Today, when crypto trading can be a risky business through the highest volatility of the market, and hardware for mining Bitcoin and altcoins is too expensive as well as the electricity, cloud mining is probably the best solution for those, who want to make money on alts and/or BTC and get some of these cryptocurrencies starting from zero.
What is cloud mining?
Cloud mining services are engaged in providing their own resources to users for mining cryptocurrency. For a monthly, annual or one-time payment, their customers receive the computing capacity required for these purposes. This approach gives mining accessibility to those who cannot afford equipment through its high price.
How does cloud mining work?
Companies that provide cloud mining services buy their own equipment and place it on their sites. These resources are sold in parts to users under online mining. In order to start working with them, the user needs to register on the site and pay the desired rate. After that, the client begins to receive income in cryptocurrency, which is displayed on a wallet. Clients purchase contracts for computing power. They are different, and the client can pick the one, which is more convenient for him. Payment for these services is not high — each cloud mining site has this information.
Cloud mining without investments
Typically, these services are common cryptocurrency cranes disguised as cloud sites. You can also earn here, but not much. There is also a high risk that such a crane will be closed, and the user’s money will be lost.
Benefits of cloud mining
Benefits of cloud mining are obvious. Now, many people choose it for the following advantages:
- No need for special knowledge that is needed for traditional mining;
- No need to pay large electricity bills or tolerate noise from the coolers at home. Often, these services are used by people from countries with high electricity rates;
- No need to buy mining hardware which is expensive.