BITCOIN MINING UPDATE

in bitcoin •  7 months ago

The FASTEST Way to Make Money with Bitcoin

This is an update to the bitcoin mining blog that I posted a few days ago.

First, since I posted the info, they increased the price from $150 to $220/TH (terrahash). TOLD YOU guys that if you snooze, you lose. Of course it's still profitable, but a bit less than before. And the Chinese MANUFACTURER of mining bitcoin rigs ALSO increased prices by about 100%. So now 14TH contract will cost you $3020 so instead of having your investment returned in 2 months, it'll take a bit over three months, after which your risk is eliminated and it's all profit from then on. But you don't have to buy 14TH, you can get just a 1TH contract for $220.

Below is a video interview with their business development rep.

I've researched bitcoin mining a bit more and found that the mining difficulty changes over time. Generaly it increases as the bitcoin price increases. For example in 2016 the mining difficulty increased 3 times, and the price also increased about 3 times.


So if you were mining back then, then at the end of the 12mo. mining contract you'd be getting 3 times LESS bitcoins, but those bitcoins would be worth 3 times MORE, so that would cancel out.

 I.e. if you were making $1000 the first month (January), then the last (12th) month you'd be making about the same amount ($1000). HOWEVER, since the price rised 3 times from jan. to dec., then the $1000 worth of bitcoin that you earned in January, would be worth $3000 in December.
So even though you were making about $1000 worth of bitcoin each of those 12 months, you wouldn't make $12000 over that year, but something like $20-$25 thousand.
Now in 2017 things changed a bit. The mining difficulty increased 5 times (from Jan. to Dec.), so at the end of your 12-month contract you'd be getting 5 times LESS bitcoin than in january, but that amount of bitcoin would be worth 4 times MORE. Why? Because in 2017, the price of bitcoin increased 20 TIMES. (From $900 in january to $18000 today). 


So if your 14TH contract for which you paid $2100 was making you a $1000 worth of bitcoin in january, then in december (now) you'd be making $4000/month. I.e. 5 times less bitcoin but at 20 times higher price = 4 times more dollars.
On top of that, just like in 2016, the $1000 worth of bitcoin that you made in January 2017 would be worth $20,000 today (december) , because of the 20 times price increase. So if you counted your BTC earnings today, your dollar earnings would be like $20k in january, $18k in feb, $16k in March.............and $4k in december. 


It seems like a hell of a lot of money to make on a $2100 bitcoin mining investment, wouldn't you say? Of course 2018 might not be such a wild year for bitcoin. Or it might be even wilder. So as you can see, mining bitcoin can be quite profitable even if the price doesn't increase much. And when it increases a lot, then you can make quite a few coins. Now the only two risks that I see in this is a possibility that bitcoin price will severely drop and won't recover, which is highly unlikely in my opinion, or that the mining company would go out of business. Here's a video with their rep and the guy seems to know what he's talking about, and their company was in business for several years now and still is expanding, so I'm less worried about them running away with the money: 

 


 Here's a link to sign up with the mining company:
https://hashflare.io/r/1E78B84C
After signing up, in order to buy a bitcoin mining contract just click on "Buy Hashrate" and then move the slider to the amount you want. Pay with bitcoin or credit card. And here's a link to the original bitcoin mining blog I posted a few days ago. It has detailed steps for registering and buying an online mining contract:
https://steemit.com/bitcoin/@jaro/there-s-a-gold-rush-going-on  

ALSO, when using Coinbase to send HashFlare a payment, you may have a problem, since Coinbase processes transactions really slow, and HashFlare has a 2 hour window to receive payment. 

So if that doesn't work, best thing would be to sign up at https://blockchain.info/wallet/#/signup and send some BTC to their wallet. The Blockchain wallet automatically adjusts bitcoin fees to match the current bitcoin network fees, so your bitcoin payments get PROCESSED and confirmed FAST, especially if you choose the PRIORITY option.  

And since you can expect to make around $1000 a month from a 14TH contract which costs $2100, you recoup your investment in about TWO MONTHS. So if nothing bad happens in the first two months, then you're RISK FREE from that point on, since you got your money back, and now you just rake in the profits.
Now, like I said before, this is NOT an investment advice, just an FYI. Do your own research to decide if you put some money into it or not. Also, if in the next year the mining profitability increases 4 times like it did this year, then you could expect any new mining contracts ALSO increase in price accordingly. I mean, those miners aren't stupid. I.e. any new contract at the end of 2018 would likely cost $600/TH (terrahash), instead of the current $150/TH.


Here are some links.
This is a bitcoin mining calculator which is preset for 1TH. So if you get a 14TH contract, just change that to 14000GH/s or multiply the result by 14:
https://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=1000.00&p=0.00&pc=0.10&pf=15.00&d=1590896927258.08000000&r=12.50000000&er=14000.00000000&hc=150.00 

And this is more info about mining difficulty:
https://bitcoinwisdom.com/bitcoin/difficulty   

  *****************************

Here's an earnings update. I've bought a $51 contract just to test it out, which gave me a 0.34TH. First day results are here, although they're only for 22 hours since I made payment 22 hours before I found these results on my dashboard.

So my 0.34TH gave me 0.00005041 BTC payout, out of which my account was credited 0.00004314 BTC. And that's 71 cents at btc price of $16500. That'd make it $21.30 earning per month and $255 per year. So my $51 investment is ON TRACK towards earning $255/year. Probably closer to $300 since the first day was only 22 hours.

