Miners are a necessary and important link in the cryptocurrency chain that take an active part in the issue of coins and maintain the system’s performance. A couple of years ago, it was possible to mine on a home PC and make a profit; now, the mining process has become so complicated that even collective pools and large farms do not always pay off. Therefore, cloud mining services began to appear.
The essence of the method is simple: instead of spending money on equipment, the user rents it from large companies. Such companies are most often created in countries with affordable electricity tariffs and a cool climate (these countries hold the largest mining pools). The user pays them a fixed commission and a percentage of the profit.
Thus, cloud mining is mining cryptocurrency without buying your own equipment, using rented equipment that may be located on another continent. Users don’t have to deal with the issue of its location and do not incur additional costs for electricity, but simply pay a fixed fee for using cloud mining services.
Cloud mining has a number of advantages over other types of cryptocurrency mining, namely:
Note: When investing in mining, it is important to carefully select the cloud computing service since many HYIP projects actively use the legend of cloud mining, thereby hiding the essence of the financial pyramid.
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