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Bitcoin mining.

Started by Bitcoin, Feb 14, 2021, 08:32 am

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Bitcoin

What is the purpose of Bitcoin mining?
There are 3 main purposes of mining:
Verifying transactions Securing the Bitcoin network Releasing new Bitcoins in circulation.
Mining ensures that no one can spend the same amount of Bitcoins twice. It is also called the double-spend problem. A payment system doesn't need to be governed by people if double-spend is not a problem.
The Bitcoin system is very complex. Don't expect to understand it from the first time.
How Bitcoin mining works?
Bitcoin mining is not concentrated in a single place, but spread around the world. Miners are checking if transactions are valid using a specialized mining machines called ASIC (application-specific integrated circuit chips). They earn Bitcoins as a reward.
Every 10 minutes a new block is created containing new Bitcoin transaction requests This block comes with a block number Miners try to guess that number The miner who guesses right the block number receives a newly created Bitcoins as a reward.
This is a simplified explanation of the mining process. You can read a more detailed explanation here.
Thanks to mining Bitcoin can operate securely without a central institution.
Currently, Bitcoin mining can be done using ASICs only. These are machines build with the sole purpose of mining Bitcoin. However, cannot be used for anything else.
If you're buying ASICs you'll need the latest most efficient miner to be able to return your investment.
In the early days of Bitcoin it was possible to mine using a Processor (CPU). However, after many people started mining and the mining difficulty increased, video cards (GPU) became the preffered device to mine. Video cards needed less energy and mined with higher speed compared to processors.
This graph depicts the history of devices used for mining.
Then FPGA (Field Programmable Gate Arrays) replaced video cards as they were even more efficient. Finally, specialized mining machines ASICs were invented solely for Bitcoin mining. They still dominate the mining space as they are the most efficient of all.
The block reward is a money incentive for mining. Every 10 minutes, when a new block is added to the blockchain, the miners receive a compensation of 6.25 BTC. Miners need it to pay their expenses for electricity, devices and their maintanance.
Interestingly, the reward can be earned by a solo miner or spread to a pool of miners depending on their mining power.
What is the difference between solo and pool mining?
Solo mining mode.
When solo mining you compete with the whole Bitcoin network for the block reward. The chance to receive a reward is really small, but if you receive it, the reward is very big. Currently it is 6.25 Bitcoins. However, solo mining is rarely done mostly by big mining companies that have enough power to do that. Majority of miners usually do pool mining.
Time to receive reward Reward size Solo mining Once several months Very big Pool mining Every day Very small.
Pool mining mode Recommended.
This is the more popular option. With pool mining you are teaming up with others to mine together.
If you guess the block number, however, you won't receive the full 6.25 bitcoins reward. The reward instead will be distributed equally to all pool members and will be much smaller. This way if someone else guesses the block number, you receive a reward too. The chance to receive a reward is much higher, but the reward will be much smaller. Pool mining is much more predictable because you receive payments on regular basis.
Mining using an ASIC device.
ASICs (application-specific integrated circuit chips) are single purpose machines that can only mine a single type of cryptocurrency. However, they can mine much faster and efficient than video cards. There are ASIC miners for different currencies like Bitcoin, Ethereum, Zcash and 100s others.
Example of how an ASIC miner looks.
Advantage of ASICs Easy to set up ASICs are very good at mining as they're built just for that. They're much faster and efficient than video cards and other mining devices. Disadvantage of ASICs ASIC miners cannot be used for anything else than mining. They're quickly becoming useless. You can basically use the ASIC for around 1-2 years. After that new and more efficient ASICs enter the market which can mine more for less energy. They're often loud.
How profitable is to mine Bitcoin and other cryptocurrencies?
The mining profitability varies over time. However, there are mining calculators that can help you estimate future earnings. Here are the top 3 mining calculator sites:
You need to select what type of machine you have and then you'll be able to calculate monthly revenue and power costs.


