Making millions of dollars with bitcoins - onlycash.ml - ONLY CASH
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Saturday, 30 March 2019

Making millions of dollars with bitcoins - onlycash.ml

Earn millions of dollars by mining bitcoins. Bitcoins can make you the richest person alive. You can make more than you can imagine, but you need a full knowledge about bitcoin and then you can make millions otherwise you will just ruin it.


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Bitcoin Mining is a peer-to-peer computer process used to secure and verify bitcoin transactions—payments from one user to another on a decentralized network. Mining involves adding bitcoin transaction data to Bitcoin's global public ledger of past transactions. Each group of transactions is called a block. Blocks are secured by Bitcoin miners and build on top of each other forming a chain. This ledger of past transactions is called the blockchain. 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.

What is Proof-of-Work?

Gold and Silver Bitcoins

Bitcoin Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady over time, producing a controlled finite monetary supply. Individual blocks must contain a proof-of-work to be considered valid. This proof-of-work (PoW) is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses a PoW function to protect against double-spending, which also makes Bitcoin's ledger immutable.

How Does Mining Create New Bitcoins?

Related imageThe primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce bitcoins into the system. Miners are paid transaction fees as well as a subsidy of newly created coins, called block rewards. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system through mining.


What Are Bitcoin Mining Pools?

Image result for bitcoin mining pools

During the last several years an incredible amount of Bitcoin mining power (hashrate) has come online making it harder for individuals to have enough hashrate to single-handedly solve a block and earn the payout reward. To compensate for this pool mining was introduced. 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.


Bitcoin Mining Explained


BITCOIN CLOUD MINING, IS IT SAFE AND WORTH IT?

Ethereum and Bitcoin EmblemsBitcoin Core (BTC) cloud mining can be a tricky thing to determine if it’s completely safe in the Bitcoin world, and if it is, will it be cost effective? The return on your investment can be longer than other alternatives such as buying and selling Bitcoin.  This can be due to the fees involved, the time it takes to mine, the upfront costs and the value of Bitcoin during that time. The upside is that if the costs are reasonable, the cloud mining operation has good rewards and the price of Bitcoin Core rises, you will more than likely end up making a healthy return on your investment.
(Update: Bitcoin Core is less usable as money due to much higher fees and delayed transaction times. The Core team has also expressed an interest in keeping these fees high since they view BTC as a “store-of-value” and not something to be transacted on a daily basis. In contrast, Bitcoin Cash’s transaction fees cost pennies and payments can be validated even with zero confirmations. These facts make BCH the ideal cryptocurrency for sending and receiving money anywhere in the world.)
Your first task is to find a reputable cloud mining provider. One of the best ways to make sure you have a reputable service is to look on industry news sites, forums, and reddit sub-forums to check out lists of cloud services and customer feedback on them. Many times you will find that people will post about their experiences with different services, exposing scams or detailing why a service may be legit.  
A thing to keep in mind as well that many scam services will buy advertising on everything from forums, news sites and subreddits. So be careful and do your due diligence before you spend your money.  If you see an ad for a service but cannot find much information on it ask on a forum or subreddit, contact the news organization that you saw the ad on and ask for feedback. Many times someone will know more information or at least be able to provide guidance.
Bitcoin.com has launched it’s own cloud mining pool with competitive pricing, which you can register for and begin cloud mining today.
When you have discovered and researched the cloud mining service you want to use you need to then take into account the following things next in deciding to buy or not.
  • Price per gh/s or th/s
  • Service fees (some are included in the purchase of your hashrate as opposed to recurring fees)
  • Time to ROI (this is very important as even a legit service may cost so much that to ROI the time frame could be unrealistic with difficulty levels moving up and BTC value not climbing enough to help get your ROI on your purchased hashrate)
If you have decided that your chosen cloud mining service meets all of your mining requirements then you purchase your hash power and sit back and watch the Bitcoin Core rewards come in. You do not have to setup or maintain any equipment, listen to it make noise and generating heat.
Pros and Cons of Bitcoin Cloud Mining
Pros
  • No installation or setup costs (hosting centers will host Bitcoin mining gear you buy and run it at their location. Many will charge a one time setup fee)
  • No noisy, heat generating gear in your home.
  • Maintenance is taken care of.
  • No extra equipment to buy to have your mining gear running.
  • No risks of fire and other issues that can arise from running it yourself.
Cons
  • You do not own the equipment which means you cannot sell it.
  • Some you cannot point your hashrate at the mining pool of your choice.
  • Some providers will cease operations of your chosen cloud miners if a profitability threshold is too low as difficulty goes up and new equipment comes out.
  • Company can go out of business or just run away with the funds if they want.
  • Could end up a scam as promised payouts are unable to be met as hashrate was oversold (selling more hashrate that they have) and owners decide to cut and run as they did not put some of their profits into upgrading to new gear as it comes out.
While this is a lot to keep in mind when looking for a cloud mining service if you do your homework you may have things work out okay.  It is never a guarantee when you do not have control over your mining gear. Always keep that in mind.  
So as you can see cloud mining while being a good idea on one hand can be a risk on the other hand. Just like a normal stock investment, never risk more than you can lose, and do your homework first before investing.

