There are several types of mining:
Amateur (Bitcoin mining). It consists in mining cryptocurrency on a PC with a special program and a powerful video card. This option is ineffective and requires a lot of time;
Industrial (cloud). The most profitable way to earn money. Involves the rental of special equipment;
Creating your own exchange or exchange for performing operations - transferring BTC to dollars and back. Such a business brings a good income. You will receive a percentage for currency exchange services.
how to make money on bitcoins - Bitcoin Mining
Bitcoin mining is the extraction of virtual currency through the resources of your computer. Such earnings are included in the category of passive, because the PC will do all the work for you. Moreover, the more powerful the device, the better. It is enough to install a special program that will extract cryptocurrency for you. Experienced miners create farms to receive virtual currency – several computers engaged in computing around the clock.
This method of obtaining cryptocurrency has a number of advantages:
It is possible to sell the equipment at any time;
Automatic bitcoin earnings;
You choose which cryptocurrency to "hunt" for yourself.
To increase the power, some miners combine several processors into pools and earn 10-50 thousand rubles daily. However, in order to earn well, large cash injections into special equipment will be required, which may become unusable due to intensive work. In addition to everything else, large energy costs and a low probability of warranty maintenance are added. Due to Internet outages, work may be interrupted, and you will have to start the farm again.
how to make money on bitcoins - Cloud mining
Looking for a way to make money on bitcoins, do not forget that there is not only regular, but also cloud mining. This type of mining is the same cryptocurrency mining, but using leased resources. You should rent special equipment for the period you need and use someone else's computing power to mine bitcoins. However, here you need to be on the alert not to run into scammers who curtail their activities after receiving funds. Therefore, weigh all the pros and cons a hundred times before paying money to no one knows who.
Advantages of cloud mining:
There is no need to buy expensive equipment, it is enough to rent it.
No need to worry about noise and device failure.
You can start cloud mining with a small amount of money (at least $ 1).
No electricity costs.
Reasonable cash investments at the start.
There are also disadvantages, which are as follows: uncontrolled earnings, a high entry threshold, there is a possibility of fraud, energy consumption, as well as an inflexible currency system (it is unrealistic to quickly switch from one virtual currency to another). Cloud mining is beneficial if you have found a company with an impeccable reputation or you have nowhere to install your special equipment.
When choosing an Internet platform, pay attention to the total capacity and the lifetime of the service. Usually reliable projects have public posts in social networks, blogs, and their organizers provide technical support. The more money you invest in renting facilities, the higher the probability of earning. However, if mining was profitable at the dawn of the development of virtual currency, then the volatility of the bitcoin exchange rate made this occupation problematic. The instability of the value of the cryptocurrency has led to the fact that the profitability of the purchased contract is only a few percent.