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Bitcoin mining.

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

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Bitcoin

If you're looking to get involved in the action, then you are going to need three things: a Bitcoin wallet; suitable mining hardware (such as a powerful CPU, GPU, or ASIC); and the mining software that's used to bring everything together.
Did you know?
Cryptocurrency miners can often be flagged as malware by some antiviruses, but this is generally not accurate when downloading from the original source.
For a detailed primer, read What is Bitcoin mining?
It is extremely efficient and uses minimal CPU and RAM, and has heavily threaded code design to maximize multi-threaded CPU architectures. It supports GPU, FPGA, and ASIC mining--with automatic support for many of the most popular Bitcoin ASIC miners, including Bitmain's Antminer.
Unlike most of the other miners on this list, you'll need to compile CGMiner yourself using the source with MinGW. Detailed instructions are included describing how to do this, but it is a somewhat lengthy process that will take around 20 minutes.
If you're a newer miner, MultiMiner features a simple Getting Started wizard that will help you select an engine and coin, and select a pool to mine with. It will also install the latest version of BFGMiner automatically.
How to mine bitcoin and other cryptocurrencies.
Going for virtual gold.
Mining is the process of using a computer to perform complex calculations on blocks of data which maintain the Bitcoin network. Miners are rewarded for their efforts with a certain amount of Bitcoin cryptocurrencies.
Bitcoin (BTC) is fast becoming the province of people using specialized ASIC (application-specific integrated circuit) devices, although if you have one or more powerful graphics cards you may still be able to generate a small profit by assembling your own mining device. You'll learn more about this in the following steps.
The actual profit you make will depend on a number of factors. The first is your 'hash rate' - in other words, the actual processing power of your machine. Computers designed for mining, or 'rigs' as they're commonly known, require large amounts of electricity, which will increase running costs. The complexity of mining also rises over time.
This is what you need to do if you want to mine Ethereum instead.
The Bitcoin itself is a very volatile virtual currency and while it has recently made huge gains, it may also plummet in value. Bear this in mind if you plan to hold onto any BTC you mine rather than selling immediately. If you want a rough idea of how much you can make from mining, use one of the many online profitability calculators (for example, the one at 99 Bitcoins ).
While you can technically try to mine Bitcoin on your own, it's very unlikely that your rig will singlehandedly solve the complex sums necessary to receive a reward. Instead, you'll need to join a mining pool. As the name suggests, this is a pool of multiple machines connected together, engaged in a collaborative mining effort. The Bitcoin rewards reaped are shared amongst everyone who contributed processing power to the effort.
However, note that the way in which profits are shared can vary from pool to pool. You can learn more about pooled mining on the Bitcoin Wiki .
Read our guide on acquiring and buy bitcoin instead as well as a list of the best bitcoin exchanges.
1. Choose your miner.
One easy - but not cheap - way to get started with Bitcoin mining is to buy an ASIC device such as the AntMiner S9. These devices have been specifically designed for mining Bitcoins which means they'll generally give you the greatest return on your investment.
However, as mentioned, these ASIC devices are expensive. The S9 for instance currently retails for around €2,100 (about £1,860, $2,490). You will usually need to buy a separate power supply unit which will set you back something like another €300 (£265, $360). These devices are usually designed specifically to mine Bitcoin and will not function well if you try to use them to mine other cryptocurrencies (if, say, Bitcoin should happen to fall drastically in value).
Alternatively you can build your own Bitcoin mining rig. While these aren't as efficient in terms of power and hash rate, they require less upfront expense and can mine other currencies besides BTC. In the simplest terms these are computers with multiple powerful graphics cards installed. These GPUs might be primarily designed to render complex graphics when playing games, but they also lend themselves well to coping with the complex calculations involved in Bitcoin mining.
To get started, you'll need to purchase a case for the machine. Most of these are a simple metal frame to allow heat to dissipate easily. You'll then need to choose a motherboard and graphics cards for mining, such as the AMD Radeon RX 580.
If you need some more advice, see our guides on choosing the best mining GPU and best mining motherboards . You'll need to assemble the machine and install the OS and mining software yourself, so you should only go down this route if you are tech-savvy and familiar with computers.
If neither of these options appeals, you can rent hash power from cloud mining companies. These firms have dedicated data centers devoted to mining Bitcoins. As they are centralized they can buy machines in bulk and use efficient methods to generate electricity.
Most companies will offer you a fixed amount of Gigahash Seconds (GH/s) of mining power for a fee. The advantage of this approach is that you don't need to buy any expensive hardware. The fees for cloud mining will vary, however, and another point to be wary of is scammers posing as cloud mining outfits. See the Bitcoin Wiki for a list of reputable cloud mining companies.
2. Set up your Bitcoin wallet.
Once you've made the decision that mining is right for you, you'll also need to set up a Bitcoin wallet to store your profits. If you're mining as an investment and don't plan on spending any of your coins soon, consider using a website like Bitcoin Paper Wallet Generator to create a 'paper' wallet. Make a note of the 'public' address which you can use to receive payments.
You can check the balance of your Bitcoin wallet safely at any time by visiting Blockchain.info and entering your payment address into the search bar at the top-right. Don't let anyone see your private keys as anyone with access to your paper wallet can control your virtual cash.
If you plan to regularly cash out your BTC or make payments, consider using a software wallet instead. The lightweight Electrum wallet is available for all major desktop operating systems and Android. When you create your wallet, Electrum will generate a 'seed' of a dozen random words to use as a private key. This means you can restore your Bitcoin wallet if anything happens to your computer.
If you use a software wallet like Electrum, try to do it on a machine that isn't connected to the internet so your BTC can't be hacked. This is known as 'cold storage'. The Electrum website has instructions for setting up a 'watching' wallet for day-to-day use which can show your balance but cannot make payments itself. Or for full instructions on setting up secure offline storage, see our article on how to create a secure cold storage Bitcoin wallet using Bitkey .
3. Pick a Bitcoin mining pool.
The next stage is to sign up to a pool; you can solo mine, but you need some serious hardware to make it worthwhile. You can find a list of pools on the Bitcoin wiki . We'll walk you through the process of signing up for Slush's Pool because it's one we've used a lot, but the same procedure can be used for any of the major pools.
4. Jump in!
Head over to the Slush Pool website and click on 'Sign up here' at the top-right. On the registration page choose a username, then enter your email address and password. The Slush Pool website will send you a confirmation email. Click the link to validate your email address. You'll see that a 'worker' has been created for you, so you can begin mining. Although it's not compulsory, you should ideally have one worker per device. Visit Slush Pool workers at any time to view and create workers.
5. Funded mining.
You need to tell your mining pool where and when to send the funds from your mining exploits. On the Slush Pool website you can do this by clicking 'Settings' at the top-right, then click 'Bitcoin' on the left. Choose 'Payouts' then click the 'New Wallet' button. Paste in your public address for Bitcoin payouts here. If you're using a paper wallet this should be clearly marked. In Electrum you can view your current receiving address by clicking on the 'Receive' tab. Click 'Submit' when you're done.
Some miners also allow you to choose the payout threshold - in other words how many BTC you need to have mined before the Pool sends funds to your wallet. This is important as while it's risky to leave large amounts of BTC in an online wallet, transaction fees for sending BTC across the network are currently very high, so you could end up paying a lot for multiple smaller payments. Choose freely and wisely.
6. Pool safety.
Mining pools are a popular target for hackers for obvious reasons. To make sure no one can potentially pilfer your Bitcoins, first check that your pool uses SSL. This means your connection is secure - in most web browsers you'll see a padlock icon (in the address bar) if this is the case.
Certain mining pools such as Slush Pool also allow you to secure access to your account by using two-factor authentication. This introduces a second step for a successful login, and is therefore another hurdle to prevent hackers from breaking into your account. In order to use this you'll need access to a mobile device and an app such as Google Authenticator or FreeOTP.
7. Diving in the deep end of the mine with GUIMiner.
Now you need to download the mining software to your PC. You have a few options here, but to get started we'd recommend using GUIMiner , if only because it has such a straightforward interface. It comes as a self-extracting archive and runs straight from the folder to which it's extracted.
Launch GUIMiner and select 'Slush's pool' from the Server menu. Type in the name of the worker that was created when you registered your account - it'll be [username].worker1 - and enter the password for the worker. Select your graphics card from the Device menu and then hit the 'Start mining' button to get going.
GUIMiner will now communicate with the servers to get shares for your machine to work with. You'll see your hash rate at the bottom right and the current state of your work in the bottom bar. You can also see the console (useful if you have connection problems) or a summary page (great if you've got multiple cards) via the View menu.
If you're running a mining rig instead of using specialized hardware, you can make a few small tweaks to make sure its running at peak efficiency. To do that, you need to do a quick search to see what the recommend flags are for your graphics card. Take a look at the Mining hardware comparison webpage and search for your card in the table.
The information you want from this table is under the Notes column. This is where you'll find the switches that push your graphics card that little bit harder, making them better at Bitcoin mining.
The important ones are those relating to the workload (-w) and whether to use vectors (-v). Enter these values into the Extra Flags block in GUIMiner, stop mining and then restart it.
8. Precision tuning.
This should give your Bitcoin mining PC's performance a nice boost, but to really get the most from your card you need to turn your hand to a little overclocking. We recommend grabbing EVGA's Precision X utility , although you can get quite far using the overclocking tools that are part of AMD's Catalyst drivers.
9. Beat the heat.
Whether you're using a specialized ASIC Miner or your own rig, the device is going to run very hot when trying to mine BTC for you. Therefore, be sure to place your mining hardware somewhere with good ventilation so the heat can dissipate easily. Generally speaking, the cooler your mining machine, the more efficiently it will perform. Make sure to factor the costs of air conditioning and/or a heat pump into your mining calculations to be certain you're still running a profitable enterprise. If you live somewhere cold, you could follow in the footsteps of smart Siberians and use the excess heat from mining as a 'data furnace' to heat your home.
10. Keep mining profitable.
As research continues into specialist mining equipment and the difficulty of mining increases, the highest profits from mining are usually earned by data centers based in locations where energy is inexpensive such as China. As a hobbyist miner, you can maximize your profits by following their example by using ASIC miners and keeping electricity costs down.
While relocating to China may not be on the cards, you can increase the efficiency of your rig by using an efficient PSU. You can get help with this in the Pools section of the BitcoinTalk forums .



