Published On: Thu, Apr 2nd, 2020

Cloud Mining – Everything about the Process

Cloud mining is a way of mining cryptocurrency that is gaining popularity today. What is special about it? Who can benefit from it? These are the main questions individuals have. It is no wonder – the new technology is just developing and people want to know more about it.

The main distinctive feature of this mining approach is that it saves you from the necessity of buying expensive mining hardware, diving into highly technical mining specs, and controlling the process yourself. In other words, using cloud technologies for mining purposes is especially beneficial to those who are interested in working with cryptocurrencies but do not have specialized resources for it. Thus, they can buy hashrate on and forget about all the problems at once.

Cloud Mining Without  Investments

Hardware mining, as well as cloud mining, requires investing your own funds. Sometimes these amounts reach up to thousands of dollars. Those who are not ready to pay this price are more than welcome to use cloud mining services; however, it still requires investments. The size of the fee is determined by the miners and it should be studied before ordering the cloud mining service. 

Bitcoin Cloud Mining

Taking into account all the features and benefits of cloud mining, this type of mining is considered to be profitable. Cloud mining has high cryptocurrency extraction rates. To get the maximum out of cloud mining, you have to find a trusted service or a contract it offers. Here are a couple of things to check before making a buying cloud contract:

  • Company reputation; 
  • Company experience in the industry; 
  • Customer reviews;
  • The openness of information about the company, its offices, and management; 
  • Contract conditions (payment logic, commission rates, etc.);
  • Cryptocurrencies that you can mine.

Based on all the information above, you can make an informed decision and find the service that matches your needs at 100%.

How to Calculate Income?

Calculating profits in cryptocurrency mining space is not an easy task, you need to take into account 3 things: contract terms, exchange rate, and mining difficulty. You can use mining calculators, which are available on cloud mining websites; they take into account hashrate and calculate the net income for you. So if you have no clue how to do all the calculations yourself, you can always enter the invested amounts and cryptocurrency rates into a calculator and automatically get the final sum. But this approach is simplified, so you should learn to do proper calculations by yourself.

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