Cloud mining combines the advantages of cloud with cryptocurrency mining for a more cost- and energy-efficient mining.

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.

What is Cloud Mining?

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:

  • Most mining companies have legal status;
  • Users don’t have to configure additional equipment;
  • Users leverage not only increases or decreases in the exchange rate but also increase funds using interest rates;
  • Miners do not need to make investments on special sites or undergo a test mode of operation;
  • The total fee is fixed in advance and does not depend on rate fluctuations;
  • Users can invest in different cryptocurrencies, and protect themselves from fluctuations in rates;
  • Miners can also engage in referral programs and increase profitability by attracting new customers.

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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Cloud Mining: A New Approach to Cryptocurrency Business
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