The very fact that you are reading this means you are interested in cryptocurrency, particularly bitcoin. If you are, then you would also more than likely be interested in bitcoin mining, which in a nutshell is earning bitcoin online using your computer. But for those who are new to cryptocurrency, bitcoin is the first cryptocurrency that came to be that was created by Satoshi Nakamoto as according to Investopedia.
Interested in [earning] mining bitcoins online? Then keep reading; going forward we’ll explore different ways on how to earn/ make bitcoin online, both paid and free methods.
What is bitcoin mining?
Before we dive any deeper, let’s look at what is bitcoin mining and the process behind it.
Bitcoin mining is the process of using computer hardware to solve complicated computational math problems which in turn is rewarded a bitcoin block. Being that the bitcoin block is awarded to the Pc that solves the problem, the owner of that PC now can sell the bitcoin to others across the globe.
This goes without saying that the bitcoin is then added to the circulation of other bitcoins available.
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How is bitcoin created?
To put it simply, the computer uses a lot of electric power (of course), a good graphics card, and Ram to solve the mathematical problems. Once solved, a block of bitcoin is then released to the solver, and the process repeats.
Is bitcoin mining profitable?
Bitcoin in itself can be an extremely valuable asset, however, the process of how an individual goes about obtaining the bitcoin is another story. So to answer the question, bitcoin mining can be profitable if done right, but this is not as easy as it would sound. One of the biggest expenses that come with mining bitcoin is the electric power needed to continuously mine one bitcoin block.
So unless you are getting free electricity, then you need careful planning and lots of research before opting for bitcoin mining as this could send you down a path that has no rewards to reap.
How to earn bitcoin online?
Here are some of the most common methods on how to earn bitcoin online. People can earn bitcoin online in various ways, such as, but not limited to:
- Completing surveys and tasks and getting paid in bitcoin
- Trading with a broker that accepts bitcoin deposits
- Joining a bitcoin mining pool
- Buying expensive hardware to mine bitcoin at your home or office at your own expense. (LEAST RECOMMENDED)
- Buying [fraction of a] bitcoin via a broker and letting it mature over time
- Renting/buying hashrate from various online bitcoin mining companies
- Using a FREE software/ app to make bitcoins for you as a long term passive income (MOST RECOMMENDED)
1. Completing surveys and tasks and getting paid in bitcoin
Across the web, app store, and play store, several entities are opting to pay you in bitcoin for your hard work and time. If you are familiar with survey junkies and Swagbucks, then you know what I am talking about. But instead of paying you a few cents to a dollar, the apps/ sites pay you in satoshi – which is a fraction of 1 bitcoin.
How many satoshis make 1 bitcoin?
In learning about bitcoin, one of the key things that you should know is the relationship between satoshi to bitcoin. It takes a total of 100 million satoshis to make one bitcoin.
What are satoshis?
In layman terms, satoshis are a fraction(s) of 1 single bitcoin; Just as one cent ($.001) is 1/100th of a dollar. There are 100 million satoshis in one bitcoin (1 BTC).
10 Free Apps that you can earn bitcoin with:
Description: Make money and earn rewards on your phone with fun surveys, free games, free-to-play instant win, cashback, and more! Use your points to get rewards including PayPal cash, Visa pre-paid cash, or Amazon, Google Play, Xbox, PlayStation, Nintendo eShop, Starbucks gift cards, and more
Available platforms: iOS & Android
Description: Shop at your favorite stores and earn crypto Cashback. StormX is the easiest and safest way to start earning cryptocurrency without any of the hassles. It’s time to stack sats!
Simply download the app, choose your favorite online stores, buy stuff, and earn shopping rewards
Available platform: iOS & Android
3. sMiles: Bitcoin rewards
Description: Earn bitcoin for walking
Available platform: iOS
Description: Quicrypto offers a perfect solution for people who want to earn Bitcoin (BTC) and other cryptos without spending any money. We provide many unique ways to make money in the form of BTC or any cryptocurrency.
Available platforms: Android
Description: With this app, you can earn cryptocurrency (Sweatcoins) by walking. The app tracks your steps and you get paid based on how many you take.
Available platforms: iOS & Android
6. Bitcoin! the game
Description: This is a game that allows you to earn bitcoin just by tapping on the screen.
Available platform: iOS & Android
7. Free bitcoin
Description: Earn bitcoin by completing tasks in the app. Easily start making bitcoins by taking surveys, sending opinions, watching videos, testing, giving endorsements… with fast payments directly to your Bitcoin wallet
Available platform: iOS & Android
8. Blockchain game
Description: Earn real bitcoin, sent to your bitcoin wallet by playing a fun and addictive game. Build a blockchain by stacking blocks, and claiming higher rewards with a longer chain.
Available Platforms: Android
9. Earn carrot
Description: By using carrot, brands can payout rewards directly to their audience. Complete surveys, social media campaigns, and more and get paid for your support.
Available platform: iOS
10. Alien run
Description: Join Daniel D’Alien on his greatest adventure!
