So, What Is Bitcoin Cloud Mining Anyway?
Bitcoin Cloud Mining is a way for people to invest in the way Bitcoin transactions are processed. Also, it is a way to make free, passive income. If this sounds like something to start considering now, visit https://www.mlmgateway.com/address.php?userid=540441 please.
Any time there is a Bitcoin transfer, the transaction must be independently verified. In order for us to verify a transaction we must solve a complex math problem. This can only be done with a computer, not pencil & paper.
The difficulty level of the most recent block as of August 2020 makes it so that we are about 44,500 times more likely to win the Powerball jackpot with a single lottery ticket! Also, in order to be mining for bitcoin we have to have extremely large amounts of energy and state of the art equipment.
Exactly what do we need to mine Bitcoin?
Our everyday computers can not survive in the Bitcoin mining jungle.
The most important piece of equipment we need to mine bitcoin is called an "application-specific integrated circuits," or ASICs and can cost anywhere from several hundred dollars to $10,000. Along with this we will also have to have a power supply, motherboard and other equipment. Besides having to house the actual equipment, these setups create massive amounts of heat. This could be a plus or a minus depending on the climate of our location.
We also need to get a Bitcoin mining software package to join the Bitcoin network. Fortunately there are plenty of free options available.
The amount of time it takes to mine bitcoin varies depending on equipment and can take roughly 10 minutes.
Also, multiple people are attempting to solve the same math problem at the same time. The Bitcoin is rewarded to who solves the math problem first. Yes, it is competitive!
Bitcoin mining can still be profitable with mining pools. These are arrangements that enable miners to pool their resources, adding power but splitting the difficulty, cost, and reward of mining Bitcoin.
Cloud mining involves buying into a pool (or joining a free pool) and participating in cloud mining remotely & passively. We lease (or are given) hash power, which is the computer power needed to mine cryptocurrency. This allows us to participate in Bitcoin mining simply by clicking on a couple of buttons! Can you imagine what it will be like as we are making this passive income without having to invest in equipment & all the other headaches?
If joining a free bitcoin mining pool & making free, passive Bitcoin sounds like something we are considering to start doing, visit https://www.mlmgateway.com/address.php?userid=540441 now please.