MinerGate is famous for bringing the most simple and convenient solutions to our clients. We have integrated a cloud mining service to help you start earning Bitcoins without having to deal with sophisticated setups and risks. Have a look at what we have to offer!
Bitcoin mining in 2017
We have briefly covered the history of Bitcoin mining in our guide to Bitcoin and Litecoin mining. It was initiated on January 3, 2009, by Satoshi Nakamoto, the currency’s creator or group of creators. As Bitcoin became popular in 2013 after its price reached $1000, miners started to invest in better hardware to make the required calculations to get coins faster than others and gain more. CPU and later on even GPU mining became unprofitable, as ASIC miners appeared.
Nowadays you should calculate very carefully whether even a single ASIC miner would pay off before investing in it, as there are many factors to take into consideration. For instance, electricity isn’t cheap in many countries, the rigs produce constant noise, proper cooling supply is rather costly as well. Brand new models keep appearing on the market and expensive hardware becomes obsolete rather quickly.
Still, if Bitcoin is your major crypto ambition, there are not so tricky ways to get it.
One of the no-sweat options is cloud mining, the service that MinerGate now provides.
Simply put, cloud mining is outsource mining. All the calculations required to unlock a block and get the reward to happen on remote data centers. The providers do all the work: they buy, set up, run and maintain the hardware at their so-called mining farms, while you only need a PC or even just a smartphone to make your order and transfer money to a personal wallet.
Another possibility is to find an altcoin to your liking, such as CryptoNote-based ones we have on MinerGate and start mining it with the hardware you already have. Afterward you can convert the altcoins on a crypto exchange in a matter of minutes. MinerGate team has launched an instant exchange Changelly to make this process completely effortless.
From theory to practice
Now let us offer you some assistance with creating your first contract.
- Visit our Cloud mining page. ‘Buy’ is the button you are looking for. Click on it to proceed.
2. Choose the amount of hashpower you wish to buy or the price in Bitcoins you’d like to spend in the pop-up window. Our cloud mining calculator is the perfect tool to choose a plan that would suit you personally.
3. You will be redirected to the payment details page. To pay for the contract, send the required amount of Bitcoins to the generated address. Bear in mind that you should include network fee in the payment!
4. After we receive the money, the contract will be created. We need just one confirmation of your Bitcoin transaction to activate it.
Note that mining for your contract starts at 00:00 UTC. The first reward is credited after a full day of mining. Thus, the gap between the moment we receive your payment and your first reward can vary from 1.5 to 2.5 days. After that, you will be getting daily payments. All contracts are lifetime, so you don’t need to worry that yours will expire just a day before Bitcoin’s rate skyrockets.
Once you need to withdraw earned Bitcoins, go to the Dashboard and click blue ‘Withdraw’ button next to Bitcoin. Your cloud mining rewards are freshly mined ‘virgin’ Bitcoins straight from the block and until you choose to send them to anybody, you will be their first and only proud owner.
As you can see, the whole process is a picnic in comparison with all the hardware hassle. We hope our tutorial will help you create your first Bitcoin cloud mining contract with MinerGate! In case you want additional information, there is more to check on the subject in our FAQ article. For troubleshooting, contact our support team. For partnership inquiries, PM our CMO Janika Kouki.