How I started a new life mining bitcoin on the cloud
The year 2020 was pretty rough on everyone, many business filling for bankruptcy and families struggling to pay their bills… That was the case for me when I lost my job in a little telecom firm close to Seattle.
Then i found about bitcoin mining.
We all have a friend going crazy about those “internet coins” called cryptocurrencies, I was totally unaware of this world just about a year ago, but with all that crazy times going on, I thought I could give a shot to this other side of the system.
But what the heck is bitcoin mining ?
Bitcoin mining began as a well paid hobby for early adopters who had the chance to earn 50 BTC every 10 minutes, mining from their bedrooms. Successfully mining just one Bitcoin block, and holding onto it since 2010 would mean you have $450,000 worth of bitcoin in your wallet in 2020 !
Pretty cool right ? I became so stocked about those articles I was reading, dreaming of paying off my debts in a day and going to travel around the world.
Some did it, why not me ?
The setup
That’s it, time to put in the research. After reading some guide on how to start I quickly saw that I needed some small computer box called “Asics” or “Antminers”, they can cost like 3000$ usd each so it was clearly not an option for me.
ASIC miners are purpose-built to do one thing and one thing it does best, mine cryptocurrencies based on the algorithm it utilizes. Such as the popular cryptocurrency Bitcoin (BTC) or Bitcoin Cash (BCH), which both utilizes the SHA256 algorithm.
I started to be a bit discouraged until my good nerd friend came up to me with the concept of Cloud Mining
It allows you to use the computing power of mining equipment hosted in specialized data centers without owning or maintaining the equipment.
Unlike traditional cryptocurrency mining which involves significant difficulties, cloud mining gives users a unique opportunity to start mining instantly. That mean we can generate regular passive income without the hassle of purchasing theses expensive asics.
Good lord that was it !
Intriguing possibilities
There are many well-known platform that offer cloud mining and I have yet to test all of them but I chose one and tried it for few months.
After registration I was given access to a quite basic dashboard and went to rent my first mining contract, kick-started off the journey with a 150$ investment.
- It provided me a stable ~26$ monthly income
- which is like 18% income every month (not bad)
It was funny to see the daily payouts on my dashboard and I could even compound the payouts by reinvesting my gains.
After a few months of trials I bought more mining power until reaching a stable ~1400$ monthly income which is totally enough for me.
The payouts tends to vary as Bitcoin is going up and down but lately it reached 28 000$ which gave me an excellent ratio compared to my early investments.
A blessed life
I’m currently traveling around Indonesia
(as it’s part of the few still opened for travels during covid)
I’m not going back to my old job again and that’s beyond expectations.
To wrap up you can find many cloud mining website by searching on google, mine is called oak-mining and didn’t felt the need to go on others but I’m sure there could be better existing ones.
Thanks for reading and I wish you all a bright future.
