FlyMining Cloud Mining

fly mining

FlyMining is a cloud mining service provider that began its operations in October 2017. FlyMining positions itself as an eco-friendly business. If you want to start earning on bitcoin mining without worrying about buying and maintaining equipment, FlyMining is one of the best solutions on the market today. Instead of buying equipment, searching for maintenance experts, looking for a room to place mining equipment and negotiating low-cost electricity, you can just buy a contract with FlyMining, since they have already gone through this path.

FlyMining currently offers two types of contracts to its customers:

  • “one-time-payment” lifetime contracts ranging from 0.1 to 60 TH/s; and
  • “35-monthly-payments” monthly contracts with a monthly payment of just $10 per 1TH/s. After 35 payments these contracts convert to lifetime contracts for free.

Despite the recent Bitcoin price drop, FlyMining’s lifetime bitcoin mining contracts are still profitable. This is achieved by providing low-cost electricity. Thanks to cheap electricity, the profitability period at FlyMining will last much longer than with other similar cloud mining providers.

Monthly contracts (contrary to lifetime contracts) are not profitable from day one, but they allow you to start with a little initial payment and test the service. You can rent 1TH/s for just $10/month! And after 1, 2 or 3 months you can upgrade your monthly contract to a lifetime contract if it works for you. Upgrades of monthly contracts to lifetime contracts can be done anytime.

There are two unique features of FlyMining, one being 24/7 live stream webcams. You can always check the mining facility in real-time. Another feature is a so-called “maintenance balance” that allows you to pay for electricity with a credit card instead of paying with your hard-earned Bitcoins when their price can go up any minute. This allows saving Bitcoins for future price highs.

Of course, FlyMining has a referral program that allows you to get free hashrate. As soon as you register, you get a referral link with your unique promo code that you can share with other people. Every time the person you invited buys a contract at FlyMining, both you and that person get 5% of the purchased hashrate! That’s a total of 10 bonus percents, which is a lot.

fly mining

The FlyMining company itself is UK-based, but the mining facility is obviously located in a Russian region with very cheap electricity. FlyMining has a very energy-efficient solution with 20ft. containers to achieve better ventilation and mobility. Thanks to a special ventilation system, the air temperature in the containers is always within the optimal range, which helps to protect the computing equipment from overheating. The air flow from the street passes through the container at a high speed, cooling the miners. The equipment is monitored by technical specialists 24/7, so you do not need to worry about any failures that can happen with the expensive equipment. With FlyMining, mining bitcoin seems to be an easy task!

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How to Get Bitcoin And How Profitable is Mining in 2019

Appearance of Bitcoin has marked the beginning of a new era in development and dissemination of money. 2018 became a crucial point for cryptocurrencies. In this article we will talk more about Bitcoin mining, find out what is needed and how to earn from it.

1. What is Bitcoin mining?

BTC mining is carried out with the help of specialized computer equipment, so-called Bitcoin farms. In order to open a new block, the miners resolve complex mathematical problems, for which the network rewards them with X number of coins.

Bitcoin algorithm is designed in such way, that every 210 thousand blocks the reward decreases exactly by twice. At the very beginning, miners received 50 coins for each new block, then this number was reduced to 25, and now this value is 12.5 BTC.

2. What are the ways to get Bitcoins?

Bitcoin is the most popular cryptocurrency in the world, many people would like to become its lucky owner. Here are some ways to do it:

– Bitcoin faucets. This is an absolutely free method to get coins. It lies in performing various simple tasks, such as decoding and entering captchas, clicks on advertising links, browsing advertisers` websites, etc. This work is absolutely simple, but it requires  patience. We want to remind you, that reward for such work is purely tokenistic and it is not possible to earn decent money from Bitcoin faucets.

– Mining. This method means investment into equipment. It can be completely different: you can organize home mining on graphics cards spending 2-3 thousand US dollars on it, or you can build a huge data center by investing hundreds of millions of US dollars into this enterprise. Thus the income should be directly proportional to the initial investment. Unfortunately, today cryptocurrency is so volatile that it is impossible to calculate how much profit Bitcoin mining will bring in 2019.

– Salary in crypto. Nowadays, the fact of getting salary in cryptocurrency is no longer supernatural. Yes, it is still uncommon, but it is far from single instance.

– Purchase. The most obvious way to get cryptocurrency is to purchase it. Nowadays, you can buy Bitcoin using a large number of services (exchanges, currency exchange offices, individuals, etc.).