Here's a pic: 

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Mining will get more profitable with rsk.co bitcoin's eth killer.
https://steemit.com/bitcoin/@sames/bitcoin-s-ethereum-killer-rsk-co

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Interesting developments going on. What if a platform like IOTA is able to develop a smart contract layer? Or, what if EOS scales better than Ethereum?

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Well it depends. Bitcoin has a brand name. IF bitcoin then has mart contracts using bitcoin it has a chance to grow. If bitcoin takes care of its initial fees bitcoin cna restore much of it dominance.

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Yeah bitcoin fees really are horrible right now, and Ethereum network slow as well so all I use is Litecoin now to get ALTs. If they somehow get Bitcoin fees down it could return to its own self a rise very dramatically imo.

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Rsk.co is a way to use bitcoin with litecoin like fees by using a bitcoin sidechain

bitcoin fees are way to high

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Which makes mining bitcoin MORE profitable, since miners get those fees. You can complain or profit from that, by becoming a miner.

mining is very interesting. But i will try . Thanks

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Mining can be lucrative, but it still carries inherent risks as with any investment.

This is very interesting, I am definitely looking more into this
Thank You

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A lot of people are now getting into online bitcoin mining. So many that some online mining companies no longer sell any mining contracts because they ran out of mining rigs to mine on.

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yeah it seems very popular
I've been GPU mining for about 6 months, only 4 card rig but been thinking about expanding but I might go this route

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muy bueno amigo..!!

Thank you so much for this info. Cheers

Nice post! I follow you! =)

A very useful article to read specially when someone is thinking of investing in bitcoins.

¡Wonderful post!

All my best wishes for the new year ♥ ☺

With love:

@areare


Interesting content on mining. I wanted to do some HW review on mining. Could you look at my post here and give some feedback if it makes sense? Obviously I'm upvoting and would love some encouragement as well :)
https://steemit.com/crypto/@brownguy/mining-crypto-and-challenges-at-hand-a-common-man-s-question-and-some-useful-answers

ETN mining is Also Good

or... OR... you can just buy a 13.5th/s antminer from Bitmain for $1500-1600 and make your ROI on a few months

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Nope. Those now cost around $2500 and you have to wait about two months before they ship them. On top of that they put them on sale about once a month and are sold out within an hour.

And you can start mining online NOW and make just as much as with the antminer without all the hassle.

Rally????
Are u Sure??

Oh my, thanx for this piece of info. I am real trying hard tl learn about coin mining and everything seems a bit complex, but am sure il get there with time, thank you.

I'll buy it in the near future bitcoin but I need to win from here a bit :)
Thanks in the meantime

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BTC is only one of a few other coins out there. Some say that buying other coins and holding them is the best you can do to make money. I think that a new coin such as XAR (Xarcade) is something to jump on right now. Take a look at my article at: https://steemit.com/xar/@yomaicoin/xarcade-xar-blockchain-for-gamers-and-developers

A DSO is happening soon, and this new platform will benefit the gaming industry for both developer and gamer.

Thank for posting this article. Voting up! Please follow if interested.

I am just getting in to bitcoin and the like and am trying to learn as much as I can. It is all a bit over whelming but I'll get there. Thank you so much for the post. I am considering investing a small amount on a contract as you did.

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I recommend checking out "Ivan on tech" on youtube. He explains things in simple yet detail manner. hope this helps.

I would like to try mining. any thoughts or suggestion?

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I'm setting up a 3 prong strategy (4 I guess)

  1. Bitcoin Mining on Hashflare(In the works will post results soon)
  2. Etherium Mining locally using GPU's
  3. Buying and holding both Etherium and bitcoin on Coinbase and Coinseed(Found out about this one on steemit a week before it launched)

Works for me pretty much set it and forgot once you get it rooling. Having trouble with the local mining, few compatibality issues should be done this weekend tho

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Thanks man. ill try this out

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What sort of volume would you get from this sort of setup and at what rate?

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I don't have all the numbers yet. Roughly you get double to triple time your investment in each in a year. When I do some more calculations. I'll let you know

Are there any coins that are practical to mine that don't require any specific parts or massive upgrades?
I have been considering getting into mining but from the information I have gathered so far, unless you have a good chunk of money to shell out on PC upgrades, it's not possible/ not worth it. Please correct me if I'm wrong. I would love to figure all this out.

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If you read the article above, you'd know that you don't need any parts or upgrades if you sign up for online mining. And mining bitcoin is the MOST profitable.

I can't trust cloud mining at all, as they can turn out to be a scam anytime.
And a lot of investment is required, i don't want to take the risk!

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a lot of investment is NOT required for online mining. a lot of investment IS required for buying a mining rig.

hi bro I like this page for mining too, but It need tu have 750 dolar in BTC to withreawal, what do u think about page sea-mining? are they serius? they pay? this page has less minimum withrawal

Based on what i have read on other posts bitcoin mining iss not viable anymore. Is there any other means to mine bitcoin prodctively to have higher return on investment.
Thank you for sharing your insights.

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You've read wrong. Bitcoin mining is as viable today as it was 5 years ago. If it wasn't people wouldn't be mining!

я испытываю эту программу)) тоже позже напишу, сколько платят, есть ли обман, и вообще можно в них вложить или нет.

mining is very interesting. But i will try . Thanks

https://www.spacemining.io/?ref=30523 new site 100 GH/s for start on mining Bitcoin proof payment 100% im testing from myselfspacemin ing.JPG