Cloud Mining Bitcoin is a pretty open field, so it makes it quite competitive. Each day is less accessible to mine because more people are joining on board with the latest hardware to do this. Before even starting with this, need to find out if this is still profitable for you.
What’s the best way to do Cloud Mining Bitcoin?
If you want to do this in the best way it exists you need a cryptocurrency mining calculator. Then, you only must enter the data of the coin you intend to buy and see how much time you would take to reach the break-even point or to gain profit.
However, I can tell you from the beginning that, if you do not have a few hundred dollars to spare, you probably will not be able to extract cryptocurrencies. Once you finish with your calculations, it is time to get your miner.
Be sure to check out our different hardware opinions about cloud mining bitcoin to understand which miner is best for you. Nowadays, the best company is Antminer S9 because of its mining hardware which is potent and new.
Also, it is important to say that some time ago people could extract money using computers or graphics cards. Today, however, the niche has become so competitive that you will have to use ASIC miners, special equipment manufactured exclusively for this purpose.
How do you get a wallet for Cloud Mining Bitcoin?
The principal thing you have to do is get a “Bitcoin Wallet.” But why?
Well, you need to store all the cryptocurrencies you get, and knowing that the data of each coin is only on the Internet, it is the only way to find them. Once you have a purse, be sure to get the address of it. It will be a long sequence of numbers and letters.
You can quickly obtain the Bitcoin address, which is public because almost all wallets make the process straightforward, but each bag has diverse ways of getting it. Now it is vital for you to know that you must use your public address and not your private one (it the password that allows you to enter to your wallet).
What if you are using a local wallet?
If you prefer to use local wallets (which means, you download a program to your computer, and you find a service which bases its data on the Internet) this is your case; you need to complete another step. Keep an eye on the “wallet.dat” file and copy it, then paste it on a USB and print it. You must store that in a safe place.
You need to do this because if the computer you are using just one day crashes, and you do not have a copy the file “wallet.dat” file, you are going to lose all your cryptocurrencies. But don’t think they will go to another person; they will just disappear forever.