You are probably wondering if Bitcoin farming can really help you earn Bitcoins. Well, with the right tools and equipment, it definitely can. But where should you start?
Using Bitcoins is one of the easiest ways of making payments and other transactions such as sending and receiving Bitcoins, and also purchasing. Although there are ways on how to purchase Bitcoins online, it may not be the best way to earn Bitcoins. Mining is a better way of securing Bitcoins and it is what makes Bitcoins usable because this is what confirms transactions and it is also what secures the blockchain, which is a public ledger, where Bitcoin transactions are verified and recorded.
This blockchain contains all transaction history and is grouped into blocks. This block of transaction is turned into a hash and before the right Bitcoin block hash has been found, the computer makes billions of iterations to the hash. If the correct block has been found, it will then be placed into the blockchain and these transactions will be confirmed. For every block that is solved, 25 Bitcoins are awarded to the computer that was able to solve it.
Bitcoin farming is an excellent way to earn as much as $2 million dollars per day which is why a lot of miners do not intend to quit and they even intend to invest in Bitcoin mining. Of course, this involves investing in the right equipment and tools needed for mining. This includes investing in a good computer system. However, even if you are able to provide a good computing device, it is not enough to find a block in a short period of time. The best way to find a block is to be a part of a network of miners which is a mining pool that put together individual mining powers in order to make finding blocks a lot faster and easier.
Want to get into Bitcoin farming?
If you want to get into Bitcoin farming, it is important to understand how Bitcoin mining works. It is not just about starting mining with your own personal computer, making use of only your CPU. This will absolutely not work because with the computing power of your CPU, it will not even earn enough a day to pay for your energy consumption.
So what do you need to do? Bitcoin farming can be rewarding when you are able to get yourself a mining rig. In this case, you need to invest in a powerful ASIC or application specific integrated circuit rig that can help you realize a profit. However, in order to get bigger profits, you need to invest in bigger ASIC, like a 1TH/s mining rig that can generate about 0.029 Bitcoins which is about less than $20 a day. In as short as 2 to 6 months your mining rig will breakeven and, after that, you will absolutely be already earning thousands of dollars.
The key to successful Bitcoin farming
The key to successful Bitcoin farming is to ensure that you continuously invest in powerful machinery before your present equipment will no longer be of use. Keep in mind that as time goes by your powerful mining rig that’s helping you earn thousands right now may not be as powerful in 1 to 2 years’ time.
Technology develops real fast and you must be able to keep up. Aside from that, certain factors also change like the difficulty of mining and the power cost. Eventually, these factors will increase and your rig may not anymore make AANY profit.
A big enough mining rig can cost about $3000 dollars. Yes this is quite a big amount of money to lay out when starting Bitcoin farming but it will definitely be worth it once you surpass the breakeven mark. Although this is the best way to start your own farm, you can also take advantage of mining contracts that are being offered on cloud mining websites.
These contracts cost far less than those expensive mining rigs but you have to keep in mind that these contracts must only be used in short terms. After a certain period of time, cloud mining companies will start charging you with high electricity bills and high hardware maintenance fees. So if you keep the contract for almost a year, you will start losing money because the fess you will be paying for will significantly be more than what you will earn in a day. The best thing to do then is to sell the contracts at a higher value after a short period of time.
Bitcoin farming can be rewarding as long as you know how to keep your machinery going in order to profit and not end up losing money instead.