By Peter Bergman (MoneyAmped.com)
If you cast a cursory glance at the modern world of cryptocurrency, it is easy to see that cloud mining has become a trendy topic of conversation in some groups of miners. People who want to learn more about cloud mining are increasingly interested in it.
Every aspiring miner needs to know how things work, find trustworthy service providers, and find out how much it will cost. People are often drawn to free cloud mining because it seems the most attractive option. In this guide, we will discuss how cloud mining works. We’ll talk about both simple words and complex ideas.
I’m giving you a hint: paid cloud mining is better than free cloud mining.
What Is Cloud Mining?
Let’s start at the beginning and explain cloud mining so we understand the subject thoroughly.
The idea behind cloud mining is to provide an online cryptocurrency mining service. This service is provided by hosts who own cloud mining services. They have large farms with mining facilities, usually stored in large, dedicated buildings.
More often than not, hosting firms are large companies that specialize in cloud mining. These companies purchase large quantities of GPUs, motherboards, processors, and other parts for the mining facilities and house large quantities of equipment. As expected, they are housed in buildings of roughly the same size. They can be large garages, warehouses, and the like. It doesn’t matter what the building looks like; all that matters is that it uses energy efficiently and maintains the right temperature.
Paid Cloud Mining vs. Free Cloud Mining
Since Bitcoin is the most popular cryptocurrency in cloud mining, we will discuss this next.
People constantly discuss the pros and cons of paid and free cloud mining in the cryptocurrency world. Some might say that more time spent mining leads to more money—proponents of free cloud mining point to the lack of start-up capital as one of the benefits. Let’s learn more about the differences between these two types of Bitcoin cloud mining options.
It is important to remember that paid alternatives usually perform better than their free versions. The same concept holds for cryptocurrency digital wallets. For greater security, using a reliable hardware wallet such as Ledger Nano X or Trezor Model T is better than relying on an online alternative.
Free Cloud Mining – Pros and Cons
The main topic of discussion about cloud Bitcoin mining is whether it can be done for free.
By offering free cloud mining services, people can join the world of digital currency mining without investing any money immediately. Many websites will appear if you type “cloud bitcoin mining for free” into a well-known search engine. Each claims to have specialist knowledge and skills in free cloud mining.
Although there is no upfront cost, the principle behind free cloud mining is that the hoster takes a portion of your monthly income and pays for electricity and maintenance. This concern becomes even more severe when it comes to cloud Bitcoin mining. Bitcoin’s mining process could be faster. It is, therefore, one of the cryptocurrencies that takes the longest to mine. This behavior can be explained by the fact that it is widely used and has a large market capitalization. People want even the smallest amount of Bitcoin.
Some want it because it means something to them, while others want to show it to friends and colleagues. Because of this, cloud mining Bitcoin (which costs nothing) happens almost always. The fact that the service is free implies that it will be slow. Combined with the slow process of Bitcoin mining, the possibility of making a profit becomes less noticeable.
List of Cloud Mining Sites
Here are five of the best cloud mining sites you should look out for:
NiceHash
NiceHash was the first cryptocurrency cloud mining service. It was launched in 2014. Industry insiders say that NiceHash has established itself as a reliable, profitable, and fast-growing platform with low membership fees.
NiceHash has an astonishing one million daily active workers and over 650,000 daily active users from over 190 countries.
It is essential to know that Nice Hash has no contract option. You can start mining when you want to or stop when you want to. There is no charge for this.
This platform has a wide range of cloud-based mining services. They use cutting-edge technology to support more than 30 advanced algorithms daily. The cheapest way to get started is to buy one crypto for USD 51.40.
Users of iOS and Android working systems can easily access the NiceHash platform.
Genesis Mining
Genesis Mining is a big name in the cloud mining business. It has advanced hardware and a wide range of methods.
Since it came out in 2013, it has been the oldest application.
Genesis Mining has extensive experience with cloud mining options. This gives it many advantages, such as various subscription plans and different types of cryptocurrencies.
The most important advantage is that there are no maintenance fees.
Anyone interested in Ether should know that this platform is highly recommended for cloud mining Ethereum.
The runtime varies from 12 to 24 months, giving users much freedom in their choice.
MinerFarm
MinerFarm is a big name when it comes to free cloud mining tools. It has a reputation for being reliable, easily accessible, and easy to use.
MinerFarm works by giving you free 100Gbps when you sign up on their website. If your current level is bad enough, consider improving your plan to earn more cryptocurrency. The transfer process is quick and easy, and customer service is reliable.
EOBOT
EOBOT may not be as well-known as other Bitcoin cloud mining tools on this list. However, it is worth taking the time to get to know and explore this platform.
EOBOT itself is not accessible, though. It offers good cloud mining plans for next to nothing. You should check out their platform right now.
Summary
Since there are so many cryptocurrencies, it was only a matter of time before intelligent people would devise different ways to make money from them. Cloud mining is a way to bring these ideas to life.
As more and more people start using cryptocurrencies, more and more people want to be part of this growing community. Some people choose to do blockchain development, while others search the internet for any information on the subject. Bitcoin cloud mining gives people the opportunity to become part of the cryptocurrency community and earn extra money at the same time.
