Bitcoin mining
What is cloud mining?
Cloud mining is one of the methods of mining such cryptocurrencies as Bitcoin, Litecoin, Ethereum, as well as others, depending on the service.
Unlike classic mining, when you need to buy the equipment yourself, cloud mining involves the use of special cloud services that accumulate power in their data centers.
Cloud mining is considered one of the best ways to make money on cryptocurrency, as it frees the user from round-the-clock control, large electricity bills and other difficulties of classical mining.
To receive income on the go, you need to redeem a contract for a certain amount of hashrate from companies that have large data centers with ASIC equipment. You can start with 100-200 dollars and gradually increase momentum.
Such enterprises make it possible to use their hash rate (power) for a certain period of time, but for this you need to draw up a contract. This is a new cryptocurrency mining model that has quickly become popular.
How much can you earn on mining?
Let's focus on bitcoin, because it is one of the most popular crypto coins in mining. The most effective way to earn money is with special ASIC equipment.
It takes a lot of time to sort out the types of algorithms and other features. Below are modern models, as well as information about the price and profit of bitcoin ASIC SHA-256.
- MicroBT Whatsminer M20S - the price varies from $2 000–3 000, the payback period is from seven months to a year. The income per day is about $20, and the profit is $9.50.
- ASICminer 8 Nano Pro costs $11600, payback - 43.2 months (3.6 years). About $21.42 comes in a day with the $8.94 profit.
- Bitmain Antminer S17 Pro (53Th) - you need to pay for it from $2289.73 to $4452.64, the payback varies from seven months to a year. About $14.33 is earned on it per day, net profit is $9.30.
- Strong U STU-U8 - the cost is from $1615.00 to $1747.14, the payback is different: from eight months to nine. Every day, the profit is $13.00, and the income is $6.51.
- ASIC SHA-256 brings about $200 in net profit per month. But the growth rate can significantly adjust this indicator.
What do I need for mining?
Inspired by such a simple but unpredictable way of earning, one wants to start as soon as possible. It is no secret that usually Bitcoin is not mined on video cards, as this does not give the desired result.
ASICs were designed with one goal in mind - to mine bitcoin. The abbreviation stands for application-specific integrated circuit.
In fact, the device resembles an ordinary computer, but it can perform only one action — to decrypt the SHA-256 algorithm, on which the bitcoin blockchain works.
The equipment is divided into home and professional, comes with:
- boards;
- control unit;
- coolers;
- body;
- a set of cables.
For productive mining, one ASIC is enough instead of several dozen video cards.