What Is Cloud Mining?
Cloud mining, the technique of using powerful computers to mine coins like bitcoin, litecoin, and dogecoin, outsourcing computing effort – to cryptocurrency mining. You can rent the computer power of a specialized miner from a cloud mining company stationed anywhere in the world instead of buying expensive computers to mine these currencies yourself.
Furthermore, when you pay for cloud mining services, you’re renting a piece of a massive computing pool, which means you’re more likely to beat out other, less powerful bitcoin miners who are competing to generate a winning hash that would reward them bitcoin. Cloud mining only applies to proof-of-work systems, such as Bitcoin and the original Ethereum blockchain, which use computational power to mine new coins.
Proof-of-stake systems, which allow people who lock up a number of currencies within the network to participate in validating new blocks and get newly created cryptocurrency in exchange, are not covered by cloud mining. Many staking services, such as Ethereum 2.0, Solana, and EOS, allow you to delegate your coins to other validators in exchange for a percentage of the revenues, which is similar to cloud mining.
How To Start With Cloud Mining?
Cloud mining will not require any of the setup that traditional bitcoin mining entails. You won’t have to purchase specialist hardware, store it, or pay for electricity.
Rather, you must choose a profitable mining pool, rent some hardware from it, and wait for the mining pool to earn revenue. You must also select a coin.
Some Of The Best Cloud Mining Sites
ChickenFast
ChickenFast is a highly simplified cloud mining platform that offers great service and cryptocurrency mining to users with no prior experience or hardware. It supports the following currencies: Bitcoin, Ethereum, and Bitcoin Cash.
Advantages:
- The most profitable algorithm was chosen using automatic AI.
- The most user-friendly mining method available.
- A one-of-a-kind high-tech design.
- Mining that is environmentally friendly.
- Customer service is available 24/7.
BeMine
Since 2018, BeMine has been offering its services all across the world. Customers can keep their mining equipment at partnered data centers, and users can buy and store mining equipment without having to be present for the purchase, transportation, installation, configuration, and maintenance of ASIC-miners. It supports Bitcoin, Ethereum, and Zcash.
Advantages:
- The world’s lowest service prices
- Minimum purchase: $52 dollars, which is constantly reduced when new models of miners are released.
- Purchase of miner and cloud contracts is an option.
- The possibility to buy ASIC-miner shares in bulk and arrange for delivery of the miner to your door over time.
Scryptcube
Scryptcube is one of the greatest cloud mining platforms, allowing you to mine major cryptocurrencies without having to go through all of the time-consuming and complex methods explained above. You will receive mined money in your account on a regular basis; it supports Bitcoin and Ethereum.
Advantages:
- Packages can be purchased with BTC, Visa, or MasterCard.
- On the account, you can mining in real time.
- From the first day of mining, you’ll be able to take money right away.
- Receive mined bitcoin into your account on a regular basis.
- Get real-time mining activity statistics.
- $1.90 is the minimum investment.
IQMining
IQ Mining is a Bitcoin mining program that accepts a variety of payment options, including credit cards, Yandex money, and other cryptocurrencies. It supports Bitcoin, BCH, LTC, ETH, XRP, XMR, DASH, and other cryptocurrencies. Profit calculations are based on the most efficient mining gear, with minimal contract maintenance fees.
Advantages:
- Auto-reinvestment is an option.
- Provides a range of leverage options.
- Using smart contracts, this program distributes payments automatically.
- IQ mining provides daily Bitcoin payments based on the MH/s electricity you purchased.
- Your money is available for withdrawal on a daily basis.
- Live assistance is available 24/7.
How Profitable Is Cloud Mining?
There are some upfront fees – you’ll have to pay to rent these miners, and mining pools may take a part of your income – but it may be worthwhile in the long run.
The power of the miners utilized by the pools – newer models will have better specs than older models and will likely yield larger returns – and the health of the market will determine your profit. For example, if you keep your bitcoin instead of selling it for ordinary money like the US dollar, due to bitcoin’s price fluctuations, you can sell your BTC later,when the price goes up.
Different coins carry varying levels of currency risk.
Conclusion
Many phony cloud mining firms claim to be mining bitcoin on your behalf but actually take your money. They frequently operate in complete anonymity, making it impossible to determine who runs the platform, and they often offer incredibly high rates of return in a short period of time.
You’re also relying on the market’s health, as previously stated. Bitcoin and other mineable cryptocurrencies are extremely volatile, which means that their prices can fluctuate substantially in a short period of time. This puts your money at risk, because any coins you earn from mining have the potential to fall in value.If you are interested in selling your mined ethereum, you can do so on CEX.Io
