Finally Taking the Leap: Expanding into BTC Cloud Mining Contracts Pt 1
WHAT IS BITCOIN MINING?
Google says: Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining.
WHAT ARE BITCOIN MINING CONTRACTS?
Wikipedia says: This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. The mining rigs are housed and maintained in a facility owned by a mining company and the customer simply needs to register and purchase mining contracts or shares.
So I have been wanting to diversify into Cloud Mining Contracts. I think it is a great way to earn Bitcoin with a reasonable rate of return. After doing a bit of research I have decided to go with Hashflare for my first contract. You can mine BTC, ETH, and ZEC. I went with BTC for now. I will expand to other cryptocurrencies as time goes on.
My first contract cost me roughly $29. Now to a lot of you that may seem small but I am planted in the belief we should never invest more than we are willing to lose. With this small step, I have created yet another revenue stream and am one step closer to financial freedom. Feels really good to say that!
I plan on reinvesting my profits for the first year to help build momentum just like I'm doing with my Steem. If I'm going to reach my $10k in a year goal I have to add momentum where ever I can.
Look out for Pt 2 ROI and Forcasting
If you have any questions feel free to leave them in the comments.