Bitcoin has gone through a bear market for more than a year and finally welcomed a strong market rally. Since April, the winning streak made Bitcoin up to $9,073 at a point, risen by 170.6% within the year, doubling the currency price.
As the market gradually picks up, the number of contract trading users is also increasing, meanwhile, mining and related industries are slowly rising, the fast sold out of Antminer S17 series since on-sale is the best proof. 58COIN launched BitHash services mainly focusing on miner custody and cloud mining. Recently, the periodic cloud mining service will be launched, starting from 1T and provides flexible period choices for various investors.
Whether being mining or miner custody, it is inseparable from the mining machine, then what is mining? Do you want to make money in mining? What are the determinants? Let’s briefly analyze it:
What is mining? What is a miner?
Everyone knows that Bitcoin is a peer-to-peer payment system, and its core is trading. We need to use a ledger to keep track of accounts, just like the bank helps bookkeeping when we transfer money at a bank. The one that acts as the bookkeeper is called a miner in Bitcoin.
It doesn’t matter what the bookkeeping method is, it is the specific bookkeeper — miner that counts. Since the Bitcoin system does not have a central node like a bank, everyone can compete for the position of a miner and get the right to book the bitcoin system. However, if everyone is coming to compete, who should be entitled the right? How can you prove that you did work? How to ensure that the miner does not record the false account? The inventor of Bitcoin, Nakamoto, has designed an intelligent method called Proof-of-Work (PoW) system.
The Bitcoin system will let everyone involved solve a math problem — calculate the hash value. The one who first solves the problem will be recognized by the whole network and get the reward, and the speed of solving it depends on the high and fast computing power. In a word, the mining is actually using a machine to participate in a math game, whoever calculates the answer first will get the bitcoin reward.
The mining equipment is called the ”miner”. Due to the increasing difficulty of computing power, the miner is constantly upgraded, experiencing the development of CPU — GPU — FPGA — ASIC — mining pool.
“Who” determines the mining earnings?
There are several factors that affect the earnings of mining. The first is the currency price, obviously, the higher the currency price, the more profitable the mining is; the second is the difficulty of mining, if the mining difficulty rises slowly, more mining earnings will be got; the third is the cost, low mining costs can make high profits, and the cost here refers to the purchase cost of miners and operating costs, including miner fees, labor costs, O&M costs, electricity costs, etc.; the last factor is the computing power, the higher the computing power in a given period of time, the more coins will be mined.
Therefore, it is very similar to speculating coins. The key point of making money by mining is: buy low and sell high! If you have a very low electricity bill, you can buy a miner to mine. Besides, if you can buy low-cost computing power, you can also mine.
BitHash — The Optimal Choice for Conservative Investors
After seeing the recovery of the currency market, many individual investors are eager for trading the contracts, while the new investors are preparing to enter the mining market. However, there are some obstacles that individual investors may encounter when mining: 1) You may be not able to see the price of the market in real time; 2) You may not be capable of finding a suitable large-scale power supply; 3) You cannot make sure the 24-hour operation and maintenance of the miner.
But this problem has been solved, the BitHash service launched by 58COIN has all the necessities required for making profits in mining, for example, the first batch of the hot sale Antminer S17 and S17Pro series, with high mining power and low electricity costs and PPS+ earnings distribution model, were sold at about 15,000 CNY (approx. $2,189.33) per miner, and users do not need to be responsible for the operation and maintenance of the miner. Such service is indeed profitable for investors. Therefore, the miner custody service was sold out as soon as it was launched.
58COIN provides tailored services for diverse investors. If you think that the cost of one-time expenditure for the miner custody is too high, you can choose cloud mining — a product that allows users to lease and enjoy earnings based on each T hashrate or designated period of time accordingly. Starting from 306CNY/T (approx. $44.33/T) and with no upper limit, investors, whether being large, medium, or small can invest according to their financial plan. Due to the hot sales of the buy-and-mine cloud mining, the platform added a 1,000T cloud mining yesterday to meet the needs of users.
According to 58COIN, it will launch a periodic cloud mining service in the near future. Compared with the perpetual cloud mining, this new service boasts more optional periods and a shorter static payback period.
With low entry entering requirements and reasonable pricing, most investors have the opportunity to get permanent earnings at lower costs. Regarding this issue, Steven, the Operations Director of 58COIN, said: “Following the rebound in the Bitcoin price, the static payback period is rapidly compressed, it will be a good choice for conservative investors to invest in cloud mining.”