All about cloud mining
Previously cryptocurrencies could be mined using graphics cards or processors in common PC. How the difficulty grew then crypto could be mined only with specialized devices called ASICs. Finally today with ASIC you can mine some small crumbs a day. Moreover ASIC devices are very expensive. If you want to try to mine some satoshis, mBTC or BTC you can do this without any hardware thanks to cloud mining.
Cloud Mining is a way to mine bitcoin (or different cryptocurrencies) without the need of owning a miner (or mining hardware).
Cloud mining or cloud hashing enables users to buy cloud hashing capacity from specialized data centers. You have to only determine how much hashing power you want to buy and for how long. You can buy maybe just 10GHs or invest into THs. Usually hashing contracts are offered for a limited time, habitually one year contracts so you can easily calculate ROI. You won´t have to deal with selling mining equipment when mining is no longer profitable.
Advantages of cloud mining
The biggest benefit of cloud mining is you can´t deal with any hardware. You don´t have to have any computer or ASIC equipment and thus your initial investment into cloud mining is final.
There is no excess heat to deal with and no noise from working hardware, which also eliminates frequent ventilation problems with hot equipment.
And most importantly, there is no need to solve the price of electricity, it is calculated in purchase price of mining power.
What are cloud mining disadvantages?
Be aware, it is very easy for anyone to build a website and therefore there are a lot of cloud mining SCAMS based on Ponzi scheme! The website can act legit by sending only few initial payments. I recommend to use only verified and known companies listed below.
When you are using mining cloud service there is lack of ability to change mining software of choosing mining pool. Keep in mind mining contracts may have the ability to payouts if the Bitcoin price is too low. But don´t afraid, all conditions should be clearly given before the purchase of hashing power.
Also cloud mining is not as fun as building own mining rig.
Verified Bitcoin cloud mining services
What does verified mean? Below are listed services which are paying mined reward regularly. We have tested more services but only two we can sign as verified and recommended.
Hashflare.io quick review
Hashflare.io – Hashflare offers not just SHA-256 (Bitcoin) mining contracts but also Scrypt (Litecoin), Ethash (Ethereum), Equihash (Zcash) and X11(Dash) contracts. Minimum purchase is at least only 10 GHs which is very cheap and you can try it your first mining contract very cheaply. It can be paid by a credit card or directly by bitcoin. Mined reward is paid automatically or be used for renewal contracts (new hashrate power), depending on your settings. Check our Hasflare review.
Bitcoin Pool mining cloud quick review
Bitcoin Pool – Mining contracts served by official Bitcoin.com page. Minimum purchase is 2 THs so bigger investment is needed, but official Bitcoin domain proves the stability of this service. There is possibility to buy 12 month contract or even lifetime plan (will be ended when profitability is lost). Unfortunately this service is so popular some contracts is sold out and you can join waiting list and be notified when new hashpower is available.