Cloud mining or how to make money on bitcoin mining without your own farm (Topic)

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Cloud mining or how to make money on bitcoin mining without your own farm


In August 2017, the WorldOfTopics.RU administration launched a large-scale testing of a new method of mining (mining) cryptocurrencies using a new "cloud" service.

At the end of two months, we recognized the experiment as successful, and we are ready to share with our readers a detailed guide on how to get income from cryptocurrency mining, having absolutely no technical knowledge and skills.


If you do not have time to delve into the details, then we will immediately describe the essence: cloud mining is extremely profitable, income can reach 200% per annum and higher, and it is definitely worth investing in it. If you have free funds, this is the best way to increase them.

Obviously, only trusted services should be trusted, so we recommend hashflare, as we tested it ourselves and were extremely pleased with the result.


Note: fromOctober 27 to November 3, 2017 .using the promo codeHF17HLWN10ALLyou can get a 10% discount on all contracts.

If you are already familiar with the concept of cloud mining , then you can skip straight to the section "Our experience of using the cloud mining service", where we describe the results of our extensive testing.

If you want to start investing right away, without wasting extra time, you can get started right away.

Some background

Like many others, in the summer of 2017, we decided to build our own farm for bitcoin mining. Having studied the market, we realized that we were actually late: the video card market is "bled", the prices are exorbitant. But electricity costs a lot. They counted - they thought, and they had to abandon the idea of their own farm.

A few words about "clouds"

... over time, it became clear that there is extra power that can be shared with others, of course, not for free ...

Already, probably, everyone is used to the fact that almost every month a new "trend" appears in the world. Many people, even those far from high technologies, are already familiar with the concept of "cloud", "cloud service".

The simplest example of a cloud is a file storage on the Web, such as Google Drive, iCloud, Yandex.Disk, etc.

In turn, "cloud computing" is an opportunity for users and companies not to buy expensive servers and computers for themselves, but to rent these capacities from a company that professionally maintains them, and also solves issues of ensuring the security of storage and access to data .

Initially, companies built their personal IT infrastructure, investing significant resources in the purchase of equipment and its maintenance. Over time, some of them realized that they had the necessary competencies and extra capacities to share. Not free, of course. This is how the concept of cloud computing and services was born.

Cloud mining - the main idea

... a small investor, having absolutely no knowledge, can return the invested funds and get a decent income, according to our calculations, from 100 to 300% per annum

The development of cryptocurrency mining is subject to the same logic. At first, miners began to buy video cards for their personal use, to build so-called "farms" - bundles of tens, and sometimes hundreds of video cards. These are huge investments and risks.

But the most important thing is that special technical knowledge is needed to build and configure your farm, and the question remains, what to do with devices that have exhausted their resource? Yes, video cards "burn out" and fail over time - after all, when mining, unlike computer games, they try to use them to the maximum.

We will not go into details, just note that video cards for bitcoin mining have long lost their effectiveness - the Chinese have created special devices for these purposes - the so-called ASIC chips, which are specially designed for mining - they are much more efficient at mining bitcoins than video cards , because they can execute a strictly defined algorithm.

By that time, very serious organizations were already engaged in the emission of cryptocurrencies, trying to get a correspondingly very serious income. Of course, China was ahead. Entire hangars were built (and are still being built), up to the roof filled with cabinets with special devices for the most complex calculations. These farms make millions of dollars a month. Moreover, since they are located most often in places where electricity is cheap, their profits have increased even more.

Around the same time, the realization came that if the construction of such a large farm requires colossal one-time investments, or, more simply, investments, why not attract private individuals to purchase all the necessary funds, subsequently sharing capacities with them? The capital raising approach familiar to any economist has paid off.

Companies began to appear that are ready, in exchange for financial assistance with an increase in capacity, to provide these very capacities for free rent for a certain period. Thus, the risks are divided between the participants, and a small investor can, without having absolutely any knowledge, return the invested funds and get a decent income. According to our calculations, from 100 to 300% per annum. The numbers are impressive, but this is the 21st century - sometimes we ourselves do not quite understand what is happening in the world.

Our experience of using the hashflare cloud mining service

One of the most reliable and consistently profitable cloud mining systems is the hashflare system.

As mentioned earlier, the cloud mining system allows you to buy virtual power - a resource with which your cryptocurrency will be mined.

In this case, you yourself decide how much to invest in capacity, it can always be increased, and payments of cryptocurrency occur every day, which, in our opinion, is very pleasant. You can register for hashflare HERE. Registration itself is very simple and takes no more than 5 minutes, after which you buy virtual power - and that's it, now you are already a member of the miners team. No other action is required from you.

