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Bitcoin mining is a term that everyone in the cryptocurrency and even many outsiders are familiar with. This is a process performed by high-powered computers (also known as nodes), which solve complicated computational math problems. While distinct, there are certain similarities between bitcoin mining and actual mining for precious metals such as gold, for example. Both processes are carried out with the intention to earn a reward. Furthermore, bitcoins actually exist in the bitcoin protocol but they haven’t been brought out yet – just as gold exists in the ground but it hasn’t been mined yet. But the aim of bitcoin mining is, however, twofold. For once, when the above-mentioned high-powered computer or any other type of mining hardware, for that matter, successfully solves the complex math problem on the network of Bitcoin, they produce a new bitcoin. On the other hand, by solving the computational math problems, bitcoin miners are actually making the payment network a secure through the proof-of-work consensus algorithm. WHY IS BITCOIN MINING NECESSARY? In order to break down bitcoin mining, there are a few important considerations that need to be taken into account. Consumers tend to trust different types of printed fiat currencies because they are backed by central banks. In the US, for instance, this is the Federal Reserve. This is even true for digital payments made with fiat currencies. Bitcoin, however, is not regulated by any central authority. It can be said that it is ‘backed’ by the computing power, which secures the network. This vast network of computers and mining hardware records transactions and make sure that they are accurate. Unlike central authorities, however, bitcoin miners are spread throughout the entire world and record the transactional information on a public ledger available to anyone. This ledger can be viewed using a block explorer and there are many different websites that provide this service. In other words, bitcoin mining is necessary for two different reasons – first, it is needed to create new bitcoin and second, it’s needed to confirm the transactional information. So, in theory, if you don’t want to buy Bitcoin, you can earn it through mining. Whether or not that’s efficient for you as an individual miner, however, is a different story. mining bitcoin at home HOW DOES BITCOIN MINING WORK? In order for a bitcoin miner to get block rewards, there are two conditions which need to be met. First, the miner needs to confirm a certain amount of transactions and second, which is the trickiest part, solve a complex computational math problem. Put simply, if that’s at all possible, each miner is competing with all of the others to come up with a 64-digit hexadecimal number which is referred to as a “hash” which is less than or equal to the hash which is targeted. In other words, the computer will be spitting out different hashes at a certain rate per second guessing all of the possible 64-digit numbers until they reach the correct solution. Therefore, computational power is essential – the more powerful your mining equipment, the larger hash rate per second you’d be able to achieve. This is why the Bitcoin mining hardware is particularly important. Naturally, the cost of mining would be based on a the operation costs such as electricity, internet connection, hardware maintenance, and so forth. This is the main reason for which back in 2013 bitcoin miners started to use machines which were specifically designed for mining cryptocurrencies. These are called Application-Specific Integrated Circuits or ASIC mining, for short. ASIC mining devices can cost a serious amount of money but are more efficient than traditional computers. There are a few important things to be considered when it comes to BTC mining. These are some of its pillar components, so to speak. Blocks One of the things to be aware of in the world of Bitcoin mining is blocks. Transaction data is recorded in files which are called blocks. Think of it as a page from your city’s recordbook. Blocks are organized into a chain in chronological order – hence, blockchain. New transactions, as they are being confirmed by miners, go into new blocks, with each new block is being added to the end of the chain. This is why blockchain is also referred to as records of blocks. Block Rewards Is Bitcoin mining profitable? This is probably the most commonly asked question. Unfortunately, there is no one answer. Block rewards are what miners compete for. Other cryptocurrencies such as Bitcoin Cash, for instance, also have their own block rewards which differ from those of Bitcoin. At inception, every single bitcoin block reward was worth 50 BTC. However, the protocol works in a way where the block reward is being halved after 210,000 blocks have been discovered. This takes roughly around four years to complete. As of July 9th, 2016, the reward for discovering one block is 12.5 BTC. So is Bitcoin mining profitable? It depends. One would have to calculate the current block reward based on the current prices and compare that to the cost of mining, which varies from miner to miner. It’s worth noting that the reward for successful Bitcoin miners will drop once again in May 2020 and it will decrease to 6.25 BTC per block from the current 12.5. Hash Rate To put it in the most basic terms, hash rate represents the speed at which bitcoin mining hardware can guess the correct hash. Therefore, the faster your hash rate is the higher the chances of discovering the new block you have. BTC mining has become highly competitive and, as such, you need to consider getting powerful bitcoin mining hardware. Individual miners, can, on the other hand, take advantage