What is the meaning of cloud mining, and which hash providers are the best at the current moment? When the original cryptocurrency Bitcoin was created in 2009, crypto mining was such an attractive deal for small-time investors.
Unfortunately, just within a couple of years, Bitcoin mining turned into an increasingly competitive business. Today it requires massively powerful equipment while up-to-date mining farms scale up their operations to remain profitable.
High-priced electricity is a further major challenge in the cryptocurrency mining process. Against that background, cloud mining looks like a smash-hit technology that allows earning cryptocurrency without any facilities and sky-high electricity costs.
Cloud mining is a classical cloud IT service that implies leasing hash power generated by a providing company in its data centers. Since cloud mining is a fully remote service, any physical (and even virtual) hardware is not required. The mining centers are located in remote places (mostly in countries with cheap electricity as well as sunny and windy areas), and customers can rent hash power to mine cryptocurrency under reasonable pricing.
Advantages of cloud mining
If you are still unsure about the opportunities brought to you by crypto cloud mining technology, take some time to explore the main benefits. Thousands of beginner and advanced cryptocurrency investors have avoided buying expensive mining rigs and welcomed the idea of shared hash capacities. And to be honest, it makes sense. Here are some advantages of the best cloud mining platforms.
- No equipment or cryptocurrency skills are required. You don’t have to buy any high-priced machines and build your own mining pool.
- It only takes a couple of minutes to start earning crypto with cloud mining. Just pay a contract and fly the mining process.
- You can find your personal strategy. Feel free to try different hash rates to get the most profitable solution that matches.
- The maintenance fees on most cloud mining websites are pretty low. In fact, some cloud mining contracts already include all service costs to keep you more comfortable with the mining process.
- You get your mining rewards regularly with zero questions. The best cloud mining companies provide users with daily automated payouts in cryptocurrency and USD.
- BTC up-and-downs are not your problem with trusted providers. You can quit mining or hit a pause if the cryptocurrency price drops a lot.
How to choose a contract
The right kind of contract strongly impacts the profitability of cloud mining (and thus your passive income state). The key factors are the price and hash power you rent. Just remember that the return in the cloud mining area depends on the hash rate. If you set your ultimate goal as stable and high passive income, pay attention to contracts with a higher hash rate. It is easy to calculate the expected return rate using tools and widgets on cloud mining websites.
Also, feel free to contact the support team for any questions. By the way, the best cloud mining sites provide customers with personal management services. You can contact your personal manager anytime to ask for help in choosing the best miner option and the plan that will be profitable for you personally.