So you want to mine Bitcoin?
There’s a few different ways to go about mining bitcoin with some of them ranging from highly profitable to the utterly pathetic, and though mining is less profitable than it was when bitcoin was just in its infancy stages there is still a vast amount of opportunities for getting into this money-making opportunity, and the potential for success rate is in my opinion still at a high point.
Throughout my experience with mining I have tried various ways to come across these digitized coins, and some of these methods like mining with smartphones yielded highly unprofitable results. However, throughout my experience with both cloud mining contracts, and my custom-built mining “rig” if you will, here in my home I have found that both options are highly profitable, and lead to more profit in the future with the rising price of Bitcoin, and Altcoins.
You have two options at your disposal when it comes to mining Bitcoin. You can either invest into cloud mining contracts, by purchasing the power of someone’s computer or data center to return you some profit in Bitcoin, and Altcoins. Or you can invest in the hardware to be able to do so yourself.
Mining with Hardware:
There’s so much information on the web surrounding this specific topic alone that I could build an additional website along ECashsociety, and it is for this reason we will discuss a very simple outline for how you can go about doing this yourself, and some key points to mention.
Rigs vs Miners
I have seen some very elaborate custom-built Rigs for mining Bitcoin, and these consists of a few different components such as your Motherboard, CPU, Power supply, Memory, and most importantly above all your graphics cards. There’s a few cost-efficient ways to go about obtaining the parts for building a custom rig for mining either via Amazon.com or Newegg.com which are great places to start. Both websites even sell motherboards, and necessary equipment for expansion like Risers that have been specifically built for Mining. I have even found some bundles for equipment on Amazon that you can check out here: (Mining Hardware From Amazon)
When it comes to mining Bitcoin nothing is more profitable than the custom-built miners from companies like Bitmain, and the key thing to mention here is that companies that produce these ASIC miners as a rule of thumb do not usually sell to the general public, and gravitate towards selling to business partners or using the miners for themselves. ASIC miners are application-specific integrated circuit for short and were developed specifically for mining Bitcoin. Some examples of popular miners are the Antminer S9, and Antminer L3.
So, let’s talk profits for just a second, and you can decide for yourself whether investing in Mining hardware is something you would like to dive into. Personally, from experience here in my home I have a total of 5 graphics cards in two custom built rigs earning me around 18 dollars a day in Bitcoin. The graphics cards are yielding this profit as well as a small amount of profit from my CPU’s. After the cost of electricity comes out of what I have earned I am averaging around 400 dollars a month. I should also note that I am in the process of expanding, and that these prices are as of the date of December the 23rd, 2017.
There are a few ways to gather additional information for the profitability of your hardware but the best overall location to start is with a website called Nicehash.com, and looking at their profitability calculator which calculates how profitable your hardware can be, and even subtracts the price of electricity from your earnings so you can see very close to your exact earning potential. You can check out Nicehash’s profitability Calculator HERE
Cloud Mining Contracts