Earn Bitcoin By Mining – Number one way of making money with bitcoin in 2018 - BitCoin News

Saturday, July 21, 2018

Earn Bitcoin By Mining – Number one way of making money with bitcoin in 2018

If you want to put together the largest possible amount of Bitcoin, mining is among your best options. Mining refers to the use of computer hardware to automatically perform a set of mathematical operations, which in turn creates new Bitcoin. 
The way Bitcoin is set up, only 21 million can ever be produced. At the time of writing this article, about 16.7 million of these Bitcoins have been successfully mined, leaving more than four million on the table for Bitcoin miners.

 Number one Way of making money with bitcoin  By BitCoin Mining in 2018

One thing you will need to know about Bitcoin mining before getting into it is that the difficulty increases over time. In other words, it will take more time and more computing power to generate each subsequent Bitcoin.

In the early days of Bitcoin, cryptocurrency enthusiasts were able to use graphics processing units on regular computers for their mining. By now, however, the difficulty has gone up so much that much more specialized equipment is needed.

One way to approach Bitcoin mining is to do it yourself. To do this, you’ll need to invest in a Bitcoin miner. Bitcoin miners are external devices that supply the necessary computing power to produce Bitcoin in today’s high-difficulty environment. The price of a Bitcoin miner will vary considerably based on its processing ability. 
Small USB miners start at under $100, while larger, more powerful mining devices can run into the tens of thousands of dollars. Although the initial investment of buying a Bitcoin miner can be fairly large, it allows you to produce your own steady stream of new Bitcoin until the full 21 million has been reached.

If you decide to start mining yourself, be sure to keep the peripheral costs in mind. Not only will you have to pay for whatever equipment you choose to use, but there will also be electricity costs involved. If you have a large miner that produces a substantial amount of heat, you may also have to install a cooling system to keep it running properly. 
Together, these costs can eat up much of the profit margin in Bitcoin mining. Luckily, if Bitcoin continues to appreciate in value, these peripheral costs will eventually be compensated for retroactively through that appreciation.

If you don’t want to go to the initial expense and hassle of setting up your own personal Bitcoin mining operation, you can still get in on the action with what is known as contract mining. In contract mining, you’ll pay a fee in exchange for a company to employ its Bitcoin mining equipment on your behalf. 
This contract will last for a certain period of time, and all Bitcoin mined during that time on the equipment you’ve contracted will be sent to your Bitcoin wallet. Two of the most major contract mining services are Genesis Mining and Hashing24
Contract mining is an easy and passive way for you to accumulate Bitcoin, though it will cost more over the long run than having your own Bitcoin mining equipment.

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