CALCULATING BITCOIN MINING PROFITABILITY.


Woman Holding a Bitcoin
Bitcoin Core (BTC) mining profitability is something that is always in flux. With Bitcoin Core having such a high difficulty and large total hashrate, at times profitability can come down to several things.
The first set of data you will want to use for discovering if Bitcoin Core mining can be profitable for you or not is the following but not limited to:
  • cost of Bitcoin Core ASIC miner(s)
  • cost of electricity to power miner (how much you are charged per kwh)
  • cost of equipment to run the miner(s)
  • cost of PSU (power supply unit)
  • cost of network gear
  • cost of internet access
  • costs of other supporting gear like shelving, racks, cables, etc.
  • cost of building or data center if applicable
  • key value of BTC over the life of the miner
Taking all of these factors into account will give you a rough return on investment (ROI) date, which is the date by which all the components are paid for by your mining earnings. Several are reoccurring though like electricity costs, internet access, and building or data center costs if applicable.
(Update: Bitcoin Core is less usable as money due to much higher fees and delayed transaction times. The Core team has also expressed an interest in keeping these fees high since they view BTC as a “store-of-value” and not something to be transacted on a daily basis. In contrast, Bitcoin Cash’s transaction fees cost pennies and payments can be validated even with zero confirmations. These facts make BCH the ideal cryptocurrency for sending and receiving money anywhere in the world.)
As noted the key to achieving ROI is the value of Bitcoin Core, as we all know it is has high volatility, sometimes with extreme swings. This can make calculating profitability problematic at times. Your goal is to mine bitcoin at its current value as efficiently as possible. This means buying the most up to date equipment when you are buying it unless you can get some ASIC that is a generation or so back that is cheap enough that still makes more in bitcoin than is costs in electricity.  Newest gen Bitcoin Core ASIC miners are usually more powerful using less power per gh/s.
With the rising difficulty it can also cut into your profits if you are taking less of a share of the block rewards due to rising total hashrate. The difficulty goes up or down based on how fast or slow block times are. Block times are the time it takes for a transaction set to be recorded and the hash created on the blockchain. Bitcoin Core targets for a ~10 minute block time and will reset roughly every two weeks based on the average time to solve (process) a block.  If in the time period more miners are added to the network that allows a block to be solved in less than ~10 minutes it means that the difficulty will go up to slow the block generation to ~10 minutes. If enough hashrate has left the network and blocks are being solved in more than ~10 minutes the difficulty will drop allowing the miners to process blocks in roughly ~10 minute intervals. You will want the hashrate to be fairly stable as that will keep the amount of bitcoin you receive for mining roughly the same. If the BTC value holds steady or goes up as well it will help as well.
Bitcoin.com has launched it’s own pool mining operation along with cloud mining contracts with competitive pricing, which you can register for and begin mining today. There is also a great third-party tool made by Grey Wyvern to estimate the return on your investment on the Bitcoin Pool based on several variables the user can input which will calculate profitability.
As you can see Bitcoin Core profitability is a moving target so be vigilant in monitoring your costs each month to mining rewards and their value at the time of receiving. Keep an eye on mining pool fees as some are free and others are not with a percentage or more added into the cost of your mining. The higher BTC’s value goes the longer you can run your mining gear profitably as long as the total hashrate does not keep going up as well causing the difficulty to keep your earnings even or even down as time goes by.
While running your own mining equipment can be fun and at times profitable it is not always something you can do at home. Miners generate plenty of heat and noise. That needs to be taken into account for where you are going to place your miners. Most cannot be run in the house unless you have a garage, basement or room that can handle the heat and noise. In this case you may want to host your miners in a data center or some other suitable place.  If you want to be able to mine without the hassle of the physical miners themselves you can use a cloud mining or hosting service. 
If you begin mining on the Bitcoin.com mining pool and have questions on getting started, fees, or payouts, simply login and head over to the Getting Started page to read some common question and answers. There is also a community forum where users can engage with other miners.

WHAT IS A BITCOIN MINING POOL?

Ripple, Etehereum and Bitcoin and Micro Sdhc CardBitcoin Core (BTC) 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.”
(Update: Bitcoin Core is less usable as money due to much higher fees and delayed transaction times. The Core team has also expressed an interest in keeping these fees high since they view BTC as a “store-of-value” and not something to be transacted on a daily basis. In contrast, Bitcoin Cash’s transaction fees cost pennies and payments can be validated even with zero confirmations. These facts make BCH the ideal cryptocurrency for sending and receiving money anywhere in the world.)
There are several types of mining pool payout systems. You can choose which is the best for you based on your own personal requirements. The different payout systems are summarized below. Choosing a Bitcoin Core mining pool is up to which pool you feel is the fairest 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 the 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.
Pay Per Last N Shares (PPLNS)
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. 


If you have any questions about bitcoins feel free to contact me or just leave a comment down and i'll reply as soon as possible.

2 comments:

Unknown said...

I should start mining too...sir...

Anonymous said...

Can u please post a complete video about it...