Features of 2018 cloud mining
Cloud mining provides the possibility to obtain up to 400% of revenue. Besides, users do not have to buy equipment and overpay for electricity. So, how to avoid pitfalls and to start your own cloud mining?
Cloud mining concept
Cloud technologies are increasingly applied in mining. Firstly, technological resources of one person are no longer sufficient to earn much on cryptocurrency mining. Secondly, one requires more powerful and expensive equipment. Uniting into pools is not always profitable as well, especially in countries with expensive electricity.
Cloud mining has become a perfect solution for both miners and major companies engaged in this activity. Its concept is quite simple: anyone can lease hardware and software of the major service, avoiding expenses for the purchase and maintenance of high-cost equipment. Frequently, Cloud Mining data centers are located in temperate countries (in order to avoid overheating of equipment) with low electricity rates.
In 2018, there are three types of cloud mining: host mining (the lease of the remote machine), virtual host mining (a virtual server allowing to install your own software), and the lease of hashing equipment (in fact, the full range of services). The latter type is the most popular.
Pros and cons of cloud mining
Such a business is profitable for mining farms, as they receive income directly from leasing customers. However, there are also enough advantages for users:
- The company is responsible for all the concerns related to the purchase and maintenance of equipment.
- The service provides all necessary settings and software.
- An opportunity to begin with the minimum deposit.
- The absence of extra electricity expenses.
- Mining is activated immediately after the contract acquisition.
Using a reliable service, the invested sum is compensated approximately in six months (the standard contract can be concluded for a year or more), and then the user will gain profit. Certainly, the paying back speed and real profit receiving depend on leased equipment.
However, cloud mining has some disadvantages. Its doubtful features include:
- Transaction non-transparency.
- Long-term return on investments.
- Possible bankruptcy even of the reliable company.
- Probability of suffering from swindlers.
The sad fact is that cloud mining can be subject to hacker attacks. Despite the fact that the blockchain system is reliable and safe, cloud mining services can be hacked. In order to save yourself from such a situation, you can use services of platforms allowing to withdraw savings to your maximally protected wallet.
Reliable cloud mining services
Several aspects should be taken into account while choosing a cloud mining service:
- Capacity. General technical capabilities and the amount of users.
- Availability of data centers.
- Openness: contacts, photos, service support, online chat.
- Market presence period.
- Stability of pay-offs and reality of promised amounts of profit.
The cloud mining service industry is pretty young, but it also has the so-called old residents: approved companies that have been operating for a number of years. Meet three leaders regularly entering the list of top cloud mining firms.
service has been working since 2013. It offers a user-friendly interface and around-the-clock customer support. Fast connection, statistics, and withdrawals without delay.
It earned users’ confidence due to transparent processes. Multicurrency, availability of data centers, and advantageous fee.
A company with data centers in Georgia and Iceland. Hashing prices are the lowest ones. It does not support mining of various cryptocurrencies, except for Bitcoin.
Investments in cloud mining require the same sound approach as the analysis of baking offers. Service reliability inspection and calculation of proceeds depending on the sum of investment, as the complexity of cryptocurrency mining algorithms eventually grows and profit decreases. To protect yourself from scam, the so-called hype, you should thoroughly and comprehensively examine offers of cloud mining services.