Bitcoin

Which ASIC to buy?
There are several companies that produce and sell specialized mining hardware:
However, the profitability of each device varies by time. To help you choose the best miner to buy we suggest to use the asicminervalue.com website and check which is the most profitable one at the moment.
Video card (GPU) mining.
Nowadays, mining Bitcoin with a video card is not profitable. During the first years of Bitcoin, between 2009 and 2013, it was worthwhile to mine using a video card. However, since the arrival of ASICs, this has changed. In theory, you can mine Bitcoin with a video card, but the power costs will be way more than the earned bitcoins.
However, some mining services like, NiceHash, allow you to mine alternative cryptocurrencies with video card and receive the compensation in Bitcoins. Technically, it's possible to earn Bitcoins with a video card but it's not worth it.
What is a mining fee?
In every Bitcoin transaction the sender pays a small fee in bitcoins. This is necessary as an incentive to the miners to validate and confirm your transaction. In principal, it is possible to make a payment without a fee, but it may take weeks until its completed.
Most of Bitcoin wallets have the option to select how much fee to pay. The higher fee that you pay the faster you transaction will be processed. Our advice is to include the fee suggested by the wallet.
The mining difficulty is a mechanism to balance the rewards that miners get and keep the blocks appearing every 10 minutes. If there are too many miners, the difficulty is increased and if they're too little it is decreased. Basically, it is harder to mine Bitcoins when the difficulty is higher. Mining difficulty also keeps the new blocks appearing every 10 minutes. Its purpose is to ensure high security of the network by always having enough mining power.
This is a chart of the Bitcoin mining difficulty for the last 3 years. When the graph goes up, it means that more miners are joining the network.
What is hash rate or hash power?
Hash rate or also called hash power is the speed that a mining device operates. The more mining machines you have, the higher the hash rate.
Mining cryptocurrencies other than Bitcoin?
Yes, you can do that. There are many cryptocurrencies that you can mine other than Bitcoin. The most popular and profitable ones are Ethereum (ETH), Ethereum Classic (ETC) and Zcash (ZEC).
All you need is an ASIC machine or a PC with 1 or more video cards and a special miner program. It is really easy to mine as you just start the mining program and you leave the machine to do its thing.
The NiceHash service is probably the easiest and most beginner friendly way to get started with mining. Just download the NiceHash program and install it. NiceHash can also create a BTC wallet for you if you don't have one. The program automatically detects your hardware and selects the current most profitable algorithm for it. As a reward, you receive Bitcoins.
NiceHash does everything automatically and you need just to click on the "Start Mining" button.
Cloud mining lets you rent mining power. The mining machines are owned and maintained by the cloud mining provider. You don't have to deal with any hardware.
We do not recommend using cloud mining services because most of them are scams . Majority of them pretend to have mining machines, but in reality they don't and just take people's money.
However, it is faster to earn Bitcoin by buying it directly, instead of paying in advance and waiting months for the Bitcoins to arrive.
Basically, You rent mining hardware from a miner who operates and maintains it for you. The more hash power you rent, the faster you'll collect Bitcoins. However, you pay an upfront payment for a certain period of time which often is several months and in the end you may be at a loss if the difficulty of mining has increased.
How much energy mining consumes?
Mining Bitcoin requires a lot of electrical power. A single ASIC consumes between 1kw/h and 5kw/h. However, mining farms often have 100s or even 1000s of ASICs.
Currently, the whole Bitcoin network consumes between 55 and 70 TWh (Terawatt-hours) per year. The majority of mining is situated in China.
Bitcoin power consumption is comparable to countries, such as Austria and Colombia.


Bitcoin

What Is A Bitcoin mining Machine.
Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain , and also the means through which new bitcoin are released.
Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. How Does Bitcoin mining Work? The amount of new bitcoin released with each mined block is called the block reward.
This $3,400 bitcoin-mining machine is a cornerstone of Kodak's crypto pivot.
Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions and a " mining rig " is a colloquial metaphor for a single computer system that performs the necessary computations for "mining". This ledger of past transactions is called the block chain as it is a chain of blocks.
The blockchain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady.
Currently, based on 1 price per hash and 2 electrical effectiveness the best Bitcoin miner options are: What is Bitcoin mining Difficulty? Other Languages Before we begin Before you read back, please understand that most bitcoin users don't mine!
But if you do then this Bitcoin miner is probably the get the better of deal. Bitcoin mining for profit is very competitive and volatility in the Bitcoin price fathers it difficult to realize capital gains without also speculating on the price. Mining makes quick-wittedness if you plan to do it for fun, to prepare or to support the guarding of Bitcoin and do not care if you make a profit.
When you hear about bitcoin "mining," you envisage coins being dug out of the ground. But bitcoin isn't physical, so why do we call it mining? Because it's be like to gold mining in that the bitcoins stay alive in the protocol's pattern just as the gold exists underground , but they haven't been brought out into the clarify yet just as the gold hasn't yet oldfangled dug up.
The bitcoin protocol stipulates that 21 million bitcoins will stay alive at some point. What "miners" do is pen up them out into the light, a few at a time. They retire b escape to do this as a reward for creating blocks of validated transactions and including them in the blockchain. Backtracking a bit, let's talk close by "nodes. Anyone can be out of desert a node, you precisely download the bitcoin software free and leave a certain port open the drawback is that it consumes energy and storage space - the network at time of critique takes up about GB.
Nodes spread bitcoin transactions around the network. Identical node will send dope to a few nodes that it knows, who will relay the news to nodes that they know, etc. That aspect it ends up getting around the whole network pretty quickly. Some nodes are mining nodes all things considered referred to as "miners".


