Whether Bitcoin will end up being a sustainable currency we use to pay for everyday transactions or a fiat currency with no long-term value is still unknown. What is known is that the value has increased dramatically lately — from February 2020 to February 2021, it increased from about $10,000 per Bitcoin to almost $50,000. For those that don’t want to pay that type of price, the challenge lies in how you acquire it.
According to a 2018 study published in the Nature International Journal of Science, the cost of mining $1 worth of Bitcoin is three times more than that of mining $1 worth of physical gold, platinum, and other precious metals. This doesn’t include the costs associated with the infrastructure, maintenance, and cooling equipment required for the whole process.
This begs the question: Is there such a thing as free Bitcoin mining without investment? Can you acquire these digital assets without having to break the bank to do it? Here’s everything you need to know.
What Is Bitcoin Mining?
Bitcoin is a type of digital currency, also known as cryptocurrency. It is not owned, controlled, or regulated by any centralized entity or government, and does not correlate with any physical, real-world currency. You can, however, use it to purchase real-world items at some major retail outlets.
Bitcoin mining is the process of generating new Bitcoins and introducing them into circulation. It requires entities, or “miners” – which are incredibly powerful computers – to solve complex computational problems. These are not only impossible to solve by hand but are taxing to high-powered computers as well.
The process involves coming up with a 64-digit hexadecimal number or “hash.” This figure needs to be either less than or equal to a predetermined target hash. Now, the probability of a computer “guessing” all the possible combinations of a hash is 1 in 16 trillion. Not to mention the fact that it requires a massive amount of energy and computer resources to do this.
Miners that successfully solve the problem receive 6.25 Bitcoins in reward for their efforts. You’re essentially being paid a “commission” for providing the computing power required to process these transactions. At the time of this publication, a single bitcoin was worth more than $33,000, meaning you would receive well over $214,000 worth of Bitcoin.
Mining is necessary to complete Bitcoin transactions securely and maintain the ledger upon which the success of the entire system is built. Every time a miner adds a new block of transactions to the chain, part of their work involves ensuring that every single transaction is accurate. One of the main tasks involves making sure that there’s no duplication of Bitcoins.
Is Free Bitcoin Mining Possible?
Traditionally, you would need to set up a mining rig to start generating new Bitcoins. This requires highly sophisticated computing resources with a built-in, application-specific integrated circuit (ASIC) or graphics processing unit (GPU). These can set you back anywhere from 500 to tens of thousands of dollars.
Keep in mind that you also need to factor in the cost of the heavy power supply required to run the system alongside other Bitcoin mining requirements for the entire operation. There’s nothing “free” about that.
However, it is possible to mine Bitcoin using digital platforms like apps, websites, and browsers on your mobile or desktop device as you go about your daily activities. Every time you complete a task on some of these platforms, you’re paid a specific amount of Satoshis.
A Satoshi is the smallest unit of the Bitcoin cryptocurrency and is equivalent to one hundred millionth of a single Bitcoin.
How Free Bitcoin Mining Without Investment Works – The Cloud
Cloud mining is the process of generating new Bitcoins using a cloud service provided by hosting services. These hosts are corporations that have set up a collection of cryptocurrency mining rigs in designated facilities that allow users to mine Bitcoins without owning or managing the hardware themselves.
All you have to do to gain access to these shared resources is register with the cloud provider and purchase a mining subscription. Alternatively, there’s also the option to run a free Bitcoin cloud mining contract.
As you would expect, the returns using this technique are much lower since cloud mining is provided as a service. You don’t own the processors, motherboards, and GPUs required for these powerful systems. You just access them remotely.
“Trusted” Free Bitcoin Mining Sites Without Investment
When trying to find the best free cloud mining sites, you want to identify one that offers a hash power signup bonus. That way, you can start mining Bitcoin currency using that hash power without having to spend your own money to do it. Here’s a list of the top five sites that offer this bonus. BECAUSE ALL OF THESE SITES ARE RELATIVELY NEW AND UNKNOWN, YOU SHOULD PROBABLY STICK WITH THE FREE PLANS AND AVOID PAYING FOR CLOUD MINING UNLESS YOU HAVE DONE YOUR DUE DILIGENCE AND KNOW EXACTLY WHAT YOU ARE DOING.
