Hashflare have now reduced their cloud mining contracts from $2.20 per GH/s for a 1 year Bitcoin mining contract to $1.80 per GH/s, an 18% reduction in the off the shelf price.
Login to your account (if you are already logged in don’t worry), head to your account page. This will take you to your panel.
Now you are in your panel and have activated the offer, add some SHA 256 hashrate to your basket. Once you’ve added however many GH/s or TH/s you would like to purchase, proceed to the next checkout page.
You will now have the rate of $1.80 per GH/s rate applied to your account. Compared to when it was $2.20 you are now saving over 18% off the price you would have paid just a month ago.
There are two main ways of obtaining crypto coins. The first and most obvious one is purchasing them – be it directly from an exchange, or from another person selling in on a P2P platform. The second one is mining, which means using your computer’s power to contribute to the blockchain and be rewarded in the process. Today, we’re focusing on mining, and specifically cloud mining, which is a great option for those who are not very technically minded.
Traditional mining requires quite a bit of money and effort. Depending on what currency you’re planning to mine, you will need to invest in specific hardware – and that can be either ASIC processors, CPUs, or GPUs. ASIC computers, which are used for Bitcoin mining, are particularly expensive, but a couple of powerful GPUs could break the bank for some people as well. Then, you need to build your rig on your own and ensure that it does not overheat, by adding a cooling system. For profitable mining, you will need to run your computer 24 hours a day – and that means extra dollars on your electricity bill. On top of all that, mining rigs produce a lot of heat (even when properly ventilated) and noise. That’s why many people recommend keeping it in the basement or garage, and not everyone has the space for that. Bottom line is that traditional mining is much harder than purchasing coins, but that should not discourage you from trying it out.
What you can do instead is get a could mining contract from a reputable company that does traditional mining. These companies take all the responsibility of building the rigs and maintaining them and let people from all over the world rent a portion of their computing power from a distance. In other words, cloud mining companies are websites that let you mine Bitcoins or altcoins using their rigs, without worrying about the side effects of having a miner in your own house. You pay a small fee (usually per hashing power unit), and sometimes a maintenance fee, and you’re ready to start mining without any extra effort.
That’s basically how cloud mining works. Piece of cake, right? Not exactly. Thea real challenge is to choose the right contractor, as the cloud mining niche is oversaturated with scammy websites and Ponzi schemes. We recommend going with a reputable company like Hashflare, but you can also find a few other trusty websites on the Internet. Here is a small checklist of things to make sure of when you’re searching for the perfect cloud mining contractor:
If the company has been active for several years, it’s usually a good indicator.
It’s best to go to non-biased websites like Yelp and Trustpilot for this, but remember that not even those reviews are to be trusted 100%. Some can be fake accounts created by the company itself, or by the competitors. A rule of thumb is to not go for a company that has 100% positive feedback, as no money-related business can ever have a completely satisfied customer base. Something with a lot of reviews that leans more towards the ‘good’ end of the spectrum is what you’re looking for.
Forums are usually filtered of any affiliate/paid publicity posts, so you can definitely find some reliable information on cloud mining there.
Although it doesn’t seem like much, a company that posts pictures of their team and rigs on social media, like Hashflare, is more credible than one that doesn’t.
The contract fees should be available on the website, and they shouldn’t ask for any personal data before informing you about the fees.
A good cloud mining contractor will always let you choose your own mining pool, and pay you according to the pool’s policies. Websites that are shady about their pool policies are not to be trusted.
There’s no right or wrong payment policy – some websites will pay you on a daily basis, some every week, and some every month. However, you should look for one that is very transparent about their payment system: the website should tell you how often you will get paid, when will the first payment come in, and in what currency will they pay you.
It can be frustrating to see that the Bitcoin mining contracts are sold out at one point, but that is actually a good sign – it means that the company doesn’t intend to sell unlimited amounts of (inexistent) hashing power. It’s best to go for a website that knows exactly how much computing power they have and are able to sell.
Lifetime contracts were extremely popular in the past years, but many of the companies offering them ended up being Ponzi schemes. That’s why you will mostly find limited time contracts right now – most are on a yearly basis, but you can also find monthly and quarterly contracts. You can sometimes come across lifetime contract relics, but it’s probably best to avoid them.
Merged mining refers to mining multiple cryptocurrencies based on the same algorithm. For instance, Bitcoin and Namecoin are based on the same SHA-256 algorithm. However, as the difficulty of Namecoin blocks is much lower, there’s a greater chance of finding one of those and earning more.
