Earlier mining used to be an infamous term, but in the last two years, with the increasing usage of cryptocurrencies, people have also come to know about the notion of mining. You can visit websites like the bitcoin era to get the best services in the cryptocurrency field, like better trading calls and good customer support. Similar to standard digital currency, cloud mining is a category of mining. Moreover, cloud mining seems to resolve many significant issues of conventional mining.
First, mining has faced extreme criticism for its high-end computing requirement. Still, cloud mining does not need a miner to purchase expensive ASICs and even GPUs, as it depends upon the notion of renting and levying mining hardware from dedicated cloud mining companies. Two famous categories of cloud mining are hosted mining and leasing hash power of mining pools.
Popular cloud mining services!
One popular cloud mining service provider is Hashing24 which has been operational since 2013. This company has set a benchmark for providing quality services to its users. The platform has highly efficient and advanced algorithms that help in maximizing profits. Here is an example of one month’s results: The daily profit as of 28th June 2016 was 0.0020 BTC, up to 0.0408 BTC in 1 month. Imagine the gain if you invest $500 or even more monthly!
The PPS value will always be greater than usual because you get paid for your pool share without delay, unlike other schemes that keep pending for many days before giving out payments and then charging some fees. The trading fee (0.5 %) and withdrawal fees (3.5 %) take care of a small portion, but the best part is that the fee structure remains consistent for all users at all times.
Most miners know about cloud mining, which can also make a difference to their daily budget expenses. In addition, there are many other benefits of cloud mining like less maintenance cost, no fluctuation in power cost, etc.
Cloud mining is a wise investment move. If you are looking for a way to invest in bitcoin without actually purchasing it and storing it on your own, then cloud mining is the way to go. Cloud mining allows you to invest in bitcoin without acquiring the actual currency. Instead, you invest your money into a company that will mine bitcoin for you, and as long as you are faithful to the company’s business plan, you will most likely get rewards with more than you paid for.
Different types of cloud mining!
Cloud is of two major categories. Hosted mining is the most famous and used type of cloud mining. Hosted cloud mining makes it easy for individuals to mine their first bitcoin without investing heavy resources in this business. As discussed above, the notion of hosted cloud mining relies upon renting mining rigs from legitimate mining firms.
Undoubtedly cloud mining seems to resolve problems associated with conventional mining procedures, but you have to realize that some cost is correspondingly associated with hosted cloud mining. These cloud mining service providers have various mining rigs and graphic processing units. You can rent these mining rigs depending on their hashing power.
Another favorite cloud mining type is leased hashing power. In leased cloud mining, people usually obtain hashing power of a particular mining farm associated with a specific digital currency.
For example, a miner wishing to mine bitcoin can obtain hashing power from the mining farm that mines bitcoin. Leased cloud mining correspondingly involves the leasing of computer power as well. According to mining experts, leased cloud mining is not suitable for mining bitcoin but altcoins like ether, raven coin, and many more.
Beware of cloud mining scams!
Since cloud mining comes up with lucrative incentives, scammers have found cloud mining a proficient way to scam people. Therefore, budding miners should merely invest money in legitimate cloud mining platforms.
Recently, the google play store removed many mining applications, and most of these applications were scamming newbie miners by portraying themselves as legitimate cloud mining platform. Fake cloud mining platforms display an utterly false dashboard to their customer, having a massive hash rate.
The above-listed portion explains cloud mining and its famous types.