of cloud mining or mine a coin with lower difficulty, but more on that later. Difficulty The difficulty of bitcoin mining is adjusted frequently in order to maintain an average time of about 10 minutes to process a block. The rate is recalculated every 2,016 blocks. In case you wonder why ten minutes – it’s because bitcoin developers have decided that this is the time needed for a steady and diminishing flow of producing new coins. WHAT IS A MINING POOL When it comes to cryptocurrency mining, a mining pool is the combined resources by miners who are sharing their overall computational power over a network in order to split the reward equally based on the amount of work that they have contributed to discovering a new block. A “share” would be awarded to each member of the mining pool who manages to present a valid partial proof of his work. Mining pools became popular as the difficulty of bitcoin mining increased over time and when it became apparent that individual miners could no longer compete with bigger pools and large-scale mining operations. WHAT IS CLOUD MINING Cloud mining, on the other hand, is what allows individual miners to participate in the process without having to purchase particularly expensive bitcoin mining hardware. If you want to take part in BTC mining but you don’t want to spend the time and resources to get powerful machines, you can use shared processing power provided by remote data centers. The only thing you’d need is a home computer. Generally, there are three types of cloud mining that you can take advantage of. These include: Hosted Mining You can lease a mining machine which is hosted by the provider. Virtual Hosted Mining This is a method which would require you to create a virtual private server and after that install your own mining software. Lease Hash Power Cloud mining also allows you to lease a certain amount of hash power without having the best bitcoin mining hardware. This is likely to be the most popular method of all. Most of the providers offer comprehensive calculators that you can take advantage of to determine the current profitability based on the resources you are ready to spend. However, it’s important to pay special attention when it comes to cloud mining as there are fraudulent service providers. It’s crucial to make proper and in-depth due-diligence, especially if you intend to lease hash power. One of the largest cloud Bitcoin mining companies out there is Genesis Mining. ENERGY CONSUMPTION: THINGS TO BE AWARE OF Mining bitcoin is intentionally designed to be energy intensive. The computational power needed to solve the abovementioned complex math problems requires a lot of electricity to power up the specialized mining hardware. On the flipside, it requires even more resources to attack the network than to defend it, making Bitcoin the most secure blockchain today. In fact, there is an entire pseudo-environmentalist brigade which aims to have the regular user believe that Bitcoin mining would somehow be the death of the planet. A lot of their arguments revolve around the fact that large data centers used for carrying out the math computations use tremendous amount of electricity. However, Bitcoinist recently outlined three reasons for which this rhetoric is complete nonsense. According to clean energy researcher Katrina Kelly-Pitou, the entire debate on the overall electricity consumption by bitcoin mining facilities is headed in the wrong direction. The research outlines that electricity consumption can increase while, at the same time, have minimal impact on the environment. This is because those facilities gradually begin to use more efficient, sources of energy which are renewable. Not only does this make mining more profitable, but it also lowers the impact on the environment. The researcher also outlined that banks use three times more electricity than Bitcoin’s network. What is more, a brand new report concluded that 80 percent of Bitcoin mining is running on renewable energy. This is unsurprising since miners are naturally incentivized to seek the cheapest and cleanest sources of energy, many of which are renewables such as hydroelectricity (e.g. Iceland). If you’re worried about Bitcoin consuming too much energy, you might want to think twice about lighting up the Christmas lights this year. That’s right – the lights that American consumers alone use to decorate their homes for the occasion make up a gigantic 6.63 billion kilowatt hours of electricity consumption every single year. That’s more than the entire national energy consumptions of a lot of the developing countries every year. For example, both Ethiopia and El Salvador used less electricity per year. However, if you decide to set up a mining rig in your garage, you can most definitely expect a more expensive electricity bill next month. BEST BITCOIN MINING HARDWARE: THINGS TO CONSIDER There are a few key parameters to look out for when it comes to choosing the best bitcoin mining hardware. These include: Power Consumption Naturally, you want to be aware of how much electricity does your miner consume. The lower this number, the better. Hashrate As we explained above, the hash rate is essential for bitcoin mining. The larger this number is, the better the machine is, generally. Energy Efficiency This measurement accounts for the efficiency of your machine. If this particular number is low, it means that the machine will consume less power for the same amount of work done by the machine. There is a range of different devices produced by some of the largest companies in the field such as Bitmain Technologies, Canaan Creative, Halong Mining, Innosilicon Technology, and others of the kind. WHAT ELSE CAN YOU MINE? Bitcoin is not the only cryptocurrency