Introduction to Bitcoin Mining
Introduction
Everyone knows Bitcoin, no matter who you are, where you live or what you do, as long as you have access to the Internet, you’ve heard of Bitcoin. It has been the main buzzword for the past few years. Something you might not have heard about is Bitcoin mining. Fortune Magazine wrote an article describing Bitcoin mining as one of the most profitable industries on the planet. It is a process that can generate $800-1500 of passive income from Bitcoin each month.
What is Bitcoin Mining and how do you get involved? That’s what this article is all about.
Bitcoin Mining
What you may know about getting Bitcoin is that you have to watch the prices, do some analysis and wait for it to get to a fair price before buying. That’s the most common way of owning Bitcoin, however there is a better method — Bitcoin Mining! but before we go into details, let’s talk briefly about Bitcoin.
Bitcoin is an encrypted, anonymous digital currency with a fixed supply. It was created to combat society’s dependence on governments and banks. It means that users can transfer value instantly throughout the network without the need for a middleman (bank).
There is no central entity running Bitcoin. It operates on the blockchain, and all transactions on the Bitcoin network are grouped in to blocks of transactions. Bitcoin’s supply is fixed, there will always only be 21 million Bitcoins in existence. You can get new bitcoin by processing blockchain transactions and mining it. This is called the block reward, and the people that do this are called Bitcoin Miners.
Miners are regular people. What separates them is that they own specialized pieces of hardware which they use to process transactions and get Bitcoin. To make this easier to understand, let’s use this analogy of a regular bank transfer. Whenever you transfer money from your bank account, you’re debited twice. First, the money you send out, and then there’s the bank’s processing fee.
It is the same thing with the Bitcoin network. Bitcoin is deducted from one wallet, sent to the other, after which you pay a charge to the blockchain network for processing it. But if there is no central entity, who are you paying the fee to? Those are the miners, who use specialized hardware to process the transactions. Everyone can participate by just owning a PC. However, as time has passed, the machinery required to participate in it has increased, and becoming a miner now needs very special hardware.
The process of Bitcoin mining is much more complicated but that’s a quick summary, to do a deeper dive into Bitcoin mining, check out this video from Epic Mining CEO and Co-founder Mitchell Weijerman.
Why is Bitcoin Mining Difficult
Miners receive money. Mining gold and mining bitcoin are similar. When you mine gold, you invest in things like land, people, equipment. When you mine bitcoin, you’re investing in powerful machines and electricity. Your profit depends on a lot of factors. The higher the market value of Bitcoin is, the higher your investment, also the higher your production cost (equipment and electricity) the lower your investment. This is where the barrier is.
Majority of investors do not have access to the specialized equipment and cheap electricity to mine Bitcoin. That is where Epic Mining comes in.
Epic Mining (EM)
Introduction to Epic Mining
Mining is not accessible to most people, suppliers of these hardware do not talk to you until you buy hundreds of machines and spend hundreds of thousands on your first order. Most people cannot get it. There are shops that advertise small machines at lower quantities at decent prices but in crypto, there are scams everywhere. Electricity is another huge cost.
Another huge obstacle is a lack of knowledge. People often have questions such as:
- How can I get started?
- What machines do I need to buy?
- What software do I need?
- How can I get access to cheap electricity?
- How do I maintain these machines?
All these problems were noted and Epic Mining was founded to help people get started with Bitcoin mining by breaking down these barriers. The company travels the world to find green and cheap energy. Hydro-energy is the best source as it maximizes earnings while minimizing environmental damage. The company’s mining farms all over the world have equipment worth more than half a billion dollars with the biggest and most recent farm operational in Ethiopia.
A 100 megawatts facility containing 120 containers, each having 280-300 machines per container. To help regulate all that power and heat, specific cooling systems and hot air extraction equipment are used. A substation that generates electricity utilizing clean hydro-energy and transformers. Epic Mining exists to constantly increase profitability for its customers.
Epic Mining’s Value Proposition
Epic Mining helps 100s of investors from all over the world get started with Bitcoin. They source your machines for you, ship them to the farm, install all the right software and connect them to the cheap green energy. All you as an investor has to do is pay for your energy invoice once a month and you’re set. No need to manage complicated rigs, just sit back and watch your payouts come in.
Mining should be in your diversification portfolio. Bitcoin mining is important because the demand is much more than the supply and the price can only surge up. There is a limited supply of Bitcoin and the more mining occurs, the less the supply. Everyone is getting into Bitcoin. BlackRock, the world’s largest wealth management company with more than $10 trillion in assets, has also invested in Bitcoin mining as well. If some of the smartest wealth managers are in the industry, you should be getting in as well.
Mining Bitcoin gives you the opportunity to become the bank and get the charges paid to you or would you rather continue paying the bank?
Benefits and incentives
There are a lot of benefits that Epic Mining offers. Some of them include:
- Dedicated Customer service at any time with over 80 technical staff to attend to your needs.
- Live Dashboards running 24/7 to show you.
- Projections of returns based on the current market and prices.
- Virtual tours of mining facility.
We have an emphasis on transparency and real-time results with software specially crafted to follow these principles. Mining with EM gives you access to software that performs the following:
- Live overview of earnings.
- Customer performance.
- Machine performance.
- Projections of machine performance on current rates.
Customers are making a lot of money with some making 0.007BTC or $500 every 24 hours without doing any work. Some of our customers have earned as high as 4.7 BTC.
Customer Testimonials
Here are some testimonials from real life customers
- Sloane Fisher: “Trustworthy and fast. Great communication. What more to say.
