Cloud mining is gaining popularity in our age. This is the
process of mining Bitcoin in the absence of sophisticated devices.
The firm provides specialized hardware located in the
warehouse. The charge is on the basis of monthly and yearly.
This is suitable for the one lacking technical skills and
having a small Space unsuitable for keeping the hardware.
Most hardware is noisy and consumes a huge amount of electricity. Further, the operation of mining requires lots of Space and technical knowledge.
Working
Mechanism
Remote datacenter with shared processing power is
utilized in the mining process. Depending on the firm different cryptocurrency can be
mined.
Cloud
Mining For Bitcoin
Due to the high value and good return on investment use of cloud mining for Bitcoin is gaining immense popularity. There are various firms around the globe offering
this service. It is essential to make a careful decision before investing in cloud mining.
Cloud
Mining Fee
The firm charges the user on the basis of hashing power. More
is the hashing power higher is the charge. Hash rate can simply be defined as
the computing power.
Further, the Shorter contract has a higher fee compared to
longer contract.
The cost of cloud mining can be around 5 to 15 USD per GH/s.
Cloud
Mining Ethereum
The cloud mining of Ethereum is similar to Bitcoin mining.
The remote datacenter with the shared processing power is used in the mining of
Ethereum.
Based on the proof of work on the Ethash the miners are
rewarded.
Is
Cloud Mining Profitable
It depends on a series of factors among them is the market
value of currency during mining. Further, the mining rig in use, cost of
electricity and duration of the contract can affect the profitability of mining.
Scams
in Cloud Mining
Gluts of cloud Mining firms are found to be a scam. It is essential to
adequately research the best cloud mining firms before indulging in mining.
The company offering free cloud mining services; accept payment only by Bitcoin is mostly the scam. As free mining is almost impossible. Payment by Bitcoin is irreversible.
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