As interest in Bitcoin and other cryptocurrencies is increasing by the day, opportunities to earn these coins are also flooding the internet. This has increased the number of scams in the industry as well. Scrupulous people are robbing people of their hard-earned money. However, there are still many places where you can mine cryptocurrencies and get its value transferred to your wallet.
Bitcoin mining is still a lucrative option for earning the now valuable currency (valued at over $10,000 at the time of writing). Here is all that you need to know about Bitcoin mining as well as a list of websites where you can earn Bitcoins without any deposits.
What is Bitcoin mining?
Bitcoin is a cryptocurrency that is completely decentralized and democratized. There is no central bank regulating the flow of this currency and no government whose decisions can make fluctuations in its value. However, Bitcoins must originate from somewhere. The answer to this query is mining.
Miners are people who are ready to put in their time and resources for creating new bitcoins. They solve certain math puzzles and create new coins. They get some of these coins in exchange for the work they have done. This is a smart way of earning money, considering that Bitcoin is the hottest crypto in the market. Earning coins is the only incentive for miners. They do not form a government or a central bank that is politically motivated. There can only be a set number of Bitcoins in the world, which means that no government can create more Bitcoins at will.
This is not all that miners do. They play a major role in keeping the entire blockchain secure. They do the job of approving transactions before confirmation. This helps in fair transfer of money from one wallet to another and makes the network security for everyone to use. Additionally, it reduces the chances of frauds by providing proof-of-work. Miners are an integral part of the blockchain.
Bitcoin mining is neither an easy nor an inexpensive project to undertake. You will have to dedicate resources to buying devices that will be used for mining. Most people are unable to dedicate such resource which ultimately discourages them from becoming a miner. Even some good coin mining websites ask you for deposits for using their cloud platforms.
These websites have all the hardware themselves, and they simply rent it out to you. You can use it to mine coins and earn some profit, a part of which goes in paying the rent of the equipment. This fee is not less, and there are chances that you may end up paying more rent than your earnings. Additionally, there are upfront deposits as well that simply increase the chances of paying off more than you can earn. For more info like ‘What are the Best Coinbase Alternatives for buying Bitcoin and Other Cryptocurrencies?’ you can visit FinancesMarti.
Best Bitcoin Mining Websites 2020
The good news is that all websites do not ask you to make deposits upfront. Some websites simply let you pay the rent for their physical hardware while others will provide you free accounts where you could be earning a few coins (albeit a very small fraction). Let’s talk about a few websites that will be providing you deposit free Bitcoin mining services.
This website calls itself an ‘industry leading Bitcoin mining pool.’ BitMiner allows you to get physical miner backed Bitcoins in your account. You will only need to sign up with your Bitcoin wallet address and start mining almost instantly. You don’t have to pay anything for this bitcoin mining activity up front. In fact, you can sign up for their affiliate program where you can earn at least 20% for each referral, which can go as high as 100%, depending on the kind of account you own.
The website takes all the hard stuff away from mining and leaves you with a simple and easy way to earn Bitcoins for free. You get a free version of this service where you can earn 0.0006 BTC each day. However, if you upgrade to their premium accounts, your earnings could go as high as 1 BTC per day. The website guarantees 99% uptime with data centers in China, USA, and Europe.
The free version of this service is called BitMiner 1.1 which is available for free. It promises 0.0012 BTC per day with a 30% affiliate bonus. BitMiner 1.2 promises 0.0015 BTC per day with a 40% affiliate bonus. You can upgrade to this account by paying 0.1 BTC.
BitMiner 1.3 promises 0.15 BTC per day and 50% affiliate bonus. You need 0.9 BTC to upgrade to this account. Finally, there is the BitMiner 1.4 which provides 100% affiliate bonus and earnings up to 1 BTC per day. It is available for 5 BTC.
This website is quite similar to Bitminer. Signing up is very simple. All you will have to do is visit the website, provide your Bitcoin address, and then suggest the number of Bitcoins you would like to mine. Rest of the process is automated. This website claims to be 5400% faster than any other Bitcoin mining site in the world which looks like a very tall claim. This is not all; CoinMaker suggests that they multiple private servers around the world. This helps them in maintain better uptime than their competition.
An advantage of using a website like CoinMaker is that you don’t have to download any software or go through a lengthy sign-up process. You can simply provide you bitcoin address and start mining. Another good thing to note about this website is that it lets you decide the number of Bitcoins you want to mine. This gives you more power to decide how much you will be able to earn. Note that CoinMaker also supports Ethereum mining. This way, you will be able to mine two of the most popular cryptocurrencies in the world.
