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October 23, 2014 / 29 Tishri, 5775
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How Do You Mine for Bitcoins?

Cloudhashing Article Photo

Photo Credit: Cloudhashing.com

So why does a company that essentially prints money even need to find investors? “It’s all about economies of scale,” notes Gilkey, “the more investors we have, the better price we can get on hardware, power, and data center space.” Since mining is a competitive activity, the higher percentage of the bitcoin network controlled the better. Currently CloudHashing controls approximately 10% of the Bitcoin network but Gilkey says that the company’s goal is to raise that to 25-30 percent of the Bitcoin network by the end of this year.

Ryan Oquin, CloudHashing’s Marketing Coordinator, explains why Bitcoin may very well be the currency of the future; “When the internet first became widely used, it became necessary to figure out how to bring money to the internet. Unlike other types of money which were forced to adapt and figure out how to work with the Internet, bitcoin is a currency that is based on the internet.” Bitcoin also has certain other distinct advantages over more traditional currencies. “If I want to send you a million dollars from halfway across the world,” says Gilkey, “If I use bitcoin you would have it within about half an hour and it would cost around a dollar in transaction costs. Compare that to transferring a million dollars through a bank – that would take much longer and cost much more in transaction charges”.

Cloudhashing offers 12 month contracts to its investors. CloudHashing investors receive percentages of the bitcoins mined by the CloudHashing system into their account pro-rated to the amount of space the investors purchases.

Whether Bitcoin proves to be a wise long term investment is still very much up for debate. Government regulation and security concerns have caused enormous volatility in the bitcoin market over the past year. However, if one wants to get involved in the exciting world of Bitcoin investment, CloudHashing.com is definitely worth a serious look.

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