Since we are all aware, Bitcoin mining has become more centralized and commoditized. Giant-scale bitcoin mining operations are appearing in many different places, concentrated in certain select places in the world where electricity is cheaper and/or the climate is cooler.
In this article we discuss the possibilities of Cloudmining, Bitcoin Miner Hosting and Hardware.
Hindrances for Hosting and owning your own Miners:
You need to find the Right Batch
A.)You have to choose what hardware is ideal to purchase. You’ll need to evaluate which hardware is cheapest per GH, and which is the most energy-efficient. We feel our price is the best and are always pleased to price match our competitors, however, we still suggest for you to view other options to help you feel comfortable knowing that you’ve made an informed decision.
Did you order from a scam company and can it arrive in a timely manner, if ever?
B.)Companies which include Alpha Tech among others listed in our article pages are ruthless either in taking ages to deliver and using your hardware at no cost in the process and some not delivering at-all; we obviously take pride in not taking that approach and are generally pleased to offer PayPal to supply new clients the safety in knowing that they’ve already 100% payment protection.
Will your miner meet its promised specifications?
C.)You hope that you’re lucky enough that the hardware that you ordered, actually meets the specifications that were listed after you ordered it (hashrate, power draw, etc.)
With a move towards centralization, many home miners are losing ground every day.
Most home miners don’t enjoy the luxury of living within a country like Iceland still want to play in the mining ecosystem. Ultimately, it’s mining which is the driving force behind Bitcoin. Mining is what keeps an accurate and secure ledger of the Bitcoin transactions which have taken place.
So we ask just how can the average joe still support Bitcoin and also at the same time make money?
Between owning your own private hardware at home and centralization of this hardware; Bitcoinminersuk believe there is no correct or incorrect option, it’s your choice to decide. This will depend on how much space you have got at your home, your energy bills, and how big your finances is. With cloud-mining you will have the advantage of price flexibility, you are able to put money into much smaller increments buying fractions of a machine and test the water, instead of a whole machine.
Now we will will continue to discuss having your Bitcoin Miners hosted and Cloudmining.
Bitcoin Miner Hosting vs Cloudmining
The two main options in this area: buy cloud mining contracts, or have your miners hosted. If you’re about to have your miners hosted then you’ll ought to buy hardware. We offer a a safe service where one can do this at a low price.
Cloudmining, where companies take the cash in advance, and give you back little pieces of it over time, makes it a breeding ground for Ponzi Schemes. (In our next article we suggest exactly what to look out for if you choose not to go with us)
Remember Bernie Madoff, who was found guilty of running a Ponzi scheme? Many trusted to invest in him, and he hands them back 10% returns a year of their own money. He got away with this for many years and no one was suspicions their particular investment was always up, every month; never down. His Ponzi scheme cost his investors Billions.
Gavin Anderson, a well respected Bitcoin developer, said about about cloud mining:
“I suspect many [the Bitcoin cloud mining companies] will end up Ponzi schemes.”
So, what now?
Like we’re saying it all depends on your own requirements, in this article we have some diagrams on the cost of the electricity in price per kw an hour; the charges of our hosted option are going to be less expensive than many countries throughout the world and there is the benefit of not having the inconvenience of space, heat and noise which will affect many people.
And again you have the additional benefit of having the option of paying via PayPal.