cryptocoingossip

Day by day, the supply of cryptocurrencies is going down, while the demand for cryptocurrencies is increasing.

As demand increases, the price of cryptocurrencies also rises, and not everyone can afford to buy cryptocurrencies using fiat money when prices are going up.

However, there is another way to earn cryptocurrencies, and that is through mining.

What is Mining?

Mining is the process of adding new transactions to the blockchain and generating coins using computing power.

With mining, a person can earn cryptocurrencies using their computer. However, as crypto demand rises and more transactions occur, mining becomes harder and harder.

Furthermore, when cryptocurrency prices skyrocket, more and more people become interested in mining activity. They set up high-end processors to mine coins faster than others, which makes mining difficult for those who cannot afford high-end processors.

Fortunately, there is a solution for those who can’t invest a large sum in building high-end computers, and that is cloud mining.

What is Cloud Mining?

Cloud mining means making a rental agreement with a miner to use their hardware for mining activity.

If you’re someone who cannot afford high-end processors or simply doesn’t like to assemble a computer for mining, then you can make a rental agreement with a miner, regardless of their geographical location, who already has all the equipment for mining activity and takes care of all the maintenance for using their hardware. In the end, the miner and you share the revenues of the operation.

Many companies allow you to rent mining hardware they operate and maintain in exchange for a fixed fee and a share of the revenue you’ll make. Essentially, it means that you can mine remotely without the need to buy expensive mining hardware.

Here are the types of cloud mining you can choose:

Types of Cloud Mining:

Physical Mining Server (Hosted Mining):

Here, you agree with the cloud mining service provider to lease their machines for a certain period. If you prefer, the service provider ships their machine, or you can store their leased device with the company itself.

Virtual Private Server Mining (Virtual Hosted Mining):

Instead of leasing a dedicated machine, here you can install your mining software on the service provider’s machine and skip the process of setting up the physical device. This process is best for some of the smaller-cap altcoins that are mainly mined with one’s CPU, rather than a GPU.

Leased Hashing Power:

By far, this is the best cloud mining process. In this process, you don’t have to lease a machine or install any software. The process is simple: You buy a hash power (speed) from a cloud mining service provider.

Until now, cloud mining seems to be the best solution for mining problems, but it is not without its pros and cons

Pros and Cons of Cloud Mining.

First, let’s look at the positive aspects of cloud mining.

Pros of Cloud Mining:

1) You don’t need to buy any type of equipment for mining.

2) No installation or setup cost (sometimes hosting centers charge you a one-time setup fee).

3) Hassle-free mining, no noisy, heat-generating gear in your home.

4) No added electricity costs.

5) No risks of fire and other issues that can arise from running it yourself.

6) You don’t need any extra pieces of equipment to run mining; that way, you’ll reduce the chance of being let down by mining equipment suppliers.

Those are some advantages you get from cloud mining. Now, let’s examine the downsides of it.

Cons of Cloud Mining:

1) High risk of fraud – the company can go out of business or just run away with the funds if they want.

2) If the crypto market regularly falls, it directly impacts the profits of cloud mining providers, and sometimes they cease their operations.

3) Lower profits – the operators have to cover their costs if the market is continuously falling.

4) You do not own the equipment, which means you cannot sell it.

5) If you’re a technology geek, then cloud mining is less fun for you.

6) Lack of control and flexibility.

As I listed above, there is a huge list of scams involved in cloud mining, which is why you have to choose trustworthy mining service providers.

Here, I’ve listed some Cloud Mining service providers you can trust.

Note: Profit is entirely dependent upon market conditions.

Cloud Mining Companies.

Binance Cloud Mining.

Binance doesn’t need an introduction; it is the most popular crypto exchange in the world.

Apart from the exchange, they’ve also provided crypto mining pools, and recently they started to offer cloud mining services.

To provide cloud mining services, Binance partnered with various third parties, and the mining contracts range from 30 days to one year. 

Currently, you can mine Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Dash Zcash. The payout is made to your personal wallet account or an exchange account.

Register for Binance Cloud Mining and get an instant discount!

Cryptounivers.io

CryptoUnivers was established in 2017, and their mining operations started on 20 August 2018 by a team of crypto enthusiasts.

They partnered with the mining equipment producers Bitmain, Ebang, Canaan, and Innosilicon to launch the biggest mining farm in the Russian Federation with more than 20 MWt power. The farm is located near Saint Petersburg.

Furthermore, their new data center constructions are underway at the very heart of Siberia. The total area of the facility will be 8000 square meters, and the total capacity of the new data centre will be 60 MW.

Currently, they provide Bitcoin and Litecoin cloud mining services and also supply the necessary hardware for mining.

Their contract price structure is as follows:

In 2019, CryptoUnivers introduced the contract freeze feature. With this new feature, Cryptouniverse customers can freeze their contracts for any period or even cancel them altogether directly from their account if they decide that the situation on the crypto market appears to be unsatisfying.

Signup to Cryptounivers.io.

ECOS Cloud Mining.

ECOS company was founded in 2017 in Armenia.

They are the official company organizer for the Free Economic Zone in Armenia. The Free Economic Zone offers a unique infrastructure for high-tech IT startups based on blockchain technology and AI (Artificial intelligence).

ECOS launched their first mining equity mining service ECOS-M in the Free Economic Zone. ECOS-M and Hrazdan heat and power station have signed an agreement on the allocation of more than 200 MW of Power Capacity in the Free Economic Zone, where an industrial mining center is being built, designed for hundreds of thousands of devices.

Their mining contract allows miners to rent hardware or lease hashing power. Currently, they sell Bitcoin contracts only.

Contract price:

ECOS guarantees a refund for miners in case they are not satisfied with the quality of the provided services, but some conditions apply for refunds.

Register to ECOS.

These 3 companies are transparent and have received good feedback from users. You can trust these companies to start cloud mining.

Conclusion.

Cloud mining is filled with 99% of scammers because cloud mining depends upon the backend process.

However, it is not profitable either due to the volatile nature of crypto prices.

If you want to engage in cloud mining, then I recommend using mining calculators (just Google it) and comparing the contract prices from the above 3 companies. After doing the calculations, choose the contract that seems profitable to you.