which can be mined. It’s worth noting, though, that if you are using a specialized cryptocurrency mining hardware you’d have to check the compatible digital currencies, as some of the devices would only allow you to mine selected cryptocurrencies. However, apart from Bitcoin, other popular choices include Bitcoin Cash, Monero, Dogecoin, Litecoin, and so forth. CONCLUSION If you managed to make it thus far, you should have a general understanding of the main principles behind bitcoin mining and why it is essential to its network. At the same time, bitcoin mining represents an alternative method to acquire the digital currency. Of course, if you don’t feel like investing time and efforts into it, let alone designating specialized bitcoin mining hardware, you can always check our detailed guide on to how to buy cryptocurrencies. We’ve gone in depth on how to buy Bitcoin with Paypal, credit card, debit card, and even with cash. We’ve also covered some of the most popular platforms where you can buy Bitcoin. Once you’ve done that, you can hop to our comprehensive guide to Bitcoin wallets and determine whether you want a web-based one or an offline, hardware solution instead. Bitcoin has generated massive returns since it began publicly trading in 2010. BTC has had its bearish periods but the overall trend has remained very bullish. The graph below shows the market cap of Bitcoin from 2014 to date.bitcoin It is clearly evident that Bitcoin has garnered much prominence as an investable asset. This can be seen from the various BTC- institutional-grade offerings designed by key industry players like Bakkt and Fidelity, to involve Wall Street market participants. BTC has gone through quite some market cycles to achieve the market valuation it currently possesses. Hence, it may not be financially viable for a lot of traders to buy large amounts of Bitcoin. Even buying fractions of BTC would require shelling out of generous amounts of cash. In light of this, here is a list of alternative ways to generate passive income through earning free BTC just before the 3rd Bitcoin Halving in May 2020. The master list Work for Bitcoin Earn Satoshis & accumulate BTC Shop & Earn BTC cashback Affiliate Programs WORKING FOR BITCOIN Working in exchange for BTC is the easiest and most legitimate way of earning bitcoin. Whether you are a developer, designer, writer, translator, editor, internet marketer, freelancer or engineer, you can start working for Bitcoin right now. bitcoin for work There are numerous platforms and websites that offer you bitcoin in exchange for your service. Some of these platforms include: Cryptogrind Jobs4Bitcoins Coinality Crypto.jobs Cryptocurrency Jobs Crypto Jobs List bitWAGE Angel.Co EARN SATOSHIS AND ACCUMULATE BITCOIN Each bitcoin (BTC) is divisible up to8 decimal places, so each BTC can be split into 100,000,000 units. Each unit of bitcoin, or 0.00000001 BTC, is called a satoshi. A satoshi is the smallest unit of bitcoin. One of the ways to earn bitcoin is to accumulate large amounts of Satoshis through trading altcoins/ all cryptocurrencies except BTC, and then convert them to bitcoin. Every trading pair is formed as ALTxBTC, not ALTxUSD When you’re buying and selling an altcoin in sats (Satoshis), if you sell when it’s up in USD but not sats, you end up inadvertently trading away your bitcoin. You must learn to trade relative to bitcoin, as accumulating satoshis is the only way to win this game. The key is to value bitcoin individually and not relative to USD. EXAMPLE Start: 100k sats is worth $5. Altcoin is worth 100k sats. You buy 1 altcoin at 100k sats. Scenario 1: 100k sats are now worth $4. Altcoin is now worth 100k sats. Scenario 2: 100k sats is now worth $6. Altcoin is now worth 100k sats. Scenario 3: 100k sats is now worth $5. Altcoin is now worth 120k sats. With #1, Altcoin is down 20% in USD but you’ve stayed the same in satoshi value. Which means you have the same value as Bitcoin. Which is good! With #2, you’re up 20% in USD but not Satoshi. Which means you have the same value as Bitcoin. Which is again good! With #3, you’re up 20% in satoshi, but the same in USD. Which is better! Since the value of BTC is higher than USD, always trade in Bitcoin or Satoshi and you reap more profits. This example highlights the issues in valuing crypto assets in USD. #3, you’d realize your Satoshi gains by converting to BTC. #1& #2 there are no conversions to be made as your sats are the same, but #2, people trading USD value may make a trade, and see a gain in USD but with Bitcoin value, they have neither booked a profit nor a loss. To people trading, USD value for #2 & #3 are actually the same, even though the alt is going from $5 to $6 in USD. The difference is that in #3 the alt is outpacing BTC growth, which is the outcome we are looking for while in #2 it’s just pacing the same as BTC. #2 is not a trade to be made.