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The more Bitcoin becomes popular, the more miners it attracts. Mining the coin comes with lucrative rewards. Even after halving, there are several more miners joining. It is mostly because of the ever-increasing value.

The latest Bitcoin halving happened in May 2020. This saw the mining rewards reduce from 12BTC to 6BTC. The same period has seen the Bitcoin value to hit over $10k. It means a reduction of the rewards yet almost a similar amount in the long run. 

The increased demand has also seen the need for more powerful machines. In the beginning, one would use a CPU to mine the coin successfully. That is different from now when there are several high-end mining tools. These are special mining machines called ASIC. They come with a specific Bitcoin Network for the miners. 

The special machines require a lot of power and special storage facilities. They are also quite expensive to purchase and maintain. The trend has led to the rise of mining pools with special requirements. 

While all these might be costly, it doesn't have to be so. There are several ways to mine Bitcoin free and fast. 

Mining Pools 

The first way to gain Bitcoin is by not necessarily getting into the whole process. Computer owners can let their machines work on their behalf through the mining pools. The mining pools allow one to rent out free processing power and get paid in return. These can be both special mining tools or a personal computer process. 

The mining pool is all about combining forces for faster results. The rewards mostly depend on the hash power a computer brings to the system. Also, the more powerful a pool is, the shorter a round lasts. It implies more earnings.

Joining a mining pool is easy. The user signs up with the pool then download the mining software. The computer immediately becomes part of the mining pool's server. It becomes an extension of the mining node. It provides the available processing power to the system. The computer owner then gets rewarded when the system solves the blockchain puzzle. 

Different pools provide for various rewards and incentives. The pools provide such information before starting with any computer. For example, Pay-Per-Share is where the miners earn a guaranteed income based on the block reward. Other options are Full Pay-per-share, Pay-per-last N shares, Scored based system, and many more. 

While the mining pool seems like the best deal, it comes with possible scams. Users have to look for a reputable pool before joining one. They have to research about the pool before investing. The information about Bitcoin pools spreads very fast. They can find almost all data from the internet. 

The other things to look into are the guaranteed profits. Anyone that guarantees profit is a cheat as there is no guarantee in the Bitcoin mining world. Pools with known owners and operators are more secure. Most anonymous owners turn out to be shady. The pool should also make its audible infrastructure public. An ideal pool also provides hash rate proof and show the hash power limits. 

Cloud Mining 

The other way to acquire Bitcoin is through cloud mining. Cloud mining is almost the direct opposite of the mining pool. It is where one doesn't have to set up any hardware, software, or a special room. Some websites allow access to such facilities. Miners only get to pay rent for the hosting services by the sites.  

Cloud mining has been on the increase in recent times. However, it comes with security concerns. There is no other place in crypto that attracts scam more than cloud mining. Almost 99% of cloud mining services are scams. The users must ensure all due diligence is done before choosing one. Some of the most known crypto scams are Bitcoin Cloud Services and HashOcean.

That is not to keep one off from using Bitcoin cloud mining. It only requires a proper test before settling on the cloud service. One of the factors to consider is the payment method. Cloud mining services accept the various payment method. Be wary of one that uses Bitcoin as a payment method. Bitcoin payment is irreversible. It implies one can never receive your coins back in case of any issue. 

Miners should be wary of free cloud mining services. There is always the allure that comes with free services. It might also seem the essence of this article. However, you only get to avoid paying for hardware and other specialized facilities. Otherwise, you still have to pay to rent cloud mining services. Avoid any site that offers free trials. Even worse, when they require user payment details.

Cloud mining viruses has also been an issue of late. There is a possibility of some websites passing mining malware to devices. This malware requires too much power, thus slows down computer operations. The best way to keep safe is by regularly running a malware detector on the computer. Different cloud mining services depend on hashing speeds.

Bottom Line 

As one of the most valuable cryptos, mining bitcoin is hard. It takes a lot of power and computer strength to mine one. Buying the mining hardware and other specialized tools is quite costly. Still, there are ways to go round it without missing on the speed. 

Some of such ways are the cloud and pool mining. While they are affordable, they also come with challenges. They are open to scams and can come with malware. Still, one can have it good with due diligence and computer protection. Remember, only mining is free. Otherwise, the miner might have to spend on renting the cloud services. 

Anyone with available computer processing power doesn't have to let it go to waste. Cloud and pool mining are the way to go. 

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