Bitcoin is the most popular cryptocurrency. It is the locomotive of the entire technology. Thanks to bitcoin there are more than 150 crypto-currencies in the world nowadays.
The “digital gold” rate is growing every day. Consumers even get a possibility to lend money against bitcoins.
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What is Cloud Mining?
Bitcoin (or any other cryptocurrency) cloud mining is one of the ways of investment, which is quite successful at the moment. Thanks to the growth of cryptocurrencies, the money invested in it exceeded investments in Apple, Tesla and shares of the mineral companies.
But, at the moment, not all the cloud services offer cloud bitcoin mining at their expense, giving preference to new cryptocurrencies. However, there are exceptions among such services. For example, Genesis Mining and Hashflare.
Investing in best cloud mining is the most reasonable step in preserving and increasing your crypto-currency assets at the beginning of 2018.
In a nutshell, cloud mining a simplified mining of bitcoins and altcoins, which relieves you of electricity costs, 24-hour monitoring, software configuration and other complexities connected with the mining on your equipment. Cloud mining is the same earning of bitcoins and altcoins at the expense of computing power, but without using your equipment.
With bitcoin cash cloud mining, equipment is leased from the services (companies) that have powerful data centers with farms for the production of the cryptocurrency.
Pros of Cloud Mining
- No fan noise and overheating due to CPU operation.
- Reduction of electricity consumption.
- There is no need to manage, configure and repair the equipment.
Cons of Cloud Mining
- Rental costs increase the final cost of mining, which affects the final income.
- Minimal control and lack of choice of a particular server (providers usually distribute tenants for them by themselves).
- Risk of fraud. Companies in this segment are mostly not transparent, and there are no levers of influence on them.
How to Choose the Best Cloud Mining Service
If you want to increase your income with cloud mining, it is necessary to get as much information as possible about all available providers.
There are several key criteria that are worth paying attention to them:
- Duration of a service
Reliable companies have been working in this field for many years, have a good reputation among customers and constantly improve their equipment. Such companies are able to guarantee getting a foreseen profit, and, most importantly, transfer it to the user’s wallet.
- Percentage of income on the invested amount
The companies, that promise incredibly high profit, even if you put a minimum deposit, are often scammers. Most likely they do not have any computing power at all and, in fact, sell air. Preference should be given to those services that offer average market rates on cloud profitability.
- The types of the produced cryptocurrency
The more types of cryptocurrency are being advertised, the higher the probability that it is not worth trusting. One way or another, each cryptocurrency has its own nuances of working with the mining algorithm and the requirements for equipment. Thus it is very expensive to keep a lot of them.
You can also take advantage of cloud mining calculator. It will calculate your profit from cloud mining. But do not tale its results for granted.
The calculations are based on the current pool fee, 0% bad shares and don’t account for orphan blocks or uncles.
Your profit depends on network difficulty, block reward, transactions amount and fee.
The calculations of your profit are based only on the last 10 days performance.
Many people consider free bitcoin cloud mining. Better do not invest big sums in it. On average, such companies stop working in six months and there is a risk of losing your funds. Is free cloud mining really worth it?
So now let us review two most famous leading cloud mining service: Hashflare and Genesis Mining.
Also read: Will bitcoin become our major currency?
Hashfare has hundreds of miners in its data centers. Miners connect to pools, there are a lot of them, so Hashflare gives you the opportunity to choose which pools to connect to. This allows you to find the most profitable combination.
Later, all the extracted cryptocurrency is divided among all Hashflare clients, depending on their contribution to the total system capacity.
Its main pros are:
- Absence of hidden commissions
- Power distribution
- Detailed statistics
Try cloud mining as an additional tool for investing your funds!
Genesis Mining is a well-known service that offers cloud-based bitcoin mining and other advanced crypto-currencies. It enjoys the confidence due to irreproachable feedback from the miners themselves and daily payments, as well as numerous photo and video confirmations of their huge data centers. The daily payments stand out in particular: the service cannot either steal or take away your bitcoins.
Its main virtues are:
- Using the service’s equipment without installing it at home
- Buying any currency from the catalogue
- Receiving daily payments
P.S.: Read pros and cons of bitcoins.