We are a group of bitcoin enthusiasts, investors and miners who have used bitcoin and been active in the community for several years between us. Bitcoin has been around since 2009, and in the last two years alone we’ve found the landscape has changed completely. Not so long ago, anyone could mine bitcoins. But with increasing awareness and adoption, now only the best-informed and equipped miners can make it worth the cost of the hardware and electricity required. Mining has moved out of amateur hour, and it’s heading towards being a professionals-only endeavour. Fortunately, we’re not there yet and for those who approach it wisely, it can still pay well. In other words, bitcoin mining can be an extremely profitable business – if you know what you are doing.
About bitcoin mining
Mining is an important part of the bitcoin ecosystem, and miners provide a vital service by ensuring the security of the blockchain: the decentralised ledger of transactions that makes bitcoin so innovative and powerful. To reward them for this service, successful miners receive new blocks of bitcoins at regular intervals.
Despite its ups and downs, bitcoin’s price has risen exponentially over the few short years of its existence. As mining became more and more lucrative, new miners joined the network and dramatically increased the competition for the limited number of bitcoins on offer every day. Once, anyone could mine bitcoins using an ordinary computer; now, there are so many miners that only those with custom-designed hardware stand a chance of profiting. Even that is not enough: you will need to take into account many different variables, including the upfront cost, hashrate and power-consumption of your mining rig, the cost of the electricity it uses, the current network difficulty, the current and future price of bitcoin, the likely longevity of your rig and upcoming developments that might give you an advantage or disadvantage in the future.
In short, bitcoin mining can be a complex business, and to profit from it you will need to make sure you stay properly informed.
Bitcoinminer.net: a one-stop-shop for bitcoin mining
Bitcoinminer.net is designed to tell you all you need to know about mining bitcoins. The site contains information about every aspect of mining to give you a thorough background in everything you will require to stay ahead in the mining arms race. The site is designed for anyone from complete newcomers to bitcoin to those who have been mining for years and need to stay up to date.
Some of the useful information you’ll find on the site includes:
- All about bitcoin – how it works, what it’s used for and where to find out more
- Obtaining bitcoins, and the bitcoin exchange market
- An introduction to mining – what your mining rig actually does
- About the bitcoin network’s ‘difficulty’ level and hashrates
- Mining pools and cloud mining
- ASIC miners and new developments in mining hardware
- Calculating how profitable mining will be for you
- Storing and selling the coins you mine securely
Happy mining – and good luck!