mining-and-using-bitcoin-to-pay-for-the-blog.001.jpg

Mining & Using Bitcoin to Pay for the Blog

Monetising a blog is not easy. Ideally I'd prefer to have no ads at all, but it would be nice for the blog to cover the hosting and marketing cost itself. Fact is that Google ads, Amazon links, affiliate links etc. do not generate enough money to cover even the most basic cost of the blog.

I decided to try something different, something innovative, to tackle this. From now on I will mine Bitcoin to finance this website.

After putting some time into researching and testing this idea I have come up with a simple model that works. I thought I'd share it with you, as you probably won't mind having some extra income too.

You only need 2 things:

  • A Bitcoin Wallet - I use Coinbase for this.
  • An Online Bitcoin Mining Service - I use HashFlare for this.

Bitcoin Wallet: Setting up an account with Coinbase is pretty straight forward. You will need to verify your identity with a scanned image of your passport. They are  a pretty heavily regulated company and play 100% by the book. But that's fine ... when buying, selling and storing Bitcoins I want the company I deal with to be 100% legit and trustworthy. Coinbase is the biggest company in this space and has some very awesome features you will like.

Bitcoin Mining Service: Setting up an account with HashFlare is also totally easy and getting your first SHA-256 Bitcoin mining contract running is very straight forward. I recommend paying for your contract with Bitcoins (not a credit card - as this is not supported in all countries), but that is easy with your Coinbase wallet.

  • From here on in my approach is very simple. I add £20 a week to my HashFlare account so that the amount I make keeps increasing over time.
  • Any Bitcoins I mine, I also put back into extending my capacity at HashFlare.

Below are 3 images that show how the first 5 days have gone so far:

This was on day 4 after buying 0.1TH/s on day 1 and another 0.1TH/s on day 3 - for a total of $30.

Day 5 after adding another 0.2TH/s.

Later on day 5 after re-investing to buy more processing power.

These images and their descriptions don't explain 100% of what I have done, but the 1 year earnings forecast speaks for itself after a total of $65 invested and mined for a full day minimum.

The amounts will just keep growing exponentially.

If you have any questions, please let me know in the comments below. Good luck and may the Bitcoin gods be good to you too, Steve