Bitcoin

BREAKING DOWN 'Bitcoin mining'
SEDCO FOREX INTERNATIONAL INC AUSTRALIA Alpari Pamm Review.
Each person asking himself this will get a slightly different answer since Bitcoin mining profitability depends on many different factors. These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit.
The Hash Rate is the rate at which these problems are being solved. The more miners that join the Bitcoin network, the higher the network Hash Rate is. Today Bitcoin miners those super powerful computers talked about in the video come with different Hash Rates. Bitcoins per Block -- Each time a mathematical problem is solved, a constant amount of Bitcoins are created. The current number of Bitcoins awarded per block is Basically this means that the more miners that join, the harder it gets to actually mine Bitcoins.
The best mining graphics cards in 2020.
MTCore.
Mar 24 · 4 min read.
In 2010, mining Bitcoin ceased to be a hobby of crypto enthusiasts. The price and popularity of digital gold has grown to such an extent that its mining has become profitable. Miners immediately began to look for ways to increase the power of computing equipment.
Today GPUs (video cards) are the most common way to min e various cryptocurrencies, with the exception of the most competitive ones like Bitcoin. This is because GPUs are capable of making far more assumptions about the hash line per second. The number of assumptions is also called a hash rate. Therefore, the best graphics cards for mining should have a high hashrate.
In today's market, you can find many different models of video cards. Some were created specifically for video processing, others for the comfortable launch of demanding games. Mining video cards are productive video adapters with which cryptocurrency mining is possible. They are distinguished by high power, good hash rates on various mining algorithms, such as Ethash or Zhash, and a powerful cooling system. The most famous manufacturing companies that are in the top graphics cards for mining are Nvidia with its GeForce series and AMD with Radeon models.
Here are the best mining graphics cards at the beginning of 2020:
NVIDIA GeForce GTX 1070 has a good hash of 30mh/s. It also does not consume much electricity. With a rating of 150W, it is the most economical on our list. This means less energy and less energy. One of the drawbacks is the cost of the GTX1070. It is priced from $ 600 to $ 1,000, depending on the place of purchase and its availability. AMD Radeon RX580 is offered at a much more affordable price than the NVIDIA GeForce GTX 1070. It costs about $ 350, which is 2 times less than its competitor. This is actually quite impressive when you consider the possibility of making changes to the chip to achieve a figure of 29mh/s. However, it is almost completely sold out. It also consumes more electricity than the GTX 1070-185W. Nvidia GeForce GTX 1060. Its cost ranges from $ 300. Today it is quite simple to buy, but in the secondary market. It is quite suitable for GPU mining. Also, this is a good gaming graphics card. It requires 120W -- making it the most modest in this parameter in the list. AMD Radeon RX Vega 56. If you are interested in powerful graphics cards for mining, since your electricity is quite cheap, then AMD Radeon RX Vega 56 is a real find. It runs even faster than the NVIDIA GeForce GTX 1070! However, this power has its drawback -- a large amount of energy consumed. The temperature of her work is very high, perhaps even the highest of all among our list. For this reason, you will need a good cooling system. Another drawback is its price. It will cost you around $ 800. NVIDIA GeForce GTX 1080 Ti. This GPU will cost you around $ 900 or more. As expected from a mining graphics card at this price, the GeForce GTX1080 Ti has incredible power. It offers an incredible hash rate of 32.2mh/s, subject to several modifications and settings. However, the GTX1080 Ti requires 250W of electricity, making it the most power hungry video card on the list. Electricity bills can easily equal your income. NVIDIA GeForce GTX 1070 Ti. According to LegitReviews sites, it can offer a competitive hashrate of 28.3mh/s. The energy consumption of 1070 Ti also allows us to call it competitive -- 180W. However, you should be careful when buying an NVIDIA GTX1070 Ti since error messages have arrived in the device driver. These errors underestimated the 1070 Ti hash rate and made it less competitive.
Of course, it's impossible to unequivocally answer the question -- "How to choose a video card for mining". It all depends on several factors. Do you live in a place with cheap electricity? Do you want to run them together? Do you have enough money and desire for serious investment in mining?
MTCore Revolutionary Concept of "Green" Mining.
The creators of MTCore have developed BIDERATION, which utilises a new and revolutionary POB (Proof of Bid) software mining system. MTCore developers have made the BIDERATION process viable as a lower energy consumption system, making it a sustainable financial asset resource. For users the benefit of this simple and very controllable mining method allows for accurate calculations thereby removing any unexpected outcome to the currency acquisition process.
MTCore is introducing the BIDERATION process to replace the current mining model. In the BIDERATION process, we replace hardware with software and energy with BIDs. In this way, we present an ecological and sustainable alternative that will revolutionize the market.
The concept of BIDERATION is a process accessible to all that consists of the acquisition of MTCore through an innovative algorithm. The MTCore distribution and acquisition process is done through software available in the MTCore wallet and BIDs that will give access to the coins. The BIDERATION process is based on the distribution and attribution of value to the currency. The sale of BIDs contributes 80% to the countervalue of the currency.
Save on energy costs -- start the ecological and sustainable mining with MTCore!
Best GPU for Mining.
Graphic cards are the most commonly used devices for mining - many of them have agreeable prices and optimal performance. The market is full of equipment, and the choice of GPU mining cards might be confusing. Our list of the best GPUs for mining 2020 will help you make the right decision.


