News

How to Start Mining Bitcoin Without hardware

This guide will explain beginner how  can start mining Bitcoin Without  hardware.

Do I need special hardware to use HashFlare?
So you'll likely have an account on websites like Facebook & Google. Getting started on HashFlare cloud mining is very similar to these, where you're not buying hardware like you might do if you did normal Bitcoin mining. You're buying a service from HashFlare, not something physical.
The only thing you need to start is a device to access their website, this can be a desktop, tablet or smartphone.

How expensive is HashFlare?
When mining Bitcoin yourself, if you wanted to earn money doing it you'd have to buy specialised mining hardware such as an Antminer S9. When you start cloud mining on HashFlare this is different, you can spend as little as $1.50 or as much as $15,000+.
If you want to support us, use our affiliate link when signing up by clicking here!
After you've signed up on their website, to start mining you need to buy Hashpower. This is done on their left sidebar by clicking the small arrow next to 'Buy Hashrate'. Under this you'll see several options, Bitcoin is mined using SHA-256, so click on 'SHA-256' (logout and log back in if you don't see this).
You'll now see a slider on your screen, this is where you can select how much money you want to spend on mining. As you drag it left and right you'll see the USD amount below the slider, drag it until the USD amount is what you want to invest. Click 'Proceed' when you're happy and you'll be prompted to pay. You can buy more hashpower at any point in the future (so long as they're not out of stock).

After buying Hashpower, what do I do?
This is the big difference between cloud mining and normal mining. Once you buy your hashpower on HashFlare, you don't need to do anything! You'll now get mined coins every 24 hours for the next year (as of writing this all HashFlare contracts are 1 year long). Your reward is in coins, so depending on the price of Bitcoin the USD value will vary day-to-day. HashFlare charges a daily fee for Bitcoin mining, so the 'Revenue forecast' shown on the dashboard may be around 20% higher than what you actually get.
Something to note, if you've bought a very low hashpower, for example less than $10 worth, you might find it takes a few days before any numbers change on the HashFlare website - because the amount of mined coins would be very low. Click 'History' on the left sidebar and scroll down to 'Log' to see how many coins you're mining per day.

Withdraw Mined Coins
At some point you might want to withdraw your mined Bitcoin. to do this, first click 'Settings' on the left sidebar and put in a Bitcoin wallet address to withdraw your Bitcoin to. You may need to wait 2 weeks after doing this before you can withdraw to it for security reasons.
To then withdraw your Bitcoin click on 'Dashboard' on the left sidebar and click 'Withdraw' (to the right of where it says 'BTC Balance').

Reinvest Mined Coins
If you want more hashpower, you can always buy more with USD, but you can also reinvest the coins you're mining every day. On the dashboard look for the 'Reinvest' button in the top right to do this.
Each time you reinvest coins it will create a new 1 year contract start on that date. This can also be done manually by buying new hashpower and selecting account balance as the payment method.
Something to consider here is the USD value of coins when reinvesting. If Bitcoin's value is high, you'll get good value reinvesting; but if Bitcoin's price has dropped (for example while writing this it's just dropped), it may be worth waiting for Bitcoin's price to go back up and then reinvesting - allowing you to get more hashpower for the same number of coins.

Mining Pools
By default your hashpower is spread equally between 3 mining pools - currently BW, Slush and BTCchina. You can customise this, assigning all hashpower to a single pool if you want. As a beginner it's best to leave this at default settings, but optionally you can check each of these pools daily to see which is most profitable - and potentially earn more coins per day by moving all your hashpower between these pools.

Affiliate Program
HashFlare has an affiliate program, where you get 10% of any purchase made by people you refer. If you're a YouTuber/writer, you can integrate an affiliate link into your content to earn some extra Bitcoin - like we're doing with this guide! If you do this always disclose that you're getting paid, in many countries hiding this can get you in legal trouble.
Something to note, HashFlare's affiliate program works by sharing a special link to their website - not via a discount code when buying hashpower. A competitor Genesis Mining offers both a special link and a discount code, which causes confusion. HashFlare discount codes are provided on special occasions by HashFlare itself - not for their affiliate program (this may change in the future).

If you want to support us, use our affiliate link when signing up by clicking here!


Powered by Blogger.