Home Insights & Advice What is cloud mining?

What is cloud mining?

by John Saunders
11th Oct 21 11:44 am

The crypto industry exists through mining, but regular mining is associated with a decent financial investment. A compromise option would be cloud mining. It allows you to earn on cryptocurrencies without spending on expensive equipment. The basic principle is to get remote access to the technical bases. In recent years, the service has become highly in demand, it has many advantages.

Read more about the best cloud mining.

What are the benefits of cloud mining?

The concept can be described in different words, we offer you the simplest and most straightforward option. It is about the process of mining cryptocurrency in order to earn money. The complexity of mining is constantly increasing due to the increasing complexity of the blockchain software code. That doesn’t mean you can’t enter the market, just that the process will become noticeably more complicated.

The market for miners has now moved to an oligopoly stage. Several large pools are vying for production. The search for blocks has become more complicated, there is active construction of huge factories with powerful computing systems. But you can look at the question from another angle – if bitcoin mining already requires factories, this cryptocurrency really is the future.

Not every miner can afford to open his or her own factory. For this reason, relatively small companies are created, which are constantly increasing their capacity by attracting external investment. People work without impressive investments in cards, asics and earn income. Businesses buy iron and rent it out. They get a stable profit for these services, and the miner can earn without a huge investment. Everyone stays in the black.

How to earn

Let’s say at once – you will not get golden mountains on cloud mining, but for the start, additional earnings option will be interesting, remote cooperation has the following advantages:

  • Process of mining is organised by the equipment lessor
  • Threshold of participation is modest – from 10 dollars, depending on the policy of a particular company;
  • No requests to provide real information about the tenant;
  • No need to sell the house to buy the farm
  • Equipment stays with the miner after the contract is completed;
  • The investor does not suffer from regular electricity costs, software setup, low iron power is not his problem either.

You just need to choose a proven cloud mining service and start working with it. With the initial investment, things will go faster.

 

The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision.

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