Things to know about Cloud mining

November 24, 2021 By admin 0

Cloud Mining is a technology or a form of Bitcoin mining that you just need to spend money to buy a mining contract from reputable service providers. These vendors will do it all for you.

Cloud mining service providers own mining machines and offer investment packages corresponding to different hash power. These companies generate profits from mining coins and share them with the people who hire (part of) their miner.

Besides Mining Pool (investing in regular miners), Cloud mining is a convenient and very popular form in the world since before the Bitcoin boom in 2017.

The birth of Cloud Mining technology is really useful for people who do not have much technical knowledge in the field of virtual currency and do not have much free time but still want to participate in Bitcoin mining.

Is cloud mining a scam?

No, this form itself is not a scam. There are only companies that provide fraudulent Cloud mining services. Read the knowledge below to understand more deeply!

Advantages and disadvantages of Cloud Mining

Let’s evaluate Cloud mining through the following advantages and disadvantages:

You do not need to know technical knowledge: To dig coins, you need to install a digger and quite complicated and complicated software. But with the form of Cloud mining, you only need to create an account, buy investment packages and receive money automatically. You just need to note that the higher the hashrate, the greater the profit.

No need to buy hardware/miners: You won’t need to buy any miners. It doesn’t matter what Bitmain, Antminer or ASIC is.

No running costs, no heat or noise: The company that provides Cloud mining does it all for you. You will not have to worry about calculating machines, temperature or power consumption, …

Disadvantages of Cloud mining

Modest income: Of course, compared to buying a miner to dig for yourself, Cloud mining cannot bring about as high profits.

Many Cloud mining scams: Currently, there are many Cloud mining projects springing up, but you need to know which is reputable and which is a scam. If you choose a fraudulent Cloud mining provider, you will lose your investment and get nothing.

Difficult to control: Your profit depends on the development of the company providing, as well as the Bitcoin mining algorithm. In addition, the transparency in the supplier’s compensation mechanism is also something you need to pay attention to.

Should I mine Bitcoin with Cloud mining?

If you are a person with financial potential, have technical knowledge about Bitcoin, virtual currency mining machine, then buy the machine and dig it yourself. Let’s create your own 1 Mining Pool. Everything from installation, control, algorithms or profits is actively controlled by you.

If you are simply an investor, don’t have much time, don’t have technical knowledge or you simply don’t want to put a noisy and power-consuming rig in your home, then Cloud mining is a good form. Best. Despite many limitations, but Cloud mining is still improving technology and promises to be a popular trend in the future.

In general, currently, Bitcoin mining is increasingly difficult and expensive. BTC price and algorithm difficulty are the two main determinants of Bitcoin mining profitability. Therefore, the burden of additional rental costs from the form of Cloud mining will further reduce profits. You should be very careful when investing in this form.

Cloud mining for reference

Have you understood the form of Cloud mining by now? If you decide to invest in mining Bitcoin or Altcoins in this form, what you need to do is choose reputable Cloud mining service providers.

A simple sign to recognize a scam is: Huge and irrational profits. For example, some companies promise payback after 2-6 months. However, according to practical experience Cloud mining only starts to be profitable after 16-18 months.

Here are the Cloud mining for your reference

Hashflare Company

HashFlare is a cloud mining service created by experts from HashCoins in 2015. In a short time, HashFlare has become one of the largest providers of computing power for mining. bitcoin, litecoin, ethereum and other cryptocurrencies.

HashFlare is the safest and most reputable Cloud mining today.

Since 2016, HashFlare is an independent company. The variety of devices used for mining has increased significantly on the account of companies such as Bitmain, Bitfury, Inno3d and others.

The team of HashFlare LP has always been on a mission to make mining accessible not only for cryptocurrencies but also for ordinary users. Through the tremendous work done by our engineers, developers and other professionals as well as our partner companies, we have succeeded in providing services to more than 2 500 000 people.

Genesis Mining Company

Genesis Mining is a company that provides Cloud mining that has performed well since 2013 up to now. Although there are many complaints about the late payment of Genesis Mining to investors. Genesis will still pay you in full after all. However, this is also a minus point of this company.

There are also a few names such as: HashGains, Eobot, CryptoUniverse.io, MyCoinCloud, Bitcoin Hashing24, HashNest or IQMining. However, these companies have not yet ensured the safety criteria that we set forth. Therefore, we only recommend using the 2 companies detailed above.

Conclude

Above, Blockchain Game has introduced in detail the article about what you need to know about Cloud mining. Hope you have full knowledge about Cloud mining and the risks as well as the most reputable Cloud mining companies.