How to make money with bitcoin. – Bitcoin has been going up and down over the last year and so I decided to make an article explaining how to make real money with bitcoin without putting out massive amounts of cash into a mining rig. This advice will teach you how to get off on the right track and get some know how on bitcoin mining, at least enough to start earning some cash. – Remember to check back for more bitcoin posts and if you’re looking to make some extra cash then check the rest of the site out.
To start mining what you need:
A mining rig or a rented mining rig is needed in order to earn money with bitcoin. It all depends on the rigs you use. Graphics cards (GPU’s) play a massive rule in getting bitcoin, so if you’ve got a gaming desktop you may already have the spec that’s needed. – How to make money with bitcoin.
These cost between 2 and 3 thousand dollars and will pay you back about 100 to 200 dollars a month that means about 2 year and a few months till you get your month back. we will explain down below why it’s important to not write this off.
Big rigs change at such a rate that the latest GPU will most likely earn more than a few hundred per month, it just depends on how much bitcoin is worth in the market place.
These can cost 800 to 1200 dollars and the usually earn about 60 to 100 a month. that means you’ll have to wait just over a year to start earning profit. – These are really solid but be careful as you might just get addicted to upgrading, a lot of my friends suffer with this problem and ended up spending the exactly the same money as the big rigs, but without all the power.
These can cost 120 to 400 dollars and mine a little slow in my opinion. These systems are either Pi Bitcoin miners which are like little mining rigs that you hock up to your pc and then run bitcoin. I’ve seen some massive set ups that end up costing more than big rigs, so again be careful. Some of these rigs can earn around 20 dollars per month. Then you’ve got barebone pc’s which just have a cooled graphics card and cheap everything else, these cost about 400$ you’re really just buying the graphics card thats all. The rest of the unit will cost peanuts, especially if you look around. – How to make money with bitcoin.
The most important thing you need to think about is electric bills as that’s what eats into your profits the most. These are the two methods I use to get around a killer electric bill.
If you rent or house share you can get electric free deals which means you can run your miner all day and it doesn’t cost you a thing. This is great because it means you’ll get profit 2 x quicker.
– Move state.
Living in Kentucky or somewhere like that where the electric is half price and costs near to nothing, this is a great plan and what you’ll want to do. This is really only for the people looking to make big bucks out of mining.
Is it still worth mining?
The question every miner gets asked: “it still worth mining bitcoin?” and the answer is yes. Right now you won’t earn enough money and depending on your electric statues you’ll probably have trouble making a profit, but as the bitcoin losses value it because easier to get, so it might take a year or so but once that happens the bitcoins will start being easier to get and then shortly after that the market will go mental and the coins you’ve earnt might be worth 5 to 20x the amount even up 100x times they amount. History always repeats itself when it comes to currency. So, you could go from earning 60 dollars and then turning that into 1000 dollars in the space of one day. once that happens though it will get harder to mine again and people will get more and more into it. As of now people are losing interest, so it’s the perfect time to go for it and start mining.
– Don’t spend money you don’t have.
I’ve seen so many people get the bitcoin buzz and spend loads of a rig that doesn’t earn enough money to run. Unless you’ve got cheap power or follow the rules above it’s very hard to run a big mining rig.
– Ending up with a wasted mining machine.
This is why the bigger rigs are best as you at least have something there you can use after you stop mining. If you get the cheaper mining rigs you’ll end up putting yourself at risk, you can lose money and not be able to sell the hardware.
– Don’t trust people who say it’s dead.
People are trying to clear up the market to make it easier for themselves to mine. It has got a lot harder but it will thin out and become easy in time, so be patient and just wait.
Using other online currencies.
Bitcoin isn’t the only coin online you’ve also got feather coin and many more. Lite coin is the best one and can earn more money than bitcoin with the only problem being it hasn’t had a massive boom and might not for a while or ever. This is good for you big time miners as it means you’ll always have somewhere to mine cryptocurrency.
I’ll end this article like this. You can earn money through bitcoin mining but it won’t happen overnight if you’re prepare and have some money lying around it’s an investment that will slowly become profitable. It’s something I recommended for people with money who can build a good strong mining system that won’t cost much and would have high power consumption. I’ve done loads of research on graphics cards and pc hardware so be sure to come back for part two.
How to make money with bitcoin. – Hopefully from that you’ve gained a little know how and understand what this online currency is all about. It’s not something to turn your nose up at and can be very valuable for the future, just remember to not give up, if the currency drops it can easily bounce back. So, keep mining and be ready to earn some dollar! – Share this on facebook, twitter, G+ and anywhere as it keeps us up and going strong. Makes me happy.