The first Bitcoin cryptocurrency appeared in 2009 and immediately gained a lot of fans thanks to the revolutionary idea of blockchain and its extraction using personal computers.
Capacities were used for transactions: computing the hash and extracting blocks, however, the time when an ordinary PC was enough for these tasks has passed, now for profitable coin extraction, blocks of several modern processors and video cards are needed, which are expensive, use a lot of electricity, make noise and get warm.
Keeping such an installation at home is very inconvenient, so an alternative has appeared – cloud mining services.
What is cloud mining?
Cloud mining is a service that is provided by large companies that own a large number of devices suitable for mining. For a certain amount, they are ready to set up equipment and rent it out to anyone.
All current expenses for maintenance, ventilation, Internet, and electricity are borne by the companies that lease their capacities. The miner only needs to pay the rent once for a certain period (usually from 1 year to 3 years) and sometimes check how the mining is going.
So, for the cloud mining, the client only needs money and a regular computer for monitoring.
Where to start cloud mining?
First, you need to decide on the cryptocurrency cloud mining service. Hundreds of sites can be found on the Internet, however, in most cases, a client will be waited by a fraud, which is very easy to stumble upon in this industry.
We can advise how reliable the services that will make it possible to make good money thanks to cloud mining:
Genesis mining is the oldest service. You can redistribute the power yourself, depending on the current profitability of the coins. It extracts BTC (Bitcoin), LTC, DASH, ETH, Monero and ZCASH. Profitability 80-150% per year.
Hashflare – extracts BTC, ETH, ZCASH and DASH, earnings are withdrawn instantly. There is an automatic reinvestment. Payback 6-8 months. There is a redistribution of capacities.
Hashing24.com – 3 years can be bought for about 200,000 rubles. The income will be 18,000 per month. BTC is being mined. At the current rate, the profit will be about 300% per year.
All the nuances can be found on the above sites, including the intricacies of concluding an agreement, however, no problems will arise when working with proven services.
Cloud Mining Findings
There is no doubt that cloud mining is a good and reliable way to earn money, but it has its positive and negative sides.
Pros:
In cloud mining, you do not need to look for the best pool (pooling the capacities of dozens of network participants). It is already selected by the service.
Need more power? Get them at any time for money already earned in the service. A kind of endless reinvestment. Earned – bought.
No need to purchase equipment and configure it, no need to also configure software for mining. This is especially difficult for beginners to do.
The minimum withdrawal amount is quite low. The output speed is instant (for reputable services).
Comfort, since there is no bulky system at home that is insanely warm and noisy.
Minuses:
Lower earnings. The best services offer up to 200% per annum.
There is a risk of encountering a scam service. It is solved simply – work with reliable companies.
If the rate of your coin drops sharply, then most likely the service will stop its extraction.
Soon, it’s possible that cloud mining will not be so profitable after the next planned reduction in block mining rewards, so you should take the opportunity now.
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