The company’s mining servers are located in Canada and Iceland. Users can join any of the eight available subscription plans ranging from Free to Premium+, each of which has a random bonus of anywhere between 5 Gh/s and 50 Gh/s depending on the tariff. The service allows you to mine Bitcoins as well as other cryptocurrencies like Litecoin.
The site has both free and paid cloud mining plans. A new user signing up to the site for the first time gets 2,500 Satoshis and can immediately start mining Bitcoins. The best thing about it is that every transaction is transparent, which means you don’t have to worry about incurring any hidden fees while mining Bitcoins.
Cryptoplace also has free and paid cloud-mining plans and offers 2,500 Gh/s to new users regardless of the tariff they subscribe to. You can mine other cryptocurrencies like Litecoin, Dogecoin, TRX, XMR, and BCH in addition to mining Bitcoins. The site also offers random bonuses ranging between 5 and 50 Gh/s depending on your mining plan.
Bimine offers a 500 Gh/s registration bonus to new users joining the free or paid mining plans. The site says it has lucrative daily profit margins that range from 1.5% for the Free plan to as high as 10.9% for the Diamond plan (take it with a grain of salt). Users can withdraw their earnings at any point at no additional fee.
This Bitcoin cloud mining site offers new users a signup bonus of 111 Gh/s. The site says you have the potential to earn between 2% and 4% in profit on your deposit every day.
Other Ways to Earn Bitcoins for Free
Aside from cloud mining, another great way to mine Bitcoins for free is using the CryptoTab browser. All you have to do is install it on your mobile device or desktop and sign in using Facebook, Google, or Twitter. Then, specify the hash speed and start mining.
As you use the browser for your day-to-day online activities, it automatically generates Satoshis as it mines Bitcoins. The downside is that the process may drain your battery at a faster rate compared to your normal non-mining usage. It’s always a good idea to keep it connected to a power adapter.
Pay-to-Click (PTC) sites are yet another way to earn Bitcoins for free. These sites have a button that redirects users to web pages that require them to watch ads for a specific duration. Once the timer completes, your Satoshis are credited to your Bitcoin wallet.
Most PTCs only allow you to withdraw the funds once the balance reaches a certain limit. The more you keep using PTCs, the higher your withdrawal limit becomes.
Free Bitcoin Mining FAQs
Below are answers to some of the most frequently asked questions about free Bitcoin mining without investment.
Is free Bitcoin mining legit?
Yes, it is. The only difference is – you don’t have to invest in the expensive mining hardware required to provide the computing power needed for the process. Using cloud mining sites like Bitland.pro, Freemining.co, and Cryptoplace.cloud, as well as installing the CryptoTab browser are both 100% legit ways of mining Bitcoins at virtually no cost at all.
How can I get free Bitcoins without mining?
Some of the popular ways include:
‣ Accepting Bitcoins as a mode of payment if you’re a business owner or freelancer
‣ Lending your existing Bitcoins to other users at an interest rate
‣ Trading Bitcoins using secure CFD (Contract for Differences) providers
‣ Using a Bitcoin cashback service when shopping online
‣ Viewing content on Pay-to-Click sites that pay users in Bitcoin currency
What is the best free Bitcoin miner?
CGMiner is by far the best-rated Bitcoin mining software. It runs on Linux, macOS, and Windows operating systems, making it one of the most versatile options around. This open-source software is an ASIC/FPGA miner with lots of useful features like new-block detection, remote interface capability, multi GPU support, and binary loading of kernels.
How long does it take to mine 1 Bitcoin?
Bitcoins are created when computers around the world try to solve the same complex mathematical puzzle. Every 10 minutes, there’s a computer that successfully does this, at which point a new problem is formulated, and the process begins all over again. The software that mines Bitcoin scales the complexity of the problem depending on how many users are trying to solve it.
There are lots of lucrative investment opportunities available online. Free Bitcoin mining without investment happens to be one of them. Any of the methods detailed in this guide would be a great place to start. The best part about it is – you don’t need any expensive hardware to start mining Bitcoins. You can use what you already have.
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