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Bitcoin Cloud Mining

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  • What is mining?

  • Can I buy my own equipment and mine at home?

  • What is cloud mining?

  • Is it profitable to mine bitcoin? If Yes, then why do you sell your hashrate?

  • I am from the US. Can I join FlyMining?

  • Is $100 enough to get started?

  • What is return on investment in cloud mining?

  • Is there a chance I lose money from the bank?

  • How often can I withdraw money?

  • What is the "maintenance fee"?

    The mining equipment is spending electricity and requires constant maintenance. All this is included in one fee, which is called Maintenance Fee. Right now it is $0.12 per 1TH/s per day

  • Can I set a custom mining pool in FlyMining?

    No, we do not offer such service as we cannot direct just a portion of device to some specific pool. We did extensive testing of various pools, and found out that the best pool is pool.btc.com (we are not affiliated with them). Their payout was highest after 2-month testing, and what is more important - payout is fixed for 2 weeks and does not depend on if pool has actually found a block or not - we get paid anyway. So it allows for a stable business model.

  • Can I use Nicehash with FlyMining?

    No, we do not offer such service as we cannot direct just a portion of device to some specific pool. Please read more in "Can I set a custom mining pool in FlyMining?"

What is Mining

01 / WHAT IS MINING?

On the bitcoin network, transactions are being made every second - people send BTC to other people. Transactions in the blockchain each take their unique place one after another. But for the transaction to really be fixed in its position in the blockchain, it must obtain a special key.

Imagine that you have a doorlock and have to try 1000 trillion keys before you find the right one that opens the door. It is a pretty accurate depiction of what happens.

Finding the key is not an easy task and a person who commits a transaction is willing to pay miners some fee for finding the right key. Plus, there is also a separate reward from the bitcoin network itself.

All the computing equipment in the world has to spend an average of 10 minutes to find the right key. For efficiency, the key is used not for each transaction separately, but for a block of about 2000 transactions (hence `block`chain, not `transaction`chain).

The miner who finds the key for the block - gets all the glory and some bitcoins as a reward!

This process is called mining.

02 /CLOUD MINING

Bitcoin mining is a profitable business since day 1 and will always be until bitcoin dies, because there is no bitcoin without mining.
Without mining, transactions will stop and bitcoin will become worthless!

So if you believe in bitcoin - you also must believe in profitability of bitcoin mining!

Mining at home is impossible nowadays: the equipment has become too industrial and is not user-friendly nor home-friendly - it is too noisy, consumes too much power, requires special skills in set-up.

Cloud mining is a web-service that leases out mining equipment without you having troubles of maintaining your own equipment:

  • loud noise
  • high power consumption
  • high heat dissipation
  • equipment overheating
  • enterprise-level Internet connection via two or more alternative channels
  • warranty replacements in China
  • equipment failures after warranty
  • theft
  • import and customs

03 / MINING IS PROFITABLE FOR YEARS TO COME

Mining is the mechanism of the banking system of the future. Can you imagine, for example, that servicing credit cards would stop being profitable for banks? No, because the financial system of the world would be destroyed! Like current financial system needs banks, the Bitcoin network needs miners as much as a human body needs a heart. Once the mining ceases to be profitable, the Bitcoin network will die. That is why mining will always be profitable as long as bitcoin is used.

Why Bitcoin?

Why bitcoin and not some other digital currency?

Bitcoin was the first digital currency to get special mining equipment and since then the progress has pretty much achieved its final state. The computational complexity grows very slowly nowadays.

Mad performance races of the past (2013-2014) are over now, which cannot be said about Ethereum, DASH, Litecoin, Decred, etc!

Because of this stability, all the large investors are investing in bitcoin.


Why mining is a much better investment than just buying bitcoin?

It is easy to see why mining is better than just buying bitcoin when bitcoin price is falling or even just staying still.

No profits can be made right now if you are not a professional trader with years of experience.

But mining bitcoin is profitable even now, because otherwise bitcoin would cease to exist, which will not happen in the nearest future