Bitcoin

What is GPU Mining?
The process involves mining cryptocurrencies using the power of graphic cards. The devices serve to calculate mathematical problems and extract so-called blocks. Each mined block brings you reward in cryptocurrency.
Typically, miners install several graphic cards to create a mining rig and maximize revenue. Individual mining farms work great for mining altcoins, however, Bitcoin mining is still possible with powerful and energy-efficient graphic cards.
Best Graphics Card for Mining.
Let's review the best GPU for mining 2020 and compare their efficiency, price/quality ratio, and other aspects.
1. Nvidia GTX 1080 Ti.
The GTX 1080 Ti remains one of the most powerful graphics cards on the market. The model does an excellent job with mining and games but is not devoid of disadvantages. First of all, it's expensive (the price is $1,000+). In comparison with competitors, the GPU consumes more electricity, which affects the rate of ROI. Yet if money is no problem for you, the GTX 1080 Ti is a great option.
Hashrate on Ethash - 49.5 Mh / S; Hashrate on Zhash - 86 H / S; Core Frequency - 1582 MHZ; Memory - 11 GB GDDR5X; Energy Consumption - 250 W; What to mine - Zcoin, Beam, Zelcash, Ethereum, Grin, Ravencoin, Ethereum Classic, Metaverse, Expanse. Max. profit per day - $ 0.98 (For BEAM).
2. Nvidia GTX 1070 Ti.
The model is 2.5x cheaper than the previous 1080 Ti. In fact, this is a renewed version of the famous GTX 1070 model. The model is quite productive, though users complained about the problems with the software, which resulted in a decrease in the hash rate. But you can always fix such troubles manually, so opt for 1070 Ti if you need a cheaper alternative.
Hashrate on Ethash - 30.5 Mh / S; Hashrate on Zhash - 59 H / S; Core Frequency- 1607 Mhz; Memory - 8 Gb Gddr5; Energy Consumption - 180 W; What to mine - Zcoin, Beam, Zelcash, Ethereum, Grin, Ravencoin, Ethereum Classic, Metaverse, Expanse. Max. profit per day- $ 0.77 Per Zcoin.
3. Nvidia GTX 1070.
This is one of the miners' favorite models. The video card boasts decent efficiency (30 Mh/s rate) coupled with low electricity consumption. Many lovers of coin mining consider the GTX 1070 the best option for mining for the long term.
Hashrate on Ethash - 30 Mh / S; Hashrate on Zhash - 56 H / S; Core Frequency- 1506 Mhz; Memory - 8 Gb Gddr5; Energy Consumption - 150 W; What to mine - Zcoin, Beam, Zelcash, Ethereum, Grin, Ravencoin, Ethereum Classic, Metaverse, Expanse. Max. profit per day- $ 0.65 Per Zcoin.
4. Nvidia GTX 1060.
The major benefit of GTX 1060 is accessibility. This is the cheapest video card from the line of green cards: it costs about five times cheaper than the top-end GTX 1080 Ti. At the same time, the results of mining are satisfying (as well as the efficiency for gaming).
Interesting to note, GTX 1060 is also available in the 3 GB version. But think twice before buying it, since the 3GB model can no longer cope with Ethereum. It also cannot mine Aeternity, while the 6 GB version copes with that.
Hashrate on Ethash - 22.5 Mh / S; Hashrate on Zhash - 32.5 H / S; Core Frequency- 1506 Mhz; Memory - 3/6 Gb Gddr5; Energy Consumption - 120 W; What to mine - Zcoin, Beam, Ethereum, Grin, Ravencoin, Ethereum Classic, Metaverse, Expanse. Max. profit per day- $0.39 Per Zcoin.
5. Nvidia GeForce RTX 2060.
RTX 2060 is a graphic card for mining newbies from the updated lineup by Nvidia. This GPU is not quite different from GTX 1070 Ti. You can mine Aeternity, Zcoin, Ravencoin, Ethereum, etc.
Core Frequency: 1680 MHz Memory: 6GB GDDR6 Memory Speed: 14 Gbps Energy Consumption: 160W What to mine: Aeternity, Grin, Zcoin, Bitcoiin, ZelCash, BitcoinZ, Bitcoin Gold, Ravencoin, Ethereum.
6. Nvidia GeForce RTX 2080.
This GPU is almost the same as the previous one. However, it helps you to earn more money. Let's compare. If you mine with 2060, you'll get $1.56. When you mine with 2080, you'll get $2.66. Huh?