This website calls itself a virtual Bitcoin miner that could deposit real income in your wallets. It is a simulation game that mimics real mining. If you want to experience how Bitcoin mining really works, this is the best place to do so. This is not all. It lets you earn real coins for mining virtually. Leave alone mining alone; you even get to create a pool where you earn through collective efforts. This cloud mining system claims to create real-world situations, where you must strategize to maximize your virtual earnings. Bitcoins are generated because of these activities. You can decide if you want to transfer those Bitcoins to your own wallets or use them for increasing your production capacity.
Signing up for MinerFarm is really easy, and you even get a welcome present- a basic miner and some power supply, to start mining. In order to produce more Bitcoins, you should be buying mining devices from the shop section of the game. This helps you in getting more coins for your efforts. You will have to buy power supplies along with mining devices. Heat generated due to mining will decrease the efficiency of your miners. Hence, you will have to buy coolers as well. Apart from this, you will be spending on maintenance and repair of your devices as well. Overall, this stimulation game tries to mimic real life as closely as possible and give you coins for your efforts. Note that the game is not affiliated with or related to the Bitcoin network.
This is another deposit free coin miner. Just like its peers, it asks you to register and then enter a bitcoin address. Once done, you can start solving a few analytical tasks. They are usually simple and do not require high-end calculations. You will be collection points on this platform for completing these analytical tasks.
Once you gain 200 points in the account, you can turn them into Bitcoins. This currency can be paid directly to your wallet, instantly. The site identifies more as a Bitcoin faucet than a Bitcoin mining service. However, in either case, you will be earning coins for the work you do.
How to stay away from frauds?
As we mentioned above, Bitcoin mining is a sector where you will find more frauds than legit links. In the Bitcoin environment, there are two difficulty levels of mining. When the difficulty level is easy, more miners try to enter the sector which leads to a quicker mining time. It should be about 10 minutes per block. After that, the mining gets complex as you get to next level. This discourages many miners from pursuing their activities further, because of which the rate of mining comes back to normal.
While this is the inbuilt feature of Bitcoin’s blockchain network, there is nothing that stops fraudulent websites from offering you ‘too-good-to-be-true’ offers. Some of these websites may lure you into with Ponzi schemes while others may simply pay you extremely small fractions of Bitcoin for your time and effort. You need to be careful about these sites.
So how does one know if a website is legit or fraud? First, note what the website is asking for. Fraudulent websites could be asking you for an upfront deposit. They will take your money and pay you a small share of it to appear legit. You will keep dedicating your resources to the website while they make money at your expense. Most of these websites try to hide their details. Some even go to the extent of showing themselves as a company to appear more honorable. However, most of their records are false.
You should check whether the website you want to associate with has any physical mining equipment or not. Most will be making false claims about their equipment and fail to provide any proof of their assets. Additionally, they claim to have data centers and servers located across the world but do not show you exactly where they are located.
Another important thing to notice while finding a coin mining website is the language used on their website. Fraudulent websites tend to rely more on tall claims than on real mining capabilities. They will tell you about the number of coins you will be able to make, the kind of money you will receive and more.
The language is often designed to make you click the button and sign up for their website. That’s it! They fail to provide any verifiable and authentic information about what they really do. Innocent investors are fooled by such lofty language and sign up for these websites out of sheer curiosity. This makes them lose money.
As investors have become aware, these fraudulent companies have also become smarter. Now, you could even find these websites providing you verifiable Bitcoin addresses and send you small fractions of the coin as well. This helps them in gaining your trust because of which you invest more money and time into the website. One day, the payments stop coming through and there is always a technical fault or a glitch.
Finally, check if the website provides you any customer support. A good website, whether or not it is asking for upfront payments or rent, should have a good customer support staff. You should be able to generate support tickets and talk to the company’s representatives directly if the need be. Fraudulent websites do not invest in these services. They usually have very basic websites. Most of them do not have any customer support, only a ‘Contact’ page where they get to choose whether they want to talk to you or not.
Bitcoin mining can be safe if you only spend time in finding the right website to work with. As a rule of thumb, stay away from any website that promises too much and does too little. You should try to find real customer reviews on the website as well. Check what people are saying about a website on every platform possible. If you are still unable to find any credible information, it would be better to leave this option behind.
These were some basics that you should know about Bitcoin mining and find the right websites to work with. If you have questions or comments, feel free to write to us.