Introduction to Cloud MiningWe do not present the bitcoin anymore.
The famous cryptocurrency has been making headlines for several years now and does not seem to be running out of steam, quite the opposite. A true monetary revolution, decentralized and under no control, bitcoin has attracted a frantic pace in recent years.The other cryptocurrencies are not left behind (there are several thousand) and some also make a lot of ink: the Ethereum, the Zcash and confreres continue to enthrall the crowds.In this complex galaxy of cryptocurrencies appeared a few years ago the principle of cloud mining. Originally reserved for frenzied geeks capable of setting up a cloud mining server on Amazon Web Services, this practice has become democratized thanks to the appearance of turnkey sites allowing the simplest beekeeper like myself to attack it.
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Let’s see how it works and how you can take advantage of this opportunity.What is the principle when you mine cryptocurrencies?As you know, bitcoin is “mined”. This is to make available the computing resource of your computer to keep the bitcoin network in working order. Your computer validates bitcoin transactions worldwide by entering them into the blockchain. In exchange for this computing power, you receive a bitcoin reward.Only problem, over time the difficulty of mining has become such that it costs more electricity today to mine bitcoin than what it pays you (you follow?).
So, you connect your computer to the bitcoin network, you “mine” and validate the transactions and earn the modest sum of 1 euro cent (for example) and during this time, your computer connected to your home electricity spent 2 or 3 cents of electricity. Not cool huh?The solution to this problem is to invest in a special computer. But this requires a significant initial investment.
Hence the birth of cloud mining: mining in the cloud. Specifically, these are services that provide you with these very powerful computers and little consumers without you needing to buy it. This service is of course paid, and the art of cloud mining is to find a profit while paying someone for his computer.You will need a Wallet Bitcoin (Wallet)When you mine in the cloud, your winnings are automatically transferred to your bitcoin wallet (your wallet).Coinbase, for example, is the European leader and the second largest in the world.
Choosing the site for your wallet is not trivial because these companies are often the target of hackers. By taking a “very big” like Coinbase, you put yourself more in the shelter than choosing a small, this because a larger structure will have a priori the means to invest in security.The principle is relatively simple, you buy mining power and you receive the mined gains directly on your bitcoin wallet every day.Here’s how to sign up:1- Go to www.genesis-mining.com2- Enter your contact details + email3- Confirm your email4- Start to mine!5- Remember to indicate the address your Wallet to recover your winnings (My Account> Settings> Wallets)The minimum is $ 30. You can invest $ 30 and start earning bitcoin every day! Do not dream, you will not earn much every day and it will take you some time to repay your investment, but if you opt for the “lifetime” mining option, once your investment is repaid you will continue to earn every day.
You can mine a lot of crypto coins on Genesis Mining. Personally I’m happy with bitcoin.Here are the cryptocurrencies that can be mined with Genesis Mining: Bitcoin (BTC), Unobtanium (UNO), BitcoinDark (BTCD), Dash (DASH), Litecoin (LTC), Dogecoin (DOGE), Zetacoin (ZET) , Zcash (ZEC), Etherem (ETH), Startcoin (START), Peercoin (PPC), MemoryCoin (MMC), Monero (XMR) and Namecoin (NMC).Safety of coinsI see some people arrive saying in the forums “It’s not possible, it’s a scam”. Notably the question is “how can I pay once and earn income for life? “. Ask yourself, if you buy CAC40 shares once, will not you receive dividends all your life?More concretely, your investment allows Genesis Mining to buy computers, and these computers will run for life once they are purchased.
Yes, even with your $ 30. They group for example 100 people and buy a $ 3000 computer.Remember that on daily earnings they do not give you back everything but keep some of it, allowing you to pay for electricity and probably make an extra payoff for them.Finally, there is a rule in Genesis Mining: If your mining is not profitable for 20 consecutive days, your account “for life” is closed and your earnings stop.What do they mean by profitable? And every day the commission they levy is fixed, and it is a question of whether the mined (earned) money is superior or not to this commission. This is the case today, and it will tend to remain so since the price of bitcoin has a strong tendency to increase, but they go to the shelter with this rule if in the future the price of electricity was increasing drastically or if bitcoin prices collapsed, thus preventing the entire society from becoming a Ponzi in the long term, as we often see in crypto-currencies.I hope this article has been useful to you and that you are going to start cloud mining.If you have a question or if I forgot something, do not hesitate to leave a comment below!