Bitcoin

An alternative way to get one over on the 'big bully' miners is to use renewable energy to power your mining machine - for example by installing solar panels on your property.
If you do this, remember that the advertised wattage for devices is usually the optimal amount you'll receive under ideal conditions. Solar panels in particular are affected not just by the amount of sunlight they receive, but by surface area, the angle at which they're placed, and the direction in which they're facing. Speak to a qualified installer, fully explain your needs, and get things right.
To get started, consider using an electricity usage monitor to measure the energy consumption of your mining device in kWh (kilowatt hours). These are very inexpensive and available from any hardware store.
Remember that the reward for mining Bitcoin halves every 210,000 blocks. You can find a more detailed explanation of this on the Bitcoin Wiki , but essentially, this means mining becomes less profitable over time, unless you can increase your hash rate - or the value of Bitcoin increases.

Bitcoin


12 Best Bitcoin mining Software for Windows PC.
August 10, 2018 By Madhuparna.
Every person in this world wants to earn profit these days and the means of earning could be anything from starting a business to investing in stocks. Investment is another avenue where people take chances by putting their money on commodities, and when the price of the commodity rises, they earn profits.
Cryptocurrency is one such avenue that is fast rising in popularity by climbing the currency charts and conquering the exchange rate. While there are many cryptocurrencies these days, Bitcoin is hands down the most popular of all. Bitcoin mining is another aspect that helps us earn some good profits if done properly.
It is about authenticating the blocks on the cryptocurrency blockchain that becomes a reality by working out complex algorithms and problems. Let's see more about the Bitcoin mining software.
Bitcoin mining software is useful:
for solo miners - the software can link your Bitcoin miner to the blockchain. for those mining with a pool - the software links you to the mining pool. for cloud miners - no mining software is required.
Importance of Using a Bitcoin mining Software.
The primary aim of the software is to convey the work of the mining hardware to the remaining Bitcoin network and to collect the completed work from other miners on the network. The software keeps a check on this activity (input and output) of the miner and projects the statistics at the same time that includes the fan speed, speed of the miner, temperature, and the hash rate.
Before you select the Bitcoin mining software of your choice, remember a few things for successful Bitcoin mining experience:
Select the right software Find the best software matching your requirements. Fix up a way to receive the profits generated from mining. Make sure if you want to just mine Bitcoins or other alternatives too? Double check the hardware pieces that you possess. Analyse your skills of using command prompts that help run programs, or the graphical user interface. Begin solving algorithms.
Keeping these things in mind, we have created a list of the best Bitcoin mining software that can help you choose the one that suits you the most.
This software is perfect for the beginners and for Windows 10 platform. The software is based on graphical user interface (GUI) that comes with an easy to access front-end. You can also use it with Linux and MacOS, but that will require additional software. The software is specially designed for Bitcoin mining on Windows 10.
Since the software is based on GUI, it also comes with some advanced features. What's interesting is its ease of use. Once you have installed the software successfully, MultiMiner guides on how to connect to a pool in the right manner.
This also helps you by guiding you on the right time to enter each piece of information related to the mining pool you would be using. Bonus - all the possible complex terms are explained in an easy to understand manner.
Once you are done with the setup, MultiMiner runs a scan for the hardware. The scan pulls up details of each possible device like the estimated profits you can generate, and more. The software can also help you connect to several pools at once. It can also make the device automatically mine the most profitable coin at any time or look for those that offer the lowest complexity.
The software is available for free, but you can choose to share your 1% of mining profits directly with the developer. This is a donation which is as per your will and so, you can disable the option after sharing the profits for a week or for a month.
MinePeon.
This software focuses on stability and performance with its lean purpose build mining tool. The goal here is to configure the device and forget. All you need is to know how to install it, configure it and then let it do it's work endlessly for a day without any human dealings.
Some of the features of MinePeon are:
Lean - chances are that anything that's not directly associated with mining will not be included. Secure - it's designed as an Embedded OS with focus on stability. The packages offered are completely tested and available in latest stable versions. Fast - The software won't detect a CPU cycle taken away from mining. It's still not fully known as to how many GHS/s you can connect to a Raspberry PI without the software losing shares. Latest - the software is up-to-date with the latest packages and practices. Easy to Hack - If you have a better grasp on Linux, you can do just about anything with it. Easy to Mine - It's user-friendly and perfect for beginners. A newbie can easily set it up and start mining in matter of minutes.
It's an open source software that is, it's free to download and all the sources codes are easily available online. It would, however, need WinDisk32Imager to run efficiently.
Bitcoin miner.
This software is compatible with Windows 10 and Windows 8.1. It comes with a user-friendly interface with features like power saving mode, quick share submission, and mining pool support.
One of its best feature is its reports feature since this helps you to understand if mining is profitable for you or not. Bitcoin Miner is available in the latest version - 1.2.7.0.
If you are an advanced computer user, then CGMiner is just the right tool for you. It is Linux based, coded entirely in programming language C, based on the previous popular mining software, CPUMiner and one of the most commonly used Bitcoin mining software. Which means that it works with nearly all operating systems.
It uses an easy to use command line interface and provides assistance to different mining pools and devices. The keyboard commands help change the settings easily for example, the fan speed and so on. But since, it does not use a GUI, it's best suited for advanced users.
It also allows you to use GPUs and CPUs with it. That being said, it can be a little complex to install on Windows 10 OS due to the anti-virus blockers and Windwos Defender.
It's almost similar to the CGMiner. However, the different lies in the fact that BFGMiner is developed to be used with ASICs (application specific integrated circuits) instead of supporting CPUs and GPUs. This makes it a perfect situation for mining all cryptocurrencies (including Bitcoin) that are not ASIC proof. It's equally ideal for currencies using SHA256 mining data.
It's compatible with operating systems such as, Windows, Mac and Linux. You can also customize the mining hardware that includes operating a remote interface, controlling fan speeds, and overclocking. It helps you to connect to several mining pools at a time and even ceases to connect to pools that are not reachable for any known reason. This not just helps save your electric bills but, will also save money when the tool cannot connect with a pool to generate revenue.
BFGMiner is not entirely text based like the CGMiner but, is definitely easy to use. The interface is intuitive and the hotkeys offer a fast and smooth experience while accessing certain functions. But, if you do not have much experience with command prompts, it's not for you.
BitMiner.
BitMiner is known to be using a certain mining pool that easily possess the same name. It's an easy to setup software that claims to make Bitcoin mining uncomplicated with higher earnings.
Best of all, it's supported on all platforms such as, Windows, Mac OS, and Linux. Given that it uses its own pool for Bitcoin mining, you All you need to do is to sign up for the pool and install the software, and there you go!
The software is complete free of cost however, you have to pay a 1% commission to the BitMiner pool for mining with them. That said, this is the lowest fee for the mining pool among all the software.
RPC Miner.
It's a remote pool miner client for Bitcoin, which is also known as puddinpop's miner named after the forum name of the author. It has four chief client binaries administered:
CPU miner 4way CPU miner OpenCL miner for ATI GPUs CUDA miner for Nvidia GPUs.
It's termed as an experimental and decentralized digital currency that allows prompt payments to anyone, anywhere in the world. You can mine Bitcoins or different other cryptocurrencies by generating and configuring automated methods and situations in the dedicated tool.
It's compatible with Mac OS 10.6 or higher platform. The 1.5 version of the software for Mac is can be downloaded for free from the official website. The software assimilates with the system settings to operate in the backdrop and improve the usage of resources.
It's known to use peer-to-peer technology to run without any central control that includes transaction management and money dispensation collectively through the network.
Cloud Mining Software for Bitcoin.
There are some mining software that are completely supported by cloud and not Windows, Mac or Linux. These can be easily accessed from anywhere in the world. Being on cloud, these software can work across platforms that makes them diverse. However, these software are also less safe than the usual software and that's only because they are based on cloud servers and are hence, more prone to security threats.
Hashflare.
It offers SHA-256 mining contracts and usually turn out to be far more profitable since the coins (SHA-256) can be conveniently mined even while the payouts are done in Bitcoins automatically. However, the user must buy at least 10GH/s.
It's touted to be the largest player for Bitcoins among the cloud mining software. It offers diverse services for example, provides three payment plans and all these three plans are fairly priced. That's not all, as it also offers Zcash mining contracts for the users.
Hashing24.
This software started with the mining process in 2012 for Bitcoin and other cryptocurrencies. Today, they have many services related to cryptocurrencies and cloud mining software is among them. Hashing24 operates from two locations that is, from Iceland and Georgia, and they are known to use latest ASIC chips produced by BitFury. This lets them bring forward the highest level of performance and efficiency possible.
So, start with your Bitcoin mining today and earn generous profits for your investments that you have always dreamt of.
This is another reliable software with great performance. EasyMiner also comes with an easy to use and easy navigate GUI that works great for the beginners as well. It allows you to change network settings, change the mining pool you are using, and even view your crypto wallets with just one click.
The software enters the "MoneyMaker" mode automatically the first time it's started and almost immediately creates a Litecoin wallet and starts mining with the help of your computer's CPU on a private pool. In addition to the fact that it goes well with CPUs and GPUs, EasyMiner is also capable of mining cryptos with the help of advanced hardware.
It controls the function of both CGMiner and CPUMiner concurrently which indicates that your CPU or GPU will emphasize on Litecoin and the ASIC will concentrate on Litecoin.
BTCMiner.
It's a free and open source Bitcoin Miner. It's intended for the ZTEX USB-FPGA modules 1.5. Some of the features of BTCMiner are as below:
It comes with the advanced feature of dynamic frequency scaling where the software automatically picks up the frequency that has the highest number of valid hashes. It also features Bitstream that is ready-to-use which means that it does not require Xilinx software or any license to mine.
That's not all, as it's also accompanied with FPGA boards consisting of a USB interface that assists in programming and communication.
I find passion in writing Tech articles around Windows PC and softwares.
Time Frame BTC Reward Revenue USD* Power Cost (in USD) Pool Fees (in USD) Profit (in USD) Hourly 0.00003275 $0.61 $0.16 $0.00 $0.45 Daily 0.00078595 $14.74 $3.90 $0.00 $10.84 Weekly 0.00550162 $103.15 $27.30 $0.00 $75.85 Monthly 0.0236 $442.07 $117.00 $0.00 $325.07 Annually 0.2869 $5,378.48 $1,423.50 $0.00 $3,954.98.
* Bitcoin Price at $18,748.80 USD.
Bitcoin mining Difficulty Bitcoin Block Reward Bitcoin Price 17,596,801,059,571.00 6.25 BTC $18,748.80 (BTC to USD) Bitcoin mining Hashrate Bitcoin mining Hardware Watts Bitcoin mining Hardware Cost Electricity Costs 110.00 TH/s 3,250 Watts $2,407.00 $0.05 per kWh.
A BTC mining difficulty of 17,596,801,059,571.00, a BTC mining hashrate of 110.00 TH/s consuming 3,250 watts of power at $0.05 per kWh, and a block reward of 6.25 BTC at $18,748.80 (BTC to USD).
After deducting mining power costs and mining fees, the final daily Bitcoin mining profit is $10.84 Bitcoin to USD .

