Bitcoin Cloud Mining

  • What is Bitcoin Cloud Mining?
  • Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of mining allows users to mine bitcoins or alternative cryptocurrencies without having to manage their own hardware. To learn more about Bitcoin Blockchian, head over to our Knowledge Base.

Bitcoin Profitability

  • How is profitability determined in Bitcoin Mining?
  • Bitcoin mining’s profitability depends on two major factors:
    • Bitcoin Price
    • Bitcoin Mining Difficulty.
    Bitcoin Difficulty in turn depends upon the total hashrate in the network. The higher the hashrate, the more difficult it is to mine. More difficulty in mining means less bitcoins you get for your mining. So this has to be supported by an upward price movement.
    You can use our Profitability Calculator to find out things like ROI, Break Even Period, etc.
  • Will there ever be a case where Bitcoin mining will stop profiting?
  • Well, NOT really unless there is some Havoc. Mining is the most integral part of the Bitcoin Network. Miners are the ones that keep the bitcoin network safe, up and running. In order to continue with mining, it is essential for them to be in profit as they spend a lot on infrastructure, equipment, electricity, manpower, etc. If miners move out due to non-profitability, then the Bitcoin network becomes susceptible to all form of attacks, including 51% Attack. So we don’t think that it will ever happen.

About Us

  • What is Mining Force?
  • Mining Force is a Cloud Mining Company that intends to offer different hashrate contracts to its clients.
  • Why us?
  • We do all the hard work like hardware buying and maintenance, managing uptimes, etc., allowing you to sit back, relax, and enjoy daily payouts hassle-free.
    We think everyone should be aware of this lucrative opportunity and we want our clients to enjoy the benefit of it.
  • Are you guys into other cryptocurrency mining?
  • We will initially start with Bitcoin, but YES, we have plans to take up the challenge of various altcoins mining. After a few months of our official release, we are planning to get into Dash, Ethereum, and Zcash mining.

Recent Developments in Bitcoin

  • What is BU?
  • Bitcoin Unlimited (BU) seeks to remove existing practical barrier of blocksize. With BU every miner can choose their own blocksize limit by modifying their client. Bitcoin Unlimited makes the process easier by providing a configurable option for the accepted and generated blocksize via a GUI menu.
    Bitcoin Unlimited removes the limit of 1 megabyte of blocksize by forking, allowing the users to determine the block size by consensus.
  • What is Hard Fork?
  • Investopedia.com defines hard fork as a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa), and as such requires all nodes or users to upgrade to the latest version of the protocol software.
    To us, it simply means the result of hardfork will be a new “Chain” with a new “Token” (in this case BU) with the proposed changes. Those who do not upgrade to the new version will still be mining on the older chain (BTC).
  • If at all there is a hardfork will it affect Mining?
  • YES. The hard fork will divide the total hashrate into two separate parts with one mining the new token (BU). These are the guys who have deliberately opted for it and the older ones who refused to accept the hardfork and thus have not updated to BU software will still be mining the older chain (BTC). Check out the current status here: https://coin.dance/blocks
  • What are the other options available apart from BU?
  • The other option is Segregated Witness (SegWit).
    Segregated Witness (or SegWit as it is commonly known) is where data, or more specifically data related to signatures, are removed from bitcoin transactions making them smaller in size. This in turn leaves more space in the block so that more transactions can be included in it. A more technical definition would be: Segregated witness (segwit) is a soft fork that, if activated, will allow transaction-producing software to separate (segregate) transaction signatures (witnesses) from the part of the data in a transaction that is covered by the txid.
    So Segwit if activated will not result in a Hardfork, meaning no new chain or a new token will be created and it does not affect mining much, but at a same time, Segwit might not be a scalable model as Blocksize issues can persist in the near or far future when transactions increase manifold.
  • What is UASF and BIP148 and its impact on mining?
  • BIP148 is a software update for a Bitcoin full node that when updated will staright away reject all those blocks discovered by miners which are not signalling Segwit.
    This is how a BIP148 code looks like-
    // BIP148 mandatory segwit signalling.
    int64_t nMedianTimePast = pindex->GetMedianTimePast();
    if ( (nMedianTimePast >= 1501545600) &&  // Tue 01 Aug 2017 00:00:00 UTC
    (nMedianTimePast <= 1510704000) &&  // Wed 15 Nov 2017 00:00:00 UTC
    (!IsWitnessLockedIn(pindex->pprev, chainparams.GetConsensus()) &&  // Segwit is not locked in
    !IsWitnessEnabled(pindex->pprev, chainparams.GetConsensus())) )   // and is not active.
    {
    	bool fVersionBits = (pindex->nVersion & VERSIONBITS_TOP_MASK) == VERSIONBITS_TOP_BITS;
    	bool fSegbit = (pindex->nVersion & VersionBitsMask(chainparams.GetConsensus(), Consensus::DEPLOYMENT_SEGWIT)) != 0;
    	if (!(fVersionBits && fSegbit)) {
    	return state.DoS(0, error("ConnectBlock(): relayed block must signal for segwit, please upgrade"), REJECT_INVALID, "bad-no-segwit");
    	}
    }

    If you don’t read C++, the comments themselves are pretty instructive. All these conditions have to be met for BIP-148 software to reject a block that’s otherwise valid:
    1. The block has to be found between the dates August 1, 2017 and November 15, 2017. August 1, 2017 is the date chosen by BIP-148 for block rejection. November 15, 2017 is when the current Segwit proposal expires.
    2. Segwit is not already on the network.
    3. Block is not signaling Segwit.

    When mining a block, mienrs have to choose which fork to build on. In fact, they are the only ones in the entire ecosystem that are forced to choose. Everyone else like merchants, wallets, exchanges can and probably will run both forks should a UASF happen. Miners have to choose one or the other fork when they mine a block.
    For a detailed explanation please go through- https://medium.com/@jimmysong/bitcoin-uasf-and-skin-in-the-game-7695031c5689