#3 is the only trade to be made. SHOP AND EARN BTC CASHBACKS btc shopping cashback Ebates, a popular Google Chrome Extension, offers customers cash-back for their purchases from thousands of websites. They work with almost all major online retailers, including everything from Best Buy to Groupon, to Nike. Once you install the extension and create an account, Ebates will notify you if there are discounts available while you browse a retailer’s website. In one click you can activate the discounts. At the end of every quarter, you get a check from Ebates with your cashback balance. It’s that simple. In crypto, a company called Lolli is offering similar services. Make purchases on websites like Sephora, Macy’s, CVS or any of the 500+ partner stores, and get cash-back in Bitcoin. Every store has a different incentive amount. Some offer as much as 9% cash-back. Others will offer a set amount of BTC. This is a very easy way to earn free Bitcoin while making your everyday purchases. Other similar apps are: Foldapp (Supports Airbnb) Pei Cryptocom (Offers a Crypto debit card with cash back features) AFFILIATE PROGRAMS Certain companies will pay you (in Bitcoin or fiat) if you invite paying customers on to their platforms. This marketing method, called “affiliate marketing,” has been around for a long time and allows users to establish an additional income stream. There are different structures provided by firms for their affiliate programs. With a lot of e-commerce brands, you can earn a percentage on your referred customer’s total order amount. For others, you may get a set fee for every person who signs up for a service using your promo code. Few referral programs offered by well-established Bitcoin and crypto trading businesses are worth looking into this regard. Binance Affiliate Program Binance boasts of harboring the globe’s most actively traded exchanges. It is one of the industry’s most trusted crypto trading platforms and regularly updates its services to give customers new trading opportunities. According to the Binance referral page, some of the top referrals have made commissions of 115 – 186 BTC. How does the Binance Affiliate Program work? Step 1: Sign up for a Binance Affiliate Submit your application by filling a form. Their team evaluates your application and decides whether to approve it or not based on certain criteria. Step 2: Create and Share your referral links Create and manage your referral links from your Binance Account. You can track the performance for each referral link you share. These can be customized for each channel and for various discounts you would like to share with your community. Step 3: Sit back, relax and earn commissions When someone signs up or registers an account on Binance with your referral link, you can get up to 50% commission every time they complete a trade. Coinbase Affiliate Program San-Francisco based cryptocurrency exchange Coinbase is one of the oldest and most well-known crypto trading platforms. Coinbase will pay you $10 for every customer who signs up and deposits at least $100. You also receive 50% of your referees’ trading fees for the first 3 months Step 1: Become an affiliate After you signed up and your application is approved, you’ll get access to promotional assets and Coinbase’s tracking software. Step 2: Promote Coinbase Link to Coinbase in articles, create new content or place ads on your website. Step 3: Earn commissions When new customers join Coinbase through your promotions, you earn a commission. Changelly Affiliate Program Changelly is one more known crypto exchange that provides a great affiliate program. The program gives you a 50% revenue share on all the transactions. Step 1: Join the program Once you sign up for the affiliate program you receive a referral link that containing your referral ID. Step 2: Promote referral link Share and promote your referral link in different channels. Step 3: Earn commissions When a new customer joins Changelly and exchanges cryptos, you start earning a commission. P.S. The 50% revenue share model works for 90 days since your referral’s registration. Local Bitcoins Affiliate Program Localbitcoins.com is an over-the-counter (OTC) Bitcoin exchange where users can trade BTC for fiat cash directly with each other. 20% of the user’s trading fee on each trade (trading fee is 1% of the total trade amount), so essentially .20% of each trade. Commissions are earned over 3 months from the user’s registration date. Payouts are sent automatically (daily) to your Bitcoin address and are accumulated in your LocalBitcoins account. There is no limit on the value of the payout. Paxful Affiliate Program Paxful is a peer to peer marketplace for buying and selling Bitcoins (similar to LocalBitcoins). Its program offers 50% of all commissions paid to Paxful by your direct affiliates and 10% from your affiliates’ affiliates. You can earn commissions of up to 1 year. Payout is initiated instantly with no minimum earnings for payout BitMEX Affiliate Program BitMEX s a Bitcoin derivatives trading platform that offers a margin-trading service for experienced, professional BTC traders. It offers up to 20% in commissions. The commission model is a lifetime program. Payouts are processed instantly with no minimum earnings for payout. TREZOR Affiliate Program TREZOR is a hardware wallet that allows you to safely store your Bitcoins offline. The company offers a 12%-15% commission from each sale. It can be earned once per sale. The payout frequency is monthly with a minimum earning of 0.1BTC per payout Ledger Wallet affiliate Program Ledger is another hardware wallet that allows you to safely store your Bitcoins offline. It has a variety of commission models available. The most valuable is 10% of the net sale amount (excluding VAT and shipping). The commission can be earned once per sale. The payout frequency is monthly with the minimum earning of 0.1BTC per payout eToro partners Program eToro is an innovative trading platform in which you can trade stocks, cryptocurrencies, ETFs, currencies, indices, and commodities. It offers a commission per sale with $200-$400 as a payout (depending on referral country). The commission can be earned once per sale. Payout Frequency is anytime (If you’re a trader), otherwise within 15 days from the end of the month. The minimum earning for payout is 3 FTD’s. Wrapping Up With this exhaustive list of passive and semi-passive Bitcoin and crypto income sources, it is up to your discretion to choose what options work best for you. Most people usually start with a couple of these and then scale up. Happy Earnings!