Bitcoin

Mine for Bitcoin with ANY Computer.
@ burningw0rds Mike Co.
Mining is a great way to enter the cryptocurrency ecosystem. However, Bitcoin/Litecoin is almost impossible to mine for the average user. It requires expensive equipment called ASICs that are made by a controversial, centralized company called Bitmain. These ASIC chips consume high amounts of electricity, and ASIC mining farms often use cheap & ecologically-destructive coal power. These centralized mining cartels mint the vast majority of new Bitcoin, and are responsible for contentious forks of Bitcoin in order to maintain a monopoly of the network.
I am not trying to cast a negative light on Bitcoin- I am highlighting how far we have come from Satoshi's (the mysterious creator of Bitcoin's) white paper that described a democratic mining system of "One CPU" as "one vote." Back in the early days of Bitcoin, any old laptop could mine hundreds of Bitcoin a week (worth millions of $ at today's value). In a way, this was utopian in the sense that anyone, anywhere could verify and support Bitcoin's network. However today, CPUs and even more powerful GPU's are worthless for mining on Bitcoin's network- which leaves all of the mining to one powerful mining company in China.
However, just because you do not own an expensive ASIC miner doesn't mean you can't "mine" with any average computer to ultimately obtain Bitcoin (using a regular CPU, GPU, and even a Hard-Drive).
First Option: Mine Monero with CPU.
Monero is a particularly interesting alternative to Bitcoin. Unlike Bitcoin where every transaction is public on a distributed ledger, Monero offers true anonymity. While being a philosophically contentious issue, I believe that anonymity could be useful for people living under dictatorial governments. The Dark Web browser of choice called Tor, was created by an agency of the U.S. Department of Defense for this reason. And while anonymous tools like Tor and Monero can be used by drug dealers and criminals, so can cold hard cash.
Monero has an interesting feature that allows CPU mining to always be competitive, no matter the size of its network. This feature seems to fulfill the original intention of Bitcoin for "One CPU, one vote." Therefore, it is possible to mine Monero on ANY computer. A user-friendly website that I have used to CPU mine Monero for the past year is called Minergate. Make an account, download the software, and turn on "Extended Mode." I prefer to turn off the "Smart Miner" and instead only mine XMR (Monero) as I believe it is the best coin they offer.
If you leave a spare core, you should have no problem doing most tasks on your computer while simultaneously earning passive mining income. It depends on your equipment, but if you have a decent CPU you can make a reasonable income as long as your computer is on and running. Every month or so, Withdraw your earnings to your favorite altcoin exchange and either a. Hodl your Monero or b. Sell for Bitcoin.
This past year I have continuously sold most of my earned Monero directly for Bitcoin. (I have actually missed out on greater gains with this method as Monero has gone to the moon, but I probably will continue this way)
Next Option: Mine Zcash/Eth with GPU.
This is slightly more restrictive, as not everyone has a suitable AMD or Nvidia Graphics Processor so I will not go into too much detail for this one.
I personally mine Zcash and sell every week for Bitcoin or other interesting cryptocurrencies. I prefer to use Suprnova pool. Minergate also offers GPU mining if you like their interface better. Here, Suprnova offers a detailed guide for how to get up and running. Zcash is another anonymous coin similar to Monero. * (Update: ASICs will now soon be available for Eth/ZCash, so GPU mining may soon become obsolete)
If you want to support Ethereum's network instead of Zcash, check out eth.suprnova.cc, although it is a slightly more involved involved process than Zcash.
Final Option: Mine Storj with Hard Drive.
An interesting idea that has come from Bitcoin, is to distribute file storage on the blockchain like Bitcoin/Ethereum does for computing power. As such, it is possible to use extra hard drive space to "mine" and host files on decentralized storage networks like Storj, Sia, and Filecoin. Filecoin looks to be the most exciting of the three, but unfortunately it is not live yet. Therefore, I mine Storj with my hard-drive. (Sia is legitimate as well, but very unprofitable at the moment as a host)
Apparently, Google is an investor in Storj, and while it has had growing pains, I am bullish on Storj going forward. On Mac it's extremely easy to set up Storj and start up, but it is a little more in-depth for Windows users:
Click "Rent Your Drive" and follow the steps to download.
First step after opening the app is to enter your ERC20 token address:
Get that by "Creating a New Wallet" on MyEtherWallet and following the instructions to copy your "0x" ethereum address like the one above.
Enter this address in Storj Step 1, then move on and choose a folder to host your rented HD space. Follow through the steps, and the default setup should work for most Mac users no problem.
If you are a Windows user, you need to do two extra things. 1. Sync your time clock with the nearest server, as described in 3.1 in this Storj guide. Next, you need to make sure you chose an Open Port, as described in 3.3.2 of that same guide.
It will take weeks to fill up all of your space, but a few GBs worth of rented space can still yield profits.
Helpful tip: also remember to make sure your computer doesn't go to Sleep, if you want to consistently mine.
While some of these mining processes may sound confusing and probably won't make you a millionaire, I think mining is a rewarding way to explore the crypto-ecosystem. While some people call Cryptocurrency a bubble, I believe it will one day become an important part of the world economy.
Furthermore, I think that a few dollars worth of Cryptocurrency today can grow into a lot more in the future. Whether you hold these CPU, GPU, and HD-mineable coins, or simply sell directly for Bitcoin on your favorite exchange, I believe that you will ultimately thank yourself later.
To read more about Bitcoin and its role in the global economy, check out my latest story here .
How To Mine Bitcoin On PC.
In this guide, we reveal the most up to date ways on how to mine Bitcoin with a PC.
Believe it or not, but there is still Bitcoin mining Software, which enables users to earn Bitcoin using a personal computer from mining. Software like Cudo miner and Nicehash are of some of the latest Bitcoin miners to get started Bitcoin mining with a PC.
However, we want to mention that mining Bitcoin on a personal computer is not the fastest way, yet it's still one of the popular ways to start earning Bitcoin.
You see, Bitcoin mining has progressed into much faster computers called ASIC miners, which we talk about in our other guide, and they're designed for this exact purpose. Trying to compete with these more advanced miners on the same network is a huge no-no these days, so we're going to show a few different ways around this issue.