This is just the tip of the iceberg – there’s much more to what a cloud mining service can offer. However, it’s a good place to start your research before you give your money to a company, but you definitely shouldn’t stop here. Always invest responsibly and keep an eye on Cloudminers for more cloud mining guides.
Understanding the concept and mathematics of cryptocurrency algorithms is not crucial for owning, buying, or trading coins. However, it is very useful for miners, or for those who want to become miners and earn some coins using the power of their hardware. In this article, we’re going to look at the most commonly used algorithms in the cryptocurrency world, what coins are based on each of them, and how you can use algorithms knowledge to your advantage.
The first notion you need to understand is that of ‘hash,’ which is a string of characters generated by a mathematical function. The hash is an encrypted form of the information about each cryptocurrency transaction. The mathematical function used to generate it is often referred to as a ‘hashing algorithm,’ which is what miners try to solve when mining cryptocurrencies. Each of these functions is different from the next one, but they all function according to one principle – which is the algorithm.
Maths aside, all you need to know is that there are several algorithms used in the cryptocurrency niche. Each of them generates different mathematical functions that can only be solved using powerful computers – be that ASIC processors, CPUs, or GPUs, and mining software. The algorithm dictates the type of hardware you need to use in order to mine the coins based on it, as well as how much hashing power is required for mining. Let’s take a look at the most common cryptocurrency algorithms:
The SHA stands for ‘Secure Hash Algorithm,’ and the 265 refers to the length of the hash output in bits. SHA-265 generates 32-bit signatures, that can be mined using ASIC processors. In the past, it was also possible to mine SHA-256 using CPUs and GPUs, but ASICs are specifically built for mining, and thus more productive, especially since the hash rates required by SHA-256 are in the GH/s (or billions of computations per second.) Needless to say, the apparition of ASIC processors on the market has turned some people away from Bitcoin mining, as the process became centralized and controlled by the companies producing the miners.
The most popular application that uses SHA-265 is Bitcoin, but there are a number of other cryptocurrencies that are based on it as well, including BitcoinCash, Namecoin, Peercoin, and more.
Scrypt is a quicker and more simple algorithm than SHA-256, but it relies heavily on big amounts of RAM memory. Grace to this, it doesn’t require specific ASIC processors to mine it, and it can be mined with regular CPUs and GPUs. It is said that we could see Scrypt ASICs on the market in the future, but probably not in the next couple of years. Scrypt algorithm mining requires hashing power in the KH/s or a thousand computations per second. Judging by the numbers alone, you can see that Scrypt is not nearly as hard to mine as SHA-265, hence its popularity with beginner miners. However, it has a downside – it’s not very energy savvy, so what it saves up on hardware, it will consume in electrical energy.
Popular cryptocurrencies based on the Scrypt algorithm include Litecoin and Dogecoin, but also less famous altcoins such as Worldcoin, Goldcoin, and Novacoin.
Ethash is the algorithm used for Ethereum-based tokens and currencies. It was designed in a way that makes it ASIC-resistant, which means we won’t be seeing any Ethereum ASIC miners anytime soon (mostly because it relies on big amounts of RAM memory.) Instead, it can be mined using regular CPU and GPU rigs and requires hash rates in the MH/s (millions of computations per second.) That means that you’ll still have to get a pretty powerful GPU if you want to start mining Ethash-based coins. Ether (ETH), Ethereum Classic (ETC), and Expanse (EXP) are all Ethash based currencies.
It’s worth noting that the Ethash algorithm is looking to switch from a PoW (proof of work) system to a PoS (proof of stake) one. This means that the miner’s reward will not depend on how much work he has done, but rather how much Ether he stakes in a voting-like system.
X11 is a hybrid algorithm based on as many as 11 other different algorithms. It was developed by the same person who is behind Dash, one of the most promising cryptocurrencies right now. Because it is based on 11 different algorithms, X11 is also ASIC resistant, meaning you cannot build a specialized computer for mining it. X11 was born as a response to the likes of SHA-265, which have become centralized as a consequence of not being ASIC resistant. Another advantage of X11 is that it doesn’t require a lot of energy to mine, and it’s known to keep your computer about 30% cooler than other mining algorithms. Dash and other coins based on this algorithm (Karmacoin, Startcoin, XCurrency) can be mined using regular CPUs and GPUs. X11 mining calls for a hash rate in the MH/s (million computations per second.)
Equihash is another algorithm that aims to keep cryptocurrency mining a decentralized process. Much like X11, its nature makes it almost impossible to create ASIC processors that could mine it. The algorithm is based on something called the generalized birthday problem. This implies that in a group of 367 people, there’s a 100% probability that at least two will share a birthday, but already in a group of 70 people, there’s 99.9% probability of that happening. In other words, the algorithm does not aim to achieve 100% verification for the block, but just enough for it to be considered valid.
