If you are new to the digital currency realm, you probably want to obtain digital currencies without paying a premium rate at exchanges. Mining is a good way of getting digital currencies at the market rate, which is more cost effective.
Step One – Research
The first step is to choose which digital currency you want to mine. It makes perfect sense to choose the more profitable currency as you can achieve a higher return on your investment.
As the profitability of digital currencies can change frequently, you must research the digital currency at the time you choose to mine. At the time of writing, Dash is the most profitable digital currency to mine.
I recommend you look at our mining section of our website, as we have listed the currencies supported by our cloud mining providers Genesis Mining and HashFlare.
Once you have familiarised yourself with the currencies, I would then recommend you check out the online profitability calculators, such as CryptoCompare and Coinwarz, as featured in our mining tools section of our website. This will help you to determine if the digital currency you have chosen is currently profitable to mine.
Step 2 – Wallet Selection
At this stage, you will have researched the digital currency you want to mine, and you know how long it will take to pay back your initial investment.
The next step is to download and install the wallet in which you will receive your daily pay-outs.
I recommend that you browse the wallet section of our site to give you an overview of the wallets we recommend. If you are considering mining multiple currencies, you may want to use the Exodus wallet.
If you have not used a wallet before to send and receive digital currency, I recommend you download a wallet, then visit our FREE Bitcoin faucet to collect some Bitcoin. You should familiarise yourself with sending and receiving Bitcoin before you start to mine.
Step 3 – Choosing your Cloud Mining Provider and Signup
To help you choose your cloud mining provider, we have several articles and reviews detailing our experiences using Genesis Mining and HashFlare. You may find these useful when deciding which mining company to partner with.
If you choose Genesis mining as your cloud mining provider, you can benefit from a 3% discount when you use our affiliate code at the checkout.
Our Genesis Mining promotional code is i5zhK6. You can also save 3% on subsequent hashpower upgrades by using the same code.
We have partnered with our friends at Hashing 24 to give you 4% off all Bitcoin cloud-mining plans until 30th June 2017. Use code Z7WDN3E6 at checkout, and you will receive 4% discount on your order. You can use our discount code an unlimited numbers of times until the expiry date.
In you would prefer, you can watch our informative videos to guide you through the sign-up process.
Hashing 24:
Genesis Mining:
HashFlare:
Finally, once you are up and running, don’t forget to subscribe to our YouTube channel and check out our website for our daily blogs!