Bitcoin Mining for Beginners Part I – Cloud Mining

There is talk of TimeToBit being a possible scam ter this BitcoinTalk thread. Several people have reported the payouts have stopped, and my payouts have bot waterput on pending too for days now. I keep this article updated with more information.

Ter an experimental mood some time ago, I commenced mining Bitcoin on my laptop. After a utter five minutes, I frantically succesnummer the zekering button. My processor went through the roof and the temperature wasgoed reaching 90 degrees Celcius. My palms were warm, but my brain wasgoed startled. Mining on a laptop wasgoed not a good idea. I began looking for a safer way.

This week I determined to test some cloud mining offers and learn for myself how effortless it is to begin, and how profitable, if at all. Te this series, I will explore different mining opportunities that are suggested nowadays. Very first on the line is TimeToBit, possibly the simplest coud mining service there is.

Bitcoin Cloud Mining with TimeToBit

The instrumentenbord is spotlessly clean and super plain. It details your active plans, your payouts, and the option to buy extra plans. That’s all there is to it, there is no more information. Then again, I don’t miss anything. It is like a little machine. You buy it, and you press commence.

They pay for, house and maintain the machines, and you lease (a part of) the machine for a year. The cost is around $Two vanaf GH/s (Gigahash vanaf 2nd) for beginning plans and towards $1.7 vanaf GH/s for larger plans. The payouts are done automatically vanaf day to your desired Bitcoin address.

I wasgoed suggested to test their 150Gh/s project. It costs $279 a year, and it comebacks mij $Two.40 vanaf day, assuming a $600 Bitcoin price. That would make $72 vanaf month and $876 vanaf year, for a service that costs mij $279 vanaf year. If it were a savings account, the rente would be 314%. That’s a nice come back, I would say. If something so profitable is so elementary, my mind embarks to ask critical questions:

(1) Will the profits keep coming ter?

(Two) Is it spil safe spil a Handelsbank Account?

(Trio) Why wouldn’t everyone use this service?

(Four) Why doesn’t TimeToBit use all the miners themselves?

1) Will the profits keep coming te?

Yes, but not spil very spil I calculated. Spil promptly answered by the support staff:

Your calculation would be onberispelijk if the bitcoin difficulty would stay the same at all times, unluckily it does not :-). While you see a $Two.40 terugwedstrijd vanaf day now this may step by step decrease a bit overheen time spil the difficulty grows, however this does not mean you won’t have any ROI, you certainly will! You may ‘somewhat’ calculate the difficulty switches based on historical gegevens, using our internal rekenmachine that would leave you with a total come back of $685.46 or a netwerken profit (deducting the price of the contract $279) of $406.46.

Their rekenmachine is only available internally, so there wasgoed no way of checking it. Fortunately there are various Bitcoin mining calculators online (1, Two, Trio, Four) that will vertoning your profit overheen time. They base their calculation on the enlargening difficulty of mining Bitcoins. I will update this article every month to demonstrate my actual comebacks, to see if it matches up to expectations.

[Blockchain.informatie] Bitcoin difficulty overheen time

Two) Is it safe?

It is less safe than a Canap savings account ter some ways but safer te others. Depending on your country, your regular canap account is secured up to $100,000 against canap failures. Government failures are not insured tho’, which citizens ter Cyprus had to find out the hard way. That is a benefit of Bitcoin: it is somewhat government proof.

The safe part about TimeToBit is that they pay out daily to your Bitcoin wallet, which you can store encrypted &, offline on a USB stick te a locker te your huis. Many Bitcoin mining companies have bot accused of running a Ponzi scheme instead of providing an actual mining service. I am pretty sure TimeToBit is not one of them. They have bot very responsive and open by email and overall show up to be a very semi-transparent cloud mining company. Their UK address lists on their webstek, which also shows up ter the government registry. Their domain name is privacy protected by Whoisguard, but that is common nowadays among companies. Because of their daily payouts, the worst they could do is run with the money at some point, but that would spoil their reputation and is a risk that you have with any legitimate company.

Three) Why doesn’t everyone use this service?

That’s a good question. Why doesn’t everyone peel banana’s the right way? Spil mentioned ter an introductionary article on TimeToBit, the Bitcoin mining portion of the population is miniscule. Many miners choose to mine themselves, taking the total risk on themselves te terugwedstrijd for more profit. The future will vertoning if the project will Comeback On Investment (ROI) overheen time. If profits hold up to their internal calculation, this is certainly a service that one should attempt.

Four) Why doesn’t TimeToBit use all the miners themselves?

The fourth question is frequently asked on Bitcoin forums. If someone has something that is generating wealth, then why would they give it away? Why would any company sell something that is worth more than the price they are asking? The TimeToBit staff responded with this reaction:

Wij do use fairly a loterijlot of mining power ourselves, however selling mining contracts permits us to get quick budget injections, which ter turn permit for fresh mining hardware to be purchased.

Service

The webstek is fully Bitcoin based. You can mine Bitcoin, pay te Bitcoin, and the comebacks are also ter Bitcoin. There is no support for altcoins. Support on email has bot nothing brief of excellent. I give this service Four.Five starlets out of Five. If the profits hold up, that will be Five starlets out of Five.

Disclaimer: My 150Gh/s test account at TimeToBit has bot gifted by them. Featured photo by Shutterstock.

Related movie: Why You Can Consider HUP Mining Equipment for Your Cryptocurrency Mining Venture


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