Dean

Dean

Dean Walsh is the Founder, Editor, and lead writer for Cryptorials. Before starting this site Dean contributed cryptocurrency news articles to Bitcoin Magazine, and NewsBTC and CryptoCoinsNews as well as contributing articles on a wide range of topics to social publishing websites such as Hubpages.
Dean

bitcoin_classicBitcoin is at a crucial cross-roads which could determine whether it succeeds or fails – both in the purely financial terms of its price, and also in its potential to change the world for the better.

Different versions of the software code used to run Bitcoin nodes are now offering competing visions for the future of the world’s premier digital currency.

In many ways this can be seen as healthy, as it shows that we are entering a new era in which the previous monopoly of the core team over Bitcoin development is becoming harder to maintain, and the network’s users are now able to have their say over the direction of development by choosing which software they want to run from competing versions. But it is only happening because Bitcoin is in crisis, as it struggles to scale itself up to meet the growing demand from users whilst maintaining its independent, decentralized identity.

One of the big problems with this process is that not everybody can take part. In fact, the vast majority of Bitcoin’s users are left utterly powerless, with no effective way to influence the outcome. The already small minority of users who are able to run a full node have some influence, as this is a commonly cited metric used to judge support for the various different node versions, but even these people have only symbolic power; it is the miners who really decide who will win.

Fortunately there is a way that regular Bitcoin users with even a small amount of BTC to spend can participate in this exciting process – through cloud mining to a pool which supports their chosen node software.

I set out to write this article because I have myself decided to throw my support behind ‘Bitcoin Classic’ and to put my money where my mouth is and actually do something concrete about it. I actually prefer ‘Bitcoin Unlimited’, but it is currently easier to cloud mine Classic and after many, many months of not being able to decide I have finally come to the conclusion that I can no longer support Bitcoin Core, so supporting Classic is better than doing nothing. You can obviously do this to support whichever version you personally prefer.

I’m planning a future article on why I can no longer support Bitcoin Core, so please do keep an eye out for that if you are interested!

How to Cloud Mine Bitcoin Classic

Please be aware that cloud mining is usually unprofitable, and often to a significant degree – you are very likely to lose money doing this. Of course returns are variable, so its not impossible that you could make a profit, but it is very unlikely.

In light of this, if you just want to put your money into increasing the hash power behind Bitcoin Classic without the hassle of setting up your own cloud mining contracts, pool accounts, and so on, and if you aren’t concerned about trying to get something back for it, then you may want to consider making a donation to NodeCounter.com’s mining donation fund (http://nodecounter.com/mining_donation_fund.php). All donation are used to rent mining power to support Classic, with all mined coins being put straight back in to buy more hash power.

Personally, I decided to do it myself for the fun and excitement of getting involved and seeing how much I can earn.

The first thing you need to do is to select which pool you want to mine to and then create an account. One worth looking at is Slush Pool; I am recommending this because if you are interested in mining as a way to have your say and influence future development rather than just to try and make a profit then you will like their voting feature, through which the pool’s users can submit development proposals and vote for the ones they want to see implemented, with your voting power determined by your hash rate.

Another pool which offers the ability to mine Classic as well as ‘merge mining’ Namecoin, Myriadcoin and Unobtanium, which may potentially increase your total earned rewards, is Multipool.us.

When you have created your pool account and added the bitcoin address where you want your payments sent, you now need to create an account with a cloud mining provider that lets you select your own choice of mining pool. I decided to go with NiceHash.

If you also decide to use NiceHash, then once you’ve registered and logged in go to ‘account’ >> ‘manage my pools’ to enter your pool details. If you used Slush Pool the username you need to add will be the username you registered on Slush Pool with followed by .worker1 and the password can be anything you like as they don’t check it. Other pools will probably be the same or similar but please do check on their website to make sure. The hostname and port depend on what location you want; you can see the options from Slush Pool here: https://slushpool.com/help/#!/get-started/getting_started. The location for pool and mining contract should match up, so choose a pool in either the USA or EU which are the two options NiceHash supports. Here is an example:

nicehash_add_pool

Actually creating an order to buy cloud mining hash power on NiceHash can look quite complicated at first glance, but its actually a lot easier than it looks. There are two order types – standard or fixed. If you want to make sure you have constant hash power you can use fixed, but you pay a little bit extra. If you want to best value and don’t mind keeping tabs on how things are going in case you need to amend your order to get it filled then you can use standard, which may go on and off as hash power becomes available. From the ‘Orders’ page you can view current orders from other customers along with what they are paying and the hash power they are receiving. Just click the ‘standard’ or ‘fixed’ button for the location you want to use, select the pool from any you have added and fill out the price you want to pay and how fast you want it to complete (high speed means lots of hash power for a short period, low speed means less hash power but for longer) then click to create your order. If your price is good enough you should now have miners mining to your pool account.

Congratulations, you should now be supporting Bitcoin Classic via cloud mining!