Cloud mining services: review of the best cryptocurrency mining services
Cryptocurrency mining has become less profitable, as the complexity of mining and the cost of graphics cards has increased. However, you do not have to build a farm to mine digital coins, as there is an option of cloud mining.
What is cloud mining and how to deal with it?
Cloud mining allows users to produce cryptocurrency without hardware, as the computational power of remote data centers is used.
Such mining method will suit beginning miners or users that do not want to adjust hardware on their own. Besides, cloud mining is a good solution for residents of countries with high electricity prices, as it allows mining in locations with more affordable electricity.
What advantages does cloud mining have?
Apart from saving on electricity, remote mining does not require buying expensive hardware. It allows reducing expenses and saves miners from the noise of graphics card fans.
In addition, cloud miners do not have to worry about excess heat and the necessity to cool the system.
As cloud mining is carried out by remote companies, users cannot be 100% confident in their fair and transparent operation. It is also important to remember that specialized companies are also interested in making a profit and can decrease the reward for their customers for that reason.
In case of investing in cloud mining, there is a risk to lose savings, as companies can halt their operation.
How to start cloud mining?
To start mining remotely, one needs to choose an appropriate service. Companies offer different conditions of cryptocurrency mining, so in order to choose the software, you need to know the desirable power capacity of equipment and process time.
Contracts are most often concluded for a term of one year. You can prolong the contract or find services that offer collaboration for a smaller period.
You need to make an advanced payment when you conclude a contract. Afterwards tokens are sent to your cryptocurrency wallet.
Cloud mining services
The platform offers to mine 21 cryptocurrencies including BTC, ETH, LTC, DASH, ADA, NEM, EOS, and ETH Classic.
Miners trust the service, as the founder of Eobot is one of the largest manufacturers of ASIC chips Bitmain.
One of the main advantages of the platform is the possibility to choose any duration of the contract. Users can collaborate with Eobot for the term of 24 hours to 10 years.
Genesis Mining offers to mine BTC, LTC, ETH, DASH, Zcash, and XMR. Standard contracts for Bitcoin mining are concluded for five years, whereas mining of other altcoins requires signing an agreement for the period of two years. However, the company also allows users to develop their own mining outlines.
Each cryptocurrency has three service packages that differ by power capacity of equipment and price.
Hashing24 offers to mine Bitcoins only, but provides a possibility of signing a termless agreement. To use 100 GН/s, you have to pay $12.5.
Miners make no doubt about the fairness of the service, as Hashing24 collaborates with the largest manufacturer of mining equipment BitFury.
Cloud mining is a convenient way of producing cryptocurrencies that allows to save money and not to worry about the purchase of hardware. The most important thing is to make a correct choice of the platform that can ensure a stable income. Therefore, you should consider all the pros and cons of every service before you make a choice.