WHAT IS CLOUD MINING OF BITCOIN
WHAT IS CLOUD MINING?
Cloud (or remote) mining – is the process of using
hardware power to mine cryptocurrency (such as Bitcoin or Litecoin) remotely.
This mining model came to existence due to the fact that the increasing
difficulty of mining has made it unprofitable for mining enthusiasts to mine
Bitcoins at home.
Cloud mining gives people a unique opportunity to
begin mining cryptocurrency without the need for a large initial investment in
hardware or technical knowledge. Despite the simplicity of the cloud mining
model, it is worth elaborating on a few details, specifically it’s important to
highlight that remote mining comes in two forms: hosted or cloud based mining.
REMOTE HOSTED MINING
The first form of remote mining is remote hosting.
This model suits users with a high level mining experience and know-how and who
require a high degree of control over their mining hardware. Under this model,
the mining hardware is hosted in a remote datacentre and the user assumes full
control over the setup and configuration of the mining hardware. Under this
model, the miner pays a fee to the hosting company that would cover maintenance
and electricity costs. This helps the miner handle the risks associated with
maintenance of the kit as well as any risks with the shipment of the hardware.
On the other hand, it presents the miner with risk on the initial hardware
investment and requires much more time and technical knowledge to implement
successfully.
It can therefore be summarised that the benefits of
remote hosted mining are tight control over the mining process, maintenance
support and subsequent ownership of the hardware. The big drawbacks are risks
associated with the procurement of expensive hardware and the very high cost of
entry, both in terms of investment and technical experience.
CLOUD MINING
The second, and more accessible model of remote mining
is Cloud Mining, whereby a miner purchases a part of the mining power of
hardware hosted and owned by a Cloud Mining services provider. The service
provider takes on configuring the hardware, maintaining uptime and selecting
the most efficient and reliable pools.
This option provides a range of benefits: instant
connection (meaning no hardware shipment wait times and delivery risks), fixed
maintenance and electricity fees and no nuisances associated with mining at
home such as noise, heat or space. Another key point is that this model of
cloud mining requires no technical experience. Obviously, it’s very important
that miners understand the mining process, however this model doesn’t require
hardware expertise or significant configuration / implementation cost. Since
customers can purchase any amount of mining power they wish, this means that
the level of investment will depend only on the miners’ ambition. This means
that the cost of entry and subsequent risk is far lower than in comparison with
the remotely hosted model.
HASHFLARE and GENESIS Cloud Mining Companies Trusted and Tested
Both are happy to be
offering their new cloud mining services range. They guarantee an instant
connection, around-the-clock access and monitoring, an easy-to-use management
interface, 24/7 uptime as well as daily payouts.
Cloud mining is greatly suited
for novice miners who would like to try out mining and earning cryptocurrency
as well as seasoned miners who don’t want the hassle or risks of hosted or
home-based mining.
·
You can start mining as low as $1.20 per 10 GH/s hash
rate at Hashflare
. You can start mining at $30 per 200GH/s hash rate at Genesis Mining
. You can start mining at $30 per 200GH/s hash rate at Genesis Mining
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