The most popular currency based on Equihash is ZCash, which offers users extra privacy in their transactions. However, you can also mine coins like Bitcoin Gold using Equihash hardware, aka GPUs and CPUs with at least 1Gb of RAM. It only requires a hash rate in the H/s.
These five are the most commonly used algorithms in the cryptocurrency world. We hope this article helped you understand them a little bit better, and decide which currency is the most profitable to mine.
Mining is a very important element of the Bitcoin system. It’s very much thanks to the thousands of miners that joined in the network in 2017 that the price of the Bitcoin spiked up so much. And it’s also the merit of miners for shortening the processing time of a Bitcoin transaction to around 10 minutes in the last year – whereas before it could take up to a couple of days.
If you’re looking to become a miner yourself, less for the sake of the community and more for the Bitcoins miners earn as rewards, you might need a few beginner tips to get you started. Here’s what we know:
We hate to say it, but it’s actually true – mining is not for everyone. It requires quite a bit of computer knowledge, and even a bit of geekiness, as most miners have to build their own rig from scratch. Mining also implies a lot of extra costs, from the processing unit to the (lots) of extra energy you’ll be wasting on keeping the computer running at all times. With the Bitcoin mining scene getting more and more populated in the last year, things have gotten pretty competitive – so if you lack the enthusiasm, might be a better bet to buy those coins instead.
Before you start getting into mining, do your research. Make sure the information is accurate and recent (!), as the requirements and specs you need for Bitcoin mining are changing very quickly. You can still come across videos on Youtube saying you can mine Bitcoins with just a GTX 1070, which is already outdated info as of December 2017. You have to have a general idea of what mining is (the technical process), what are the minimum hardware specs required for mining at the time you want to get into it, and what pools you can join.
Use a Bitcoin mining calculator (there’s plenty of free ones on the Internet) to help you estimate a profit. You have to introduce you hardware model or just the hash rate, the price of electricity in your area, your pool fees, and the block reward amount to get an approximate value of your revenue. Keep in mind that the results are never 100% accurate, especially since the price of the Bitcoin fluctuates every couple of seconds. Also, the calculator does not include the price you’ll be paying for your miner hardware, which can be quite an investment.
If the mining calculator didn’t predict some very exciting profits, but you still want to become a Bitcoin miner, might be worth looking into cloud mining contracts. Cloud mining allows you to rent a certain amount of power output on a big mining rig somewhere in the world, and be paid as you would for the performance of your own hardware. There are a couple of advantages: you don’t have to put down a big chunk of money at once to buy the hardware, you don’t have to bear with the heat and noise of the miner in your own home, and you can cut on electricity costs. However, you will have to pay the company a certain fee. Also, be warned that there are a lot of scammers in the cloud mining business, so be extra rigorous in your research.
If you decided that you want to build your own rig, you’d have to start by getting an ASIC miner, which is a computer built specifically for mining Bitcoins. There are several models available on the market, but the Antminer S9 is considered to be the ultimate mining hardware. Expect to drop a couple thousand bucks on the miner, even more, if you want to add extra cooling equipment.
Mining computers will usually heat up quite a bit, that’s why they have this reputation of producing a lot of noise. You need some powerful fans to cool it down and keep it working – and you need them to run all the time. That’s why it’s best to plan in advance and place it somewhere where it doesn’t bother you or your family – most people recommend keeping it in the basement.
Whereas before you could technically be a standalone miner, nowadays the competition is just too high – even the most powerful rig does not stand a chance before the millions of other computers that work to find blocks. That’s why you will have to join a pool – but again, be very careful that the pool you choose is very transparent with their fees, and their payment policy. That can be per share, per last n shares, proportional to all the miners, or score based.
Never store Bitcoins on your mining computer – if it crashes, you can lose the money, and they will just disappear into the void. You won’t be able to claim them back from anyone, as you’ll just lose your wallet key once and forever. That’s why it’s best to invest in a hardware wallet that is separate from your miner – or, even better, keep your Bitcoin split into multiple wallets.
While Mac users mostly agree that MacMiner is the best mining software to date, Windows, and other operating systems have a few options. However, in the end, most of them do the same thing, but if you’re keen on finding the very best one, there are a ton of comparative reviews on the Internet.
Bitcoin mining is already extremely competitive, and it’s getting even more intense every single day. Making a ton of money right away is impossible – but you’ll have to be patient, and start mining bit by bit. Or, if it seems like too much of a hassle, might be worth buying those Bitcoins instead.
Keep in touch with Cryptominers for more useful information for Bitcoin miners.
