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.
  • RADEON VEGA FRONTIER EDITION.
  • RADEON RX VEGA 56.
  • RADEON MINING RX 470.
  • 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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CoinMarketCap Site has Digital Coin Rating System Now

Perhaps the most important resource of monitoring cryptocurrency CoinMarketCap has got a new feature. The developers introduced Fundamental Crypto Asset Score (FCAS) rating system. This product was developed by specialists of a blockchain startup Flipside Crypto. The correspondent information posted Dave Balter – CEO of the above-mentioned startup – in his blog.

Source: https://medium.com/@davebalter/

This project has been monitoring the dynamics of development of a huge amount of cryptocurrency projects for more than two years (since 2017). Flipside Crypto tracks consumer interest as well as developers activity. Based on the data obtained it makes a conclusion about “vitality” of a certain project. The system has its own evaluating scale which totals 1000 points.

From today a new tab “Rating” is available on CoinMarketCap site where users can get to know the analysis of more than 450 cryptocurrencies.

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Circle: Even Though There Was A Bearish Market Last Year, The Business Is Growing

The crypto project backed by Goldman Sachs is opening about its current situation of the company. The CEO of Circle, Jeremy Allaire, gave a small interview to Fortune where he talked how bearish market influenced its profit last year.

Let us recall what happened with crypto market in 2018. The beginning of 2018 was quite pleasant, the Bitcoin price accounted for approx. $13,000. Later, the prices of cryptocurrencies began falling down. The fall in prices in the first half of 2018 was quite predictable, as nothing lasts forever. Some crypto experts, like Tom Lee and John McAfee,  even tried to predict the crypto price which would have been by the end of December, however, their predictions were not correct, which caused dissatisfaction investors who invest money in the crypto market.

In the second half of 2018, the price of all cryptocurrencies started to drop significantly. The crypto’s doomsday is considered to be November 15, when Bitcoin Cash had a hard fork, which caused crypto to go down. At the end of the year, the price of Bitcoin reached its lowest minimum of $3400 since 2014.

How did it influence the global crypto finance company? The chief executive of Circle assured everyone that business goes well.

“We had very significant growth year last year, even though there was a crypto bear market,” he said.

In addition, he mentioned that the total company’s revenue and customer base had grown last year.

Allaire also shared Circle’s plans for future. The company has recently acquired a crowdfunding site – SeedInvest, which helps company to issue securities. The CEO emphasized that tokenized securities would become a bigger part of Circle’s business in the near future.

“We’re going to look at ways that we can bring the benefits of digital assets, crypto technologies, and blockchains into this whole area of issuing securities over the internet.”

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Japan Released New Rules In Crypto Margin Trading

Japan is a progressive country in terms of economy, as well as cryptocurrency regulation. This time Japanese financial authorities have released a new set of rules regarding crypto margin trading.

Margin trading is a strategy that allows a trader to buy more stocks than you can afford on money borrowed from a broker (similar to loan).

The Cabinet of Japan approved draft amendments to Japanese financial instruments and payment services laws on Friday. In fact, they will limit leverage in virtual currency margin trading at two to four times initial deposits. Such restrictions are a common practice in foreign exchange trading.

All crypto exchanges throughout the country are bound to get governmental registration. This type of registration will differ from that adopted in 2017, which was mostly focus on preventing money laundering. However, these rules make exchange operators be monitored in a way similar to securities traders to protect investors.

These crypto exchange operators will be classified into categories to differentiate those who involved in margin trading from those who issued ICO tokens. This will help to distinguish unsavory offerings that are similar to frauds or Ponzi schemes and protect investors from losing their money. The new rules will come into force in April 2020. All margin cryptocurrency exchange operators have to be registered within 18 months of that date.

Such a time limit is set to take down unregistered “quasi-operators” which conduct operations without governmental approval. A senior FSA official said:

“We intend to motivate operators to do what they can to become registered.”

We remind you

Japan’s Biggest Bank Is Not Going To Create Its Own Cryptocurrency: Fake News Is Not Confirmed

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Cryptocurrency Prices Today, March 19: Bitcoin Remains in Place

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coin360, Bitcoin (BTC) remained stable over the past 24 hours and lost 0.08%. The price at the time of writing is $3982 per coin.

Cryptocurrencies are mostly in the green zone:

Bitcoin Cash added 0.75%, Bitcoin SV lost 1.84%, the value of coins is $157 and $65, respectively;

Ripple minus 1.78% and costs $0.31;

EOS plus 0.13%, and its price is $3.7;

Litecoin added 0.3%, and its value is $59;

Cardano dropped by 0.65%, and its cost is $0.049;

Stellar added 6.7% and costs $0.11;

IOTA gained  1.7%, and its cost $0.29;

Dash fell by  1.36%, and its price is $91;

Monero added 1.25% and costs $52

Over the past 24 hours, Ethereum lost 0.5%. The rate of the coin is $136.

The total market capitalization is $140 billion. Bitcoin accounts for 50.8% of the total volume. In monetary terms, this is $71 billion.

Bitmain Corporation Closes its Office in Norway

Representatives of the leading manufacturer of network equipment Bitmain announced their plans to close their branch in Norway. This office will be moved to Germany because the company believes that conditions for business there are more favorable. It should be noted that this office worked only for 12 months.

A former general manager Julie Hvideberg stated that the main reason for the closure is the removal of electricity subsidies. She believes that in the near future all the biggest mining pools will be concentrated in countries which have cheap electricity (Russia, China, etc.).

We want to remind you

Bitmain Closed Its Branch In Israel Due To Crypto Market Situation

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American Mining Company Riot Blockchain To Launch Crypto Exchange In The USA

According to a SEC filing, U.S.-based Bitcoin mining company Riot Blockchain plans to launch a crypto exchange by the end of July 2019.

Exchange Details and Current Situation

Riot Blockchain has partnered with SynapseFI, a major software company, and invested approx. $250,000 in the project. It has also form a special subsidiary to operate the exchange. The budget of the exchange is expected to be more than $2 million after its launch.

The software company will take care of banking services of the exchange, the provided API will connect Riot Blockchain’s accounts to other American banking institutions. Moreover, SynapseFI will track locations and identities of customers to “prevent fraud and improper use of its RiotX exchange.”

The SEC’s filing reads:

“SynapseFi’s API will enable to Company to know where the user is when accessing RiotX, thereby enabling the Company to prevent a user from Montana, a state where the exchange of digital currencies is permitted, from traveling to neighboring Wyoming, where the exchange of digital currencies is not permitted, and using RiotX in the prohibited jurisdiction.”

The exchange will be available in 48 states (without Hawaii and Wyoming) by December 2019. RiotX has already been provided a license in five states.

Rumours of Launching Before Official Statement

Back in March 2018, there were rumours based on facts that Riot Blockchain planned to launch crypto exchange since the company acquired Logical Brokerage Corp.. The public filing published at the same time stated that the company wanted to investigate futures brokerage operations and details of launching a digital currency exchange.

In November 2018, RiotX “entered into a Master Services Agreement with Shift Markets, Ltd. to provide RiotX with its crypto exchange platform. These services will enable RiotX to further execute its plans to launch a U.S. focused cryptocurrency exchange.

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