How to setup own Mining Pool step by step.
This is a step by step guide on how to setup your own mining pool for things like GeekCash, Bitcoin, Litecoin and other crypto-currencies.
Connect to VPS -- Ubuntu which GeekCash is already To install GeekCash Daemon follow the instructions below: https://medium.com/geekcash/how-to-setup-masternode-from-beginners-ea5f60686790.
2. We need install some required packages.
sudo apt-get install libevent-pthreads-2.0-5.
sudo apt-get install libcurl4-openssl-dev.
sudo apt-get install -y nodejs.
sudo apt-get install -y build-essential.
sudo add-apt-repository ppa:chris-lea/redis-server.
sudo apt-get install redis-server.
make sure redis-server work.
3. Install open-node-mining-portal.
Before run you must change some configuration -- I use FileZilla to edit file thought SFTP.
Bitcoin mining is competitive and the goal is that you want to solve or “find” a block before anyone else’s miner does. Then you will get the block reward and transaction fees from the block.  During the last several years we have seen an incredible amount of hashrate coming online which made it harder to have enough hashrate personally (individually) to solve a block, thus getting the payout reward. To compensate for this pool mining was developed. What a mining pool does is accept connections from miners anywhere in the world (if applicable and some are private) and pool their hashrate together thus mining with a higher total hashrate. In doing this the variance or luck of finding block is increased to the positive by having a larger total hashrate in trying to process a block the fastest. Here is the official wiki definition of pooled mining:
“Pooled mining is a mining approach where groups of individual miners contribute to the generation of a block, and then split the block reward according the contributed processing power. Pooled mining effectively reduces the granularity of the block generation reward, spreading it out more smoothly over time among the group.”.
There are several types of mining pool payout systems. You can choose which is the best for you based on your ownВ personal requirements. The different payout systems are summarized below. Choosing a Bitcoin mining pool is up to which pool you feel is the fairestВ and which can get you the highest amount of payouts for your investment. Most pools are provably fair and will pay out fairly based on their type of pool approach. Here are a couple of theВ wiki definitions of the different mining pool payout approaches to help you make an informed decision in choosing your mining pool.
Pay Per Share (PPS)
The Pay-per-Share (PPS) approach is to offer an instant flat payout for each share that is solved. The payout is offered from the pool's existing balance and can therefore be withdrawn immediately, without waiting for a block to be solved or confirmed. The possibility of cheating the miners by the pool operator and by timing attacks is thus completely eliminated. This method results in the least possible variance for miners while transferring all risk to the pool operator. The resulting possibility of loss for the server is offset by setting a payout lower than the full expected value.
PPLNS has a higher payout. PPLNS will give you wide fluctuations in your 24 hour payout, but for hardcore miners, the law of large numbers states you will earn more this way. This is for people trying to mine as fast as possible. One thing to remember in choosing your pool is to keep in mind the global hashrate and if you can choose a pool that may not have the most hashrate. In doing this you strengthen smaller pools and spread the hashrate out to help mining decentralization. You also want to choose a mining pool with nodes the closest to where your miners are located. While most pools nodes are fine from all over the world it can help with lost shares and lower latency.В.