Cryptocurrency mining is one of the most competitive niches in the crypto business. More an more people are drawn towards mining, but few of them have the time, money, and experience needed to build their own rigs, store them somewhere, and keep them running – that’s how cloud mining appeared.
Cloud mining is basically mining at a distance – you pay a company a certain fee and rent a fraction of their rig’s hashrate, or computing power. The computer is already built and running – all you have to do is open a contract with the company, and you can start cashing in your profits after the first 24 hours of it running. Sounds awesome, right? Here are five reasons why you should start cloud mining today:
Building a mining rig can cost quite a bit of money, especially nowadays. The Antminer S9, which is the most popular miner on the Bitcoin mining market right now, is going for around $5k, not counting shipping and other fees. To that, you will need to add the wattage the computer consumes, and any other extras – fans, cooling systems, and sometimes more. Cloud mining will take care of all that for the fee you are paying them, thus sparing you of putting down a significant amount of money at once.
Having a miner in your house implies lots of extra heat, as the computer heats up quite fast, and quite a lot, when it’s put to work for a long time. Sure, you can add fans, or even build a more complex cooling system, but it will still bring you a lot of unwanted dry heat. With cloud mining, your mining rig somewhere far away from you, so you don’t have to worry about it heating up in your bedroom.
Sure, you can use one of those mining calculators to estimate how much your new rig is going to set you back, according to the price of electricity in your area. However, you can’t really tell exactly how much the bill is going to go up – the reason being the same cooling system, which will have to work alongside your rig at all times.
Mining doesn’t just require plugging in your computer and leaving it unsupervised in your basement as you’re buying your fifth mansion off the coins you get as rewards. You will have to check all the parts thoroughly from time to time, to make sure everything is running properly – otherwise, it can literally burn out at one point. With cloud mining, the team on the other end of the contract does rigorous maintenance, usually 24/7, to make sure your rig is always properly working.
There are tens of cloud mining companies out there, and you can certainly find one to suit your exact needs. You can choose one that mines Bitcoins or altcoins, choose your desired hash rate (if you’re on a budget, you can start as low as you want, and gradually work your way up. Some offer lifetime mining contracts, and some only have limited time deals. Most companies also offer a mining wallet you can store all your gains in and are connected to the biggest pools you can join. Grace to this, you have control over everything related to your mining activity, but without the hassle of buying, building and owning the hardware.
Think you want to get into cloud mining right now? Check out our list of Cloud Mining services worth signing up with in 2018!
The most important aspect of cloud mining is the company providing the service. You have to make sure that they are legit before you purchase any hashrate from them.
If you’re looking for Bitcoin cloud mining, Hashflare is the perfect place for you. Not only does Hashflare they have some of the lowest fees in the Bitcoin mining industry, but they also pay you every 24 hours – great if you want to have the money on hand right away.
Another thing that makes Hashflare attractive for beginner miners is the types of contracts they are offering. They offer SHA-256, Scrypt, Ethash, and Equihash contracts, which allow you to mine and earn not only Bitcoins, but also altcoins like Ethereum, Litecoin, Dogecoin, Dash, and more. This is perfect for Bitcoin skeptics who prefer to diversify their mining portfolios just to stay safe.
Hashflare also offers customized mining contracts. That means you get to choose how much hash power you’re buying, which directly influences your chances of finding a block and being paid. They have a minimum required hash rate, but for the best results, you might want to purchase more than that. An online mining calculator should give you a good estimate.
Lastly, Hashflare will offer you everything you need for mining – a wallet to keep your earnings, the opportunity to choose your own pool, and to reinvest the money you earned into more mining power. This last aspect is especially important. As the price of Bitcoin and other cryptocurrencies is growing every day, you could exponentially increase your mining gains by reinvesting the money you already made.
There are two possible ways of investing in cryptocurrencies, and they are: buying the coins from an exchange or mining them. Both options are equally attractive, but buying the coins at the current market price can be a bit expensive, especially if we’re talking Bitcoin, which makes it risky for people who want to start out on a budget. On the other hand, we have mining, which seems like an easy way to earn some Bitcoins without putting down a huge chunk of cash at once. However, Bitcoin’s value growth has attracted millions of miners in 2017, which raised the standards quite a bit. While you could start mining with just a GPU in the past, you would have to get a computer built specifically for Bitcoin mining. And that alone can cost you $5k, if not more.
So, what is the solution? Both buying crypto coins and mining from home seem way too expensive for a beginner. The short answer is cloud mining. Cloud mining refers to renting a portion of a computer’s hash rate from a company that owns and maintains it. In other words, you can start mining with as little as a couple of bucks and no effort.
