If you want to invest in bitcoin mining without the hassle of managing your own hardware, there is an alternative.You can use the cloud to earn your coins.Put very simply, cloud mining means using (generally) shared processing power run from remote data centres.One only needs a home computer for communications, optional local bitcoin wallets and so on.However, there are certain risks associated with cloud mining that investors need to understand prior to purchase.Here’s why you might want to consider cloud mining: Here’s why you might not want to consider cloud mining: In general, there are three forms of remote mining available at the moment: We have previously covered ways to calculate mining profitability.However, the web services offered are designed to work with your hardware parameters, not cloud-mining parameters.Even so, you can still use these calculators by thinking clearly about the costs involved.Profitability calculators (for example, The Genesis Block) often ask for your electricity costs, and sometimes the initial investment in hardware.

Effectively, you are being asked for your ongoing costs and your one-off investments.Therefore, since the provider, not you, is paying the electricity bills, you can enter the monthly mining bill in place of the electricity cost.The conversion process isn’t completely straightforward, though.In the case of hardware miners, you can work out the monthly running cost by multiplying your electricity charge (ie: $ per KWh) by the power consumption of the unit and by a conversion factor of 0.744 (the ratio of seconds per month to joules of energy per KWh).But, for cloud mining calculations, you need to do the opposite, because the provider gives you an (effective) monthly running cost.Hence, you need to calculate an equivalent cost per kilowatt hour to feed into the mining calculator.This is done by dividing (not multiplying) the monthly running cost by the 0.744 conversion factor mentioned above.When engaging in any type of cryptocurrency mining there are risks, but profitability is possible if you make the right choices.

In this article, we’ve given you some pointers on how to decide which way to go.In your test calculations, you will likely see that some cloud mining services will be profitable for a few months, but, as the difficulty level of bitcoin increases, you would probably start to make a loss in four to six months and beyond.A possible remedy to this situation is to reinvest what you have made into maintaining a competitive hashing rate, but this is highly speculative.As mentioned above, the risk of fraud and mismanagement is all too common in the cloud mining space.Investors should only invest in cloud mining if they are comfortable with these risks – as the saying goes, never invest more than you are willing to lose.Investigate social media channels, speak with former customers and ask pointed questions of operators prior to investing.Ultimately, you should practice the same kind of due diligence that you would for any investment.Disclaimer: This article should not be viewed as an endorsement of any of the services mentioned.

Please do your own research before considering investing any funds via these services.Australian mine, server room, accounting and reward and risk images via ShutterstockGuiminer is a for Windows based on Download Latest Version WHAT IS GUIMINER?GUIMiner is a graphical frontend for mining Bitcoin, providing a convenient way to operate Bitcoin miners from a graphical interface.litecoin cpu wikiIt supports both AMD and NVIDIA GPUs, as well as CPU mining.litecoin mining in phpYou can choose between pooled mining and solo mining – the software embeds a list of mining pools to choose from.litecoin hash hardwareFEATURES COMES ALREADY CONFIGURED FOR MANY POPULAR MINING POOLS There's no need to enter connection details manually, unless you want to.kali linux bitcoin

REAL-TIME STATISTICS ON ALL YOUR RUNNING MINERS IN ONE LOCATION Displays hash rate, total shares accepted/invalid, and total shares in the past hour.AUTOMATICALLY START ONE OR MORE MINERS ON PROGRAM STARTUP.VIEW YOUR ACCOUNT BALANCE WITH A POOL AND/OR WITHDRAW FUNDS Do it from within the GUI, at participating pools.MINIMIZES TO TRAY The tray icon can be hovered to show statistics, and miners can be paused from the tray context menu.dogecoin mining poolFREQUENTLY ASKED QUESTIONS WHERE CAN I DOWNLOAD GUIMINER?tradingview bitcoinYou can download GUIMiner from the official GitHub repo.WHERE CAN I GET NEWS AND UPDATES ABOUT GUIMINER?Have a look at the official forum thread on BitcoinTalk.CAN I USE GUIMINER TO MINE LITECOIN?In order to mine Litecoin, you have to use GUIMiner-scrypt.GUIMiner-scrypt is a GUIMiner fork for mining scrypt chains, such as Litecoin.

GUIMiner is the premier Bitcoin Mining tool for Windows and is one of the easiest ways to start mining Bitcoins.By offering a simple and easy to use graphical interface, GUIMiner will let you take full control of your Bitcoin mining process without requiring complicated commands or constantly editing configuration files.GUIMiner is the perfect Windows mining software for beginners and experts alike, offering a ton of useful features that will help anyone get the greatest amount of Bitcoins with the lowest amount of fuss.GUIMiner supports the most popular Bitcoin Mining software, including OpenCL Miner for AMD graphics cards, CUDA Miner for Nvidia cards, CGminer for any ASIC Miner, and even Ufasoft Miner so you can mine Bitcoins with your CPU!Not only does GUIminer support all of these different Bitcoin miners, it also supports using multiple miners at the same time!With GUIMiner, you can maximize your Bitcoin Mining profits all in one simple place!After your miners are configured, you can even setup "Autostart mining" that will let you start mining for Bitcoins as soon as the program opens!