Did you know that there are Bitcoin mining sites that are freely available without requiring you to run expensive GPUs? But before we get into all that, lets first recap what Bitcoin mining is. It is a process through which Bitcoin transactions on the network are recorded, verified and stored.
Computers on the network compete to solve complex algorithms and once solved, the winning computer gets rewarded. This process also involves the creation of new blocks which store transaction data.
Bitcoin mining difficulty has increased over time, requiring more computing power. As a result, Bitcoin mining individually has become quite difficult, hence the formation of mining pools. But then again, that also requires heavy investment in expensive mining rigs? But what if you could just forego that step and invest your money in Bitcoin mining sites that could use those funds towards an industrial-level Bitcoin mining system?
The above highlights one of the main reasons why Bitcoin mining sites might be more appealing to the average person. You simply throw your money at it without having to worry about running the mining equipment. In most cases, these free Bitcoin mining sites may not even require an upfront investment at all. If you have a powerful computer, you can simply rent out your computing power for a few hours a day.
How do free Bitcoin mining sites work?
The most common approach to free Bitcoin mining sites is the deployment of cloud mining platforms that provide mining contracts. There is also browser mining which basically means you contribute your PC’s computing power with the browser acting as the mining medium.
Advantages of cloud mining
- Passive income is the key motivation in this case, hence if you can make a few bucks for renting out your GPU capacity, then more power to you. Participating in cloud mining provides an opportunity to earn some passive income.
- Accessibility is the name of the game. Cloud mining makes accessibility to Bitcoin mining much easier. Especially for those that are new to it, who lack the technical knowhow to run complex mining rigs and algorithms.
- Cost cutting benefits arise from the fact that cloud mining does not require heavy investment in mining equipment and associated maintenance costs.
Top Free Bitcoin Mining Sites
CloudMineCrypto.com
CloudMineCrypto.com markets itself as a free Bitcoin mining platform. It provides mining contracts that are a free and available every 8 hours. The platform also has a referral program that provides more earning potential if you invite more people to join.
StormGain
StormGain is yet another Bitcoin cloud mining platform that also doubles up as a trading platform. Its Bitoin mining segment offers multipliers for the potential earnings based on different multipliers.
Kryptex
Kryptex is a windows app that leverages computing power from user PCs to mine BTC. It offers a simple approach to Bitcoin mining and claims to not use up a lot of your PC’s computing power. This means you can still mine Bitcoin even as you use your computer.
Binance
While Binance has made a name for itself as the largest crypto exchange, not many are aware that it also runs a cloud-based Bitcoin mining operation. Its offering allows you to buy hash rates from cloud mining products and earn mining rewards from the Binance pool.
Pegapool
This is a Bitcoin mining pool based in the U.K that offers the option to mine cryptocurrency using your Windows device or PC. It also supports regular Bitcoin mining using GPU equipment, with incentives such as lower fees for those using renewable energy.
Conclusion
These free Bitcoin mining sites are a great place to start your crypto mining journey or in case you want to avoid all the hassle that comes with buying and managing mining equipment. The downside is that you may not earn much using this approach. Nevertheless, they are a great way to explore Bitcoin mining cost effectively in case you do not have an abundance of cash to invest in physical mining equipment.
Next: Investigating the Efficiency of Crypto Wallets in High-Transaction Environments