Bitcoin mining is getting more and more competitive every day. Whereas before, it was possible to mine Bitcoins by yourself, just with a graphics card, nowadays the competition is just too high. Not only does mining require special computers built for the exact purpose of mining Bitcoins, but you also have to join a pool if you want to secure some kind of profit. Even if you have an extremely powerful rig, the chances that a standalone miner will find a block are almost 0, considering how money computers are working on the same thing all around the world. If you’re just planning to become a Bitcoin miner now, you will have to do quite a bit of research on what mining pools you can join to make the most out of Bitcoin mining. Here’s some we found reliable:
Antpool is the biggest Bitcoin mining pool at the moment. Based in China, Antpool found its first block in 2014, and it’s currently said to find between 20-25% of all the blocks in the Bitcoin network. More than that, they are known to find around 15 blocks per day – pretty juicy if you ask us. Anyone can join Antpool regardless of where they are based in the world, but their fees are pretty high. Although they charge no fees for PPLNS, Antpool takes a 2.5% transaction fee for PPS payouts.
Slush Pool prides itself on being the oldest Bitcoin mining pool, which was founded in 2010 and has mined over 1 million Bitcoins already. Nowadays, it controls around 4% of the amount of blocks found daily. For a flat fee of 2% per payout, you can join Slush Pool and start mining. It’s not as big of a community as Antpool, which means there’s probably a chance of cashing a little bit more. Another advantage is that they let you withdraw your gains from as little as 0.0001 BTC, something you won’t come across too often.
BTCC is another Chinese giant that currently controls about 15% of the world’s hash rate. It also serves as a Bitcoin exchange and a wallet, which makes it a bit more convenient for newbies that would prefer to have everything in the same place. However, the main disadvantage of BTCC is that their mining pool’s main language is Chinese – so if you don’t speak it fluently, you might have a hard time. But in case you do, their PPS fee is just 2.0%
Yet another Chinese mining pool, DiscusFish or F2Pool is a rather recent presence in the mining scene, Despite that, they are already mining around 5% of the Bitcoins in the network – a pretty impressive stat for only being in the business for so long. They charge a 3.0% fee for their PPS payments, and they also mine altcoins, including Ethereum, Litecoin, and Dash.
Bitminter is a pool based in the US, who used to be way more active in the mining in the past than it is now. However, it still controls around 1% of the Bitcoins mined daily and has already mined over 190k Bitcoins as of December 2017.Bitminter uses a rather uncommon today system of payment, which is PPLNSG (pay per last n groups), as the pool uses the group or shift system to reward its miners.
Also known as just Kano, or Kano CK, the pool offers an interesting feature that is solo miner payments, which offers you the opportunity to cash in the whole payout with just a 1.5% if your computer happens to find a block by itself. However, if you’re aware that that might never happen, you can also opt for their PPNLS system, which charges 0.9% fees.
Based in the Netherlands, GHash is a small Bitcoin mining pool with 0% fees for their customers. They have a pretty impressive block finding rate, at roughly 22 blocks per day, so the chances of you actually making some good profits are pretty high. On the other hand, you do need quite a bit of hash power – tens of terrahashes to be exact, to make a decent profit. GHash pays on a PPNLS basis.
Eligius is another mining pool based in the US. A fairly young and small one, which means there’s a lot of potential for bigger profits. The miners are paid on a CPPSRB (Capped Pay Per Share with Recent Backpay) base, and the pool does not charge any fees. However, you can only withdraw your gains from 0.04 BTC, so you might have to mine for a while before making it rain with real money.
Launched in 2011, Multipool is based in both the States and EU. They offer merged mining – in other words, you can use the same platform to mine both BTC and a lot of altcoins, including LTC, DASH, and more. They don’t participate in Ethereum mining though, so might not be the best choice if you want to mine both BTC and ETH. Multipool pays on a Score basis, meaning the more time your computer spends on looking for the block. There’s a 1.5% fee for all mined currencies except Bitcoin classic, which is currently at 0% fees.
Polmine is a small Bitcoin mining pool based in Poland. It’s mostly targeting a European audience and has a very friendly English interface. It is responsible for around 2% of the blocks mined daily, which is pretty impressive considering the size of the pool. They support Bitcoin mining, but also Litecoin, Dogecoin, and Namecoin. They pay on a PPS base and charge a 1% fee on all transactions.
These were 10 Bitcoin mining pools that you can join as a beginner miner in 2018. And while it can be hard to predict whether you are going to make a profit as a member of any of these pools, it won’t hurt to try – at least you know for sure your chances are higher as a pool member than as a standalone miner!