Cloud Mining for Crypto Coins In the world of crypto currencies Cloud Mining as a service has earned somewhat bad reputation and there is a very good reason for that. There were just too many scams out there that have resulted is many people actually losing money after investing in such services. Bitcoin is the currency of the future & Genesis Mining is the largest cloud mining company on the market. Mine bitcoin through the cloud, get started today! The future belongs to cloud mining, say experts interviewed by CoinTelegraph. Nowadays, Bitcoin is the most popular cryptocurrency used as an alternative to. 10+ best Bitcoin mining pools. Mining software and a Bitcoin wallet. Mining Pools vs Cloud. For Bitcoin Unlimited in early March 2017 for reasons that. Oct 26, 2017 - Among these, the most popular are Genesis Mining and Hashflare. Bitcoin Cryptomoney Cryptocurrency Btc Cryptography. While these companies have been able to gain popularity throughout the years, and especially during 2017, very few clients end up satisfied. This is because cloud mining companies.Missing. Is Bitcoin mining profitable after the mining difficulty increased dramatically. “Is Bitcoin Mining Profitable in 2017? How to mine Bitcoins with cloud mining. There are of course some companies that have earned a name of being serious players in the crypto cloud mining game, but their number is much smaller when compared to others that at some point ran away with a lot of their investor's money. What is cloud mining? This is essentially a service that offers you to mine a given crypto currency for you and you are essentially renting their mining hardware and getting the mined coins in return as a payment. Usually you are paying form a given hashrate that you want and for a certain period that you rent it for, an example would be renting 10 THS for 1 year period for mining Bitcoin. Depending on the terms of the service you may have to pay additional fees for electricity and/or maintenance often on a daily basis that gets deducted from your mined coins or you pay for that upfront. Some services even advertise Lifetime contracts for Bitcoin mining (or other crypto currency), but there is a catch with these as by the lifetime they mean that it will mine until it generates profits. Advantages and Disadvantages of Cloud Mining There are some clear advantages to cloud mining that are making it attractive for many users. These are the fact that you don't have to buy actual mining hardware, don't have to set it up yourself and monitor it, don't have to think about the electricity it uses, no need to think about the heat and noise generated as well. The disadvantages are that you don't own any hardware after your renting contract ends (if you did, then it probably wouldn't be worth much for selling), you may have to pay more upfront to start mining (depending on the hashrate you purchase), you are not sure if the company will be there until the end of your contract (there is a risk involved). Real Mining for Crypto Coins If you are interested in mining for crypto currencies yourself you are probably going to be doing that at home and even to get started you will have to have a bit of knowledge about hardware and software in order to get everything setup and ready (crypto as well). Alternatively you will need to have a friend to help you or find somebody to pay to make everything required for you (not recommended). You need to think about a good place to use for computer mining rigs or ASIC miners. These usually use a lot of electricity, give off quite a bit of heat and are noisy, so you need to think of a way so that any of these will not bother you while you are at home. If you are mining at home using real miners you can have full control over what you are currently mining, though that also requires you to monitor everything and make sure that it is fully operational and does not give you problems. You can decide if you want to mine a coin and hold everything you mine for a period of time or you can sell immediately a part of it to cover costs. You can also decide to sell the hardware at any point of time should you decide to stop mining as it is no longer profitable or you can only shut down for a moment the miners and bring them back online if things change after some time. You have full control over everything, unlike when you purchase hashrate at a cloud mining service. Depending on what you are using as mining hardware - ASIC miner or CPU/GPU mining rigs, you may have two do different things. With ASIC miners you should plan that they will quickly get outdated and their price will significantly reduce over short period of time. ASIC miners do come faster, but they are also more limited in usability as they are designed to work only for a specific crypto algorithm. If you are using a computer for CPU or GPU mining you will generally be much better in terms of value retention of the hardware itself over much longer period of time (if you care well for it) and you will be much more flexible as you can switch between the mining algorithm used. So using computers for mining rigs does seem to be a better long term investments than going for ASIC miners. With ASIC miners the timing is very important, so if you manage to get on time you can make a quick profit, but if you are late in getting the mining hardware things will be just getting harder and harder to even ROI. When an ASIC miner comes out for a given crypto algorithm it quickly makes mining with CPU or GPU pointless, so if you want to continue mining a certain crypto coin that got an ASIC miner you will have to buy an ASIC and switch your mining computer to mine something else. Not Mining but Buying Crypto You may often hear people recommending that you should just buy some coins on a crypto exchange instead of going for cloud mining or actually mining with some mining hardware at home. This is actually a sound advice for people that don't want to risk getting scammed by a cloud mining service or don't have the knowledge and time to mine themselves, but have some money that want to invest in a crypto currency. While this may be a sound advice to follow it is also one that can carry a greater risk if the crypto currency you invest in does not do as good as you might expect it and becomes worthless in terms of price after some time. If you have invested in mining hardware that you own and not in a cloud mining service then you should be able to mine different coins and get a greater portfolio (you can also buy into multiple coins and not just one). Even if all of the coins you mine end up being worthless at some point you will still have something left for the money you have paid for the mining hardware. Of course investing into computer hardware for mining is the best option as you should be able to get more money from it at a later time should you decide to sell it. It is more flexible and usable as even if you don't sell it to another miner you can always find a gamer to buy video cards for instance. What is the Best Advice There is no right or wrong here, so the answer to Cloud Mining vs Real Mining vs Buying Crypto is not easy. What would work best is if you