Though the days of mining bitcoin on a normal computer are sadly behind us, options still exist for those who wish to support the network by mining.
There are two options available for people interested in bitcoin mining:
Option 1: Purchase and run specialist hardware (ASIC’s)
These devices mine bitcoin far more efficiently than a desktop computer using custom processors (designed especially for bitcoin. They are powerful and require a large amount of power which will add considerably to your electricity bill, though much of this cost should be offset by the value of the bitcoin you mine. Mining will be done as part of a ‘Pool’ where you add your mining hardware to a mining group and get a return proportional to the hash power that you contribute. Mining pools vary in terms of associated costs and structure so be sure to look around!
Option 2: Buy a Cloud Mining Contract
Cloud mining is where you pay someone else to set up specialist hardware and pay you the mined bitcoin (minus a fee). Due to economies of scale these contracts can provide a greater profitability than mining yourself. The danger is that there are lots of scam projects which will never generate a profit, or which may not have any miners at all! For this reason care must be taken to ensure the company offering cloud mining is trusted by the Bitcoin Community. Recently (17/05/2017) bitcoin.com began offering cloud mining contracts which claim to have the most competitive price in the industry. We reached out to the Bitcoin.com Developers and clarified a number of points:
Bitcoin.Com Q&A With Shaun Chong (Bitcoin.com Developer)
How long are 1 month contracts in days? (Other mining contracts sneakily have ‘1 month contracts’ which run for 28 days).
Contract durations are in set in months, not days. So if you start a contract on 18th May, it will end on 18th June
Is the contract terminated at the time it is started (started at 18:00, ends at 18:00) or does it terminate as soon as the day one month from the start day begins (00:00)?
It terminates at the time it started (started at 18:00, ends at 18:00)
Do you expect these contracts to be profitable or are they primarily designed to allow people to support alternate (non core) bitcoin implementations?
What company are you partnered with to provide the mining service?
I’m not permitted to disclose this information.
Is there are referral program?
Not yet, we plan to start one in the future.
Are there any plans for Bitcoin.com offer other mining services (Ethereum/Litecoin)?
There no plans for this at the moment.