I Venture Into The World Of Crypto Cloud-Mining

Disclaimer: I do not have a crystal ball and I can't tell if the prices of cryptocurrencies are going to soar or fall. This Post is created for those who believe that price of Bitcoin has not seen it's all time high yet and will eventually push even higher. However, invest/trade/speculate with care and risk only the amount that you can afford to lose. 😀

Why Mining?

Of course, we can just buy directly instead of mining. However, as an example let's assume we bought $100 worth of Bitcoins. If the price of Bitcoin doesn't move after a year, it will still remain as $100 worth of Bitcoins. An alternative would be to use the $100 to pay for a year of Bitcoin mining service.

$99 could get us 450 GH/s of mining power currently with the service that I am using

At the end of 1 year (minimum contract), we could potentially receive $254.96 worth of Bitcoins. Take note this is just a forecast and may not be the actual value. I will cover later how to increase this Profit potential.

The cloud mining service which I am using is Hashflare. Please click on the link or banner below so I can earn some referral fees if you decide to sign up and use their service. I am not affiliated with them though and I paid for their service myself. By signing up through my link, I will also know the information that I share is of value to someone and I am not actually wasting my time blogging and no one is actually taking any actions. 😐 Of  course, referral fees are always welcome and serve as motivation and reward.

Hashflare has been around since April 2015. The company offers Bitcoin and alt coins mining service. Signing up for their service is extremely easy. The time it took me to sign up and pay for a 1 year contract service took me less than 15 minutes.

To start buying a 1 year Bitcoin mining service, choose SHA-256 on the left side of the website. 

Adjusting the slider will show how much HashPower and the Cost that we need to pay

Important Thing To Note:

Minimum withdrawal is 0.05 BTC due to Bitcoin's high network fee. If we fund only $100 for an entire year, we may not earn enough BTC to withdraw. In our earlier example, we only receive roughly 0.02 BTC after a 1 year period. To solve this issue for those with limited funds, there is an option to auto reinvest the daily BTC that is mined. Of course, we can also buy new contracts when we have the money later on. I like the idea of  re-investing and getting more mining power. Re-investing means we are entering new contracts once the mined coins are sufficient to purchase more resources. We can also stop the re-investing anytime by turning it off.

Reinvesting BTC

Daily history logs show how much BTC you received

Purchase

Purchase of 1 year mining contract could be done via credit card. I chose UniversePay and the steps are shown at this link: here. You may wish to try a smallest amount purchase to verify if the credit card is accepted first e.g $2.20. I did not have issue with Citibank Credit Card.

From my understanding, Hashflare recently increased their pricing. However, if you are interested in Bitcoin cloud-mining and don't wish to miss the boat, just take a small portion of your year-end bonus and join in the fun. 😛 Have a Huat New Year!

Limited Stock? True or Gimmick?

Another popular cloud mining service already out of stock for Bitcoin mining

P.S - I will create a Part 2 which cover how to tweak hashflare settings for optimal mining settings and other miscellaneous stuff if there are actual readers signing up through my referral link. Cheers.