Cloud mining is on the rise due to increase demand of hash power

Mar 26, 2019 2:30 PM ET

Cloud mining has gotten famous for the past few years due to the high hash rate that it offers to its users. Cloud mining is a risky business, and it can be profitable, or you can lose money depending on where you stand. The loss and profit of bitcoin are dependent on the amount of cryptocurrency mined per year. A cloud mining service will provide you the Hash power from a remote location, and you will not buy any hardware personally. The cloud mining providers will give you the computing power for the fee. The time of the contract will vary and depends on the agreement between the service provider and the purchaser of the service. Selecting the platform for cloud mining is the most critical part because it gives you the profit based on the expenses. You have to take the prices and hash rate of a different website in consideration with your profit margin.

Why cloud mining?

Cloud mining can save you lots of trouble that you face in traditional mining such as the high cost of electricity and the cost of building a rig. Traditional mining is not only limited to the rig, but lots of space is also required to keep all the equipment. If you have your rig for the mining, then you will also have to take care of all the heat emanating from the hardware which in itself could prove to be quite challenging. Electricity will also be a problem for you, and the price of electricity will directly impact your profit. Cheaper electricity will give you one Bitcoin at a lesser cost. After considering all these things, you will get the final result, and that final result will be your earning. Mining one Bitcoin is very expensive, and you have to be careful while selecting the location for mining rig. If all this seems hectic and costly, then you can always turn to cloud mining. If, you are low on budget and want to start mining than you can select a cheaper package with a small hash rate. You can slowly build your hash rate as your income increases.

Is cloud mining worth it?

The packages that different cloud mining websites are offering can be profitable if you calculate the amount of hash rate in comparison to the cost of the package. The smaller hash rate will earn you a smaller reward, and the amount of Bitcoin you earn will be decided based on the hash rate. If you select a basic package with a small hash rate such as 5 TH/s, then the reward will also be low. If all the expenses including maintenance fee are taken into consideration, then you will be left with a small reward. The higher hash rate you buy, the higher will be the reward. Go for the higher hash rate to earn a bigger reward. There are also fake websites of cloud mining that will only offer you empty promises and will disappear after taking your money. So be on the lookout and always select the site that acknowledged by multiple sources and are offering realistic prices.

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Warren March


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