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Bitcoin Mining is a process of verifying and recording block chain transactions of bitcoins. Bitcoin, also called as ‘decentralized currency’ is a type of crypto-currency which is made available in the form of digital or electronic currency. A Block chain is a distributed public ledger that accepts bitcoin as its account unit.


WHAT IS BITCOIN CLOUD MINING

Cloud Mining is a service that allows users to invest in cryptocurrency mining without the need to select, buy, and maintain cryptocurrency mining equipment, which requires a certain degree of technical knowledge. It allows users to purchase mining contracts in which they rent mining equipment for a certain period of time.

There are many ways of investing in cryptocurrencies. The most common are to trade them or buy and wait for the price to go up. However, these require a certain degree of research and/or rely on price speculation.

Cloud Mining relies on the premise, not that the price will go up, but that the network is stable and that mining conditions will remain favorable. Higher prices attract more miners and increase the difficulty (reducing payments for miners), while a stable network ensures predictable payouts and a foreseeable return on investment.

 

If you want to tell your friends that you are mining crypto and you want to help the network grow then get a mining contract. If you expecting to make a lot of money out of it, you may want to consider another investment or source of revenue.


WHAT IS HASHFLARE

HashFlare

HashFlare is a cloud mining service provided by HashCoins, a reputable crypto team that has been involved in blockchain since the inception of Bitcoin and has over 3 years of experience in cryptocurrency mining operations.

Hashflare platform constitutes around 350000+ members and it was officially launched first on April 23, 2015 in Russia. Later its operations were extended to some other nations including Germany, Portugal, Spain, Italy and so on. Its cloud mining process is similar to the offers provided by the share trading platforms.

As of June 30, 2015, Hashflare constituted around 10,000 consumers totally. It is a new and innovative platform in the industry of cloud mining. It is an interesting platform that offers bitcoin mining at a reasonable cost. It is entirely different from conventional mining techniques, which involve equipment arrangement and support. It consumes only a little amount of power supply. It publishes mining photos and technical details on mining.

HashFlare makes cryptocurrency mining accessible to anyone for an extremely low entrance point, meaning that anyone can try out a contract on a small scale to test the system. Furthermore, Mining is not the only way you can earn with HashFlare, you can also profit from an affiliate agreement.

HashFlare’s mining equipment is stored in a hi-tech facility, design to house and host cryptocurrency mining equipment, which is kept within the best temperatures to ensure the longevity of the equipment and its performance. Furthermore, HashFlare contributes to decentralization by allowing you to choose between multiple mining pools.


How to Buy a Mining Contract

With cloud mining you can make money and earn cryptocurrencies without major investment or hassle from direct involvement with hardware or software because we keep everything extremely convenient so you start making money immediately on a daily basis. How much can you earn?

HashFlare

We are going to show you how to buy a Hash power for Bitcoin mining but HashFlare also provides contracts for Bitcoin, Ether, Litecoin and Dash.

Step 1: Click here to register an account with Hashflare

Step 2: Enter your account information and click “Register

 

You will be taken to your Dashboard. This is where you will perform all Mining related operations and where you’ll be shown all relevant announcements. We can see in the announcements that we need to confirm our account and to provide a withdrawal address, so let’s get to it.

Step 3: In order to be able to withdraw funds, confirm your email address

Step 4: Now we need to add a Bitcoin address to receive payments. Click “Settings

 

Step 5: Enter your Bitcoin address in the correct field (1) and click “Save (2)

 

While you’re in settings you can also configure your personal details (This may be required if you want to pay with credit card or bank account) and active 2-factor authentication to improve security. You can also select a cool Avatar like we did.

Part 2 – Buy hashing power

Step 1: Now it’s time to buy our Mining Contract. Click “Buy Hashrate

Step 2: Select your algorithm. Bitcoin uses SHA256 so we’ll choose that. (Litecoin uses Scrypt, Ethereum uses Ethash, and Dash uses X11)

 

Step 3: Drag the bar to select your hashrate like so:

 Hashflare allows users to enter the world of mining for as low as $1.20, so we’ll try that out. We can move to a higher hashrate later on, the price always stays the same.

Step 4: (Optional) If you have a preferred mining pool, you can scroll down and click the mining pool settings

 

Step 5: (Optional) Drag the bars to choose your preferred pool settings and click “Save

 

Step 6: After you’ve chosen your desired mining power, click “Proceed

Step 7: (Optional) If you have a promotional code click “Redeem code” to redeem it

Step 8: Now click “Select Payment Method

Step 9: You will be shown many options like bank transfer, credit card and even Emercoin (EMC), but we’re going to choose Bitcoin (BTC) as usual

Step 10: Agree to the Terms & Conditions (1) then click “Confirm” (2)

Step 11: You will now be taken to a Bitcoin payment processor, Cryptopay. Click “Pay With Bitcoin

Step 12: Now send the correct ammount of Bitcoin (1) to the Bitcoin address displayed (2). You can also click the “Pay BTC” button if you’re using a desktop wallet.

The payment is now complete and the purchase is pending. It can take up to 120 minutes for your hashrate to be credited.

 

 You are now an official cloud miner, now just sit back and watch the block rewards roll in.

Mastering Bitcoin: Unlocking Digital Cryptocurrencies
117 Reviews
Mastering Bitcoin: Unlocking Digital Cryptocurrencies
  • O'Reilly Media
  • Andreas M. Antonopoulos
  • O'Reilly Media
  • Edition no. 1 (12/20/2014)
  • Paperback: 298 pages

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