Connect with us

Crypto News

Cloud Mining Made Easy. Earn Cryptocurrency with Binance Pool | by Dhiraj Dixit | Coinmonks | Mar, 2023

Earn Cryptocurrency with Binance Pool

Binance launched a new product called Binance Cloud Mining in November 2022. This product allows users to earn rewards from Binance’s cryptocurrency mining pool without needing to purchase or set up mining equipment. All you have to do is pay for the mining power and electricity through Binance Cloud Mining, and the rewards will be sent to you on a daily basis.

Before you sign up for a cloud mining service, it’s important to understand what you’re getting into.

This article will explain the basics of cryptocurrency mining, how miners make money, and what mining pools are. We’ll also cover the benefits of cloud mining and show you how to get started with Binance’s cloud mining service.

Cryptocurrency mining is the process of verifying transactions and adding them to the public blockchain ledger. This crucial process also introduces new coins into circulation. However, there is no single method for mining tokens, as the equipment and process can change with new hardware and algorithms. Typically, miners use specialized computers to solve complex cryptographic equations.

This article will primarily focus on mining on the Bitcoin network, although the same process applies to other coins with similar mechanisms. Mining is a complex process that involves hashing transactions, merkle trees, block headers, and hash rate.

The competition between miners is to solve cryptographic puzzles with specialized computers or mining hardware. The first miner to find a valid solution can then broadcast their block of transactions to the blockchain and receive a block reward. This reward serves as newly minted currency and includes transaction fees. Miners receive these payments as an incentive to maintain the blockchain and validate transactions.

Follow these simple steps:

Log in to your Binance account and go to [Earn] — [Binance Pool] — [Cloud Mining].

Browse the available Cloud Mining products and choose one to purchase by clicking [Buy Now].

Set the hashrate and currency, agree to the service agreement, and confirm the payment. Note that the fees include electricity and hashrate fees for your subscription period.

Binance will initiate the mining process, and you’ll start accumulating rewards in your Funding Wallet. Remember that you cannot modify or cancel the order once it’s placed, and subscription opens only during specific hours.

To choose a Cloud Mining product on Binance, you have to look at the different products available, which have different fees and durations. You can estimate how much you can earn by looking at a product’s electricity/historical output ratio. If a product has a high ratio, it is more likely to give you higher returns when the crypto price goes up. However, you may also lose more money if the crypto price drops.

Managing your orders and mining income is easy with Binance. Simply log in to your account and head to the [Earn] section, then click on [Binance Pool] and select [Cloud Mining]. From there, you can access your [My Orders] page to view your mining rewards.

Want to monitor your hashrate? No problem. Just go to [My Orders] and click on the watcher link to view real-time operation status. You can also check out your [Earnings History] to see revenue and runtime for specific orders.

With Binance, managing your mining activities has never been easier.

  • Duration: Validity period of Cloud Mining product from when computing power goes online, with average online rate above 95%.
  • Hashrate Unit: Binance Cloud Mining uses “Th/s” as a unit of hashrate, based on Bitcoin’s SHA256 algorithm.
  • Hashrate Fee: Daily rental fee per Th/s for specific Cloud Mining product.
  • Electricity Fee: Daily electricity fee per Th/s for specific Cloud Mining product.
  • Historical Output: Theoretical output of unit from 00:00 (UTC) previous day to 00:00 (UTC) next day, converted from BTC/USDT price at 00:00 (UTC).
  • Estimated Mining Start Date: Estimated start date for Binance Cloud Mining products is 04:00 (UTC) on Thursday of following week after placing order.
  • Static Revenue Rate: Estimation of rate of return based on historical data, calculated as (Historical Output — Electricity Fee — Total Hashrate Fee) / Total Hashrate Fee * 100%.
  • Runtime: Daily average online computing power rate based on mining rig operation between 00:00 (UTC) and 00:00 (UTC) the following day. Note that hashrate delivered on first day may not meet daily average due to different starting timelines, but total hashrate delivered over duration of contract will meet required service level.

New to trading? Try crypto trading bots or copy trading on best crypto exchanges

Join Coinmonks Telegram Channel and Youtube Channel get daily Crypto News

#Cloud #Mining #Easy #Earn #Cryptocurrency #Binance #Pool #Dhiraj #Dixit #Coinmonks #Mar

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *