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How to mine Bitcoin and Altcoins without expensive equipment

If you don't want to miss the train, but you are not sure how to get involved, here is our detailed first hand guide on mining Cryptocurrencies with cloud contract.

How to mine Bitcoin and Altcoins without expensive equipment

UPDATE NOVEMBER 2018: I no longer endorse or support HashFlare in any way. Read about it here. Instead I only recommend buying cryptos with your credit card and keeping them for the time to come. How to do it read here

When I was first introduced to Cruptocurrencies, I was not very interested to get in and to be honest, it seemed like huge bubble to me. It was early 2008 and from this point in time, I can say that it was one of the biggest mistakes I made in the last 10 years. Not because I think I missed the train (I didn't - the Crypto train just left the station and it has a very very long way to go), but because I did not try to educate myself and I jumped to conclusion. I was lazy for not wanting to educate myself on the technology behind Cryptocurrencies, and I am sure that If I did, my bank account would be much bigger today.

There is a lot to be said on Cryptos (a lot of useful articles on this site, too), but I want to focus on a huge part of my Crypto effort these days, which is Crypto mining. Namely Cloud mining cryptos.

Somewhere in January 2017 I purchased some mining equipment for $10k just out of curiosity. I bought 12 Nvidia cards and built 2 mining rigs following online tutorials. I installed the mining software (Claymore miner) and started mining in one well known Mining pool. I was single mining Ethereum at that time and I must say that at the beginning it felt great. Not longer after that (maybe two three months after) I experienced first problems. As soon as the weather started being better and the days were hotter, I had to install additional Air-conditioning in the separate room I used for my servers. The GPUs started overheating, the productivity dropped and the Power bills started increasing. Somewhere in April I had a first faulty card and I had to restart the miners once every few weeks. Also, there were issues with fans which had to be replaced several times. Luckily, somewhere by mid-July the price of Ether increased and I returned my investment. However, I decided that maintaining and operating rigs in-house (actually I kept those in my office and one office room was completely not usable because it was dedicated to mining) was a bit too much for me. It simply wasn't scale-able and scalability is one of the main points that I focus on when I get involved in some business. Simply. if it's not scalable it's not something I want to get involved in. But the problem was that I didn't just want to sell the equipment and stop mining Cryptos. It was just too foreseeing and profitable that I needed to find the was to stay in this. And then I found out about Cloud Mining.

What is Cloud Mining and how can you get into it

Cloud mining is basically a concept of purchasing a contract with a company that operate mining equipment. Basically, instead of purchasing and maintaining expensive Cryptocurrency mining equipment, you hire a professional company that does that for you. I wish I learned about this earlier - I would never purchase my own equipment and get involved in all that. Simply, with Cloud mining, you purchase and add hashpower (the metric of Cryptocurrency mining rate) and you get paid to your Crypto wallet. It is easy, it always works, you purchase a GUARANTEED hashrate and it pays off. There is no need to constantly monitor your equipment and always update your mining software, keep eye of hacking attempt. Instead, you pay a minor fee to a company that does all that. Also, you wouldn't get stuck with old equipment which you will not be able to sell at half price (actually I sold mine at 40% the price I paid for it less than 10 months after purchasing it), and the only thing you would need to do is keeping or selling Cryptocurrency that is mined.

What are the best companies to check for Cloud mining

UPDATE NOVEMBER 2018: I no longer endorse or support HashFlare in any way. Read about it here. Instead I only recommend buying cryptos with your credit card and keeping them for the time to come. How to do it read here

Conclusion

At the end I just wanted to point out two things. First, I get many questions from visitors asking - "Should I purchase Cryptos and put them in my wallet and HOLD them until the price increases or purchase Cloud mining contract?". My answer is simple - Diversify. If you want to purchase Cryptos, you can do it on Coinmama - it's easy and simple. But if you need to choose and you plan to invest $1k+, I suggest that you diversify. I would personally put $500 in some Cryptos that can not be mined (like Ripple), and for the remaining $500 I would purchase Cloud mining contract.

The second thing that I want to point out is something that all crypto investors will tell you. Do not invest more than you can afford to risk. As in any other market, Cryptocurrencies can be volatile. No one can predict what will happen. Simply, educate yourself and play smart. That is the strategy that earned me over $50k from the beginning of 2017.

Anyway, I Hope that this short tutorial will help you. I would like to hear your toughs and comments and if you have any questions, please use the contact form on the site.

Good luck!



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tags: cloud mining cryptocurrency mining mining bitcoin how to mine bitcoin mining altcoins

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