With the high cost of mining Bitcoin due to the high cost of energy and inaccessibility of energy efficient hardware, Bitcoin administrators have been hard at work to find cheap sources of energy and energy efficient hardware to bring down the cost. However, the innovation of the cloud technology is a great victory for Bitcoin administrators and miners alike, as they have been able to reduce their costs and make decent profits. The idea of cloud mining is that it lets individuals buy the processing power and hardware from remote data centers to power their mining operations.
Cloud mining is also advantageous to individuals who do not have enough technical expertise in mining Bitcoins and who are not looking to run their hardware or software. For example, if you live in a country where the cost of electricity is through the roof, cloud technology allows you to outsource the mining process from a country with the lowest cost of electricity.
How Bitcoin cloud mining works
Before you start using the cloud technology to mine Bitcoins, you must first choose the right cloud mining provider. With the expansion of the internet technology, there are a lot of cloud mining providers out there. You just need to do extensive research to find the best one. Some of the best cloud mining companies include Genesis Mining and Hashflare mining.
You’ll then need to choose the plan you want to go with. You can select a 1000GH contract or 500GH contract, and then, choose the timeframe. The majority of Bitcoin cloud mining contracts go for a year. However, you can also find lifetime contracts. For example, Mining Contract Bitcoin Medium goes for 12 months, Bitcoin S9 Mining Contract lifetime is a lifetime contract, and Bitcoin Large Mining Contract is also a lifetime contract.
To start using the Bitcoin cloud mining, you’ll have to pay for the services using Bitcoins or the company’s stipulated mode of payment. You can also pay using dollars at PB mining. The company takes care of everything, including power and hardware, and if you are a smart miner, there is no reason to not experience a steady flow of Bitcoins into your wallet.
Always read the fine print before engaging with any Bitcoin cloud mining company because some may charge you more than the stipulated price throughout the mining period. This can affect your ROI. Or the mining company may just be a scam and close shop in the middle of the contract.
#Cryptocurrency #cloud mining. What is it exactly and should you consider it and which #mining pools to join? We take an in depth look. https://t.co/ar1jwhkf0M#bitcoin #crypto #review #btc #eth #Pools pic.twitter.com/ncwGJLWzE6
— Coin Bureau (@coinbureau) 1 de marzo de 2018