Cloud mining is a perfect alternative for those who don’t want to manage their own hardware. So, if you are not technically minded or have high cost electricity, you should consider this mining method.
In simple words, cloud mining is a collective work based on shared processing power that comes from a remote data center. You only need to have a computer and a bitcoin wallet to take part in this activity. However, there are certain details and risks you need to know before you start.
Reasons to try yourself as a cloud miner are following:
- No need to buy expensive hardware
- No need to pay for electricity
- Collective mining raises your chances for getting bitcoins faster
Reasons why you may be suspicious about cloud mining:
- Risk of informationless trades with scams
- Fees taken from you by the operators
- Lack of control
Cryptocurrency is always connected with risks. However, you can avoid them if you understand your needs and make right decisions. As you calculate your potential expenses and profits, you will see that chances are that cloud mining will be profitable for the first time. The problem is that bitcoin mining becomes more and more difficult day after day and there is a risk that you might start losing your invested money in a couple of months.
Also, we have already mentioned that in the space of cloud mining there is significant danger connected with scams. So you should only invest your money in cloud mining if you agree with all possible risks and failures. Make a detailed research of a certain platform before you invest funds in it.
Hashflare has more than three years of experience on the cryptocurrency market. You are free to cooperate with this platform and mine different coins including Ethereum, Litecoin, Bitcoin, Zcash or Dash. It provides different pools and mining options, so every user can find the most profitable combination there.
Genesis Mining is considered as one of the most transparent cloud mining websites on the Internet. It doesn’t make Genesis the most profitable platform, however they honestly provide all services they offer. You just need a personal account to start mining Bitcoin, Dogecoin, Peercoin, Dash, Namecoin and Startcoin with Genesis Mining.
Mining Rig Rentals is a popular platform for leasing and renting mining rigs. It provides users with various algorithms and offers simple and efficient renting. This resource is a good start for newcomers.
Despite the fact that TeraBox is limited in types of cryptocurrency (only Bitcoin is available), it is still one of the most popular platforms since 2014. This website attracts many users due to competitive prices and free trial options.
NiceHash is different from other similar platforms because it offers a special order book that helps buyers and sellers find each other. The website will provide you with profitable deals, so you will be able either to buy or sell coins for the most suitable prices.
Since 2012, Hashing 24 has been providing bitcoin mining to people from all over the world. This website is popular among users because it offers high level of efficiency when it comes to production capacities.
Make sure that you read forums and customer feedback before you invest your money in any cloud mining platform on the web.
Read this article to protect yourself from scammers: How to detect a cloud mining scam?