So, you want to join the virtual gold rush and mine your own crypto. Like you, my first question was how to mine the Bitcoin. This can be both frustrating and rewarding. I have dabbled a bit with mining, but have never set up my own mining operation. There two types of mining that you can do: hardware mining and cloud mining. There are pros and cons to each but both options can be profitable.
Hardware Mining Crypto
Earlier, I told you the basics of what mining is: solving mathematical equations with a computer wherein the solution is cryptocurrency. A beneficial next step would be to to download mining software to your desktop right now. Your computer’s graphics card will determine your mining power (Hash Power). The better your graphics card is, the more hash power you will have. This, in turn, will make you more crypto. It’s that simple.
Most people who mine crypto buy what is called a “miner.” It is a stand alone computer with a good graphics card that is built purely for mining. Without one, you will never be able to mine a significant amount of crypto. Here are some good miners being sold today:
| Name | Price | Hash Power |
| Antminer T15 | ~$900 | 23 TH/S |
| Antminer S9 | ~$300 | 13.5 TH/S |
| Shark Mini | ~$2500 | 120 MH/S |
| Shark Extreme 2 | ~$4500 | 120 MH/S |
Sounds too good to be true ? Well, “mining” definitely comes with its own set of challenges. Remember when I told you that the longer a coin is around, the harder it is to mine? Well, that means every so often you will need to buy a better miner to mine the same amount of crypto. It’s up to you to decide if its worth it to keep mining or just buy the crypto at an exchange.
Pros & Cons to Hardware Mining
| Pros | Cons |
| complete control over mining | Hardware costs |
| Own the hardware | Electricity costs |
| Resale of hardware | Broken equipment |
| Steep learning curve |
Cloud Mining Bitcoin
This is where someone else owns the mining hardware. That person would then sell you a contract for a certain amount of hash power for a specific amount of time. The crypto that is mined during that time is deposited into your wallet. After your contract is up, the owner of the hardware can sell that contract to you again or to another person.
Cloud mining is easier to get into than hardware mining because there is less of a learning curve. You also don’t need a place to store all the mining hardware. Here are some of the top trusted cloud mining sites:
6 Best Cloud Mining Sites
| IQ Mining | Genesis Mining (3% discount code: 3rEDuw) |
| Crypto Universe | ECOS |
| Shamining | Hashflare |
Again, sound too good to be true? Well, there are drawbacks to cloud mining too including its susceptibility to scam. Since you don’t own the hardware, you don’t actually know if the crypto is being mined or not. You wont find out until you try to withdraw the crypto you’ve mined. And, at this point, you’ve already paid for the mining contract. This makes it very important to choose the cloud mining site wisely.
Pros & Cons of Cloud Mining
| Pros | Cons |
| Easy to start | Lots of scams |
| No Hardware | Not in control of mining |
| Can do it anywhere |
If Mining Isn’t For You
If you decide that mining isn’t for you, then click on the link below to find out another interesting way to make Bitcoin.