All About Bitcoin Mining and How to Get a Promo Code for Genesis Mining

Have you ever considered a second part-time job and didn’t have the time or just couldn’t manage your life around two jobs? Bitcoin mining is a fairly simple way to work from home and generate extra cash flow. Continue reading to learn about bitcoin mining- what it is and how you can get started. Also, don’t forget to check out the Genesis mining promo code later in the article.

What is a Bitcoin?

A bitcoin is not actually a coin. In fact, bitcoins only exist in a virtual world. They are used for transactions online and kept in a virtual wallet. They are not regulated by a bank or other third-party and can be nearly impossible trace, even allowing people to buy online without sharing their identity. Bitcoins only exist online, so who’s to say that bitcoins from one transaction had not been spent twice? That is where bitcoin mining comes in.

What Exactly is Bitcoin Mining?

Bitcoin mining is used to ensure every transaction that happens with bitcoins is legitimate. Every bitcoin is embedded in a block. For the data from a transaction to be verified, computations that are often difficult and time-consuming are used to power the block.

After selecting a block, a difficult problem is generated and a proof of work must be used to solve it. Sometimes, a user must insert several values before solving the problem correctly. Users are given a set number of bitcoins per block (depending on the current bounty that is adjusted based on market fluctuations).

The Bitcoin Mining Cycle

Bitcoin mining works in a cycle, so that the number of miners meets the needs for the number of blocks to be processed during each cycle. Here’s how it works:

  1. Miners join the Bitcoin network
  2. More blocks are created
  3. The average time to mine a block decreases
  4. The difficulty of the blocks increase
  5. The rate of blocks created goes down
  6. The mining time balances out to the average
  7. Miners join the Bitcoin network and the cycle starts again

How Can You Do Bitcoin Mining at Home?

A bitcoin mining operation is very complex, especially if you have your own machines. Bitcoin machines get hot and require fans on them constantly. This takes electrical energy and the machines draw energy as well, resulting in an electric bill that is hundreds of dollars or more. The upside is that if the Bitcoin market does fail, you have the equipment to sell and make a little of your money back. Additionally, it can be fun to put together your own hashing systems and you lose out on this with cloud mining.

The good news is that with technological changes, now Bitcoin mining can be done from the cloud. There are downsides, especially with unverifiable blocks. If you choose the safer route and work through a third-party, you often pay fees or a buy-in price at the very least. It does get rid of electrical costs though and it is much more convenient. Additionally, when you do Bitcoin mining in the cloud it is easier to keep an eye on the value of Bitcoins so you can decide whether or not to work.

Genesis Mining

Among the competitors in the online market is Genesis Mining. They offer bitcoin mining from the comfort of your home, but without the disadvantages of more traditional mining methods. Genesis Mining specializes in cloud mining, which means you do not need any hardware. Instead of the bulky, hot, and expensive bitcoin machines typical to many home operations, you can select and complete your work in the cloud.

Daily Payouts

One of the best things about Genesis Mining is the daily payouts. Critics of bitcoin mining often say that the market is volatile. While that is true to an extent, you can only lose what you have invested. Since Genesis Mining pays their customers daily, you have some protection from the volatility of the bitcoin market.

Buy-In Price to Fit Your Needs

Bitcoin mining is not something that you can reap in the earnings of without making an investment. The size of your investment determines the amount that you reap in from completed bitcoin blocks. Genesis Mining offers three different Bitcoin Mining packaging deals. The good news is that the smallest package costs less than it would cost for the electricity to run a bitcoin machine in your home. You can save extra money with the promo code for Genesis Mining in the next section.

Trustworthy

Since you cannot verify these Bitcoin blocks before you do the work or put your money into something, some operations can be shady. Fortunately, Genesis Mining is a well-known Bitcoin mining operation with plenty of reliable and successful customers that validate their trustworthiness.

Genesis Mining promo code

Are you ready for the discount code I mentioned earlier?: ZNU5SP

You can use the Genesis mining discount code in three easy steps:

  1. Have an account with Genesis Mining. Some of you may already have an account but if you don’t, it’s easy to register.
  2. Select a contract. Once on the site, you will choose a contract to work. The first thing you are prompted with is the area to enter the promo code. Input the code and press the button marked ‘Validate’.
  3. Enjoy your discount. This code will give you a 3% discount on Genesis Mining, which is the highest discount provided by the site to date.

Alternatively, you can go to https://genesis-discount.com/ and click on the link!

 

Everyone dreams of being able to make money from home, where they can relax and earn extra bucks. Bitcoin mining is a job that makes this a reality. If you do not want to deal with the upkeep and high electricity cost for a Bitcoin block machine, you can choose to work in the Bitcoin cloud through a company like Genesis Mining. You will have to buy-in so be sure to find and use a promo code.

 

http://www.cnbc.com/2014/04/16/for-bitcoin-miners-nice-work-if-you-can-get-it.html

https://www.bitcoinmining.com/

http://www.coindesk.com/bitcoin-explained-five-year-old/

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