- Helen Chambers: “I ordered 9 Canaan mining machines from the team at Epic Mining. Really happy with my purchase. They are now up and running and printing new BTC every day ????” .
- Piers Hanson: “Epic Mining offers the perfect ecosystem for minings: education, sourcing, hosting, financing, community etc. Even though I was skeptical at first, I decided to become a customer of them. Their customer support team answered all of the questions I had about mining. Now I have new Bitcoins that are being sent to my wallet everyday. What a great feeling to check out my mining dashboard.”
You can see many more on the company website.
Virtual Tour of Mining Farms
If you’re still skeptical about getting started with Bitcoin mining, you can take virtual tours of the company’s farms here.
The Bullish Crypto Market
The Crypto market right now is primed for a lot of growth, experts predicting it is “about to go crazy.” This view is supported for multiple reasons. First, traditional institutes are increasing their adoption around the world, which gives credibility, capital and therefore growth.
Advancements in the technology also imply that security is getting stronger making it better for everyday transactions. Technological advancement in mining means that there are more energy efficient machines which is more lucrative for mining and leads to exponential growth. To get more knowledge on the Crypto market’s incoming explosion, you can check out this great podcast episode by Mitchell Weijerman.
Epic Mining’s Turnkey Mining System
For a more in depth explanation of how Epic Mining works, this section goes into technical details of what you will be experiencing.
What is a Turnkey Mining System?
Turnkey is where they only need to connect the bitcoin wallet to the server, pay monthly charges for energy and sit back to watch payments come in once in a while.
Steps involved in the Turnkey Mining System
Hardware and infrastructure details
1. Visit Epic Mining’s website.
A company that makes mining easier, helping you select the right mining equipment in one of their state-of-the-art farms around the world. They do all the work for you and you watch your money come in.
2. Choose an ASIC
ASIC stands for Application Specific Integrated Circuits. Simply defined, it is a gadget designed specifically for Bitcoin mining, and our team of experts will advise you on the best option for your requirements and budget. Some important considerations include:
- Brand and Model – Bitmain, MicroBT and Canaan are well-known bitcoin ASIC manufacturers with years of history in the industry. There are other manufacturers but with these 3 brands, you will find the best value for anything you need
- Hashrate and Power consumption – Hashrate is a measure of the computational power of a blockchain network, group or individual. It refers to the total combined computational power that is used to mine and process transactions on the Bitcoin network. The power consumption is measured in kW and determines how much you pay for your hosting bill. It is best to find a great combination of high hashrate and low power consumption.
- Price – Bitcoin ASIC mining devices correlate to the Bitcoin market. Due to the volatility, machine prices fluctuate regularly. There is a special dedicated team providing you with the best prices, including the shopping fees and factory guarantee.
- Condition, Warranty and Minimum order quantity (MOQ) – Both new and used ASICs can be purchased. The three recommended brands all sell new units with a 12 month manufacturer guarantee. They thoroughly test used units to make sure they are in excellent condition before acquiring them. MOQ refers to the minimum possible number you can buy. It is usually 1 unit, but in some cases, a large number of units have to be purchased to complete the order.
3. Choose a Mining Facility
Next is to decide where you want to host your Bitcoin miner. When choosing the facility, some factors are very important such as
- Energy price
- Energy type
- Technical Staff
- Onsite repairs
- Security
- Expansion possibilities
4. Connection to Mining Pool
Once you’ve chosen, you can now be connected to the mining pool. Moving your machines to the facility usually takes between 6-8 weeks pending the supplier. Technicians at the facility first run a series of tests to make sure the machines are in great condition. If all the tests pass, the required software is installed and you can start mining Bitcoin. Finally, we connect your Bitcoin miner to our mining pool.
Once you’re connected to the mining pool, you will receive your personal dashboard and be able to monitor your machines 24/7. You can see things like how much Bitcoin you’ve generated, and the hashrate of your machines.
5. Sit back and watch your Bitcoin roll in
Compliance and regulatory considerations
They follow international AML laws and regulations to ensure compliance. KYC is required on purchases higher than $15,000 and as part of this, the following are needed:
- Copy of Client’s ID
- Documentation of proof of funds and political exposure
- Business purchase requires UBO form
Customer Spotlight
Kevin Koolmees is an Epic Mining customer who was one of the few invited to see the operations in Ethiopia. Not everyone can visit the fields since it will pose a security concern given the value of the machines. He owns 47 machines and has invested along with family members.
The mining machines are in containers housed in different units for reasons like preventing damage. There are more than 280 containers which are compartmentalized to optimize the structure.
Everyone invited to check out the mining farm stayed in Addis-Ababa and drove to the facility which was a 40 minute drive. Addis-Ababa is cold, 2 kilometers above sea level which makes it a perfect location helping with cooling the machines instead of a hot country. Ethiopia is fast becoming one of the mining hubs of the world and with one of the fastest growing economies in the world, it is attracting investors from all over.
Highlights from his visit to the farm in Ethiopia
“It was a really professional location with guard towers, a power station, much more impressive and bigger than imagined”. When asked why he chose Bitcoin mining as an investment, Kevin said, “There’s always a new altcoin, but that doesn’t bring as much money, Bitcoin mining is more profitable than buying Bitcoin. It’s a great investment because the numbers make sense”
Conclusion
This article has discussed Bitcoin mining, the processes involved and how you can get started with it. With Bitcoin mining and digital currency acquisition, Epic Mining generates 3-6% profits monthly and outperforms Traditional investments like S&P 500 and real estate giving you a great extra avenue for passive income.
If you’re interested in getting started with Bitcoin mining, fill out this form and a team will reach out to you and help you get started and you could also have machines producing Bitcoin for you.