Other Bitcoin Mining Options





                         Other Bitcoin Mining Options



Cloud Mining

Cloud mining provides the option for miners who want to earn Bitcoins
without having to manage their own hardware. You simply pay a service
provider to mine for you, and you get the rewards. It is a very useful
alternative for those who aren’t technically minded.
Also, if you live in an area where electricity cost is high, it is a good idea
to outsource your mining to areas where electricity costs are cheaper. You
use shared processing power run from remote data centers. All you need
is a computer for communications, optional local Bitcoin wallets, etc.
There are currently three types of cloud mining available, they are:
1. Hosted mining: where you lease a mining machine that is hosted by
the provider.
2. Virtually hosted mining: where you create a virtual private server
and install your own mining software.
3. Leased hashing power: this is arguably the most popular method of
cloud mining. Here, you lease an amount of hashing power, without
having a dedicated physical or virtual computer.
Mining Pools
Mining pools as earlier explained is a collection of miners who work
together to reduce the volatility of their returns. It is a strategic
approach to mining where multiple miners contribute to the generation
of a block and then split the rewards according to each miner’s
contributed processing power.
The functions of a mining pool revolve around the following activities:
1. Collecting the pool member’s hashes
2. Looking for block rewards

3. Recording the amount of work each participant is doing
4. Assigning block rewards in proportion to each participant’s
hashpower
There are a few things you need to consider when joining a mining pool.
First, you need to ensure that you take into account the pool’s method of
distributing their block reward. Secondly, make sure that you confirm the
Pool fees charged for managing the pool. The Pool fees usually range from
0% to 4%, but the standard fee for most mining pools is 1%.
Below is a list of the 10 best and biggest Mining Pools currently in
operation:
• AntPool
• BTC.top
• BTC.com
• Bixin
• BTCC
• F2pool
• ViaBTC
• BW Pool
• Bitclub.Network
• Slush

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