By the end of this guide, you'll be a pro at setting up your computer to not only mine Bitcoin but also other cryptocurrencies called altcoins. This way, you can earn the most from Bitcoin mining on your equipment. We'll also show a few decent solutions to keep your PC cool and run more efficiently.
Sign Up For Cudo Miner Here.
Things You Need To Get Started Mining On PC.
Before we begin learning how to mine Bitcoin on your PC, there a few things you need to check off the list to get started. This list is as follows:
Laptop Or Desktop- Just about any style of computer will work although gaming PCs that are equipped with a high-performance GPU are optimal but not mandatory. Any computer with a 1 GHz Processor minimum and 30 GB of free disk space for mining software and wallets should suffice. Gaming computers work best but aren't mandatory to start mining.
Operating System- Every computer has some sort of operating system in which the mining software will function on. Windows7/8/10(Win10 recommended), Linux, and Mac are all supported in this guide. Windows 10 works best for most applications and is easier to navigate for most new miners.
High-Speed Internet- Bitcoin mining requires miners to be constantly connected to the internet to be able to update the blockchain. Truth be told, any decent internet connection will work for this purpose as Bitcoin mining doesn't require lots of bandwidth. Having your PC plugged into the internet via CAT5 is optimal but not required.
Bitcoin Wallet- Ever miner needs a good wallet to store his/her hard-earned Bitcoin mining profits. For miners just getting started, I recommend downloading one of these free wallets listed below to ensure your coins stay safe and secure from hackers.
Wallet Downloads LIst:
Bread Wallet (Best Option for small amounts of Bitcoin) Jaxx Libert Wallet Hardware Wallet ( Recommended for securing large sums )
Mining Software- Mining requires computers to solve complicated math, which is nearly impossible without the use of specialized software to do so. These days newer software allows at-home computers to be able to participate with ease and maximize earnings by using profit switching methods. Keep reading to find out which ones are best to use these days.
Cool Location- Mining is a very repetitive task for computers and causes them to work under a constant load. This can cause your computer to run hotter than normal, so it's important that the device has access to fresh circulating air. This will ensure your computer mines Bitcoin efficiently and safely as heat can cause your computer to run slow.
Best Way To Mine Bitcoin On PC.
The best way to mine Bitcoin these days with a PC isn't actually traditional Bitcoin mining like it was in 2009. These days the digital space has over 2000 other cryptocurrencies called altcoins. Some of the altcoins could be considered Bitcoins competitors as they are mined in the same fashion as Bitcoin(a.k.a the king).
The main difference between mining for Bitcoin and some of the other mineable altcoins is the fact that Altcoins are much easier to accumulate than Bitcoin these days. Meaning an at-home computer has better luck at mining and earning a profit by going the altcoin mining route.
The best part about this new software is they can scan your computer hardware and run tests to see which coin would be best to suit the computer.
Once the tests are finished, the software can begin mining the most profitable coin for the given specs of the PC hardware. Additionally, the software takes these coins and exchanges them for their current value in Bitcoin, which optimizes your mining profits far better than going the traditional Bitcoin mining route.
Our selection of Bitcoin mining software mentioned below is free to download, but please be advised there is a small dev fee for using it that is taken from mining profits. This is the only way the devs get paid and keeps them happy to continue working on future improvements. With that said, here is our list of recommended mining software.
How To Get Started Mining Bitcoin On PC.
To get started mining Bitcoin these days is a rather simple task. All you need to do is sign up using one of the three options below and follow their instructions posted on each mining software's main site.
Cudo Miner is the latest and greatest when it comes to mining software as it supports Windows, Mac, Linux and if that not enough, they even have their very own operating system for advanced users. Cudo Miner also has some of the hottest coins to mine for a profit with Grin and Beam at the forefront. To get started with Cudo Miner, use the link below and follow the step by step instructions on their main site.
Get started with Cudo Miner: Here.
Honey Miner is a close second best as it supports Windows and Mac only. One huge difference between Cudo and Honey Miner is the fees that Honey Miner charge for use are higher for low-end computers. So if your computer is only equipped with a CPU, this may not be the best route. To get started with Honey Miner, use the link below, and follow the instructions on their main site.
Nicehash is a long-time competitor of Bitcoin mining software and was very popular during Bitcoin's great bull run of 2017. In fact, nicehash was probably the first mining software of its kind when it first released in 2014. However, they only support Windows, and with it being a marketplace to buy and sell hashpower, profits can be lower than with other software. Nonetheless, to get started with Nicehash, use the link below and follow their instruction on their main site.
PRO TIP: If your mining on your everyday computer, we strongly recommend using Cudo Miner , and it's paused when computers in use feature. This way, your computer is only mining when it's not in use, which can cause lag issues otherwise.
How Long Does It Take To Mine A Bitcoin On A PC.
In the inception days of Bitcoin mining, early adopters reported claims as high as 50 Bitcoin per week using nothing more than an at-home computer. Over the years, Bitcoin mining has progressed into much more power-hungry devices called ASIC's.
As more of these advanced miners deploy, the chances of mining a whole whopping 1 BTC become slimmer and slimmer. In fact, the last time we checked, it was somewhere around 3400 years before a laptop could accumulate a whole Bitcoin.
However, not all computers come equipped with the same hardware and with mining difficulty constantly adjusting it nearly impossible to know exactly how long it would take. The best way to get an idea is to start mining and see what your daily profits are and divide that number by one to calculate how many days.
Remember, everyone has to start somewhere, and have some Bitcoin in your wallet is better than having none. Mining is a great way to accumulate Bitcoin without having to buy it through exchanges which charge fees for doing so. The key to all this is to start small and get a feel for it before investing more money on hardware.



