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Bitcoin Mining Made Easy

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Joey explains how bitcoin mining can be a lucrative money making machine for anyone - with just a capital of $23 to start with. This business has a potential to give returns of more than 400% per annum, with hardly any risk of losing your investment.

For more free guides on Bitcoins, visit https://www.bitscoins.net

Bitcoin Mining Made Easy

  1. 1. Bitcoin Mining Made Easy By Joey George Contents BitcoinsIntro1 2 BitcoinWallet AboutMining3 BecomeMiners4 5 Legal
  2. 2. Bitcoins Intro Bitcoin is a form of virtual currency- ie. if you have bitcoins, you cannot purchase goods by handing notes or coin like objects to the seller. Bitcoins are mainly used for electronic purchases and transfers. You can use bitcoins to pay friends, merchants, etc. who accept this form of payment. Every single bitcoin purchase is immediately logged digitally (on computers worldwide) on a transaction log (called blockchain) that tracks the time of purchase and who owns how many bitcoins. This way many people own the log, but still it is safe with encryption. BLOCKCHAIN Bitcoins are growing in popularity. A few years back, they were largely used by speculators for online trading; it peaked its price to $1000+ and lead to a burst in a month, causing many people to lose money. The people who lost money with bitcoins were ones who were trading on it. They lost money like they would, on any stock speculation. This peak-burst phenomenon made it less popular. But now that the price has stabled, its popularity is again increasing. Many big companies like WordPress, Overstock.com, and Reddit accept Bitcoin, and a growing numbers of brick and mortar stores are starting to accept them, internationally as well. More than $1.5 billion worth of bitcoins are currently in circulation around the world, with millions of transactions occurring daily.
  3. 3. Bitcoin Wallet You can obtain a free 'Bitcoin wallet' from any of the virtual providers like blockchain.info, localbitcoins.com, coinbase.org. There is no limit to how many wallets you can own, but its best to maintain one or two max. Your Bitcoin wallet is essentially like, any other wallet, except its purely digital. You can download your wallet on your computer; its a good habit to backup your wallet frequently. Your wallet can be stored on computer or any cloud drive as an encrypted file. Never forget your wallet password, there is no way to retrieve it back. It takes just a few minutes to get a wallet, and then, you can start accumulating bitcoins. To collect bitcoins, there are mainly 3 ways: 1. Exchange trading 2. Selling services through a website. 3. Bitcoin Mining Exchange Trading is the most lucrative and devastating form of earning / losing bitcoins. Many people have earned millions in the last bitcoin trading spike, and millions have lost money by being part of that bubble. The key to exchange trading is to invest when low, and wait for a spike sufficient enough to sell off. But most people get in when the bubble has already started expanding. Exchange trading will require another book to be explained. So lets stop here. Second method is the poor man's method - sell good/services online, but instead of just accepting credit cards, allow customers to transfer funds into your bitcoin wallet. This method works only if your customers have a b-wallet of their own, or at least ready to create and maintain one. Last, we will discuss mining in the next section.
  4. 4. About Mining Miners are people who maintain blockchains. Their job is to ensure that the transaction is secure and processed properly and safely. In return for their services, miners are paid fees by the vendors/merchants of each transaction (as fees). Mining operations are very resource intensive, and initially, the only way to be a miner was to buy expensive computing hardware, host it in your own place, and pay the expensive maintenance and electricity fees. Then people came up with the concept of pool mining, where low cost hardware could be used by individuals, and as a grouped pool, they could perform complex operations, get paid for transactions, which is then distributed among the group. Pooled mining is now the most popular option. However, there is still one problem, an individual has to maintain the hardware, and pay for electricity+cooling fees. So the next evolution was to move mining into the cloud. So then came a hoard of cloud hosting providers that allowed you to buy cloud based mining hardware, and earn bitcoins for their own b-wallet, in turn, charge a nominal fee for maintenance. This system has worked wonders, as more and more cloud based providers are giving economical solutions to simple individuals like us. You can also earn money by simply owning a cloud miner, its the safest no-brainer way.
  5. 5. Genisis Mining, is one such miner provider that has established a wonderful reputation of having millions of individual miners under their hood. Cloud miners range from $23 to thousands ofdollars depending on their power and ability to churn bitcoins. Become Miners Here is how you can also become a miner for as low as $23. Click on the link “GET A CLOUD MINER” above, and purchase a miner as per your choice. Use the code as coupon and get a nice discount on the price. Wait for miner activation and watch money pouring in on a daily basis. A miner of 0.25 TH power can churn you a few satoshis per day (1 satoshi = 0.00000001 BTC, that is, a hundredth of a millionth BTC). That sounds very less, but just imagine that your initial investment is only ~$23, and with time, price of bitcoin increasing, you are investing in a huge profit for every bit earned. Now Add this up for multiple miners, you get it! The price of bitcoin is stabilized now, and is only expected to go up steady. Thanks to idiots who gave it a bad name sometime back, now people are careful not to trade on it to form another spike. Get a Cloud Miner The beauty of Bitcoin is that there is no central authority. It is literally a network of users - who simply decide to buy and sell goods and services through a mode of virtual currency. It will be difficult for governments to 'shut down' Bitcoin. In fact, with internet e-commerce expanding like ever, virtual currencies are definitely the wave of the future. Better to invest on this now, than later.
  6. 6. Joey is an internet enthusiast, marketer, and entrepreneur. He holds a degree in Computer Sc. & Engineering, and has been an IT Analyst for 10+ years in reputed IT establishments. He owns a web 2.0 company, maintains numerous niche websites, and is an avid stock market analyst. He is obsessed with internet and online business opportunities. Alongside his digital life, he is a spiritual preacher and likes to paint his imaginations on canvas. AboutJoey Legal Stuff THIS CONTENT IS PROVIDED "AS IS," WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE WARRANTIES OF PERFORMANCE, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, OMISSIONS, COMPLETENESS, CURRENTNESS AND DELAYS. THE AUTHOR SHALL HAVE NO LIABILITY WHATSOEVER TO THE READER FOR ANY CLAIM(S) RELATING IN ANY WAY TO THIS AGREEMENT OR THEIR PERFORMANCE HEREUNDER, REGARDLESS OF THE FORM OF ACTION, WHETHER BASED IN CONTRACT OR NEGLIGENCE. IN NO EVENT SHALL THE AUTHOR BE LIABLE TO THE READER FOR ANY CLAIM(S) RELATING TO READER'S INABILITY OR FAILURE TO PERFORM RESEARCH OR RELATED WORK OR TO PERFORM SUCH RESEARCH OR OTHER WORK PROPERLY OR COMPLETELY EVEN IF ASSISTED BY THE AUTHOR NOR SHALL THE AUTHOR BE LIABLE FOR ANY LOST PROFITS OR OTHER CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, INDIRECT OR SPECIAL DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Disclaimer License Bitcoin Mining Made Easy by Joey George is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. For details visit the license url by clicking on the image above. You are free to: Share — copy and redistribute the material in any medium or format Adapt — remix, transform, and build upon the material The licensor cannot revoke these freedoms as long as you follow the license terms below: Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. NonCommercial — You may not use the material for commercial purposes.

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