Will I make money with BTCs mining? can I withdraw my Mined satoshi? Which mining app works? these are questions that I will answer in this post.
Mining Bitcoin is a complex process that requires both soft and hardware activities, Read below to know how one can successfully mine bitcoin.
Its not some hokus pokus magic trick, Just like Gold mining which requires physical activity, Bitcoin mining involves digital configurations
Table of Contents
- What is BTCs Mining
- Ways to become a BTC Miner
- Bitcoin Mining Pool
- List Of Legit BTCs Mining Pool
- Can I mine Bitcoin on my phone?
- Cloud Mining
- How much money can Bitcoin miners make?
What is BTCs Mining?
Its the procedure involved in generating new bitcoin into circulation and also confirming transactions on the Blockchain.
While most apps that claim to help you Mine Bitcoin are fake and would only result in wasting your time, It doesn’t mean that you can’t be involved in BTCs mining.
Ways to Become a BTC Miner
Either you are directing Mining or you Join a Legit Bitcoin Mining Pool.
In fact, anyone can mine Bitcoin that is if you are ready to spend on hardware requirements and Security risks involved
- Bitcoin Mining pool
A Bitcoin Mining Pool is a service that allows a group of miners to share block rewards based on a percentage of their contributed hash power.
To be in a Mining pool you need mining hardware, Which cost over $8,000 on average, So don’t think being in a mining pool is just to sign up and fund the pool, You must have your mining tools at hand.
List Of Legit BTCs Mining Pool
- Slush Pool
- Binance Pool
- Foundry USA
Above is a short list of BTC mining pools, Though we are yet to try them out, our research shows that they are proven legit, If you already have your mining requirement, Go try them out.
Caution: Be careful if you are trying to buy hardware for mining Online, Better if you buy from a legitimate online market like Amazon, etc.
Can I mine Bitcoin on my phone?
Yes, there’s a proven way to mine BTC using just your phone and that method is cloud mining which I explain below.
- Cloud mining
Cloud mining does not require you to buy any hardware but rather you are to pay a certain amount to the service provider to mine on your behalf.
You don’t need any hardware to start mining with Cloud Mining.
Legit BTCs Cloud mining pools are out there while most fail to keep to their promise at some point or are total scams, You have to be very careful investing your money into any Cloud mining as they are mostly scams.
How much money can Bitcoin miners make?
Around 80% to 90% of mining cost is generated over time in cloud mining, Though how much money you make as an independent miner is determined by mining difficulty and hardware performance.
My Take: mining is not a Get-rich quick venture, In fact, if you think you will be rich overnight by becoming a Miner then you need to forget about it and go find something else doing, because it’s only profitable in the long run.
BTCs Miner’s profit more in the bull run as their mined coins increase in value.
How can I mine bitcoin for free?
If anybody tells you that there’s a free BTC mining app that pays you for doing almost nothing, It’s 100% fake because there’s no free Bitcoin anywhere but If you are serious about earning crypto online then read Bitcoin Referral programs that pay.