Bitcoin

How To Mine Bitcoin On Pc Faster.
By now, you must be thinking, "good riddance, there has to be a way to speed things up," and in fact, there is for some users of this software.
If your computer has a GPU, then there are some ways you can optimize for better hashrate as for CPU only computers, there's not much you can do at this point.
You could, however, find more computers to download the software on to increase your performance or even better look into building a cheap mining rig with the help of our how-to guide.
Please note that the intel onboard graphics processor is unable to mine as only the higher-end GPU made for gaming will suffice for this trick. Check out our comprehensive guide of some of the best GPU used in today's mining to see if yours in on the list and get an idea of its true potential.
Overclocking is a way for miners to optimize their GPU for better mining performance. Softwares like Cudo Miner allow users to manged these overclock settings within the software, whereas some of the others do not.
Overclocking can significantly improve the speed at which the GPU can mine while at the same time lower the card's power consumption for maximum efficiency. If you need help with overclocking, please hop in our mining discord support channel, and we will be glad to assist you.
PC Bitcoin mining Alternatives.
Mining Bitcoin on a PC may not be the most fruitful way to go about earning Bitcoin for those who are willing to invest more money. In fact, there are some alternative ways to rent or buy hash power for investors who wish not to maintain the mining hardware themselves. This is considered to be a lazy man/woman's way of Bitcoin mining.
Please note that these ways in which we're about to show you how to mine Bitcoin without hardware are not guaranteed to provide the best returns on investment. It is likely that, in some cases, the return you will see will be marginal compared to owning and operating your own rig.
Nonetheless, these alternative methods have some advantages over actually operating your own hardware, like not having to deal with exhausting the heat that these rigs are known to emit.
Nicehash, as we stated earlier, is a marketplace for buying and selling hashpower. Miners offer to sell/rent their rigs hashpower through the use of the software. Buyers can then place bids on this hashpower for a chance to use the hardware for their own mining profits. For more info, checkout Nicehash's main site here.
Mining Rig Rentals is another great option for those who are looking to get more hashpower for mining. Miners donate their mining rig so that buyers can lease them for however long they wish. For more info, check out the mining rig rental's main site.
Bitdeer is responsible for hosting Bitmains infamous ASIC miners who are widely known for their amazing performance when it comes to today's Bitcoin mining. Users can buy different packages ranging from 120 to 360 days long. The problem is it's pretty popular, and therefore it tends to get sold out quite frequently.
In the end, Bitcoin mining on a PC might not be the end all be all, but its still a way to earn money with Bitcoin. Bitcoin mining is just one of the many ways to start making money through cryptocurrencies and is one of our favorite ways to earn. To learn more about some of the other ways you can make money with this digital craze, check out out our other guides.
If you feel this information has helped you in some way or maybe you have something else to add, then, by all means, drop a comment below. We love hearing from crypto enthusiasts from all around the world. If you need further assistance, please join our discord to talk to us.

