Cloud mining. What is it?
People who have probably heard something about cryptocurrency have also heard about mining, but there is also cloud mining. And you have to figure out what that is. It’s simple really, as it’s the process of mining bitcoin, ether or another alternative cryptocurrency. But it uses rented equipment, which may even be on another continent. This type of activity is most often used by individuals from countries where the cost of electricity is very high, in which case there is no need to set up a farm yourself.
More on the process itself
As mentioned earlier, cloud mining is the mining of cryptocurrencies by connecting you to powerful hardware. In this case, it could be a video card farm or an ASIC. The owner simply rents out the equipment, while the miner can choose a cloud mining provider. And all it takes to rent is simply a contract.
The user just needs to choose a provider, and then enter into an agreement with the company to connect it to the equipment. After paying for the processing power, you can start mining coins. But in some cases, cloud mining works differently: the customer needs to transfer the funds to the company, and the representative of the selected firm will cover the cost of mining the cryptocurrency and expand the business. The depositor gets part of the proceeds.
In order to get started, all you need is a PC or laptop and a good quality Internet connection. As for the size of the commission, it is stipulated by the parties right away.
How profitable is it?
Of course, before starting this activity it is worth answering the question of benefits. Of course, there are people who say that it is no longer profitable for the average user, because the whole process now requires considerable investment. But only large firms, and maybe even entire factories, can make big profits from it, as they have high-capacity machinery. In order to reduce the investment, miners rent out their own capacity or most often connect to an existing network. But this can actually be quite lucrative. The point is simply to find a proven and reliable site.
At the moment, there are sites that have already proven their worth. And there is no reason to doubt its reliability. Among these sites include:
- Shamining. It is a British cloud mining company, and now has over 17 thousand users worldwide among its partners. It is important to say that the company guarantees a yield of 143% with a minimum deposit of only $250. And if you sign a contract for 5 thousand, you can earn up to $890 per month. And it’s worth understanding that this is passive income.
- StormGain. This is one of the few companies on the market today that allows you to operate anonymously. This platform is considered one of the best where you can start without any investment.
- NiceHash. Thanks to the creation of contracts, more and more customers are choosing to turn here. Today, the service works with a wide variety of equipment types.