Bitcoin

10 Actionable Ways To Make Money With Bitcoin in 2020.
Luxury, lambos, and insane profits leave people wondering how to make money with Bitcoin in 2020.
All you need is a basic understanding of where to look ( and where not to ), what to learn, and how to manage your time. And then stick to those principles -- which may be the most challenging part.
In this article, I will explain different approaches on how to earn money through Bitcoin today.
I will begin with simple, low-cost methods, and go on to more complicated, higher-cost ones. By the end, you will be well equipped to start your journey.
Note: If you're ready to put money on the table, I advise you skip to the 5th point on how you can earn money off Bitcoin "Invest in Bitcoin" .
1. Learn About Cryptocurrency.
Do you know that you can make money with Bitcoin and cryptocurrencies, just by learning how they work, how their price is determined, on which platform to buy and sell Bitcoin, etc.?

Bitcoin

Knowledge is power -- and it's truer than ever with cryptocurrency.
But learning doesn't need to be tedious and confusing with only the promise of earning Bitcoin and cryptocurrencies sometimes in the distant future.
For instance, Coinbase, the largest and most popular cryptocurrency exchange in the world, offers the following (brilliant) incentive for its members.
With Coinbase Earn, you can learn about a cryptocurrency -- and earn it.
It's simple: watch a few videos ( max 10 min. total ) about a specific cryptocurrency -- and earn up to $50 dollars in that currency you just learned about. You can then convert it into Bitcoin using the Coinbase exchange -- and boom, you got one way to make money with Bitcoin without risk.
The videos are concise, informative, and entertaining. The best part being, of course, is that you earn the currency and can begin trading it or sell it for fiat .
Once you're hooked on the basics of cryptocurrency, you'll no doubt want to learn even more.
Take note that not everyone is eligible to participate. The best way to know is to try to participate and join the waitlist, if any .
2. Surf The Web With Brave.
Note : This promotion is no longer available starting November 24th 2020.
What is Brave? Well, if you've signed up for Coinbase Earn, you might already know!
Coinbase Earn has a short course about Brave and its very own cryptocurrency token -- BAT. So, how do you make money with Bitcoin using Brave?
Just browse the internet and earn!
If you haven't seen the course, then here is a short intro: Brave is a web browser , much like Google Chrome and Safari.
The biggest differences, however, are that Brave respects your privacy and will allow you to opt-out of ads.
If you choose to see ads anyway, then you will earn by clicking on them.
That's right, you will no longer be Google's guinea pig -- being forced to see popup ads while all your browsing data is sold. By using Brave, you know that no one is exploiting your browsing data without your consent.
And the best part is: Anyone in the world can use Brave and earn with it.
Note that Brave will pay you with their BAT token -- not with Bitcoin. BAT stands for ' Basic Attention Token '. Once you earn BAT tokens, you can choose what to do with them: sell them for fiat , tip your favorite content creators with them, and more.
Of course, you can easily convert them to BTC on Coinbase -- which is why I included Brave in this guide on how to make money with Bitcoin.
3. Make Money With Bitcoin Affiliate Programs.
Affiliate programs are a simple concept: websites pay you commissions for referring customers to them.
Bitcoin and other cryptocurrency affiliate programs will, naturally, offer to pay you in BTC. So how can you earn money in Bitcoin? Join such a program.
If you have a blog, YouTube channel, or other social media account: join a crypto affiliate program and share your links. Boom. Off to the races.
If you don't produce content, then share your links with your friends, family, and post them wherever you can.
