Free Bitcoin Mining
A Way That Actually Works
Bitcoin mining is very competitive and to make profits in this cryptocurrency, you need to be ahead in the game. Before you can make profit with free bitcoin mining, you need to understand what mining is all about and how you can mine for real profit.
Traditionally mining required hardware with high computation power and supply of uninterrupted electricity to mine a block for profit. However, with the increasing popularity and number of bitcoins, it has become almost impossible for any single machine to mine bitcoins.
In light of increasing difficulty to make profits mining bitcoins, changes in the block chain technology happened that led to methods of free bitcoin mining. We will discuss these methods with you, but before that let’s take a look at what bitcoin mining is.
What is Bitcoin mining?
Bitcoin mining involves solving a block using the cryptographic hasing function. A mining software is required to decrypt the block hash that releases bitcoins. This process occurs every 10 minutes and every mined bitcoin is recorded in the block chain which is a bitcoin public ledger.
This is the simple version of a very complicated mining process, you should know everything about the entire mining process and then proceed further.
When you are bitcoin mining, in reality you are competing against every other miner on the network who wants to earn bitcoins. Your success depends on the capability of your mining hardware. The faster the hardware will be, the more are your chances to win bitcoins.
The problem is mining bitcoins on your own requires you to invest in quality hardware the includes CPUs, GPUs, ASICs and FPGA which provides necessary computing power to solve the hash function of the block. Not to mention, mining hardware consumes electricity at a very high rate. Unless you have cheap electricity available, you cannot make profit mining bitcoins.
Cloud Bitcoin Mining
Cloud services offer you an opportunity to buy computation resources from some remote data centers and start mining bitcoins. All you need to get started is an Internet connection, a bitcoin wallet and money to buy GHs.
Note-GHs is a unit to measure the speed of a mining hardware. A GigaHash or GHs equals one billion hashed per second. As mentioned before, you need high computational speed to profitably mine bitcoins, you need a lot of GHs.
Once you set up your account with any of cloud bitcoin mining services, you can start earning bitcoins automatically without doing anything. You have to pay no electricity bills, no space required to store equipments and no cost is spent on cooling systems.
Free Cloud Bitcoin Mining
We remember the post is about free bitcoin mining services and here we are with free services. Although, most cloud bitcoin mining services charge you buy GHs, but there are some services that allow you to get started for free.
The Bitzfree.com is a cloud bitcoin mining service that allows you to start mining with 20 GHs for free. If and when you require additional power to mine bitcoins, you can always purchase more GHs.
This is a nice way to start with free bitcoin mining.