We should all be aware of the consensus method of mining, or solving cryptographic Protocols that validate transactions on block chain networks using specific computer hardware. The more people that mine, or the higher the hash rate on each network will increase the mining difficulty and in some cases it has been unprofitable to mine do to high cost of Application specific chip hardware as well as the rising cost in GPUs. Bitcoin is among the many crypto currencies that has shown to be rather difficult to mine in 2019.
Many people are trying to get on board with mining, but because of the rising cost of hardware and electricity costs, it is becoming impossible for regular people to get involved with. One way around this problem is to use a cloud mining service, in which you pay for hashing power on servers that are already hosting active miners. One of the biggest problems with using a cloud mining service is scams. However, there are a few good service's, one of them happens to be Miningsky.io.
One obstacle still remains that will make it very hard for the common person to get involved, and that is High upfront investment cost's fro hashing power. But I have devised a way where you can Dollar cost average your investments in weekly purchase's of hashing power.
The plan that I use is as fallows:
Purchase 10TH/S per week for $250.00
After for weeks you will have purchased 40TH/s ~ $1000.00 over the course of a month.
The process takes about 3 months of doing this, and will build up to 120TH/s ~ to $900.00 per month
every week you get your payout, reinvest it for more mining power, so that way you can wined up with 200 plus TH/s ether way you will brake even in about 4 months time in which thereafter all bitcoin earned is profit.
Getting started with bitcoin cloud mining.
step one create an account with coin Base and verify your Identity and banking information.
Create an account with MiningSky.io verify your information.
you will want to purchase a minimum of 500 dollars worth of bitcoin from coinbase do to fees, as well as the holding period of 20 days before you can transfer your bitcoin to external addresses. if you buy 500 dollars worth that will put you 2 weeks on schedule do to the delay in the holding process
because of the volatile nature of bitcoin you may loose value on your initial purchase, but that is the risk, I took that risk and it worked, so think it through and I hope it works out for you all.
