If you want to invest in cryptocurrency mining without the hassle of managing your own hardware, there is an alternative. You can use the cloud to earn your coins.
Put very simply, cloud mining means using (generally) shared processing power run from remote data centres. One only needs a home computer for communications, optional local bitcoin wallets and so on. Cloud (or remote) mining – is the process of using hardware power to mine cryptocurrency (such as Bitcoin or Litecoin) remotely. This mining model came to existence due to the fact that the increasing difficulty of mining has made it unprofitable for mining enthusiasts to mine Bitcoins at home.
Here's why you might want to consider cloud mining:
A quiet, cooler home - no constantly humming fans from in home GPU mining
No added electricity costs
No equipment to sell when mining ceases to be profitable
No ventilation problems with hot equipment
Reduced chance of being let down by mining equipment suppliers.
Another key point is that this model of cloud mining requires no technical experience. Obviously, it’s very important that miners understand the mining process, however this model doesn’t require hardware expertise or significant configuration / implementation cost. Since customers can purchase any amount of mining power they wish, this means that the level of investment will depend only on the miners’ ambition.
Cloud mining is greatly suited for novice miners who would like to try out mining and earning cryptocurrency as well as seasoned miners who don’t want the hassle or risks of hosted or home-based mining.
Is CLOUD Mining Profitable?
It really depends. In fact, it depends on many factors – such as the time you’re reading this page, the current market price of the coin you want to mine, the current mining difficulty of the cryptocurrency, the power required to solve the next block of your chosen cryptocurrency, and the amount of money you’re willing to invest. However, if you have long term investment mindset this can be a great passive income stream as an early adopter and investor in cryptocurrencies.
Below I have provided a few of the most REPUTABLE cloud mining services where you can sign up. There are dozens of other services on the web however there are far more SCAMS than legitimate companies offering this service so if you do opt to use a service not listed please ensure you've done your homework to make sure they're legit. The saying often goes "If the offer is too good to be true, it proably is."
Hashflare is a cloud mining company based in Estonia, who have been active for over three years. They offer anyone the opportunity to start mining Bitcoin, Ether, and a couple of other altcoins, without having to worry about building and maintaining a mining rig of their own.
Hashflare offers a number of different mining contracts (1 year minimum commitment) for various cryptocurrencies that are available right now. These contracts allow you to use a certain amount of hashing power (computer mining power) per year from the company’s mining rigs in their global data centers. You can request as much hashing power as you need, but there’s a minimum limit imposed by the website (differs for each contract, but usually around $30).
CCG Mining is a cryptocurrency mining platform founded by CCG International LTD in 2016. The company operates two mining data centers in Poland dedicated to 7 different cryptocurrencies (Bitcoin, Etherium, ZCash, Monero, Dass, LiteCoin and LBRY Credits).
Bitcoin mining contracts are open-ended, meaning there is no end date placed on it. After purchasing the one-time fee, you can stick with your plan indefinitely. However, you will need to pay a maintenance fee for mining power used per 24 hrs.
As for the other coins, the contracts last for two years, and there are no maintenance fees.
Genesis Mining was founded at the end of 2013. They currently own mining farms located in the United States, Europe, and Asia. However, the exact locations are not known to the general public due to security reasons.
Genesis has a publicly known mining farm set up in Iceland and the miners on the farm are able to mine Bitcoin, Ethereum, Zcash, Litecoin, Monero, and Dash.
Genesis Mining is one of the oldest cloud mining companies around, and it’s is arguably the largest and most popular cloud mining provider for Bitcoin, Ethereum, and other coins, and it has even registered with the SEC for a Bitcoin mining fund.
**Sell or Buy Computer Mining (Hashing) Power as an alternative to cloud mining on:
NiceHash applies a new spin to cryptocurrency mining that revolves upon the relationship between the sellers and buyers. Users have a total of 3 options to pursue when using NiceHash. The first would be that users can choose to sell their hashing power generated from their mining hardware to accrue earnings. Second, would be that investors can choose to buy a package to mine a particular cryptocurrency at a designated set pool with a supported crypto algorithm. The last option would be a combination of being both a buyer or seller through NiceHash.
Nicehash has created the world's largest marketplace for computer hashing power bringing both buyers and sellers together globally since 2014.