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2013 was the year of the Bitcoin.
Many people have become richer by Bitcoin mining, or Bitcoins ‘self-making’.
Does Bitcoins mean that you can be sleeping rich?
Unfortunately, it was so … Making Bitcoins yourself is not as easy as it seems.
You need expensive and complicated hardware, and it takes a lot of power.
At present, mines can no longer be used.
Let it be done for you!
Some companies offer so-called cloud mining.
For a fee, they put a computer for you to mining.
But how does that work?
And is it really an easy way to earn money?
The principle of mines
Bitcoins can be made by making your computer calculations. Some calculations have a result that is recognized as a virtual currency. Other calculations not. Whether an outcome like Bitcoin is valid, you will only know if the computer has done the calculation. So you set up a computer to ‘search’ for virtual coins. This way you can make money with your computer.
Bitcoins mines: missed the boat?
This sounds very appealing. Nevertheless, it is now possible to mine Bitcoins itself. Why? The difficulty of the Bitcoin calculations is increased if more people are looking for it. At the moment, that difficulty level is very high. This means computers have to count for a long time to find one Bitcoin. So long, the power costs that your PC makes is higher than the expected profit on Bitcoins.
There is hardware on the market that specializes in calculating Bitcoins. For example, you can build a computer designed specifically for mining Bitcoin, a so-called mining rig. Does it help to purchase that hardware? Not really. Specialized hardware is more efficient in power usage than a normal PC. But the hardware is expensive in the purchase. Because the calculations are so difficult, specialized hardware must also count for quite a long time. Therefore, Bitcoins’s profit does not compensate for the purchase costs and power usage of this hardware.
Cloud mining: Bitcoins mines made easy
There have been several companies in this hole. They offer cloud mining. They sell contracts that give rise to the proceeds of a part of such a mining empire. Often this is for a period of one or two years. These companies are often located in places where the power is cheap. As a result, they can make their mining rigs cheaper and can make Bitcoins mining out for them.
Bitcoins mines can be profitable, but they are very risky. Mining rigs are expensive in the purchase, while it is not guaranteed that the Bitcoin remains worthwhile. Therefore, these contracts are attractive to these companies. With the proceeds from the contracts, they earn their purchase almost immediately. If the company then puts a small portion of the purchased property for themselves, they have pure profits: Bitcoins, no purchase costs.
But the customer also has the advantage of this construction. You can buy Bitcoins without purchasing expensive hardware. This makes the mining of Bitcoins for individuals an interesting option. Also, you do not have to understand hardware. Making a mining mine is often a difficult task. Now you buy a contract from your lazy chair and then raise the profit.
Cloud mining: Free money?
If something sounds too good to be true, that’s often too. Cloud mining is easy, but it’s no free money. The cost of a contract also includes a margin (for the company). Those costs must be returned. After that, you can only make a real profit. And in the meanwhile, the Bitcoin must not fall! Otherwise, you paid for a mining rig that yields only worthless coins.
Another risk is that these companies often have large data centers. That means they can be an attractive target for cyber attacks.After all, it’s a lot of money. A government that does not support Bitcoins’s idea could take the servers. They will do less quickly with a mining rig in an attic room. Another danger concerns the previously mentioned difficulty of the Bitcoin calculations. That goes up as more people are going to do it. If people go mass mining cloud mining, the difficulty is so high that cloud mining becomes less profitable. Cloud mining goes to the bottom of its own success.
Cloud mining so not without risks. But the biggest risk is the Bitcoin itself. The virtual currency is anything but stable. If you do not find that problem, you will also not be having trouble with cloud mining.
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