You'll be earning Bitcoin and showing them that they too can learn how to make money with bitcoin.
Get started by visiting the following sites offering affiliate programs:
ByBit.
Bybit is a cryptocurrency derivatives trading platform which serves both retail clients and professional derivatives traders.
Deal : 30% of the revenues generated by your referrals.
To Participate : Follow these steps closely.
CommissionKings.
CommissionKings is a platform that manages the affiliate programs of many gambling sites which provide gambling services worldwide. And guess what: most of these websites accept Bitcoin as a payment method.
Deal : Commissions based on revenues, from 20% to 50% depending on the site you promote.
To Participate : Create an account and start promoting!
More options coming soon!
4. Work in the Bitcoin Industry.
Working in the Bitcoin industry goes beyond just monetary value. There is no better way to learn how to make money with Bitcoin than by working with Bitcoin. The cost here is time and discipline.
If you take the time to understand crypto and can translate your expertise to the cryptocurrency industry, then your skills will be in high demand amongst the financial and technology worlds.
Most people have zero understanding of blockchain technology, crypto economics, mining , or how to think critically about its implications.
Given the lack of understanding coupled with rising demand, cryptocurrency experts can easily make upwards of $90,000, $150,000, $200,000 or more depending on experience.
And you know what?
Most of these jobs can often be done remotely, from anywhere in the world, and pay anywhere between $40,000-90,000 per year. Plus, they may very well offer to pay you directly in Bitcoin -- which makes learning how to make money on bitcoin so, so much easier.
Let's take a closer look at the various opportunities.
Community Managers.
Don't underestimate the importance of an excellent community manager. Many crypto projects have Facebook and Telegram groups, not just announcement channels. Which means that there is high demand for real-time support and engagement between the company and clients.
Many of these groups can have 15,000+ members chatting live, which requires prioritizing support requests, keeping clients happy, and fostering ongoing discussions with users.
Besides, managing a community of people with diverse thoughts, concerns and questions about BTC will keep you sharp -- quickly improving your knowledge on ways you can make money with Bitcoin.
Content writers.
Content creators, on the other hand, must be professional wordsmiths who understand how to communicate to the cryptocurrency market and adequately use the correct lingo in web copy, white papers , and blog posts.
Lots of cryptocurrency websites are popping up, whether they are content-based (like us) or launched their own cryptocurrency.
If you gain some knowledge and experience as a content writer, then you are well on your way to making money with Bitcoin. It's easier to learn how to make money with Bitcoin when you're writing about it almost every day and being paid to keep up with all the latest trends.
Oh, and do you know that CryptoManiaks hires new writers regularly? So feel free to apply :-)
Blockchain Developer.
Blockchain developers are arguably the most in demand professionals in the space. Those who understand how to practically build, debug, and improve upon blockchain networks are tough to find -- and as a result, are paid handsomely .
To be a developer in the space requires not only knowing software development but specifically blockchain protocols and decentralized networks. Making money with Bitcoin becomes simple when companies are paying you in Bitcoin .
Blockgeeks.com is the best place to learn the basics and get your foot in the door -- For Free . They offer the best resources available on Blockchain technology and have already trained an incredible number of blockchain professionals.
CryptoManiaks Tips : if you use our exclusive coupon codes CryptoManiaksPRO and CryptoManiaksACC, you'll also get 20% off their premium content.