Bitcoin

Bitcoin mining is the process of earning bitcoin in exchange for running the verification process to validate bitcoin transactions. These transactions provide security for the Bitcoin network which in turn compensates miners by giving them bitcoins. Miners can profit if the price of bitcoins exceeds the cost to mine. With recent changes in technology and the creation of professional mining centers with enormous computing power, as well as the shifting price of bitcoin itself, many individual miners are asking themselves, is Bitcoin mining still profitable?
There are several factors that determine whether Bitcoin mining is a profitable venture. These include the cost of the electricity to power the computer system (cost of electricity), the availability and price of the computer system, and the difficulty in providing the services. Difficulty is measured in the hashes per second of the Bitcoin validation transaction. The hash rate measures the rate of solving the problem--the difficulty changes as more miners enter because the network is designed to produce a certain level of bitcoins every ten minutes.   When more miners enter the market, the difficulty increases to ensure that the level is static. The last factor for determining profitability is the price of bitcoins as compared against standard, hard currency.
Key Takeaways.
Bitcoin is mined using computing rigs which include expensive hardware. Miners are rewarded with bitcoin for verifying blocks of transactions to the blockchain network. As more miners compete for bitcoin rewards, the process becomes more difficult. To determine whether Bitcoin mining is profitable for you, consider costs of equipment and electricity as well as the difficulty associated with mining and how the price of bitcoin will impact potential rewards.
The Components of Bitcoin mining.
Prior to the advent of new Bitcoin mining software in 2013, mining was generally done on personal computers. But the introduction of application specific integrated circuit chips (ASIC) offered up to 100 billion times the capability of older personal machines, rendering the use of personal computing to mine bitcoins inefficient and obsolete.   While Bitcoin mining is still theoretically possible with older hardware, there is little question that it is not a profitable venture. This is because of the way that mining is set up: miners are competing to solve hash problems as quickly as possible, so those miners at a serious computational disadvantage essentially stand no chance of solving a problem first and being rewarded with bitcoin. When miners used the old machines, the difficulty in mining bitcoins was roughly in line with the price of bitcoins. But with these new machines came issues related to both the high cost to obtain and run the new equipment and the lack of availability.
Profitability Before and After ASIC.
Old timers (say, way back in 2009) mining bitcoins using just their personal computers were able to make a profit for several reasons. First, these miners already owned their systems, so equipment costs were effectively nil. They could change the settings on their computers to run more efficiently with less stress. Second, these were the days before professional Bitcoin mining centers with massive computing power entered the game. Early miners only had to compete with other individual miners on home computer systems. The competition was on even footing. Even when electricity costs varied based on geographic region, the difference was not enough to deter individuals from mining.
After ASICs came into play, the game changed. Individuals were now competing against powerful mining rigs that had more computing power. Mining profits were getting chipped away by expenses like purchasing new computing equipment, paying higher energy costs for running the new equipment, and the continued difficulty in mining.
Difficulty of Mining Bitcoin.
As discussed above, the difficulty rate associated with mining bitcoin is variable and changes roughly every two weeks in order to maintain a stable production of verified blocks for the blockchain (and, in turn, bitcoins introduced into circulation). The higher the difficulty rate, the less likely that an individual miner is to successfully be able to solve the hash problem and earn bitcoin. In recent years, the mining difficulty rate has skyrocketed. When bitcoin was first launched, the difficulty was 1. As of May 2020, it is more than 16 trillion.     This provides an idea of just how many times more difficult it is to mine for bitcoin now than it was a decade ago.
Shifting Rewards.
The Bitcoin network will be capped at 21 million total bitcoin. This has been a key stipulation of the entire ecosystem since it was founded, and the limit is put in place to attempt to control for supply of the cryptocurrency. Currently, over 18 million bitcoin have been mined. As a way of controlling the introduction of new bitcoin into circulation, the network protocol halves the number of bitcoin rewarded to miners for successfully completing a block about every four years.   Initially, the number of bitcoin a miner received was 50. In 2012, this number was halved and the reward became 25. In 2016, it halved again to 12.5. In May 2020, the reward halved once again to 6.25, the current reward.   Prospective miners should be aware that the reward size will decrease into the future, even as difficulty is liable to increase.
Profitability in Today's Environment.
Bitcoin mining can still make sense and be profitable for some individuals. Equipment is more easily obtained, although competitive ASICs cost anywhere from a few hundred dollars up to about $10,000. In an effort to stay competitive, some machines have adapted. For example, some hardware allows users to alter settings to lower energy requirements, thus lowering overall costs. Prospective miners should perform a cost/benefit analysis to understand their breakeven price before making the fixed-cost purchases of the equipment. The variables needed to make this calculation are:
Cost of power: what is your electricity rate? Keep in mind that rates change depending on the season, the time of day, and other factors. You can find this information on your electric bill measured in kWh. Efficiency: how much power does your system consume, measured in watts? Time: what is the anticipated length of time you will spend mining? Bitcoin value: what is the value of a bitcoin in U.S. dollars or other official currency?
There are several web-based profitability calculators, such as the one provided by CryptoCompare, that would-be miners can use to analyze the cost/benefit equation of Bitcoin mining. Profitability calculators differ slightly and some are more complex than others.
Run your analysis several times using different price levels for both the cost of power and value of bitcoins. Also, change the level of difficulty to see how that impacts the analysis. Determine at what price level Bitcoin mining becomes profitable for you--that is your breakeven price. As of May 2020, the price of bitcoin is hovering around $8,000. Given a current reward of 6.25 BTC for a completed block, miners are rewarded around $50,000 for successfully completing a hash. Of course, as the price of bitcoin is highly variable, this reward figure is likely to change.  
To compete against the mining mega centers, individuals can join a mining pool, which is a group of miners who work together and share the rewards. This can increase the speed and reduce the difficulty in mining, putting profitability in reach. As difficulty and cost have increased, more and more individual miners have opted to participate in a pool. While the overall reward decreases because it is shared among multiple participants, the combined computing power means that mining pools stand a much greater chance of actually completing a hashing problem first and receiving a reward in the first place.
To answer the question of whether Bitcoin mining is still profitable, use a web-based profitability calculator to run a cost-benefit analysis. You can plug in different numbers and find your breakeven point (after which mining is profitable). Determine if you are willing to lay out the necessary initial capital for the hardware, and estimate the future value of bitcoins as well as the level of difficulty. When both bitcoin prices and mining difficulty decline, it usually indicates fewer miners and more ease in receiving bitcoins. When bitcoin prices and mining difficulty rise, expect the opposite--more miners competing for fewer bitcoins.


