How to mine Bitcoins – Today, 1 Bitcoin is roughly worth thousands of dollars. In fact, at the time of writing this post, 1 Bitcoin is $11,631.60. Bitcoin has made a lot of people rich, especially those who started mining and storing it at the earlier stage. Nevertheless, it’s still a good time to venture into Bitcoin mining or trading. With this small article, I will be teaching you how you can mine Bitcoin using the cloud method.
Now in order to tap this endless gold mine, you need to start collecting Bitcoin. Like I earlier mentioned, this Crypto currency has made a lot of people rich. Back in the early days of Bitcoin when it was practically worthless, the very few people who mined and stored it are currently living large. Could you believe there was a time when 1 Bitcoin was worth $0.0007, back in 2009 – when it was at its early phase. At that time, it was practically worthless. It was only traded by individuals on the Bitcointalk forums. But today the value of Bitcoin has risen above any traditional currency. As you can see in the image below, at the time of writing this post, 1 Bitcoin is $11,631.60
Imagine those who mined and stored thousands, hundreds or even just a trifling amount of Bitcoin in the rainy days (2012, 13, 14…), how rich they would be now. All right, enough with the Cock and Bull story, let’s get down to business.
How to mine Bitcoins
There are two ways you can collect Bitcoin:
- Buy and store it, when the value appreciates, you sell it and make profits for yourself (just like in stock). Using this kind of method will require you to keep an eye on the radar in order to be able to get a position when the price is low.
- Mine it – This is the method we will be discussing.
Mining Bitcoin the traditional way can be a real pain in the ass; firstly, you need to be code savvy. Simply put, mining Bitcoin the traditional way requires somebody who can write codes, and who is also good in calculation, because you will be required to solve some mathematical problems on the blockchain. That’s not all, you also need some high-end systems with some very expensive graphic cards. But those days are long gone. Don’t get me wrong, people are still mining Bitcoin the traditional way. What I’m trying to point out here is that today, anybody can mine Bitcoin using the cloud method. You don’t need high end systems, also, you don’t need to be code savvy. With this platform, a complete Bitcoin beginner can start mining Bitcoin in the next couple of hours.
The cool things about Bitcoin Cloud Mining
- You don’t need to be a tech-savvy before you can use the platform
- You don’t need to go through the stress of buying some very expensive hardware
- You don’t need to sit up all day or night writing codes and solving mathematical problems
- You just need as little as $1.50 to start mining
What is Bitcoin Cloud Mining?
Follow the step-by-step guide below to successfully start your first Bitcoin cloud mining.
Step 1 – Create a Bitcoin Wallet
If you are new to Bitcoin, then the first step you must take is to read Bitcoin Complete guide for beginners here. It will help you to have at least a smattering knowledge about Bitcoin before you proceed. For those who are not new to Bitcoin, if you already have a wallet, go ahead and skip this part. There are various platforms in which you can create a free Bitcoin wallet. Coinbase (https://coinbase.com ) is one of the most reputable Bitcoin platforms where you can create a wallet and even buy Bitcoin. The platform is a very easy one, with a beginners-friendly interface. Go to https://coinbase.com and sign up.
Step 2 – Get some Bitcoin
To start Bitcoin cloud mining, you need some Bitcoin. I guess you’re familiar with the saying, “you need money to make money.” You can purchase some Bitcoin on Coinbase or any platform of your choice. To do this, go to Coinbase, while on your dashboard, click on the Buy/Sell tab located in the left hand margin. Now, click on “Payment methods” somewhere around the top bar. This is the part where you will be asked to synch your checking account. After your bank account has been successfully synched and verified, you can then go ahead and make your first Bitcoin purchase. Purchase at least 0.1 BTC. Note: It may take a while for the money to be deducted from your bank account, and the Bitcoin deposited into your wallet, so be patient.
Step 3 – Register on Hashflare
Go to HashFlare.io and click register.
Fill out your details in the boxes as required and click on “Register.” After you have successfully registered, you will be taken to your Dashboard. Your Dashboard is where you will perform all mining related operations, and where you will receive all relevant notifications.
For example, if you observe closely you’ll find a notification requiring you to confirm your account
And another asking you to add a BTC wallet address
Now go ahead and confirm your email address so that you will be able to withdraw your funds. To do this, go to your email and you will find a message by Hashflare; open it and click on the link that comes with it.
