A ‘classical’ scheme of Bitcoin solo mining becomes more and more unprofitable with every single day. But that doesn’t mean the industry is dead.
Apart from traditional crypto mining approaches, you can benefit from the bitcoin cloud mining websites. In this review, we try to find out why cloud mining service is the easiest way to create steady passive income from cryptocurrency.
First, let’s see what Bitcoin mining generally is. Put simply, cryptocurrency mining is a process of creating new coins by solving extremely complex computational problems. You have to run high-resource hardware to perform it, and anyway, it’s too expensive for an average user.
In cloud mining, you don’t have to buy and install any equipment. The whole process happens in the cloud and you can mine cryptocurrency from wherever you are. All you have to do is to rent cloud computing power generated by a company that provides customers with mining services. The hash provider allows you to create an account and remotely join the global BTC mining process. There are a lot of people across the globe who already use all the benefits of making passive income in digital assets.
Two popular models include hosted mining and rented hash power capacities.
- In the hosted mining model, users buy or rent mining rigs set up in the providers’ remote data centers. Even though a user has direct control over their coins and the mining process, it is a really difficult scheme for beginner crypto investors.
- A leased hash power model is the easiest way to start mining crypto. In this one, hash power capacities are rented from a provider’s mining farm. To start earning coins, you have to create an account on a trusted cloud mining website and select the suitable contract option.
The key benefits of cloud mining
- Large entry investments are not required. You can start with $200-500.
- You can start earning cryptocurrency at any moment without equipment and IT knowledge.
- Most cloud mining companies offer different payment methods such as Bitcoin wallets and credit card transfers.
- You can mine different coins if you want to (and if a provider offers it as an option).
- You can increase your passive income amount using reinvestment tools.
- Most cloud mining companies provide affiliate programs with extra specials.
What is the hash rate?
Hash power is the total computational power that is being used to process transactions on the Bitcoin network. It is also the speed of the miner’s performance and the number of hash operations done in a given amount of time. The unit is measured in Hashes per second (H/s). Cloud mining contracts with the highest hash rate amount will bring you a higher profit.
If you want to be involved in the cryptocurrency business but the idea of buying expensive equipment does not inspire you, take your sight on cloud mining services. Best cloud mining websites provide customers with different options so you always can select a suitable Bitcoin contract depending on your investment amount. Also, it is very important to avoid scammers by investing in trusted legit platforms with good standing.