Bitcoin

Is Bitcoin mining still profitable in 2020?
If you have access to cheap hardware and/or electricity, then Bitcoin mining can still be a profitable endeavor.
Bitcoin miners help to keep the network running (Image: Shutterstock)
Bitcoin has more than doubled in value since March, but halving rewards have also been cut in half. The Bitcoin hash rate also recently reached its all-time highest value, leaving smaller Bitcoin miners at a disadvantage. The profitability of Bitcoin mining comes down to hardware acquisition and running costs; most modern miners are currently net positive in terms of daily yields.
Since reaching its lowest value of 2020 back in March, the price of Bitcoin (BTC) has been on a meteoric uptrend, with the leading cryptocurrency more than doubling in value in the last five months.
At the same time, the Bitcoin hash rate has increased by more than 25% since March, recently reaching its highest ever value. In May 2020, Bitcoin also completed its third halving event, which saw the amount of Bitcoin mined each day cut in half.
With all these factors coinciding with one another, it can be difficult to keep track of whether Bitcoin mining is still profitable in 2020. Here's what you need to know.
Mining difficulty tends to increase with time.
One of the main things that miners need to consider when mining Bitcoin is the difficulty change. Briefly, the Bitcoin difficulty determines how much work a miner needs to put in to solve the complex mathematical problem that will allow them to add a new block of transactions to the blockchain.
This difficulty is either increased or decreased after every 2016 blocks, or roughly every 14 days, depending on how quickly the previous 2016 blocks were found. If the previous 2016 blocks took less than 14 days to discover, then the difficulty increases, whereas it decreases if it took more than 14 days to discover--all with the goal of returning the average block discovery time to 10 minutes.
Because the hash rate tends to increase over time, so too does the block discovery difficulty--which, in turn, makes it harder for miners with older hardware to keep up as their proportion of the total hash rate reduces over time. However, since the price of Bitcoin also tends to rise following an increase in the hash rate, the increasing difficulty doesn't always mean reduced profitability. There are also a handful of steps miners can take to quicken their return on investment (ROI) and maximize profits.
Bitcoin mining profitability depends on several factors.
The best way to stay on top of the difficulty curve and maximize the odds of achieving profitability is by acquiring the latest, most efficient mining hardware at a fair price.
Those looking to turn a profit by investing in new mining hardware will need to consider the price and shipping cost (and any potential delays), import taxes, and electricity costs involved in acquiring and operating their new hardware. The ideal Bitcoin miner is both energy efficient and offers excellent bang for the buck terms of hash rate output.
According to CryptoCompare's mining profitability calculator, 1 TH/s of hash rate will generate approximately 0.00000742 BTC, or around $0.08639 per day in profit at Bitcoin's current value ($11,763). Because of this, a 73 TH/s Antminer S17+ would pull in around $6.30 per day, while a 112TH/s S30 M++ would bring in around $9.68/day.
However, Bitcoin miners need to deduct their electricity and maintenance costs, which can vary considerably depending on the country and energy costs they have access to.
Assuming an average power consumption of 30W/TH/s and an average electricity cost of $0.10/KW, Bitcoin miners can expect to pay close to $ 0.072 per TH of mining power each day. That works out at $5.26 for a 73 TH/s miner or $8.10 for a 112TH/s one.
That means Bitcoin miners can expect to generate around 20% profit per day over operating costs using current generation hardware. Since electricity costs take up a sizable chunk of Bitcoin mining profits, securing a low-cost energy plan or setting up in a region with cheaper electricity is the quickest way to boost profitability.
Miners also need to factor in their acquisition costs to determine how long it will take to achieve a full return on their investment. Mining hardware bought closer to its original launch date at or below RRP will often pay for itself faster than those bought later, or at an inflated price.
Since most Bitcoin miners run into the thousands of dollars, it's safe to say that most miners won't achieve a full ROI for several months at the very least--but they may be able to recoup some of their initial costs by selling the used miner on when purchasing newer equipment.
Disclaimer.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Mining Profitability Drops as Bitcoin's Hash Rate Hits New All-Time High.
18 Oct 2020 / In #Bitcoin, #Mining.
-Bitcoin miners have struggled to remain profitable with all but the latest iterations of mining rigs.
-Bitcoin's hash rate hit an all-time high on October 14 at 156 EH/s.
Bitcoin mining rigs have struggled to maintain profitability as BTC reached a new all-time high (ATH) hash rate earlier in the week.
According to data compiled by BitInfoCharts, bitcoin's hash rate reached a new ATH on October 14 at 156 exahash per second (EH/s).
Despite the increase in hash rate and network difficulty, Bitcoin mining rigs-particularly the more common older generation models-are struggling to maintain profitability.
A report by Bitcoin.com claims miners are finding it more difficult than ever to turn a profit mining blocks on bitcoin's network, with the next difficulty shift scheduled to occur on October 17.
The report found that only 18 known mining pools and one unknown pool have managed to hash away at the chain following the spike in hash rate.
Using data from real-time mining hardware aggregator asicvalue.com, the report showed just thirteen of the SHA256 mining rigs available to the market are profitable at the current rate, generating about $2 per day.
A report by Tradeblock in February estimated the price of bitcoin would need to be $12,500 post-halving in order for miners to break even. At its current price, the average base reward value has been around $71,390 per block, with close to $6,189 in transaction fees.



