Mining

Mining Bitcoin itself is a difficult business since the appearance of specialized computers. The arms race is really difficult to follow, even more when you compete with Chinese mining farms that have cheap electricity. Some people do it as hobby or hoping that the bitcoin’s price skyrockets again. Before you could mine thousands with a simple personal computer, now it would cost probably hundred of thousands of dollars of investment to make 1 bitcoin a day. Why is that ? It’s because the more computing power is added to mining, the harder it is to mine.
But Bitcoin is not alone, we also have the great army of Altcoins, with different algorithm and some that still can be mined with a simple computer (even if that won’t make you rich overnight).
There is also the cloud-mining option but many scammers have been using it to hide their Ponzi activity. I will try to list the most trusted services.
Remember, always do your calculation if you really want to make a profit !

Miners drilling
Credit : State Library of Queensland (flickr)

The cloud mining

  • The Chinese company Bitmain operates a hardware selling service (to build your own mining farm for example) or cloud mining contracts with its service Hashnest. The most legit service to date I would say (according to many users).
  • Genesis mining is an interesting service, especially for a first-time experience. It seems that they never had any problem and I can’t find anything bad about them. The interesting feature is that you can buy some mining power with your credit card and start mining right away. For a discount, you can use this link !
    I’ve found some customers were kinda upset by that that their Scrypt algorithm miners (to mine Litecoin etc.) were replaced by SHA256 algorithm miners (Bitcoin), but only at a rate of 1mh/s of Scrypt to 1gh/s of SHA256. Note that it’s not the same algorithm and a more “honest” compensation would have been 1mh/s Scrypt to 10gh/s SHA256. Anyway, now they don’t sell Scrypt mining anymore so buy Bitcoin mining and it should be safe !
  • Hashflare is a long lasting Estonian cloud mining company that has proven to be decently reliable. 10% discount code by following this link ! You can also redeem the code directly : 9E6FEE3B.
  • Cex.io is the first service that have been offering cloud-mining to their users. The cloud mining shares can be traded, so you can sell back very easily your mining power. It’s also a more traditional exchange. You can use a credit card to buy and trade. *For the moment their mining service is unprofitable and deactivated.
  • Bit-x is a new service quite the same as Cex.io. It seems to be well trusted by the community.
  • Mining rig rentals is interesting as you can rent someone’s rig. It’s like a marketplace. Many people are using it to mine new altcoins.

Mining on your computer

Mining on your own computer or hardware can be interesting to get into the world of cryptocurrencies, but it’s difficult to make any profit unless you have cheap or free electricity. Some people have free electricity included in their rent, but be careful as the owner (or even authorities) will probably smell something fishy if your consumption is rising too much ! On the other hand, people sometimes use their mining equipment to simply heat their home during the winter in order to lower the electricity bill.
Some people also try to find the next successful altcoin to mine to get a quick profit (that can become a hobby).
I myself was mining Dogecoin once with a cheap graphic card, just for fun. For “non-techies” the miner is sometimes quite difficult to set up, but services like Minergate made it really simple. They are mostly focused on “cryptonotes” technology alternative coins (which includes Monero and Bytecoin, check it on coinmarketcap.com), that makes any user normally completely anonymous (rather than pseudonymous with Bitcoin). I have tested their service myself and it’s very straightforward. Just install, click, and you’re good to go ( with your processor only or with your graphic card as well). Don’t forget to check the temperatures of your equipment while in load (you can also lower the load to continue using your computer while mining). I recommend mining Bytecoin or Monero for the ease to exchange it to Bitcoin, but you can try anything available after some research !
Lately I have been seeing intense debate on whether Bytecoin is legit or not. While I can’t express my opinion on it (I don’t know about this cryptocurrency enough to judge), people are recommending to mine Monero instead.

 

Disclaimer : I can’t be held responsible for any loss encountered using these services. Sometimes the links are affiliates links. It can often provide you a discount and help me running this website. It does absolutely not influence my reviews and opinion.