Earn Passive Cryptocurrency

We list the top faucets for BTC, LTC, DOGE and more


   

Welcome to TheOpenFaucet!

TheOpenFaucet is a list of website that offer adive, information or ways to earn cryptocurrency for FREE or using paid contracts.

We update the website regulary with new information and links, so check back often. We currently list coinpot faucets, faucethub faucets, wallets, and live rates.

What is Cryptocurrency?

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, functioning as a distributed ledger.

Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a blend of alternative coin.


What is Bitcoin Mining?

Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.


What is Cloud Mining?

Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. The mining rigs are housed and maintained in a facility owned by mining company and the customer simply needs to register and purchase mining contracts or shares. Since Cloud Mining is provided as a service there is generally some cost and this can result in lower returns for the miner.

PLEASE BE AWARE: There are many cloud mining scams online, so please choose carefully.

   
   
   
   
   
   
   
   
   
   
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