.
Running own Bitcoin mining procedure today is probably mosting likely to shed you loan. If anything, you must think about purchasing a pool in a specialised cloud mining procedure. This can be really successful, as you will make actual bitcoins as well as an investment of around $3,500 can yield about 1 -1.5 Bitcoins a year. With today’s price of Bitcoin ($6,497) the math is basic. These swimming pools come at a scarce supply as well as you will certainly be lucky to obtain one. Lots of people have actually additionally got scammed by fake ‘Cloud Mining Companies’ as well as have actually lost their loan. For that reason, you want to guarantee you sign up with a relied on firm that has a great, verifiable track record.
This year we can see that the interest is back to GPU mining. GPU stock shelves are empty and there are long back order lists. This is nothing to do with a release of the new Call of Duty…well, maybe a little bit, but certainly it is not the main reason. Why is GPU mining popular again? This year has been phenomenal across the whole crypto space. Lots of coins have gone from dollars to literally hundreds of dollars. Think Etherum, Dash, Zcash. With the majority of hashing power aimed at the mighty Bitcoin, all of these other rising stars are a great opportunity for GPU mining.
I see mining as a long term investment. The crypto market is only going one way and it has a long way to go. Very long… see my post about crypto potential. It would be really sensible to position yourself in this space and start a steady return to your investments over the years to come. I have outlined some options below. Hopefully, this will show that there are some good alternatives.
You can find lots of resources online on setting up your own GPU operation at home. You will need to get hold of a decent GPU first, then work out the technical details and organise your setup to run your mining operation 24/7. There are a few great websites that will help you calculate the most profitable currency to mine and the estimated daily return (https://www.coinwarz.com/calculators). I think that’s a great thing to do if you’re really passionate and have the technical skill. Sadly I’m not one of those people so I’ve found other options that are a bit more manageable.
An example of home GPU home mining
Mining in cloud
As with Bitcoin, you can get a stake in the GPU mining pool that will take the hassle of managing the whole infrastructure yourself. The advantage of taking a stake in a pool is that you will leave the logistics for the experts whilst you will enjoy clean profits. Surely, you will earn less than if you have done it yourself but you have to decide whether dedicating your life to mining at home is something you really want to do.
Another advantage of participating in a pool is that it is likely to support several major coins. As we know, when the mining difficulty increases, it leaves miners with less profit. Being able to instantly switch GPU power to another currency with less difficulty is a good alternative. This is where the real benefit is. As we observed the events of last weekend (ie. Bitcoin Cash attack), the miners are really simple creatures. They go where the profit is. It’s much easier for a miner to re-direct their hashing power to another crypto, than it is for you to sell that falling coin…I’m just sayin…
What about profitability? It isn’t easy to give accurate numbers when it comes to mining, due to the fluctuating factors such as network difficulty or the price of the coin itself. The mining pool that I reference below yields about 40% profits each year, over the duration of the pool lifetime. This is on an average day… If you’re at the right place at the right time, this can be much more. Also, re-investing your earnings make it compound very quickly and will see you multiplying the number of GPUs with no additional investment. This is something that you should explore in more depth. I will soon write a post about the power of compounding.
If you’re curious about exploring the subject of cloud mining I can recommend BitClubNetwork who are one of the biggest cloud mining companies in the world. They have been operating since 2014 and are transparent to their users by publicly disclosing the data on company performance (unlike some of the pools that hide this information from their users, for instance AntPool). You can see a full history of mined Bitcoin blocks on blockchain.info. According to this data, just in the last 24hours BitClubNetwork has successfully mined 3 blocks, which is equal to 37.5 Bitcoins. If we extrapolate it to one month, it will give $1,125 Bitcoins or $7,309,125 at today’s price. This is just Bitcoin mining, excluding GPU.
BitClubNetwork makes use of the affiliate advertising advancement model, which can be taken into consideration contentious by people that had previous negative experiences with various other organisation that also run this version. Hopefully you can recognize the large advantages of associate advertising, a few of which are an evergreen development with beside none advertising and marketing costs. The company does not make anybody to construct their network, it’s purely to you as well as your preference.
You can figure out even more regarding BitClubNetwork directly from the resource by opening up a complimentary account by complying with the web link below.
Please note, there is a one off membership cost of $99, should you want to be able to buy the mining swimming pools.
This will enable you to read through the FAQ section for in depth information. Feel free to leave comments below if you’d like any more information.
Thanks for staying with me this long! I hope you enjoyed this read and that it has given you a bit of a setting around the current mining landscape and the available options. Let me know any comments or questions below. Have a great day!