Today, in view of the increasing costs of building your own farm from scratch, in the field of mining cryptocurrency, large companies that already possess the necessary equipment and are ready to lease its computing power to their customers come to the fore. What is a cloud mining cryptocurrency?
What is cloud mining
In simple words, everyone knows that special equipment is necessary for the extraction of cryptocurrency. If you have sufficient financial resources, you can purchase all the required equipment, build your own mining farm and start mining the cryptocurrency of your interest. In this case, it will be called ordinary mining.
In turn, cloud mining suggests about the same ownership of mining equipment, but virtual. That is, you will not have to arrange delivery, assemble work complexes, look for a suitable place for them in the room and ensure that they do not overheat and perform their functions normally. You will only track the performance of mining farm through a convenient Internet interface and count income.
To get the necessary computer facilities for use, with cloud mining, you simply need to pay any profile company to rent a certain part of the computing power that it has. After making the payment, the company’s support service automatically adjusts the equipment, allocates the agreed capacities and launches them. The buyer will not have to do anything at all.
Thus, from a functional point of view, cloud mining is not different from the usual, but it gives a very significant advantage, which is that if there is no need to understand the issues of setting up and running a farm, even those who have no technical skills . In addition, the amount of capacity available for renting can be arbitrarily small, often a few tens of dollars will be quite enough to start earning money using cloud mining at minimal capacities. Naturally, the amount of earnings in this case will be scanty, since serious incomes become possible only at serious facilities, that are more expensive.
How to make money on cloud mining
Cloud mining provides a simplified way to earn a cryptocurrency, in which you just need to register with a certain service, pay for equipment rental and then make a profit, based on the amount paid.
The general algorithm of earnings is quite simple. In order to start earning income from cloud mining of cryptocurrency, you need to take only a few steps.
Of course, the biggest advantage of cloud mining is minimal customer participation. It is only necessary to solve a number of organizational issues and pay for the rental of equipment, after which earnings on cloud mining will occur automatically.
Many people are concerned about the question of how much money can be earned on cloud mining. Of course, it is impossible to unequivocally answer it, because the total earnings will directly depend on the amount invested, the amount of leased capacity, the type of cryptocurrency chosen and the equipment performance.
If you focus on the average figures for the market today, when working with the cloud mining service at the minimum capacity, you can get about 130% of annual income. That is, if you enter into a contract for a period of one year and pay for, say, $ 1,000 for the selected capacities, then you will receive back $ 1,300 as a result of cooperation. But these are inconclusive figures, which strongly depend on current offers in the cloud mining market and the situation in the cryptocurrency market as a whole. Taking into account the fact that the cost of many cryptocurrencies tends to grow, the amount of cryptocurrencies earned during cloud mining can jump in price and significantly pay back the initial dollar investment.
With maximum accuracy, you can calculate and predict income when investing a certain amount in cloud mining using special online calculators (Crypto Compare, My Crypto Buddy, Coin Warz, What To Mine, etc.). The principle of their work is that the user specifies the amount of investment, the amount of computing power and the selected cryptocurrency, and the service considers the approximate amount of daily income. There are also more advanced options that allow miners to only enter the model of the video card they use, so that the service quickly calculates all the key parameters, determines the most profitable currency for this equipment, taking into account the current rate, and showed the projected income per day. In addition, some services make it possible to even see the exchanges on which the earned cryptocurrency will be most in demand.
How to choose a cloud mining cryptocurrency service
Those who decide to increase their income with the help of cloud mining, be sure to carefully read all available services for the provision of such services.
Before trusting a certain company, it is necessary to study the conditions of cooperation and customer feedback as well as possible in order to minimize the risks that, after receiving payment, the stated obligations to allocate the agreed capacity will not be fulfilled for one reason or another.
Review of cloud mining services
Consider the top 10 cloud mining services, which are quite well established in the market and worthy of the attention of everyone who wants to make an informed choice.
The company entered the market in 2014. Today is one of the largest cloud mining services. The terms of cooperation include a minimum of additional fees, as well as various discounts for new customers in the amount of 5%. The minimum amount of the contract to start cooperation is $ 30, while the duration of the contract will depend on the exchange rate of the selected cryptocurrency and the cost of the selected capacity.
This company first declared itself in 2013 due to the fact that it offered a truly minimal amount of the initial payment to start working with this service, just 27 cents or 0.001 Bitcoin is enough. Earnings go to the miner’s wallet once a day.
The company is in the top of the best cloud mining services with a minimum payment of $ 1.2. As of today, the service produces only three cryptocurrencies – Bitcoin, Dash and Ethereum. Over time, the service is more and more improved in technical terms, improves its work and the speed of cryptocurrency mining. Money is credited to the wallet every day. It is also possible to order an instant withdrawal of all available funds.
The company began work in 2012. The minimum payment is $ 21. Big plus of this service is that after signing a contract for the use of certain capacities, you can add them quickly and easily with time if such a desire arises. That is, a beginner miner can first pay for the minimum capacity, and then increase it with the money earned.
The company is good because at the start it offers various bonuses that will surely please any user. The minimum withdrawal amount is 0.0005 BTC. Output can be made at any convenient time. This service extracts only Bitcoin and offers a perpetual cooperation model, that is, after registering you can be on the server for any amount of time, however, active use of facilities is possible only if they are paid for.
The company produces cryptocurrency mining in several clouds at once and offers long-term contracts. The minimum amount of entry is 100,000 Satoshi. You can withdraw earnings at any convenient time, the minimum amount of withdrawal is 50,000 Satoshi.
The company appeared quite recently. Its main advantage is the ability to mine as based on the Sha256 algorithm, and using the new Scrypt algorithm, which expands the list of cryptocurrencies available for selection. Payments of earned cryptocurrencies are made once a day.
Fairly reliable company, focused mainly on long-term contracts. Provides opportunities for the extraction of bitcoin and ether, and also deals with the supply of ASIC chips that can be used to build their own mining farms.
The company provides rental facilities at very affordable prices. There is a very convenient personal account interface that allows you to track all transactions in detail. Instant withdrawal is carried out at the request of the user.
A Chinese company that provides miners with cloud access to the equipment they need to work. The server uses a complex interface, which not everyone can figure out, as well as a fairly complicated and complicated registration procedure. Despite these disadvantages, the company has consistently paid out the earned sums to its customers for several years.