As the crypto economy goes broader and deeper, there are more beginners than ever to earn from holding and learning about crypto. Most of them are ambiguous about the crypto world and lack crypto knowledge. This guide will give you brief guidance about how to get started with OXBTC.
For new users, it's essential to comprehend the meaning of mining. We will start from three questions: What is Blockchain?, What is Mining? and What is hashrate?
- Blockchain technology, in its various manifestations including the Ethereum blockchain and others, is ultimately a global consensus system.
- Blockchains are the critical infrastructure underlying cryptocurrencies. The arrival of the Bitcoin blockchain introduced the first distributed ledger technology that was thoroughly decentralized and resistant to censorship, seizure, and collusion.
- Mining is performed by high-powered computers that solve complex computational math problems. These problems are so complex that they cannot be solved by hand and are complicated enough to tax even incredibly powerful computers.
- In return for the miner who solves the math problems and makes contributions to generate hashrate, the blockchain network will distribute the corresponding cryptocurrency as rewards based on the hashrate generated from miners.
What is Hashrate?
In the process of Mining to get bitcoin, how many calculations a node can do per second is representative of its Hashrate which can be interpreted as the ability to mine bitcoins by calculating.
After acknowledging the above, it is essential to learn about the factors which will affect the process of mining.
The Factors That Affect Mining
Keywords: Electricity fee, Mining rig&Cryptocurrency price
- Electricity fee: The electricity fee is a key factor in determining the output of a mining rig. The lower electricity fee, which takes up a smaller proportion of the total costs, leaves more room for mining rewards.
- Mining rig: The power consumption determines how much electricity a mining rig consumes, while the hashrate determines its overall operational efficiency. The lower power consumption and the higher hashrates make mining rigs more resistant when facing changes in mining difficulty and fluctuations in crypto prices.
- Crypto price: The mining output varies upon fluctuations in crypto prices. Generally, miners can lock in profits by mining, withdrawing tokens, and selling as a hedge against risks. When cryptos are at a high level, you can calculate the price preferred, and hedge against risks using financial instruments.
Before mining Bitcoin, let's learn about Bitcoin!
- Bitcoin is the first output of a concept called "cryptocurrency", which was originally described in 2008 and launched in 2009. It was the world’s first cryptocurrency and remains the most popular, with the highest market capitalization of all cryptocurrencies.
- Bitcoin is a decentralized network only powered by users that allow users to transact directly, peer to peer, without any middle man or central authority to manage the exchange of funds.
- From the perspective of users, Bitcoin is pretty much like cash for the blockchain. Unlike traditional currencies and assets, bitcoin is easily portable, divisible, and irreversible.
How to get Bitcoin in OXBTC?
Established in 2014, OXBTC has grown into a globally trusted mining service platform and ensures real mining with its self-run mines. Relying on the abundant supply chain resources and operation experience, OXBTC has provided safe and stable services for users from more than 50 countries in the world.
For more information about OXBTC, welcome to visit us.
How to Mine at OXBTC?
It is the best choice for new users to begin mining bitcoin. Parts of new users may be doubtful about how to mine at OXBTC and it will be explained in the next paragraph.
First, make sure you have completed the registration and login on OXBTC.
As a new user, you can attend the campaign for new users here.
More information about registration, please check Account FAQs.
We have mentioned about the factors affect mining that the lower consumption and higher hashrate will be added into selecting mining rigs.
An excellent mining rig may provide a stable mining revenue. Pandaminer P5 can be the best performing and the most energy-efficient Bitcoin miner with low consumption and high hashrate which has arrived on the OXBTC platform.
After selecting the mining rig, how to start mining at OXBTC? If you confirm to make an order, you can choose the crypto payment or credit card payment to complete the order. If you choose the crypto payment, please make sure you have deposited enough crypto to pay.
If you complete the order, you may check your completed orders through "Account--My order".
From the product details, you will get the delivery date and the hashrate will be delivered on that date.
Now you may have the question, how about my profit?
The profits of your products will be distributed to your corresponding crypto wallets after the next day of the delivery date.
The next question will be obvious: How to withdraw my profit?
Confirm the withdrawal amount and withdrawal chains, you may withdraw your profit to your own crypto wallet from OXBTC.
For more deposit&withdraw information please check Mining FAQs.
The Advantages of Mining at OXBTC
First of all, all users could easily participate in mining at OXBTC for the relatively lower threshold of participation than parts of mining platforms. As a new user, you may get the mining gift and attend campaigns for the rewards.
As a mining platform which provides mining service for 6 years, OXBTC has already reached in-depth cooperation with many top mining rig manufacturers around the world and boasts a competitive supply chain. With thousands of professional mines under its management across Asia and America, OXBTC ensures the stable and uninterrupted operation of the rigs in all aspects.
What's more, OXBTC has put BTC, ETH, and IPFS products on shelves to meet different purchasing demands. Under the safe and stable supply chains, our platform aims to provide a trustworthy mining condition for each user to gain profit. Also, the supportive customer service team will help you solve various problems that occurred to your accounts.
Creating an account and putting your first step with OXBTC is a small introduction to the world of cryptocurrencies. There’s a lot more than the above introduction. If you are confused and curious about the crypto world, OXBTC Academy is full of mining tutorials and news that can help you get started with mining and even draw your own strategies.