3. What is needed in order to start BTC home mining ?

In general, this is rather a broad theme, but in this article we will only briefly run through the main points, without which home mining is impossible. So you need to:

  1. Buy equipment for mining (graphic cards or ASIC miners).
  2. Create a Bitcoin wallet. Without this it will be impossible to get coins.
  3. Select a mining pool. Nowadays the hash rate (total computing power of all the miners) of Bitcoin network is really huge, that is why the algorithm constantly increases its overall complexity. This is why it will be very difficult for one miner to open a new block even with sufficiently powerful equipment.
  4. Install a special software for mining.
  5. Follow the process and, if necessary, repair or replace the components.

You should also remember that mining equipment (especially ASIC-miners) make a noise and heat up while working, therefore installment of farms in a residential house is not a good idea.

4. What is cloud mining?

There is another way to start mining Bitcoins. This is a cloud mining. It does not involve physical contact of person with equipment. A user buys a certain amount of computing power at a large data center and immediately starts to get income from it. So, how is it better to mine Bitcoin, on your own or using cloud? Everyone will find his own answer. Definitely, profit of home mining will be higher, but cloud mining will ease your pain associated with farm maintenance. Someone is willing to pay for his or her comfort, but another one would prefer to do everything by independently, therefore, everyone decides on one’s own.

5. Which video adapters work best for Bitcoin mining?

Each particular video adapter has its own payback period, which directly depends on what is happening on the cryptocurrency market. 2019 has just started, so here is the list of the most cost-effective video adapters for BTC mining in 2018:

  • NVIDIA GTX 1080 TI.
  • NVIDIA GTX 1070 TI.
  • NVIDIA GTX 1070.
  • NVIDIA P106-100 (GEFORCE GTX 1060).

6. How to calculate Bitcoin mining correctly?

Bitcoin rate is very volatile, network hash rate is also unstable, so, it is almost impossible to calculate exactly the mining profit. But there are convenient calculators which will help you to find out at least approximate numbers.

7. What does BTC rate depend on and what will happen next?

Bitcoin price varies in the trading range of USD 4000.00. Bitcoin emission is limited and it amounts to 21 million coins. Over 17 million ones have already been mined. But it is necessary to recall a double decrease in the remuneration for a found block, which occurs every 4 years. It is easy to calculate that over the next 30 years, more than 99% of all coins will be mined, and the remaining 1% will be mined over the next 100 years.

According to the laws of economics, this feature makes Bitcoin a very valuable and, most importantly, a limited resource. Now Bitcoin capitalization is about 70 billion US dollars, and it is absolutely a wasted number from the world scale perspective. Many market experts predict a great future for this coin, for example, John McAfee believes that 1 Bitcoin by December 2020 will be USD 1,000,000.00.

If to take a look at Bitcoin chart for the entire history, one can see approximately the same picture of what is happening: rapid growth, prolonged correction, stagnation after which the cycle repeats. Moreover, every time during the correction, the media “buries” Bitcoin, and the coin after some time again renews its previous records.

8. Conclusion

Bitcoin mining, as of the beginning of 2019, is not a very profit-making enterprise without major initial investment. Bitcoin mining should be considered more like an investment for the future, when BTC becomes a very scarce asset and its value can literally skyrocket. Well, we cannot do anything but wait and actively monitor the developments.

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GMO Will Keep On Mining Bitcoins at a Different Location

One of the world’s largest IT companies, Japan-based GMO has published its monthly report regarding its mining activities and the profits coming from them.

We remind you:

Japanese GMO Releases a Monthly Update: What Has Changed As For Mining?

Based on the December’s document, the revenue from mining cryptocurrency has dropped down  significantly which implies that immediate measures must be taken.

One of the biggest pitfalls of mining is the amount of electricity consumed and its high price. Thus, GMO made a decision to relocate its main mining center into a different area, where electricity will cost way less.

We will relocate the mining center to a region that will allow us to secure less expensive power supply,” reads the report.

Moreover, the company refuted all the rumors regarding its alleged plans of giving up mining completely. Since 2017, when GMO first engaged into mining, it has earned massive profits and still sees potential in crypto.

As we may see in the statistical data, the mining reward for Bitcoin increased a lot in the last month of December, whereas Bitcoin Cash suffered a hard fall. But the crash of the crypto market and Bitcoin in particular could not be controlled by GMO and affected its business quite badly, making it “move houses”.

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Bitmain’s BCH Client Team Was Dismissed Right Before Christmas

Bitmain’s Blockstream Chief Strategy Officer, Samson Mow, has tweeted that the entire team, named Copernicus, was laid off. The team was in charge of development of BCH client database. Unfortunately, the dismissal happened right before Christmas Eve.

As we all know, bad luck always comes in threes: this tweet has spread panic among other Chinese employees. Rumours state that Bitmain allegedly plans to lay off 50% of its stuff next week.

