By EWN •
Published: 26 Nov 2021 • 11:02
The world’s first cryptocurrency Bitcoin gained popularity due to its high-rising value. To understand the idea of cryptocurrency, you should know the key point that is mining. This is how new coins get introduced into circulation, and that’s a massively resource-intense process.
When we talk about mining, we mean the process of creating new crypto coins by solving complex math problems. Those computational math problems verify transactions, and this is how new coins come into circulation. When every new coin is successfully mined by the machine, its user automatically receives a small amount of cryptocurrency as a block reward.
Despite BTC mining technology brings us an opportunity to make money, that is too complicated nowadays. And besides, it requires high investments. Most cryptocurrency experts claim that the current minimum amount to enter the Bitcoin mining business starts at $9-12K. Despite a pretty short payback period (something around eleven or twelve months), it is way too much for most people. The other challenges are noise, heat, as well as dirt and dust that mining rigs provide while operating. You have to rent a big area to place the facilities, and there is an extra cost. Plus, you need some technical skills and IT knowledge as well.
As investment in mining hardware doesn’t seem like a pretty good idea, cloud mining allows you to earn cryptocurrency with zero complications. All you should know is that it’s really affordable to every person who wants to mine crypto.
In the cloud mining model, you do not have to pay and install any equipment. Plus, you don’t need any software. All you have to do to start is purchase a contract provided by a legit cloud mining platform. In fact, you rent a small part of the hash rate operated by third-party company’s facilities. As the coins are mined out via the cloud, you do not have to worry about maintenance (as well as electricity bills).
Best cloud mining companies provide their customers with a wide variety of contract options. So you can select that one that matches your investment amount. The minimum amount to enter is usually something about a few hundred dollars. You can make an upfront payment for your contract in fiat money or any popular cryptocurrency. Average profitability starts at 145-150% with a payback period of six up to twelve months.
So we did our short research and found out that cloud mining services are significantly less expensive than classical hardware mining since that technology requires less upkeep. You can start to mine Bitcoins (or any other mineable cryptocurrencies) right after purchasing a cloud mining contract. Also, it is still profitable at the current moment while the profitability of hardware mining goes down little by little. Any tech skills and knowledge are not required in cloud mining. And it is really simple to start making cryptocurrency with trusted hash providers. Best cloud mining companies act globally and offer a wide variety of options.
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