Bitcoin

Next, let's answer how you can make money with Bitcoin by actually investing in Bitcoin and cryptocurrencies -- and by leveraging your investment.
5. Invest in Bitcoin.
Perhaps the easiest -- yet no less stressful -- answer to the question "how to make money with Bitcoin" is to buy some BTC (or just a few bits of BTC) and hold them.
Even people who bought at every ATH most often times will make money.
Bitcoin peaked at $32 in 2011, $260 in 2012, $1,300 in 2013, and of course $19k in 2017.
After each peak BTC saw a big correction, it's true. But for the people who held on -- they were able to cash out at the next cycle. That's where profits come from -- holding on.
Buying and holding is fairly easy if you don't know the basics. You don't need to learn to code or learn about other cryptocurrencies. All you need to do is buy Bitcoin hold it.
But ... What about keeping your Bitcoin secure? What about not getting scammed or hacked? These are also important questions.
You can navigate our website (and the whole web) to get the answers and find the knowledge that will help you make money with Bitcoin 10X faster.
6. Earn First Deposit Bonuses.
When you are comfortable buying, selling, transferring, and holding Bitcoin, the world of ways to earn bitcoin begins to open up.
For example, just depositing and buying BTC on the following exchanges will make you earn more BTC.
Keep in mind though, that you won't earn if you don't use the links below.
Coinbase.
Bonus amount : $10 worth of BTC.
Release Terms : Buy 100 $/€/£ worth of any cryptocurrency.
Bitbuy.
Bonus amount : $20 worth of BTC.
Release Terms : Buy $100 worth of any cryptocurrency.
Eligibility : Canadian residents only.
Delta.Exchange.
Bonus amount : Up to 0.01BTC for trading (50% bonus)
Release Terms : Deposit up to 0.02BTC.
Eligibility : Everyone except US and Japan residents.
Bonus amount : $60 worth of BTC/ETH/EOS/XRP for trading.
Release Terms : Deposit at least 0.2BTC or 6ETH or 100EOS or 1500XRP.
Eligibility : Everyone except US, Québec (Canada) and Singapore residents.
7. Make Money With Bitcoin Lending.
Lending is an excellent way to earn money from Bitcoin.
Lending is underutilized, and we cannot stress enough how great of an opportunity it is to make money with Bitcoin.
Especially if you're HODLing. If your favorite way to make money with Bitcoin is just buy and hold -- then you must consider joining a site where you will lend your BTC to others while you earn interest.
Don't worry, most of the best lending platforms are insured. If something happens -- you're safe in the knowledge that you will get your BTC stash right back.
Our favorite option to make money with Bitcoin by lending it is Celsius Network.
They offer the best returns on your BTC, and have a pleasant customer service experience.
8. Make Money With Bitcoin Trading.
How to make money with Bitcoin? "Trading!" they say. Trading is the approach that everyone thinks will get them rich.
While this can be true, it requires lots of work and dedication to become a profitable trader .
As opposed to regular investors or 'HODLer' who buy cryptocurrencies and hold them for a long time, traders enter and exit positions intraday, flipping coins for profits hoping to make hundreds or thousands each day.
This requires understanding technical analysis, fundamental analysis, and all of the trading tools at your disposal.
While on the topic of trading, let's discuss a couple of basic trading strategies.
Leverage Trading.
Many times, traders use leverage to borrow and trade with more funds than they have. This is called margin trading .
This can be an excellent way to make money from Bitcoin if you believe Bitcoin (or any other cryptocurrency available) is going to rise in price in the short term. And some platforms allow leverage trading up to x100!
Let's take an example: Bitcoin is at $10,000 and you believe it will go over the $11,000 threshold soon (which means Bitcoin will make +10%).
If you trade 0.1BTC and use an x10 leverage, you would make 0.1BTC (100% ROI) if your prediction was true. On the other hand, your trade will be liquidated and you'll lose your 0.1BTC if the price of Bitcoin goes below $9,000 (as Bitcoin would make -10%).
Margin trading requires you to always have a certain amount of collateral in your margin account. Collaterals are used by cryptocurrency exchanges to secure the loan: if you're not able to pay them back, they sell your collateral to pay themselves back.
Important note : The whole process of borrowing money and paying back the loan is automatic on cryptocurrency trading platforms. All you have to do is setup the leverage multiplier and click " long " (if you believe Bitcoin is going up) or " short " (if you believe Bitcoin is going down).
Leverage trading may seem like the answer to how to make money with Bitcoin -- but keep in mind it's easy to get liquidated too. Approach with caution and education.
Shorting Bitcoin.
If you believe Bitcoin (or any cryptocurrency) is going down, or if we're in a bear market, you can decide to short Bitcoin to profit from downtrends. Shorting is commonly referred to as short selling or selling on margin .
Here is how it works:
You borrow a quantity of Bitcoin using your collaterals. You sell them for another currency, let's say USDT which is a stablecoin . If Bitcoin goes down in price, you can purchase back the same amount of BTC for a lower amount of USDT. You pay back that same quantity of BTC you borrowed.
That way, if your prediction was right and the price of Bitcoin went down, you'll keep the difference for yourself!
Shorting the market gives you an incredible edge over other cryptocurrency investors, and is how traders make money from Bitcoin (at least the most educated ones).
Indeed, not only you'll be able to make money when Bitcoin's price goes up, but also when it goes down.