TH / s is the value of the power used for mining, the more it is, the more income will be in the same time

Next, we will show what we have been able to do since August 18, when we started testing the service. First, let's see what capacities we purchased and when.

 1. Purchased capacities
Photo Drawing. 1. Purchased capacity

On August 18, we purchased 24,990 so-called (24.99 TH / s) capacity units. Then they thought and decided to buy more, so that it would be exactly 30,000 (30 TH / s) . The right to use the leased facilities is granted to us for a year, until 31.08.2018 .

Accordingly, the history of capacity purchase transactions is displayed in the Purchases table:

Figure 2 . Table
Photo Drawing. 2. Table "Purchases" with the status of transactions

Once we have already made the withdrawal of "mined" to the wallet. We will describe in detail how to do this below. Now let's just see how much we managed to withdraw in exactly one month. We look at the table "Conclusions" :

Figure 3 . Table
Photo Drawing. 3. The "withdrawals" table shows how many bitcoins have been withdrawn

At the rate at the time this article was submitted for publication, 0.16746288 BTC is $ 951.88 or 54 516.79 rubles . This is what we brought out in one month . If we extrapolate and accept that the rate of production will be the same, and the rate will not change during the year (although it grows for purely mathematical reasons, inherent in the very essence of bitcoin), then, multiplying by 12, we get a forecast of income for the year in654,201.48 rubles . And we invested 219 600 rub . That is, the forecast for profitability at the moment is 297.9% . According to the editors, this is very interesting.

However, this is not all: since the first output of 09/19/17 , we have “mined” something else. Let's go back to the dashboard and see the current balance:

 4. Current balance
Photo Fig. 4. Current balance

The number 1 in the figure is the main hashflare balance - how many bitcoins are we entitled to. At the current rate 0.11779249 BTC = 37 871.82 rubles . That is, from August 18 to October 14 our income was 54 516.79 + 37 871.82=92388.61 rubles.

The number 2 is the number of bitcoins that have been "mined" over the past day, in this case 0.00673522 BTC or 2165.46 rubles . Due to the fact that the mathematical complexity of bitcoin mining is not stable (new participants constantly appear and disappear in the world system), the daily income changes slightly every day. Daily profitability can be seen on Chart 3 , where each bar is daily income, and the blue line is a graph of the accumulation of bitcoins on the main balance.

The number 4 is payments for another cryptocurrency, which we are not yet mining.

Let's get started

So, below we offer a simple step-by-step guide using the example of the cloud mining service for bitcoin and other cryptocurrencies that we tested.

Registering on the service

Follow the link to the hashflare cloud mining service website and fill out the form:

 5. Registration on the hashflare portal
Photo Picture 5. Registration on hashflare portal

After clicking the big green button "Register", the control panel will open. It is in English by default. If necessary, you can switch the interface to USA:

Figure 6 . Change interface language
Photo Figure 6. Changing the interface language

The first thing to do is to confirm the email address you provided during registration. To do this, open your mailbox, find the letter and follow the link:

Figure 7. A letter with a link to confirm email
Photo Figure 7. Email with link to confirm email

After clicking on the activation link, you will see a message:

 8. Message about successful activation
Photo Figure 8. Successful activation message

Adding power

Log into the control panel (personal account in the main menu on the left) and in the area "SHA-256 - 1 year" click on the trash can icon:

Figure 9. Adding power
Photo Figure 9. Adding Power

A slider for selecting the number of purchased capacities will open. To write this guide, we will purchase more 1TH / s to walk through the steps and show you how. You can choose any value here. Then click the Next button:

Figure 10 . Selecting the amount of power
Photo Figure 10. Selecting the amount of power

The following window will open. Click "Choose a payment method"

Figure 11. Invoice
Photo Picture 11. Score

Next, you are prompted to select a payment method. We have come to the conclusion that the most reasonable approach is to pay by credit card. Yes, the conversion rate of the ruble into dollars, for which the power is purchased, may be slightly higher than at the exchange office, but, as we saw, not by much. But it's so convenient and fast.

Press the button "Pay by credit card" :

Figure 12 . Selecting a payment method
Photo Figure 12. Selecting a payment method

Check the box to agree to the terms of use and click the "Confirm" button :

 Figure 13. Confirmation and transition to payment
Photo Picture 13. Confirmation and proceed to payment

In the next window, enter your card payment information and click "Pay now serurely" :

Figure 14 . Entering payment data
Photo Figure 14. Entering Billing Information

In some cases, a standard confirmation of payment from the bank may be required by entering the SMS code on the bank's page.

