Cloud mining with low cost of entry
If you’re reading this, it means you know the basics of the cryptocurrency. You know that most of the cryptocoins are mineable. Some of them are PoW, some of them are PoS. Despite the fact that mining is profitable, you must pay attention to changes. The coins you are mining today, might not be profitable tomorrow. That is why you must be connected all the time, to be at least one step ahead.
If you’re thinking investing in cryptocurrency mining without bothering to manage your own hardware, or simply because you have very high cost electricity, cloud mining service is the best way to earn your coins.
Cloud mining is the process of mining using shared processing power provided by a supplier (the miner). There are three types of cloud mining contracts available:
1. Leased Hashing Power - rent an amount of hashing power
2. Hosted Mining - rent a mining rig hosted by the provider
3. Virtual Hosted Mining - using a private server with your desired mining software
The most popular is leasing the hash power. You can choose a specific amount of hashing power, even if the rented power is lower than the hashing power of a full video card. For example, you can rent only 5% of the processing power of a video card.
Having a mining farm is a full time job.
The mining rig(s) brings noise and heat. You might think is not a very big problem, but having a mining rig at home, the noise will constantly stay at 65 dB (for a small rig) and rising the temperature by 5-20°C (depending on the season). With these conditions you might feel like being in a driving vehicle with no air conditioning. As long as you prefer a quiet and a cooler home, you might consider cloud mining.
The mining rig(s) increase the electricity bills. Unless you have 0 costs for electricity, the process of mining involves more kWh than before. Having a machine working 24/7 requires lots of kWh/year. As long as you prefer a regular electricity bill, you might consider cloud mining.
The mining rig(s) come with maintenance. The hardware used in the mining process is dedicated for a limited period. To make sure that all the video cards are highly effective, you need to take care of the ventilation problem. If the hardware is not properly cooled it might bring you problems.
Another fact is that the mining equipment will be out dated, and after that period, you have to sell it when mining ceases to be profitable. As long as you prefer to sit down and let the others work for you, you might consider cloud mining.
Choosing a cloud mining service is an important decision just like the importance of investing in hardware to start on your own. However, with a cloud mining service, you don’t have to go “all in” you can buy only a part of a GPU.
If you want to mine, but you don’t want to manage your hardware, cloud mining is the best fit for you. We are taking care of every single GPU for our partners.
We wish you peaceful mining!