don't do just one, but instead try to get into couple of things. Yes, it may be harder, but then the risk of losing everything invested in just a single thing is also smaller. Usually the lower the risk, the less profit you can get, and the higher the risk, the higher potential profit may be, but it is also not impossible to lose everything all at once. Be extra careful with investments in cloud mining services, go for ones that have actually proven themselves over time and not new ones that just launched and are promising you to get rich in no time. Plan carefully should you decide to mine at home yourself, not just with ASIC miners, but for computer mining rigs as well, do the math and be prepared for the worst while hoping for the best outcome. You can also invest some money directly buying promising crypto currencies, but be careful with these as well and carefully consider what is really promising. Once you manage to get some coins, no matter what way, be careful if you get too tempted to start trading on crypto exchanges as doing a bad decision and risking too much can also lead to significant losses. In the end the best advice is probably to be more careful and not risk everything on a single decision, try to play it more on the safe side in order to avoid being sorry later on! If you have a question or want to add something, then please leave a comment below. Did you like what you have just read? Very interesting article. I certainly agree on diversifying crypto exposure. For the majority of people, they just want to get a stake in the crypto market. A balance of long-term holdings (put aside in paper wallets) together with cloud mining is a good solution. The way I see it, there are significant advantages of some cloud mining over pooled mining (e.g. Not having to be technical, equipment automatically updated, not having to cover electricity costs, less noise and heat.). The key downsides are that the company that you are dealing with do not make it clear how the system operates and that they don't exist. The cloud that I mine through gives a mined credit daily, which can be cashed in whenever. I am on track for my purchase of hardware share (not hashing power) to be repaid within 4 months with any subsequent mining on a lifetime basis to effectively be at a rate of just under 300% per year (although my outlay will have been covered by that point). This return is after 50% of mining returns have been paid. In terms of the people running it, by doing your homework on who is behind it, you can be more reassured that it is not a scam. In my case, the people behind the mining have a much more substantial and known business that would not be even vaguely in their interest to jeopardise to profit from at the expense of the key business. I have verified images of them on site with all of the machinery whirring in the background. All in, cloud mining can provide a very attractive return for the amount of effort that you have to put in. I can handle 4 months of calculated risk in the interim. That's a great article u write. I got a question, if u buy cloud mining, how much ether in avg ( with current condition, difficulty, price per June 30, 2017 ) u will get everyday from the cloud mining? And what will u got too, if u mining from home with CPU and GPU for ETH? Have u ever compared these with data, if possible with excel? I really would like to know the result. So, if u ever know the answer, please post it. For now, I very agree with ur idea, lowering the risk with multi investment at these 3 type: cloud mining, home mining, and buying. I just did the first ( cloud mining ) and think of doing the 2nd and 3rd after see ur post. So, if u can, please make a comparable data at excel. I really want to know your idea. Btw, I already upvote ur article and following u. Hope u can also following me. Mining hardware seems to have become an arms race. I expect some of it is only used for a short time before it becomes un-economical to run. You have to hope it paid for itself in that time. Those with access to cheap electricity stand to make the most. I expect the cloud mining rigs are in places where it's cheap. I'm trying some Steem mining on my PC, but it's probably not really worth it for the tiny amount I'm likely to make. I'm just interest to see what happens. It looks like a few people are getting most of the blocks. They must have access to a lot of PCs. As I understand just buying is the easiest and 'safest'. Your $100 could be worth $1000 in a year which you could then cash out and spend the way you want. With cloud mining you buy a contract 1 or 2 years which generated you coins over time. Considering the price of the coin and network difficult you will get your rewards. Your $100 could give you $1000 in your first year and $1000 on the second With home hardware mining you own the equipment forever. Until it gets really old or dies. Potentially 2 - 3 years? You need to invest more than $100 to get started, but the real question is would it had been better invested into just buying the coins. If the mining rig paid itself within the first few months then definitely, if it seem like it's going to be a year. Not so sure anymore. If you have access to cheap or free electricity, then of course the risk is lower. • If you want to start bitcoin cloud mining and you want to know about the prices, profitability, break even and the top service providers then you should read this post. • As we can see in the above table, Yes the bitcoin cloud mining is still profitable and you will get a daily net profit about ( $4 – $5 ) / $1000 investment. • With Genesis Mining you will get the best daily profit and you need only 190 days to break even. Also Genesis Mining is the only Company now which provides a lifetime bitcoin cloud mining contract so we strongly recommend to choose it. • Our second best option here is Hashing24 as you will get your money back after 474 days while the contract period is 1095 days so you will get about $445/1TH net profit at the end of the contract period. • And with Hashflare you will get your money back after 207 days while the contract period is 365 days so you will get a net profit about $114/1TH at the end of the contract period, so Hashflare has lowest profit between the three companies. • Note that there are two main factors affecting the profits ( the bitcoin price – the bitcoin mining difficulty ) but we have assumed in our calculations that there will be no change in the price and the mining difficulty. • Yes the bitcoin mining difficulty has increased a lot because of the huge increase in the mining hashpower but also the bitcoin price now is about 4x the price 6 months ago. • Start Mining Bitcoin Now While it is still cheap, it is not too late yet and the price is expected to be at least $10000 before the end of 2018 while the price today is $4400 So Do Not Miss This Opportunity. • You Can also use Our Genesis Mining Promo Code “mJcnzk” to get 3% OFF when Purchase Genesis Mining Bitcoin Contract Anytime. • To Get The Updated Cloud Mining Profitability Report ( 23 Nov 2017 ), Please Check Our Updated Post.
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