We recommend buying one-time capacity for no more than $ 2.990, because in the case of a one-time purchase for an amount of $ 3,000 or more, additional confirmation may be required.

Therefore, it is much easier if you want, say, to buy power for $ 5000 to do it in 2 stages, first buying power for $ 2.500, and then purchasing them for the same amount. In this case, no additional confirmation is required. After that, the payment processing window will open:

Figure 15. Payment processing
Photo Figure 15. Payment processing

Then a window will open to confirm the payment from the system.

Figure 16. Window for entering the confirmation code
Photo Picture 16. Window for entering confirmation code

You should receive an SMS with a special code. In our case, it looked like this:

Figure 17. SMS with confirmation code
Photo Picture 17. SMS with confirmation code

A one-time code (in our case 1206) is highlighted in red, copy it and paste it into the Verification code ... " field in the window below and click the Save :

Figure 18 . Entering the confirmation code
Photo Figure 18. Entering Confirmation Code

A window will open with a message about successful payment:

Figure 19. Message about successful payment
Photo Figure 19. Successful payment message

Now let's see the status of our purchase. To do this, go to the "History" section using the link in the menu on the left. In the Purchases section, you can see that a new record has been added about the purchase just made. It has the status so far "Verified" , which means that the payment was successful and at the moment new capacities are being transferred to us:

 20. New entry in the
Photo Figure 20. New Shopping Entry

After a short wait (in our case, no more than five minutes have passed), you can refresh the page and see that the purchase is fully completed and successful:

Figure 21 . New purchase status
Photo Figure 21. New Purchase Processed

Go to the home page and make sure the capacities have been added. In our case, it became 1TH / s more:

Figure 22. Power increased by 1TH / s
Photo Figure 22. Power increased by 1TH / s

Configuring Pools

In the system, we have access to setting up the distribution of acquired capacities across different world "farms". Optionally, you can manually specify how many units of capacity will be used on which farm. This setting can be changed no more than once a day. We do not consider it necessary to go into details here, we will just show how the capacities are distributed in our country. It follows from our experience that it often makes no sense to reallocate pools in a stream for higher profitability - nerves are more expensive.

On the main page of your personal account in the section "SHA-256 - 1 year" there is a pie chart on the right. At the top right of it is a gear, click on it:

Figure 23 . Pools distribution diagram
Photo Figure 23. Pools distribution diagram

If you wish, you can set up pools in the same way as we do:

Figure 24. Pool allocation
Photo Figure 24. Pools allocation

Registering a wallet to withdraw mined bitcoins

Go to the website, enter your registration information and click CONTINUE —:

Figure 25. Wallet registration
Photo Figure 25. Wallet Registration

Go to Settings - Addresses and click the Manage button:

Figure 26. Go to wallet management
Photo Figure 26. Switching to wallet management

Click the Add Next Address button:

 27. Adding an address for the wallet
Photo Figure 27. Add Wallet Address

New address added. Copy it to the clipboard by highlighting it with the mouse and pressing "Ctrl + C" :

Figure 28 . Copy the wallet address
Photo Figure 28. Copy the wallet address

Now return to your hashflare account, go to the settings, paste the copied wallet address into the BTC Wallet field and click the Save button:

Figure 29 . Saving wallet address
Photo Figure 29. Saving Wallet Address

Creating a request to withdraw bitcoins to the wallet

After a while (we usually do this once a month), you can withdraw the mined bitcoins to the created wallet. To do this, on the main page, click the "Output" button.

 Figure 30. Creating a request for the withdrawal of bitcoins
Photo Figure 30. Creating a request for the withdrawal of bitcoins

In the window that opens, specify the required amount of bitcoins and click the "Withdraw" button :

 31. Withdrawing bitcoins to the wallet
Photo Figure 31. Withdrawing bitcoins to the wallet

Usually, withdrawal takes from 15 minutes to several hours, depending on the system load with such requests.


By following this guide, you were able to register on a bitcoin mining site, purchased power, created a wallet and linked it to your account.

Now you can withdraw the mined bitcoins to it and dispose of them at your discretion: participate in trading on the exchange or just sell and withdraw to your bank card. The possibilities are many. In the future, we will publish a detailed guide on how to quickly sell bitcoins and transfer the proceeds to your card. Follow the publications on the site!

The Topic of Article: Cloud mining or how to make money on bitcoin mining without your own farm.
Author: Jake Pinkman