Everyone wants to join the cryptocurrency bandwagon, and a huge proportion of cryptocurrency enthusiasts are interested in mining and earning profits through it. However, the fact that it requires some technical knowledge, constant upgrading of hardware and software, and looking for newer and better ways to manage the process discourages a lot of people.
If you belong to this category but want to earn profits through mining anyway, then cloud mining is an option worth looking into. Cloud mining companies rent out mining capabilities to companies. You don’t have to pay for the hardware, software, electricity, cooling, space, etc. All you do is rent the service for a fee and get a steady flow of bitcoins in your wallet. But it is a minefield full of fraudsters, so you have to tread carefully.
Best Cloud Mining Companies
Started in 2013 by a team of mathematicians and engineers, Genesis mining is the largest scale multi-algorithm cloud mining service. It allows you to choose from a variety of contracts which can help you earn cryptocurrency coins regularly. Genesis doesn’t let you purchase an exact quantity of GH/s. Instead, it offers packages that include particular quantities of GH/s for a fixed price. There are also discounts and promotions from time to time to allow you to get better deals on your contracts. The maintenance fee comes up to about $0.00028 per GH/s per day.
Eobot is one of the best and cheapest cloud mining services you will find on the internet. They offer a service that allows you to earn bitcoins at minimal cost. If you want, you can also use their own mining software on your system for free, although it isn’t quite as likely to earn you a decent amount of bitcoins. Nevertheless, Eobot offers a service that is pocket-friendly, efficient, reliable, and flexible. Contracts can be of any duration from 24 hours to 5 years. Eobot has a maintenance fee of $0.00021 per GH/s per day.
Hashflare is another top cloud mining company. It not only provides a cheap service but also frees users from contract duration limits. You can choose the length of your contract yourself. There is no limit to it. A maintenance fee of $0.00035 per 10 GH/s per day and a quick setup allow you to start seeing coins in your wallet in as little as the first 24 hours.
While most cloud mining companies help users start small, Hashing 24 allows you to start off in the fourth-gear and aim for the stars from the word go. The cost of contracts are slightly higher, but you get much more GH/s than other cloud mining companies. There is also a restriction on the minimum GH/s you can buy, with a minimum threshold of 100. The 100 GH/s costs you around $18.68 along with a maintenance fee of $0.00033 per GH/s per day. Contracts with Hashing 24 partners are canceled whenever the mining service cannot cover the daily running cost for three days on the trot. This helps you partner with able people all the time, allowing you to get profits from the money you spent sooner.
MingerGate is another cloud mining service which you can use. While it is more popular for its mining pool and GUI, the cloud mining service isn’t as efficient as you would think. The minimum number of GH/s you have to buy is 20, and you can only pay through Bitcoin. Their cloud mining service is in partnership with Hashing 24, but it cannot match the level of competence and efficiency that Hashing 24 provides to its users. Just like Hashing 24, contracts are canceled if the mining service cannot cover running cost for three consecutive days.
Cloud mining services are attractive for those who wish to earn bitcoins regularly but don’t have knowledge of mining and its technical aspects and don’t want to spend time learning it either. There is a great danger of falling for a fraudulent company in this business. You should also always look for hidden costs like maintenance fees which many services don’t mention up front. If you are not too careful, you might end up paying for the bitcoins you get in your account rather than earn profits.
Crypto Mining With a Raspberry Pi? Profitable!
As we all know, Bitcoin has a scaling mining difficulty. In the beginning, you could mine it even with your old, trash 2004 machine, but now, it requires specialized hardware – ASICs. With altcoins, the deal is very similar. However, the difficulty remains much, much lower, and profitable mining operations with a mid-tier, modern GPU aren’t uncommon. Miners can also purchase dedicated mining GPU’s such as the Antminer G1 and G2 series.
What is Raspberry Pi, And How Can I Use it for Mining?
Raspberry Pi is a platform for embedded applications. Generally, low resource software, not very tasking on the hardware. Thus, the specs of a Pi aren’t too impressive. We’d think that in this case, mining with such a device could only net losses, unless we had years of free electricity. This is not the case.
A Raspberry Pi 3 can profitably mine Magicoin. A tech blogger NovaSpirit proves this in his YouTube video.
Once it was running, he was able to generate $0.20-$0.25 (USD equivalent) per day. Further, staking with Magicoin means that will eventually start to vest interest which will increase that revenue a bit further. It’s worth considering if you’ve got a spare Raspberry Pi collecting dust between projects.
New NVidia Card Possesses Unbelievable Power
NVidia’s month old Volta GPU architecture has finally seen usage in the newest Tesla V100 GPU. It’s not a gaming product, but one for supercomputers, simulations, AI and deep learning. It could possibly be used for cryptocurrency mining, too. AMD with their newest Vega line seem to be behind NVidia’s Tesla. Why?
NVidia’s Tesla Has Outrageous Levels of Performance
Compared to the previous generation, Pascal-based Tesla P100, the new V100 GPU has 12 times greater deep learning performance, with 120 TFLOPs of “DL training”. The P100 has “only” 10 TFLOPs. The Volta version has also a gargantuan memory bandwith – over 900GB per second! Again, from “just” 720GB/sec on the P100. NVLINK 2.0 throws the internal bandwith up from 160GB/sec to a huge 300GB/sec while having 10MB of L1 Cache (Pascal had only 1.3MB). The card received an unreal Geekbench score of 743,537, and the only card that can come close is the Pascal version, with 320,031 points.
AMD is extremely far behind, having nothing to compete with the monster that is NVidia’s Tesla. Until Radeon Instinct cards surface, AMD won’t be even coming close to the power of Tesla. Still, it is unlikely that the new AMD cards will outperform this top shelf product. As such, NVidia remains the king of the GPU market.
Ethereum Difficulty Spike Alleviated With NiceHash
The first time I set up my Ethereum rig I was enjoying decent profits from just my GTX 1070. It was enough to make a profit considering the price of electricity. But things have changed. The Ethereum network difficulty isn’t stable, as it is with Bitcoin – in the beginning you could mine with your old GPU, but now Bitcoin requires potentially a multi hundred thousand dollar rig to be worth it.
A Change in the Ethereum Network
The earnings were cut in more than a half due to the difficulty change. And the reason for the difficulty change is in the design of the Ethereum blockchain. The network is going to move away from the “proof of work” design to a “proof of stake” setup. This has resulted in a sharp rise in block difficulty that will continue to increase until blocks are almost impossible to solve. The difficulty spike has started in Ethereum since block 200,000. Ethereum’s development team did this to encourage work towards the proof-of-stake solution.
Does this mean it’s over for Ethereum? Will the coin lose it’s value, and the transition be uneventful? Nope, it’s far from over for the miners. The network has not frozen yet, and the future is brighter than ever. Why?
NiceHash to the Rescue!
Due to NiceHash! A service where you can sell your computing power for others to use it. And it doesn’t have to be Ethereum. Bitcoin, ZCash, Dash, and many other coins are also supported.
Quoting the website:
Hashing power buyers select the cryptocurrency they want to mine, a pool on which they want to mine, set the price that they are willing to pay for it, and place the order.
The hashrate sellers connect their mining hardware to the NiceHash servers, using an unique BTC address pointed on the dashboard after registration.
You get paid for each valid share you submit, in Bitcoin, for the price that is determined by a weighted average. If you lack mining software, NiceHash can provide it for you for completely free.
It automatically maximizes your earnings, and if you wish to use it for purposes other than using NiceHash services, it’s anonymous, and doesn’t require registration.
All in all, NiceHash is a nice alternative for those who cannot profitably mine with what used to be their modern mining rig.
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