Advantages of Bitcoin Cloud Mining

by HashGain Mining Bitcoin Cloud Mining

Miners take to Bitcoin cloud mining when they are not keen to build a mining rig by themselves. Mining is now almost a full-time career for people and ever since the unprecedented rise of Bitcoin prices more and more people have taken to building their own mining rigs. However, building a mining rig requires a lot of time and funds, which is not possible for everyone to spare. So, people begin to look for ways to earn cryptocurrencies without setting up the rigs or buying any specialized hardware and software for mining. They then take to Bitcoin cloud mining.

In Bitcoin cloud mining, you will need to pay for power costs and hardware but not as much as you would have to if you maintained it on your own. You will simply have to pay up fixed rental amounts. When you wish to lease out a rig for a specific time period, you will enter into a contract for that duration accordingly. You need not pay for the whole mining installation, simply a lease for that period. Once you have made payments, you can start mining and payouts will be sent to the Bitcoin wallet address you own.

How is cloud mining better than traditional mining?

When you own hardware you have to pay to maintain it. In cloud mining, the provider owns the mining hardware. Moreover, traditional mining requires you to have some technical expertise but this is not necessary for cloud mining. You are spared of electricity expenses, costs for ventilating overheated machines, hardware maintenance costs etc. But this is not to suggest the cloud mining is the best option always. It works like a double-edge sword because there are many risks involved.

Cloud mining is recommended because it lets miners mine even if they do not have access to a lot of funds. Mining is so hard these days that most people prefer to buy Bitcoins rather than mine them. Cloud mining is preferred simply because you will not have to make huge investments in high-end equipments. The whole mining operation can be conveniently outsourced.

With Bitcoin cloud mining, you get to enjoy many cost savings benefits but you should be aware of Ponzi schemes and other kinds of scam contracts. There are only a handful of cloud mining companies which are legitimate; the rest are mainly fraudulent sites which only aim to steal money. Mining any cryptocurrency involves risks and when you resort to cloud mining, the risks are even higher. You should also be wary of companies offering “unlimited” contracts to miners. When you find any scheme to be too good to be true, you should consult miner feedbacks first before signing up for it.