Step 4 – Add a Bitcoin Wallet Address
Click on “Settings” located at the left part of your Dashboard, and enter a Bitcoin wallet address in the box that says “BTC Wallet,” and click save (this is where all of your funds will be going to, so make sure you provide a relevant one).
While in settings you can use the opportunity to configure your personal details. This is very necessary if you wish to use credit card or bank account payment method. Also, use a minute to upload a cool Avatar to make your profile look cool.
Step 5 – Buy Hashrate
Our next step will to purchase a Mining Contract (hashpower). To do this, click on “Buy Hashrate”
Now select Bitcoin algorithm, which is SHA256.
If you wish to mine any other type of cryptocurrency apart from Bitcoin, go ahead and choose the algorithm based on your preference.
- Bitcoin = SHA256
- Ethereum = Ethash
- Dash = X11
- Litcoin = Scrypt
Proceed by dragging the hashrate bar to the amount you’re happy with
Note: Users can enter into the world of mining for as low as $1.20, so you can start small, as time goes on you buy more hashpower.
- After selecting you preferred mining power, click “Proceed”
- Now click “Select Payment Method.” You will be shown various methods through which you can make your payment, such as credit card, wire transfer and so on. Choose Bitcoin.
- Agree to Hashflare’s Terms & Conditions by checking the box, and click the Confirm button. Now you will be taken to another page where you will make your payment; it’s a Bitcoin payment processor (Cryptopay). Click on “Pay With Bitcoin”
- If you’re using a desktop wallet, click on “Pay BTC,” but if you’re not, manually send the amount of Bitcoin to the address shown to you.
- Now you have completed the payment process. It will take approximately 2 hours for you to receive your hashrate.
What should I do next after receiving my hashrate?
After buying your hashingpower, it will instantly start mining Bitcoin for you. Now you don’t need to do anything, what you need to do is to relax. Within a couple of hours or more, you will start earning some Bitcoin from the hashing power you purchased.
Now this is one of the coolest things about cloud mining. You invest your money, relax and allow your money to work for you.
Worth knowing, if you buy a very low hashpower, anything less than $10, it might take couple of days before you will start seeing results – before the numbers on hashflare will start changing, so be patient. However, if you invest a considerable amount, you might start getting result in the next couple of hours.
Check how many Bitcoin you mine in a day
To see how many coins you’re mining in a day, click “History” located on the left sidebar and scroll down to “Log.”
Profit from Hashflare affiliate program
Apart from mining on Hashflare, there are other ways you can profit from its services. For example, you can become an affiliate and get part of the rewards your referrals earn.
- On your Dashboard, click on “Referrals,” a dropdown menu will appear, which contains Tools and Materials. Now click the “Tools” in order to be taken to affiliate tools section.
- Here, you will find a code you can share with your friends in order for them to get special bonus. Also, you can click the button that says “link” in order to create a referral link in which they can register with.
- In case you need images to promote your affiliate link on your website (or blog), click on “Materials,” choose your preferred language and your desired size to generate one.
How to withdraw Mined Coins
To withdraw your mined Bitcoin, click “Settings” located at the left sidebar, and enter a Bitcoin address (if you haven’t done this earlier) you wish your Bitcoin to be withdrawn to. Due to some unknown security reasons, you may need to wait for approximately 2 weeks after submitting your Bitcoin Wallet before you can withdraw to it.
Finally, to withdraw your Bitcoin, click on “Dashboard” located at the left sidebar and click “Withdraw.”
How to reinvest your mined Bitcoin
You can reinvest the coins you mine daily. You can also buy more hashpower with USD. If you wish to reinvest your mined Bitcoin, look for “Reinvest” button on your Dashboard (somewhere around the top right) and do so.
Note: Pay attention to the value of USD when reinvesting. If the value of Bitcoin is high, you’ll get a good deal reinvesting; however, if the price of Bitcoin drops, it won’t be a good time to reinvest, hence, I’d suggest you wait for it to go up again before reinvesting. Doing this will allow you to get more hashpower with the same amount of coins.
Things to know about Bitcoin mining pool
Your hash power spreads between 3 different mining pools – BTCChina, BW and Slush. Worth knowing, you can customize and channel it to a single pool if you wish. If you’re a beginner, I’d suggest you leave it this way at the moment.
After becoming used to the system, the best thing to do is to check each of these mining pools daily to find out which one is most profitable, then you can move all your hash power between them.