Now that you’ve decided you want to try Bitcoin cloud mining, how do you get started? There are a couple things to make sure that you have before you start looking to purchase cloud mining contracts.
First is a secure wallet for your earnings. Even better, do you have a hot wallet for small amounts of Bitcoin for spending, and a more secure wallet for long term holding? While this extra step does make things less convenient, when handling larger amounts of cryptocurrency, the peace of mind that having a more secure setup brings you will be worth it.
Secondly, is the payment method. While more traditional methods such as credit and debit cards are slowly trickling into the cryptocurrency sector, crypto is still a king. “You’ve got to spend money to make money”, or in this case Bitcoin. The easiest way in the United States is through an ATM, an exchange with a person, or using a service like Coinbase. Changelly also accepts VISA and MasterCard for those looking to purchase other cryptocurrencies besides Bitcoin.
Then it is on to finding an actual Bitcoin cloud mining provider. That’s as simple as a Google search and browsing the results until you find one that looks right for you. We recommend Genesis and Hashflare for their competitive rates, proven records, and low fees. Profitability should be your main concern when it comes to cloud mining, and the most profitable companies are the ones with the highest uptime, most competitive contract rates, and the lowest additional fees that eat into your earnings.
Unfortunately, all of Genesis Mining offerings are out of stock besides a limited presale on Ethereum mining contracts, available to pre-existing customers only. Their 2-year contracts, no maintenance fees, and competitive rates make them quickly sell out so for new users, they will have to look elsewhere. In this scenario, we’ll use Hashflare.
Hashflare allows users to view detailed statistics about their contracts through a dashboard to ensure everything is operating smoothly, instant connection with mining starting immediately after confirmed payment and first payout after 24 hours, as well as pool allocation, allowing you to select the percentage of hashing power you want allocated towards each mining pool.
Their rates are competitive as well, and their offerings are actually in stock currently, making them a good option for new customers. Their maintenance fees are fixed, and contracts are only for a year, but VISA and Mastercard are accepted alongside Bitcoin, allowing for users to even skip obtaining Bitcoin in the first place.
Once you have found the amount of hashing power you would like to purchase, you will be required to make an account where earned cryptocurrencies will be deposited to. Once you have enough, you can opt to transfer the Bitcoin into your own personal wallet, and view all performance and statistics from that dashboard for the entirety of your contract.