Ever Thought About Becoming A Crypto Miner?
Interested in getting into cryptocurrency mining? Mining can be lucrative, but done solo, can be less effective and very expensive. A computer built for the purpose of mining is called a cryptocurrency miner. It’s a special kind of computer used to find virtual currency. Cryptocurrency mining is a process used to create digital coins, like Bitcoin. Computers are used to solve complex math problems to find coins that can be potentially worth a fortune.
Many currencies require specialized, high-powered machines that use large amounts of electricity, and create excess heat. The software, computer costs, cooling and power requirements contribute to what makes this operation so expensive. Therefore, some individuals choose to “pool’ their resources to offset costs and network their computers together to create a more computing power, thus mine more coins faster while equally sharing the reward, according to the amount of work they contributed to solving a block. For each discovered block, 12.5 BTC and the transaction fees are paid to the miner.
Solo Mining - Pool Mining - Cloud Mining. . . . What’s the Difference?
Have you ever wondered what the difference is between Solo Mining and Pool Mininig? And what is Cloud Mining anyway? Isn’t it the same as Pool Mining?
Well, all three are very different and you have to consider the pros and cons.
What is Solo Mining?
Solo mining is when a miner performs the mining operations alone without joining a pool. With Solo Bitcoin mining, the user buys, sets up and maintains the Bitcoin mining rigs. This requires significant financial outlay, extensive technical knowledge as well as adequate ventilation for cooling and will result in an increase in electricity costs. All mined blocks are generated to the miner's credit.
What is Pooled Mining?
Pooled mining "pools" all of the resources of the clients in that pool to generate the solution to a given block. When the pool solves a block, the 12.5 BTC generated by that block's solution is split and distributed between the pools participants.
What is Cloud Mining
Cloud mining is the process of Bitcoin mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine Bitcoin or Altcoins without managing the hardware or having to cover operational costs. The mining rigs are housed and maintained in a facility owned by mining company and the customer simply needs to register and purchase mining contracts or shares. The contracts are essentially buying you ‘hashing power’ as part of a mining pool, but you have not overhead. This mining operation then mines coins and you accrue a proportionate share.
As a recap, the main difference between pool mining and cloud mining is that in the pool, the individuals network and share resources and computing power, while still operating their own units incurring operational overhead. With Bitcoin cloud mining, the Bitcoin mining rigs are housed and maintained in a facility owned by the Bitcoin mining company. The customer simply needs to register an account and purchase Bitcoin mining contracts or shares. These Bitcoin mining contracts immediately start mining Bitcoin which is paid out to the user on a regular basis. The user does not have to concern himself with ordering, setting up or maintaining Bitcoin mining hardware. Nor is the user required to make a big up front Bitcoin mining investment. For as little as forty dollars, one can begin cloud mining. From that point on the Bitcoin mining hardware housed at the Bitcoin mining company will do the work.
For an individual interested in getting in the mining game and starting to generate revenue right away, our research shows that Automated Web Services Mining (AWS) is the way to go. They are the 5th largest cloud mining company in the world with three locations worldwide. They have been innovative from their beginnings and have an aggressive strategy that is serving their members well.
Here are details on the company:
We felt so good about their offer that we have already taken a position and purchased mining contracts with them. I just 24hrs we're already seeing a considerable ROI. Here is the link if you want to check it out:
As administrators of Black Crypto Millionaires, we wanted to share the results of our evaluation and invite you to check it out for yourself.