Bitcoin Mining in 2016

A Mining Rig At Sunset

Let us first look at what this Bitcoin mining actually is. The members of the Bitcoin network provide their computational power for calculations of mathematical problems, and for this effort, they are rewarded with bitcoins. However, the more members are mining, the more competitive it gets. Computers are really good at solving these mathematical problems, so the Bitcoin network purposely makes the solution more and more difficult, otherwise all of the bitcoins would be mined in a couple of minutes. This is why there is today many highly specialized hardware on the market, their only purpose being exclusively Bitcoin mining.

It’s a constant arms race. Everyone must regularly optimize their mining gear, in order to stay competitive. Once a new mining rig is introduced to the market, the old ones quickly become outdated and, therefore, unprofitable. At the same time, this gradual development of the technology increases the overall difficulty of mining again. The result is a never ending circle of the constant need to optimize. This explains why it’s a must to start with the best available hardware and to start immediately in order to mine profitable for as long as possible as well as not to lose a minute of precious mining time. The days when you could use your laptop to mine for bitcoins are long gone.

A BTC/USD chart for the last 3 yearsThat doesn’t mean there’s no more money in Bitcoin mining. Have a look at the Bitcoin charts over the last few years. If you can look beyond the crazy price swings you’ll discover a steady trend upwards. It is the future of money. One of the easiest ways to get involved is through Bitcoin cloud mining. This means that you rent computer power from a professional Bitcoin mining company and receive the mining rewards minus the electricity costs in return. Many of these cloud mining companies came and went over the years. In the highly unregulated Bitcoin market, there were lots of dishonest companies and scams. This situation has somewhat improved as Bitcoin matures and grows more mainstream. One cloud mining company that has been around for many years and has a spotless reputation in the Bitcoin community is Genesis Mining.

One of their most popular Bitcoin cloud mining contracts is the Lifetime contract. This contract keeps paying out bitcoin for as long as it is profitable. That is if the electricity costs for running the hardware can no longer be covered by the mining payouts the contract is terminated. These mining contracts are an investment in the future of Bitcoin. As long as Bitcoin keeps growing stronger the contract keeps paying out.

Getting started with Bitcoin Mining in 2016:

  1. Head over to Genesis Mining for a Lifetime Bitcoin Mining contract. Use bonus code Mqu31k to get 2.5% discount. Payment options include credit card and bank wire.
  2. Get a Bitcoin wallet to receive your daily payouts. We have an extensive guide about Bitcoin wallets. Please, beware, not all wallets are well suited to receive daily small payouts. We recommend the free desktop wallet MultiBit HD. It’s light-weight, safe and easy.
  3. Enter your MultiBit HD Bitcoin wallet address in your Genesis Mining account page.
  4. Every month or so you probably want to move your mined Bitcoin to a more secure location. A hardware wallet is the safest way to store Bitcoin longtime.

That’s it! That’s all takes to get involved in the future of money.

Any questions? We’re happy to help out. Leave a comment below or reach out to us on Twitter or Facebook.

Get more MekongMonkey

Subscribe to our mailing list and get everything about Bitcoin and Cambodia in your email inbox.

Thank you for subscribing.

Something went wrong.

Leave a Reply