Earn FREE BITCOIN by playing new unique levels every day in this amazing runner game. Claim your rewards now! Play Daily Missions and the Adventure with hundreds of levels!
Available platform: iOS & Android
Please note that all the apps would pay you in satoshis and usually have a minimum withdrawal limit. For example, 0.00001000, which is 1000 satoshis, is the standard minimum withdrawal for most apps and websites, though some do have lower and higher minimum withdrawal limits.
2. Trading with a broker that accepts bitcoin deposits
Not good at forex trading? No problems, here are some methods that you can use to exploit forex trading to make more bitcoin than what you would originally make from bitcoin mining itself.
- Forex trading course: In terms of a free trading course, you’re in the right place as Rhasfx offers a free online forex trading course for beginners with media for demonstration and explanation purposes. The entirety of the course is available here.
- Copy trading: Both Avatrade and eToro offer a world-renowned copy trading platform. Simply look at the different trader statistics and see which is performing best and connect your account to start copying their trades. Simple!
- Forex signals: Most freelance signal services are offered on telegram. Join their premium/ free group and copy their signals sent to you.
- Expert advisor: You can also purchase an EA (robot) to trade for you on automatic. This is a great method of trading as it eliminates emotions and second-guessing out of the trading process.
Once you’ve profited from any of the above methods mentioned above, withdraw your profit in bitcoin and sell them as the price for 1 bitcoin increases.
3. Joining a bitcoin mining pool
River.com states that a bitcoin mining pool is a network of bitcoin miners that come together to contribute to the mining of bitcoin blocks proportionately to the hash rate that each miner contributes to the pool.
Hash is the attempt of finding a new bitcoin block and is done in seconds. The higher the hash rate, the more bitcoin blocks can be earned in a bitcoin mining pool.
One of the greatest benefits of joining bitcoin mining pools is that the cost associated with bitcoin mining is distributed across the pool members. Of course the same can be said about the profit as well.
4. Buying expensive hardware to mine bitcoin at your home or office at your own expense.
This method is the least recommended for bitcoin mining especially particularly due to the high cost associated with start-up and maintaining the bitcoin mining farm.
NOTE: A bitcoin mining farm is a network of computer mining separate bitcoin blocks. A mining pool is focused on mining one bitcoin block.
Start-up includes but is not limited to:
- Graphics card
Maintainance of the bitcoin mining rig is mostly referring to:
- Cooling systems to prevent the computer from overheating
- But primarily, the electricity cost
Mining bitcoin can use so much power that it can lead to a power outage. In fact, in recent times, Iran faced many city-wide blackouts due to bitcoin mining.
An article on CNBC.com states “The Iranian capital of Tehran and several other large cities have faced multiple daily power outages for the past few months, and officials blame it on a natural gas shortage, a prolonged drought that’s hobbled the country’s hydroelectricity plants — and, increasingly, bitcoin mining.“
5. Buying [fraction of a] bitcoin via a broker and letting it mature over time
If you are familiar with buying fractional shares [stock] of a company listed on the stock exchange, then you are familiar with this concept.
For those who are not familiar, buying the fractional shares is as the name suggested, is buy a portion [fraction] of the stock.
For example, if one stock costs $800, but you only have $200, stockbrokers like Robinhood, would allow an investor to buy 1/4 ($800 / $200 = 4) of the stock and still enjoy the benefits, albeit proportionately, from owning that stock.
Best Cryptocurrency trading platforms
Cex.io is a reputable platform that allows its users to apply the same concepts to most, if not all, major cryptocurrencies thereof. What’s even better, other than the fact that this is way more cost-efficient compared to bitcoin mining, the process of buying and selling crypto is very fast and easy, just like shopping online.
Just connect your bank card to purchase your desired about of crypto, and then sell the said crypto after some time to get a profit.
– Just like buying and selling gold.
Cex.io has a very wide range of cryptocurrencies that you can buy and sell in four major currencies, namely:
USD – US dollar
EUR – Euro
GBP – British pound
RUB – Ruble
With that understanding, this method is very similar to that of buying stocks. Buy a portion of the asset (eg: Ethereum) and wait for the price of that asset to increase in value then sell it at its high for a profit; then repeat the process.
6. Renting/buying hashrate from various online bitcoin mining companies
In bitcoin mining, the hash rate is crucial. This plays a big part in your earning because the hash rate is how fast the computer can find a bitcoin block [solve the problem]. That goes without saying that the higher the hash rate, the better.
However, the cost of the hash rate is not cheap, in fact, most bitcoin miners end up making a loss at the end of the leasing term because of the high cost for the hash rate. Of course, the provider that the miner is using also plays a big role in the cost of the hash rate as some providers offer better value than others. Needless to say, some scammy websites pretend to be legitimate only to take your money, or give you less than what you paid for.
Personally, I’m not a fan of this method due to the high amount of scammy websites plus the cost of buying hash rates can be sometimes ridiculous.