Bitmain has nearly 2000 staff workers, if the rumors are credible, and Bitmain indeed is about to fire 1000 workers, that will cause a big damage not only to a mining world, but also to the whole crypto market.

The first question that comes to your mind – “Why would they do this?”. Although, the official reason has not been announced yet, many people think the core of the problem is significant downfall of Bitcoin’s price. We also should not forget that Bitmain possess substantial assets of Bitcoin Cash, which has been under big pressure since its hard fork on November 15. It is worth to mention that the company filed an IPO back in September, even though the IPO was considered to be lucrative one then, now the company is struggling with it.

Read more: What Should BTC Miners Expect in the New Year of 2019?

This year’s autumn season was not the greatest for Bitmain, first, the company’s WeChat account was banned, as many others crypto-related accounts due to Chinese government ban of the cryptocurrency. Second, the U.S.-China trading war has also brought losses to Bitmain as its equipment has a tariff of 27,6%. Third, 617 BTC were stolen from Bitmain’s account, so they had to file a suit against the criminal.

In addition, we want to recall the report which shows how much Bitmain has lost this year, the number is quite impressive, about $740 million. This loss makes the fall the worst in Bitmain’s history. Nevertheless, we all have to believe that the biggest breakthroughs almost always come after the most enormous setbacks.

We remind you

Bitmain Closed Its Branch In Israel Due To Crypto Market Situation

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McAfee Labs Warns You: Cryptojacking Is Skyrocketing in 2018

The antivirus company McAfee Labs has published its monthly report for the December of 2018. Amidst all the cyber dangers awaiting for Internet users, malicious crypto software stood up significantly. The phenomenon, known as cryptojacking (illegitimate usage of someone else’s devices to mine crypto), is spreading at a fast pace.

Mining cryptocurrency via malware is one of the big stories of 2018. Total “coin miner” malware has grown more than 4,000% in the past year,” is mentioned in the report.

New types of malware are invented almost on a daily basis, thus, antiviruses need to adapt to witty scammers and do it quickly to protect their customers. We remind you that Kaspersky Labs has also mentioned the increase in cryptojacking in its report:

Kaspersky Lab’s Report: Cryptojacking Crimes Have Increased By 400% in 2018

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What Should BTC Miners Expect in the New Year of 2019?

The passing year of 2018 has so far been the hardest and the most unexpected time period for people engaged in mining cryptocurrency, Bitcoin in particular. Many had to quit, and only the strongest players remained in game. What does 2019 have for them?

It all began with a relatively stable price point and with a consistent growth of mining complexity, exactly as it should have been. Mining farms and pool prospered, and everyone was happy.

Then the winter came, bringing price collapse and total chaos, driving a whole lot of unprepared miners from the marker. According to various reports and estimates, around 800 thousand miners and smaller mining companies had to shut down since November of 2018.

Sean Walsh, the CEO of a major mining pool HyperBlock commented on the situation by saying:

The prolonged downturn in crypto pricing is putting many crypto miners out of business, which is why we tend to be a little cautious and protective when it comes to talking about our business.”

Judging by all the mentioned above facts, one would say 2019 would be a total flop for BTC miners. However, it is not quite so.

Firstly and most importantly, the complexity of mining, being pretty flexible, started to adjust to the current market conditions, which eliminates the possible risks of the death spiral of Bitcoin.

Andreas Antonopoulos Does Not Think Bitcoin Is in a “Death Spiral”

Secondly, there is still some hope left that the prices of cryptocurrencies will somehow recover. In this case, smaller miners will be able to return into business, since during the current downward trend this is no option for them.

Thus, we can’t predict what will happen with BTC mining in 2019, since we cannot predict how long the crypto winter will last for and whether the market will recover at all. What we can say is that mining is now becoming an arduous task, and only the strongest ones will be able to stay afloat

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Bitmain Closed Its Branch In Israel Due To Crypto Market Situation

Chinese mining giant, Bitmain, has closed its branch Bitmaintech Israel in Ra’anana. It was set up two years ago as a company which specialized in developing blockchain technology, AI technology and controlled one of the mining pools Connect BTC in Israel.

The branch was headed by Gadi Glikberg, who held the title of VP International Sales and Marketing. He and his 23 employees will be laid off.  The reason of closing the branch is that Bitcoin trading price fell down by more than 80% since its all-time high, while Ripple’s XRP and Ethereum decreased by more than 90% since the peak of their prices.

Glikberg commented on the situation: “The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”

We remind you:

Is Bitmain Really Dying, or How Much Money Was Lost in 2018?

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