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( We presume that you know what Bitcoin mining is. And how millions of dollars are made everyday by many across the world. If you have not heard about cryptocurrency mining, please read this article first. )
When someone decides to start mining Bitcoins or any Cryptocurrency, there are 3 ways he can choose to go with:
Method 1: Surf online for a mining software > Download it > Run it on your computer. Whenever your computer is turned ON, the mining software runs and mines cryptocurrency for you.
This method is more of like a hobby than serious mining. The amount of cryptocurrency accumulated can be very less and de-motivating.
Method 2: Buy dedicated Mining rigs and specialized mining hardware ( Ex: Ant Miner , Mining pump ). Set them up in your garage / office etc. Turn it on. It starts mining cryptocurrency for you.
The positive side of this method is that a lot of Cryptocurrency can be mined. The negative side of this approach is that its too bulky. You need all those heavy hardware. Space to store them. Continues Electricity & Internet backup. Specialists to set them up. Regular maintenance etc. Its not ideal for everyone. You cannot hit the road running instantly. Needs proper long term planning and investment.
Method 3: Cloud Mining :)
Our personal favourite. All you need to do is:
Step 1: Find a cloud mining platform ( Ex: Genesis, Hash Pro etc. )
Step 2: Based on your budget, choose a HASH plan ( You can see how much coins you will make per month based on the number of HASH’s you choose. There are calculators for this )
Step 3: Subscribe to monthly payment plan > Enter your wallet address.
Step 4: Sit back and relax. Based on your plan, month-on-month you will get your mined coins deposited in your wallet.
The main advantages of choosing the cloud mining method are:
How much of demand is there for Cloud Mining?
( We presume that you understand how BIG a market is there for mining Cryptocurrency. How much of money is created everyday by mining them. And that this trend is only going to have a hockey stick growth in the coming years. If you are not aware yet, please read this article first )
At the time of writing this article there are 3500+ cryptocurrencies in the market. Each of the Cryptocurrencies have their own business models. Have their own community of miners. Have their own market cap. Have their own real money equivalent value.
For all these cryptocurrencies there are only a hand full of quality cloud mining platforms available online. Even worse many of them have shut doors to new users ( since they are not able to serve the huge demand )! Try registering and paying for mining in one of the cloud mining platforms and you will know.
There are like 70,000+ people searching every month for subscribing to a cloud mining provider. They are ready to pay. This is your market to grab now!
How to make money using this could mining script?
The answer to this question can be easily understood if you understand how DropBox.com makes money. DropBox runs on Amazon cloud. Behind the scenes all that dropbox does is reselling Amazon cloud space.Amazon charges them $X > Dropbox adds their profit $Y on top and charges each user $X+$Y. Simple.
Similarly in cloud mining, you will be hiring servers / hardware and running this script. The script splits the server power into hash’s and you sell each hash for a price to users. In simple words, you are reselling the computing power of the servers to users with profit.
The computing power ( HASH’s ) which users buy are used for mining Cryptocurrency.
Will the cloud mining script automatically provision my server? Ie. Will it automatically check how much of computing power my server has and break it down to equal number of HASH Blocks?
As mentioned earlier, there are 2 parts to this incredible script: The Dashboard part & the Miner script.
The hardware in which the mining script runs & the server in which the dashboard runs are totally different and not connected in any way.
In the Admin Panel you get, there will be a field called “Enter HASH power: ” for each Crypto. On the server you are using for mining, you will need to issue a command ( ex: getmininginfo for Bitcoin ). This command will display the current number of Hash’s per second that are being mined on the server. All you need to do is enter this value in the “Enter HASH power: “ field of the admin panel. Once entered, As your user subscription for the respective cryptocurrency reaches the maximum threshold, the appropriate warning of limitation in power will be displayed. You can either stop new registrations at this point -or- increase your server capacity and enter new HASH value in the field.
Similarly, For ETHER mining: There are detailed charts that clearly show how many Hash’s per second are being mined ( based on the Graphics card used in the server ). Or if you just run the mining script for ETHER, the command prompt keeps displaying the HASH’s mined per second in real time.
Similarly, if you are planning on employing dedicated mining hardware like Ant miner etc. : Each miner’s have their own wiki pages that clearly say the HASH’s per second that can be mined using it. Or even in realtime it displays the information ( once the miner script is run ).
What is the process in which the rewards are distributed in this cloud mining platform?
We have currently made this process semi automatic, so everything is under strict control and there is no space for security loopholes.
How can this process be made more automatic?
Simple. Steps 1 to 4 to make it 70% automatic:
Step 1: We would need to install the full node of the respective Cryptocurrency( BTC, ETH etc. ) in the Server of the Dashboard
Step 2: Configure and secure the parent wallet for each Node.
Step 3: In the Admin panel > Enter the parent wallet Address.
Step 4: Program the Admin panel to execute a SEND function that sends crypto from Parent wallet to the Users wallet address ( where it is ). But upon verification and then on a button click.
Steps 5 and 6 to make it 95% automatic:
Step 5: Users will enter a threshold payout value in their account ( Eg: If it reaches $100 send me the crypto’s)
Step 6: Program a cron job to check all the user accounts everyday. If a users threshold is reached > do a couple of checks > trigger a SEND function to automatically send out the respective number of crypto’s from the parent wallet to the respective User wallet address.
Step 7 & 8 to make it 100% automatic:
Step 7: Connect the hardware and the Admin Panel, so based on the current HASH’s per second being mined in the hardware > The “Enter HASH power: “ value is updated automatically.
How difficult is it to setup this solution with a dedicated mining hardware like Ant miner etc. ?
Actually its very easy. Every mining hardware comes with a secure Admin Panel to configure the miner ( Like how when you install a Wifi router, you open the configuration panel of the router via. an ip in the browser > and configure the router ). You just plug in the miner to your network adapter ( ie. internet ) > Turn it on > Open the configuration panel of your miner > Key in all the required values. Start running the miner. It will display the HASH’s per second being mined. Enter this value in the cloud mining script Admin panel.
The best part in running a mining hardware I you don’t even have to install the miner script ( as the miner is totally equipped with all you want