If you have any interest in current financial headlines, you should know about cryptocurrencies. In most countries across the world, crypto coins let you buy goods and purchase services. But what are actually digital currencies?
Cryptocurrency in a nutshell
A cryptocurrency (just like Bitcoin, Ether, or the other coins) is a kind of digital money that can be used like usual fiat currency to make payments, store purchases, money transfers, etc. But it’s not the same thing because crypto coins do not have any physical forms. Different kinds of crypto assets exist in digital form only. They are stored mainly in virtual and hardware ledgers (so-called hot and cold wallets). According to the latest market research, 14500+ different crypto coins are traded publicly at the current moment. The total value of all those currencies is more than $2.5 trillion so far. And almost a half of that value is concentrated in Bitcoins, the world’s first crypto that is extremely high-rising and very popular globally.
Despite its high volatility, Bitcoin is still one of the most popular investments. And our favorite thing about Bitcoin is the fact you can invest in it literally buying nothing. While hardware mining becomes more complex and expensive, cloud mining is still an affordable way to start your own cryptocurrency business even if you’re an absolute noob.
What is the point of cloud mining?
Crypto cloud mining (also known as cloud hashing) is a technology that enables individuals to rent mining capacities from professional equipment. The gear is operated by providing companies in their industrial data centers. So basically, every person has an opportunity to earn Bitcoins without mining facilities. With cloud mining services, you don’t deal with high-cost rent and electricity bills, servicing, hiring of staff, and any other mining-related issues.
As cloud hashing is done remotely in the cloud, all you have to do is purchase some hash rate and select a plan (regular of an individual). Trusted cloud mining sites companies provide customers with really small service fees. So any person interested in crypto passive income can rent some hash and dive into the global Bitcoin mining process.
Why is it relevant?
Do you wonder if renting hash capacities is really worth it? Let’s find out why Bitcoin cloud mining is definitely a thing for thousands of small and large investors from different countries.
Short payback time
A really quick return on investment is the main reason why investors love the idea of Bitcoin cloud mining. Given the current BTC network complexity, users can get a return on their investment within one year (or even shorter if you have selected the right kind of cloud mining contract).
High yield rate
With the best cloud mining contracts, the expected rate of return starts at 150%. And let’s just agree it is a pretty high rate compared to many other kinds of passive income. And also, you can enter into the Bitcoin cloud mining business with a small investment amount. Spending a few hundred dollars, you can make a passive income within a pretty short time.
Low costs
Best hash providing platforms offer a user-friendly mining framework and reasonable pricing with low service fees. It also allows really simple entry along with minimal financial risks. In the cloud mining model, you don’t deal with constant upkeep, hardware procurement, and the other challenging mining-related operations as well. Most hash mining platforms support the annual subscription model, and it allows users to be more comfortable with a process. Also, you always know how it is going by keeping your income state under control.
Conclusion
So let us take stock. Bitcoin cloud mining basically follows the same process of making crypto coins as traditional card-based mining farms. But it is done without buying any hardware and software, monitoring the complex process, and paying sky-high electricity bills. For beginner cryptocurrency investors who would prefer not to buy and set up equipment or have to deal with noise and heat, cloud mining is an excellent solution. Currently, it keeps its position as the most convenient and affordable alternative to the traditional form of Bitcoin mining.
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