A ‘classic’ single Bitcoin mining scheme becomes more and more unprofitable with each passing day. But that doesn’t mean the industry is dead.
In addition to traditional cryptomining methods, you can benefit from Bitcoin cloud mining websites. In this review, we try to find out why cloud mining is the easiest way to generate stable passive income from cryptocurrency.
First, let’s see what Bitcoin mining is all about. Simply put, cryptocurrency mining is a process of creating new coins by solving extremely complex computational problems. You have to run high-resource hardware to do it, and anyway, it’s too expensive for a casual user.
In cloud mining, you don’t have to buy and install any equipment. The whole process takes place in the cloud and you can mine cryptocurrencies from anywhere at any time. All you have to do is rent the cloud computing power generated by a company that provides mining services to customers. A hash provider that allows you to create an account and participate remotely in the global BTC mining process. There are many people across the globe already using all the benefits of creating passive income from digital assets.
Two popular models include stored mining capacity and leased hash power.
- In the hosted mining model, users buy or rent mining rigs set up in the provider’s remote data center. While users have direct control over their coins and the mining process, it’s a really tricky plan for beginner crypto investors.
- The rental hash power model is the easiest way to start mining cryptocurrencies. In this one, hash power is rented from the provider’s mining farm. To start earning you have to create an account on a trusted cloud mining site and choose the right contract option.
The main benefits of cloud mining
- Large investments are not required. You can start with $200-500.
- You can start earning crypto at any time without equipment and IT knowledge.
- Most of the cloud miners offer different payment methods like Bitcoin wallets and credit card transfers.
- You can mine different coins if you want (and if the provider offers it as an option).
- You can increase the amount of your passive income by using reinvestment tools.
- Most cloud mining companies offer affiliate programs with additional special programs.
What is hash rate?
Hash power is the total computing power being used to process transactions on the Bitcoin network. It is also the mining speed and the number of hash operations performed in a given period of time. Units are measured in Hash per second (H/s). Cloud mining contracts with the highest number of hashes will give you higher profits.
Summary
If you want to get into the crypto business but the idea of buying expensive equipment doesn’t inspire you, keep an eye on cloud mining services. The best cloud mining sites give clients different options so you can always choose a suitable Bitcoin contract depending on your investment amount. Also, it is very important to avoid scammers by investing in well-positioned trustworthy legitimate platforms.
