Buying hashrate on Rigly offers several advantages over buying ASIC mining rigs.
Buying your own ASIC requires a substantial initial investment. High-end mining rigs can be particularly costly, and the investment doesn't stop there: maintenance and repairs add to the overall expense. Not to mention, rigs can become obsolete after each 4-year halving.
Buying hashrate, on the other hand, allows you to bypass these hefty costs.
No long-term commitment
Buying hashrate on Rigly offers you the flexibility to mine Bitcoin without the long-term commitment to own and maintain your own ASIC mining rigs.
Try out mining
You can experiment with buying hashrate at a low cost compared to buying your own ASIC mining rigs. Buying hashrate allows all bitcoiners to experience the thrill of mining bitcoin.
What's more, by actively participating in mining with select mining pools or via Stratum V2, you can play a part in determining which transactions are confirmed on the blockchain. More on this below.
Why does hashrate sell at a premium to the spot hashprice?
If someone already has physical mining rigs, that can mine themselves and earn the FPPS payout– aka "spot hashprice"– from a mining pool.
Therefore you as a buyer of hashrate must create an incentive - by paying a higher price - for miners to sell you their hashrate.
You create the market price for hashrate when you bid on Rigly's hashrate auctions.
How much can I earn by mining bitcoin?
Your potential earnings from mining correspond with the amount of risk you take.
You can solo mine bitcoin with your own node or with a "solo pool" such as CK Pool. If you win a block during your mining term, all the proceeds go to you–minus 1-2% pool fees, if using a pool.
The downside is that if you don't find a block, you earn no bitcoin reward.
You should review the odds when solo mining and make choices based on your risk tolerance. Solo Chance provides a useful calculator for solo mining odds.
PPLNS mining pool
With PPLNS payouts, it is important to note that if the pool does not win a block during your mining term, you may earn no reward.
PPS / FPPS mining pool
The majority of miners choose to use a "pay per share" mining pool, which pays for hashrate on a per-share basis, therefore removing the variance risk from bitcoin mining.
The use of a pay-per-share pool like Braiins, Luxor, or F2 Pool offers low risk; however you are less likely to earn a profit since hashrate on Rigly usually sells at a premium over the FPPS spot hashprice.
Do your part to secure the bitcoin network
While mining is often thought of as an industrial activity, bitcoiners can play an active role in mining to determine the security and future of the bitcoin network– one key reason to buy hashrate and start mining bitcoin is to do your part to secure bitcoin's future.
Right now, there is a lot of discussion over the "usefulness" of Ordinals and BRC-20 transactions on the bitcoin network, and the high fee environment they have created – mining allows you to choose if these transactions are confirmed on the network.
If you feel bitcoin would be better off without Ordinals or BRC-20 transactions, you can buy hashrate and mine with Ocean Mining's pool – which offers the option to skip these transactions – and earn bitcoin rewards in the process.
If 10,000 people bought 1,000 TH/s, that would equal 10 EH/s of hashpower - roughly enough to win a block every 8 hours. If this hashpower was mining with Ocean Mining's pool, it could produce blocks with more room for low-fee transactions by skipping Ordinals/BRC-20 transactions.
Buying spot hashrate allows you to do your part to secure the network and take a chance on earning bitcoin rewards in the process. Rigly enables all bitcoiners to participate in the mining process, which becomes ever more critical as bitcoin grows in the years ahead.