Coinbase Mining – more and more cryptocurrency pages are implementing browser mining on their sites to give users the chance to earn their first units of cryptocurrency. Browser mining involves creating digital currencies online via a browser.
The advantage here is that the complicated setup for mining with a computer is eliminated so that even beginners have the chance to enter the world of cryptocurrencies.
Browser mining is also often offered by websites where users can create a wallet. However, this is not the case with Coinbase, one of the largest providers of cryptocurrency web wallets, so there is no direct way to generate the cryptocurrencies there. Nevertheless, Coinbase also provides the opportunity to profit from mining, i.e., the production of cryptocurrencies.
Coinbase Mining – Browser Mining
Without directly offering Coinbase mining in the browser, you can still generate revenue by browser mining with a Coinbase wallet. There are now many different providers, but all offer more or less the same functions for their users in the browser to generate the digital currencies. Because of this, mining in the browser can usually be started very easily and at the touch of a button.
For example, a well-known provider of browser mining is freebitco.in, where, in addition to browser mining, free Bitcoins can be picked up hourly. The proceeds can eventually be multiplied in a game of chance or even destroyed.
If you exceed a payout limit there, you can pay off the earned Bitcoins. These payouts can be made to any Bitcoin wallet, so it’s possible to have them executed on a Coinbase web wallet so that without direct Coinbase mining you can earn a few chunks of digital currency.
Although browser mining has the advantage that it can be carried out very easily and without any prior technical knowledge, it only provides very small returns, which are largely disproportionate to the cost of the electricity used.
Coinbase Mining – Pool Mining
Another way to participate in Coinbase mining is to mine in a pool. A pool can be thought of as having many users sharing their computing power together, which can ultimately earn an overall higher yield, with the profits then being shared among all members.
To participate in a pool, you must first decide on a pool. There are now a large number of different pools, so one should opt for a pool that has low charges but also pays its users reliably. If you have decided on a pool, you can register at one.
There, the access data for a miner will be displayed. With mining software, you can then provide the access data of the miner computing power for the pool so that the service can then be assigned to the user.
Accordingly, each time the pool earns Bitcoins, the user will also receive a share. Its size is determined by the contributed computing power, so the user who has contributed the most computing power receives the largest share of the mined Bitcoins.
Most of the Bitcoin pools operate in such a way that you have to accumulate a particular amount for a certain payout limit. If this is exceeded, the user can pay off his earnings. Of course, this works with every Bitcoin wallet so that you can still profit without mining using a Coinbase wallet.
One advantage of Bitcoin pools is that anyone can use their computer to earn cryptocurrencies while helping to support the cryptocurrency network by verifying transfers with computing power. One disadvantage, however, is that high electricity costs can sometimes make the mining extremely unprofitable.
Coinbase Mining – Cloud Mining
Another way to earn some money producing digital currencies without direct coin mining is to use cloud mining providers. These are companies that procure hardware, which then generates the digital currencies.
However, in order to reduce the risk of, for example, cryptocurrency prices falling dramatically, they are renting out this hardware including maintenance and configuration online. In return, the buyer receives the revenue generated with the computing power and can thus make money quite passively by generating cryptocurrencies.
However, the buyer bears the risk of the cryptocurrency dropping. In addition, the companies charge an extra fee that would not be incurred if you set up and configured the hardware yourself to earn some leases. These earnings can also be transferred to web wallets at Coinbase so that without direct coin mining there is the opportunity to earn money by mining digital currencies.
When looking for providers for cloud mining you should be very careful, as many providers make use of pyramid schemes and have no actual hardware. Therefore, one should only acquire computing power from cloud mining providers who have proven to be reputable providers over the years and pay off reliably.
An example of this would be Genesis mining and Coinbase Mining, which has transparently exposed its data centres and also established itself as a serious provider in the cloud mining market.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.