Bitcoin

Money can be made, but no method guarantees profit.
Interest in cryptocurrencies has surged since 2015 as bitcoin has seen its value rise from about $300 per coin to a peak of about $20,000 per coin in December 2017, then dropping to about $8,000 per coin as of November 2019.   Other cryptocurrencies have seen similar surges and dips in value. Nearly 3,000 cryptocurrencies are listed on investing.com, but two of the most popular alternatives to bitcoin include ethereum ($145 per coin, $15 billion market cap, as of Nov. 2019) and litecoin ($45, $2.9 billion).  
While buying on an exchange like Coinbase is usually fairly simple and allows you to buy fractions of cryptocurrencies, there are those who prefer to mine their coins. The best option likely depends on individual circumstances.
Mining Profitability.
Mining cryptocurrency seems like a no-brainer. Set up a computer to help solve complex math puzzles and you are rewarded with a coin or a fraction of a coin. The first bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes.  
By 2019, cryptocurrency mining has become a little more complicated and involved. With bitcoin, the reward is halved every four years.   On top of that, serious miners have built huge arrays to mine, making it harder for smaller miners to compete. You can join a Bitcoin mining pool to be more effective, but that comes with a fee, reducing your profits.  
Some crypto miners instead opt for other currencies. Some other cryptocurrencies are worth very little in U.S. dollars, but it's possible to use what you mine and convert it into fractional bitcoins on an exchange, then hope that bitcoin gains in value.
No matter what you decide to mine, you have to account for your setup costs, including, in some cases, graphics cards that can cost upward of $700 apiece.     It's possible to put together a basic rig for some of the less popular cryptocurrencies for around $3,000. However, some miners spend more than $10,000 on their rigs.
On top of building your rig, you also need to realize that you are going to be using quite a lot of power. If you have high power rates, you could end up spending quite a lot to mine coins--especially bitcoin. The electricity cost involved in mining a single bitcoin is more than $3,000 in the cheapest states.   For states with higher electric rates, you could spend more than $6,000 in electricity to mine a single bitcoin. With the cost of one coin hovering at $7,000 as of December 2019, the energy costs alone don't make it worth it.  
A less powerful rig mining alternative currencies could save you money. Even so, it can take several weeks, or even months, to recoup your original investment and become profitable.
Cloud mining involves purchasing time on someone else's rig.   Companies like Genesis Mining and HashFlare charge you based on what's called a hash rate--basically, your processing power. If you purchase a higher hash rate, you are expected to receive more coins for what you pay for, but it will cost more.
Depending on the company you choose, you might pay a monthly fee, or you might pay according to the hash rate.   Some companies also charge a maintenance fee. In general, cloud miners that allow you access to bitcoin come at higher rates.
In some cases, you might be required to sign a year-long contract, locking you in. If the value of the cryptocurrency drops, you could be stuck in an unprofitable contract.
As it is, depending on what you mine, it can take several months before your cloud mining investment becomes profitable.
However, at least with cloud mining, you don't have to worry about power consumption costs and other direct costs related to doing all of the mining with your own rig.
The Long View.
Investing in expensive equipment and spending in excess of $3,000 in energy bills to mine one bitcoin only makes sense if you believe the price of bitcoin will rise beyond the $3,000 to $4,000 range.
Buying bitcoins with hope of their value rising is equally risky. The market for cryptocurrencies is young, and for every analyst who sees great potential, there is another who expects the market to go bust.
Banks such as JP Morgan still view cryptocurrencies as unproven and likely to drop in value.   Benoit Coeure, a board member with the European Central Bank, argued in January 2018 that cryptocurrencies could prove to be a good system for cross-border payments as long as there is an understanding of how to "control these gateways between the shadow-currency universe and the regular financial system."   Less than a year later, he referred to bitcoin specifically as the "evil spawn of the financial crisis," while still acknowledging the broader potential of cryptocurrencies.  
Bottom Line.
Bitcoin and other cryptocurrencies remain a high-risk, high-reward investment with little consensus about the economic roles they will play in the coming years.
Bitcoin mining is a central process to the entire network that validates transactions, secures the blockchain and uncovers new bitcoin. In brief, Bitcoin mining requires miners to contribute computing power in exchange for the chance to unlock rewards of bitcoin. In a very basic sense, bitcoin miners are primarily motivated to participate because of the chance to make a profit.
Bitcoin mining can be quite profitable for the major operations that conduct the process on a large scale (running hundreds of thousands of miners at a time) and reduce their energy costs through sustainable sources, government subsidies or other means. But the exact level of this profitability is determined by many factors.
In addition to the costs of equipment and energy, the bitcoin price will have a large impact on the profitability of mining. Successful miners are rewarded in bitcoin which, as every Bitcoiner knows, does not have a fixed price relative to fiat currency. Thus, if bitcoin's price rises, miners will have further incentive to run operations and better chances of turning a profit. Conversely, if the bitcoin price falls, many large operations will cease or slow their mining efforts in order to reduce energy costs.
Despite the many factors that determine Bitcoin mining profitability, even with the latest and greatest hardware, a miner with high electricity costs is unlikely to ever turn much of a profit.
The Changes in Bitcoin mining Profitability.
When first introduced by Satoshi, Bitcoin mining was conducted on personal computers. There is no indication that Bitcoin's creator predicted that bitcoin miners would specialize their equipment and that an entire Bitcoin mining industry would rise to the degree that it has now.
The use of GPUs for mining, then the introduction of Application Specific Integrated Circuits (ASICs) have changed the dynamics of Bitcoin mining profitability dramatically, making it critical to obtain specifically-built mining rigs that optimize for hash power and energy consumption.
The likelihood of a miner being first to correctly hash a block and therefore receive the mining subsidy is determined by the proportion of hash power they are contributing to the network. The majority of the hash power on the network is now contributed by a few mining pools.
The profitability of Bitcoin mining has also changed as the Bitcoin blockchain has been split.
Bitcoin mining Profitability and the Halving.
When miners solve blocks on the Bitcoin blockchain, they receive a predetermined amount of bitcoin as a mining reward, a system created to incentivize miners to contribute computing power to the network and confirm new transactions.
The block reward is based on the original block subsidy of 50 BTC, as determined by Satoshi, plus the mining fees that those conducting transactions are willing to pay to have their transactions verified. Bitcoin's block subsidy is preprogrammed to cut in half every 210,000 blocks, an event known as the "Halving" or "Halvening." The original subsidy of 50 BTC was cut in half at block 210,001 to become a subsidy of 25 BTC, then that subsidy was cut in half at block 630,000 to 12.5 BTC.
Because the reward for mining new Bitcoin blocks is cut so dramatically at these intervals, the Halvings have significant impact on Bitcoin mining profitability.
Is Bitcoin mining Still Profitable Today?
Although Bitcoin mining has become much more competitive than when the technology was first introduced, the practice can still be profitable. The advent of mining pools and advances in ASICs mean that it's possible for anyone, anywhere to find a way to participate in Bitcoin's most critical process and at least offset their energy costs.
But determining whether Bitcoin mining will actually be profitable for any specific individual requires a cost analysis that takes into account their particular circumstances. While many factors go into Bitcoin mining's profitability today, the primary questions to answer are:
How much will power cost?
If you plan to mine from your home's power grid, this can be determined by reviewing your electricity bill and calculating costs based on how much you are charged per kWh. You may be able to reduce this cost by tapping into alternative or renewable energy sources. You may also consider sending your equipment to a mining colocation that hosts your machine and delivers its power for you. Costs for managed hosting in the U.S. can range from 4 to 8 cents per kWh, depending on the number of machines you are hosting.
How efficient is your mining hardware?
Different mining rigs have different efficiency specs, so your power consumption costs will ultimately be determined by how efficiently your hardware converts power into hash rate. Newer mining machines are the most efficient and can deliver you the highest profit margin, but they are also the most expensive to buy.
How long until you successfully mine a block?
There is no way to determine exactly how long it will take for you to be the first to correctly guess the hash and receive a Bitcoin mining reward, but this will ultimately be determined by the proportion of hash power you are contributing to the network. The more hash power you are contributing (or that your mining pool is contributing), the more quickly you can expect to receive a reward. As a miner, you are rewarded for your hash rate directly by the mining pool.