PLEASE NOTE: If choosing this method, please ensure to do proper research first as this could cause you to make a loss or break even in the long run.
7. Using a FREE software/ app to make bitcoins for you as a long term passive income
This is my most highly recommended method because it is:
- Free to inexpensive
- Earn just as much or more compared to the previously stated methods
- Lower risk compared to the other mentioned methods above
The best bitcoin mining software in topic is none other than the Cryptotab browser.
This bitcoin mining app is a dream come through for anyone wishing to be a part of bitcoin mining without digging too deep in their pockets.
What is Cryptotab browser?
Cryptotab browser is an internet browser modeled with this same user interface and features as google chrome. This goes without saying that most if not all of what google chrome can do, cryptotab can do it as well. However, the main difference is the fact that cryptotab allow its users to earn bitcoin while surfing the net – watching movies, playing games, doing homework, etc.
Unlike the apps mentioned above that require a lot of interaction on the users’ end, cryptotab require little to no intervention of the users. As long as the browser is open, bitcoins are being mined in the background without slowing down your browser nor computer.
This is because cryptotab uses the unused Ram on your PC for the mining process, hence the browser is mining bitcoins with overheating your pc or affecting the PC behavior in any way.
The best part is that cryptotab is available on both desktop, tablets, and mobile devices.
Download for iOS & Android
If you are interested in earning bitcoin for a long-term passive income, then I implore you to download the Cryptotab browser for bitcoin mining and earn while you surf the net.
Key features of Cryptotab browser (FREE VERSION)
- Download and log in (with the same email) to all your device (mobile, tablets. PCs) together to increase the hash rate
- Create a bitcoin mining network by referring others via a personal link, thus increasing your hash rate; The larger your network the higher your hash rate
- The referral program has a 10x earning level. Earn commission from each level while increasing the hash rate of the network
- Default hash rate is 20 – 50 H/s on desktop and 5 – 25 H/s on iOS
Key features of Cryptotab browser (PAID VERSION)
- Create a bitcoin mining network by referring to others thus increasing your hash rate; The larger your network the higher your hash rate
- The referral program has a 10x earning level. Earn commission from each level while increasing the hash rate of the network.
- The pro version is not available on desktop.
- The default hash rate is 1500 H/s (ONLY AVAILABLE FOR ANDROID)
- Cloud.boost is available – hash rate multiplier (2x, 5x, 10x, 15x)
- A 5x cloud.boost will give you 7500 H/s
- Can purchase more than one cloud.boost multipler for the same account.
eg: (1500 x 2 = 3000 H/s) + (1500 x 5 = 7500 H/s) + (1000 x 10 = 10000 H/s) = 25000 H/s
- Must reactivate the booster every 3 hours
- One cloud.boost per account
- Cost a one time $3.99
- Pro is only beneficial when using android
As you can see, the Crytotab browser is one of the most cost-efficient and reliable ways of bitcoin mining while creating a network (referrals) and a mining farm (your devices).
Rhasfx Bitcoin mining Network
So without further ado, why not become a part Rhasfx bitcoin mining network? This could be beneficial to both parties in terms of increased hash rates. Additionally, proceeds earned would surely be invested in Rhasfx to provide you with additional services to earn more money online. That I assure you. Join Rhasfx bitcoin mining network
Additionally, if you are interested in using cryptotab pro and want to use multiple different accounts. Here’s a video that shows how you can increase your earnings 10x folds while spending less.
Best bitcoin wallets
of course, in order to collect your earnings, you would need a Bitcoin wallet. Among the different Bitcoin wallets thereof the top Bitcoin wallet platforms are:
Both platforms offer some of the best features available, plus stellar customer service, security, and best of all, fastest transaction processing.
Top Crypto wallet
Additionally, Cex.io is currently developing its own crypto wallet. This is a game-changer as the already fast cryptocurrency trade will now become even faster and cheaper.
With cex.io being able to receive cryptos (like Coinbase), a miner can use it as his/ her #1 personal wallet to send and receive cryptocurrencies.
After receiving it, the miner can then converts the crypto into a currency of his choice and seamlessly send it to his bank card, which is normally received in a few minutes to hours.
How to become financially free with Bitcoin mining
- Step 1: become a part of the Rhasfx Bitcoin mining network
- Step 2: Start creating a network of your own. The more persons in the network, the higher the hash rate [earnings]. If you can’t get anyone to join our network, proceed to step 3.
- Step 3: purchase the cryptotab pro version from the play store for increased earnings. ie: 1500 H/sIf you are an iOS user, then proceed to step 4
- Step 4: Start creating a Bitcoin mining farm by linking all your available devices. The more devices the higher your hash rate.
The video below is for additional help to help you maximize your bitcoin mining profit.
However, adding each account to the Rhasfx Bitcoin mining network can be beneficial to the network via an increased hash rate.
Is bitcoin mining illegal?
Mining bitcoin in itself is not illegal, however, there are some countries that have a complete banned on any form of cryptocurrencies. News18.com states that the following countries have a complete banned on cryptocurrencies: