Mine your way to a crypto fortune by using these services!
As we have discussed in previous articles, crypto mining can be a lucrative business if you go about it the right way. When it comes to Bitcoin, miners receive 6.25 Bitcoins as a reward for every block mined (as of writing this article). As per the exchange rate at the time of writing, a single Bitcoin is worth US$17,330 which means that a miner would typically make US$108,312 per each block they mine.
Similarly, as of this year, Litecoin can be mined for a reward of 12.5 LTC per coin, which comes to US$730 at the current exchange rate and Dogecoin can be mined for a reward of 10,000 DOGE (US$8,834 at the current exchange rate of US$0.8834). If these high rewards have convinced you to try your hand at crypto mining, here are some platforms that you should consider checking out.
Ecos is a cloud-based Bitcoin mining platform that allows users to mine crypto without buying all the expensive equipment required for it. Basically, all you have to do is apply for a mining contract on the platform and then, it will lease you the electricity and technology needed to mine Bitcoin. The price for a mining contract is determined based on your own forecast of Bitcoin prices, the contract period, the hash power you generate and how much you want to spend on mining. Mining contracts start at US$25, according to their website, and you can use the calculator on Ecos’s website to choose a contract that fits your needs. Ecos is available on the Google Play Store and can be accessed via your smartphone.
Awesome miner is a crypto-mining application that has an app for both Windows and Linux devices and also has a web application that can be used on any device. The platform provides users with the ability to run multiple mining rigs all through a single dashboard. While Ecos only allows you to mine Bitcoin, Awesome Miner’s compatible with many popular mining algorithms (SHA-256, Scrypt, X11, Ethereum and Zcash). It is free to use if you are running a mining operation with just one or two people. If you run a bigger mining operation you will have to purchase a subscription, these start for as low as US$4 a month.
CGMiner is a Linux-based crypto-mining platform that is compatible with most hardware. It was created in 2011 and is one of the oldest crypto-mining platforms in the world. While earlier it was only compatible with Bitcoin, today it also allows users to mine other cryptocurrencies, including Dogecoin and Litecoin. One of the best features of this crypto-mining platform is that it is open source (which means that people can modify it because its code is publicly accessible). Another benefit of using CG miner is that it allows you to remotely control your mining rig and adjust the fan speed on your computer with some simple commands. It tells you the overall condition of your mining hardware such as the temperature and health of your device. CGMiner is also entirely free of charge and can be easily downloaded on Github. The only challenge with using this platform is that it has a steep learning curve since it takes the users time to adjust to its interface.
Cudo Miner is a great platform for those who are just starting crypto mining. It helps users automate the mining process with very little configuration required. Users can automate mining for nine different cryptos (including Ethereum Classic, Ravencoin, BitcoinGold and Monero, as per its website) as well as mine a hundred different cryptocurrencies through the standard mining process. Much like CGMiner, this platform also allows users to remotely control their mining rigs and also provides them with invaluable insights, such as hardware health stats (like wattage and temperature), along with other information like revenues and hash rates. The platform is accessible through Windows, Linux, and Mac and has a commission-based pricing model instead of a flat fee.
BeMine is a cloud mining platform that allows users to mine without buying crypto-mining equipment. Instead, it lets them purchase hashing power generated by its own data centers. These data centers host Application-Specific Integrated Circuit (ASIC machine, typically used in crypto mining) machines. Users can buy 1/100th or more of an ASIC device based on their requirements. Doing so brings down the cost of starting your own mining operation. You can purchase part of an ASIC machine through BeMine for as low as US$430.
Each of the platforms listed above has its own unique features that make it attractive. For instance, if you want to rent out crypto mining equipment instead of buying your own setup, Ecos might be a good choice. For those on a tight budget, CGMiner and Awesome Miner are good picks. For those just starting out, Cudo Miner can take away all the effort of the mining process, and BeMine can eliminate the need to purchase mining equipment. Make sure to go through the details of these services carefully before you choose to invest in one or more of them.
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Header image courtesy of Evanto.