The first article has given us a brief introduction to the concept of cryptocurrency mining. If you missed it, here is the link: https://goo.gl/ZMj5bK. Here we shall demonstrate that cloud mining works using a cloud mining provider - Bitcoin Laboratory.
Bitcoin Laboratory is a bitcoin mining company that offers a return on investments by the hour. Bitcoin Laboratory website is easy to use. The minimum amount that can be invested on the platform is 0.001BTC. You make a profit of 0.15% of amount invested every hour or 3.6% of amount invested every day and you can withdraw your principal (i.e. initial amount invested) 24 hours after making the investment but you would not be earning any interest without active deposit. If your deposit is active, the ROI is about a month (i.e 1/0.036 = 27.78 days approximately 28 days).
The first step is to open an account. Right click and open this link: https://goo.gl/ttZkHl in a new tab. When the page loads, click on Register and set up your account. You will need a bitcoin wallet address for transactions. If you do not know what that is, consult this article: https://goo.gl/vYSAfC
When you log in, you should see this page below
You observe on the left side a series of tabs to help you navigate your account. The image below shows the account overview tab. There you can see a summary of your investments and profits. The Active Deposit is the amount currently invested, the Account Balance is the amount invested plus profits earned, the Total earned is the amount of profit gained since the start of the investment. We can also see the total amount withdrawn from the account.
To start investing, click on "Make a deposit". Type in the deposit amount in bitcoin (minimum is 0.001BTC). You can pay from your bitcoin wallet directly or from the current balance (initial investment + profit). But since this is our first investment, we haven't made profit yet, so we pay from our bitcoin wallet directly. See the image below:
Click on "Make Deposit". Copy the bitcoin address from the resulting page. See the image below:
This is the address where you will send the bitcoin amount to from your own wallet. Login to your blockchain wallet account or any other wallet provider you are using and transfer the amount to the address you copied.
Once you have transferred the amount, click "I have paid". Note that you have to wait a while for your transaction to be verified and confirmed after which the deposit will reflect in your btclab account and you can start earning interest by the hour.
You can withdraw you initial investment 24 hours after your deposit. A five percent fee is deducted when you do this. All you need to do is to click on "Active Deposits" tab, click on "Withdraw". This is shown below:
This will move your initial investment from "Active Deposits" to "Account Balance". When that is done, click on the withdraw tab. Set the amount you want to withdraw in BTC and click on "Withdrawal".
When you do that, the amount set minus the 5% fee is automatically sent to your bitcoin wallet. The same procedure applies if you want to move any amount from your current balance to your bitcoin wallet without touching your "Active Deposits". Just click on the "Withdraw" tab, set the amount and click on "Withdrawal".
And voila! We are now cloud miners with our bitcoin investment without getting into any technicalities of setting up a bitcoin mining farm.
A word of caution is necessary when it comes to patronizing mining sites. Due to the rush to make more money, many have fallen victim to scam sites and thus lost their digital currencies. Therefore, to avoid that or minimize losses, the following rules of thumb are applicable:
- do your due diligence. when you come across a mining site for the first time, before you invest, investigate, ask questions form the experienced, check the reviews of the site, do they have a physical address or just an online presence? Do they have structures in place to address issues should they arise? What is their business model? All these counts.
- if the offer of return on investment is too good to be true, then it is probably a scam site, even if it is genuine, eventually, they will be unable to keep up with the volume of transactions, resulting in server crashes and loss of your money
- resist the urge to be greedy, invest small amounts, monies you can afford to lose
- do not put your eggs in one basket, a staggered investment in a number of safe and reliable mining sites is advisable
- secure your wallet
These are the few I can think of for now, you can add more via your comments and feedbacks. Invest wisely, secure your future.
Mining Digital Currency - Part 2 - Profitable Returns on Bitcoin Investments with Bitcoin Laboratory
Numerous business opportunities in the digital currency market.
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