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What is Bitcoin Cloud Mining?
The smart alternative of solo (hardware) mining
Bitcoin Cloud Mining Overview
Cloud Mining is a way to mine bitcoin (or different cryptocurrencies) without the need of owning a miner (or mining hardware). Simply said, you buy yourself some shares of mining power – like a mining pool – and profit together with the pool. This means that you only need a contract with someone who offers Cloud Mining Services and a bitcoin wallet (check out or bitcoin wallet guide!).
Types of Cloud Mining
There are two forms of cloud mining:
- Hosted Mining – You send your mining machine to a Firm, which provides electricity, cooling and configurations. It is also possible, that you lease yourself a mining machine.
- Buying Hashing Power – The most popular method of cloud mining – You buy an amount of hashing power (Hash Rate). Which means, that you don’t need to own a physical or virtual mining machine (computer).
The pros of the one are the cons of the other and vice verse.
Hosted Mining vs. Buying Hashing Power
Now let us analyse both the Hosted Mining and the Buying Hashing Power types of bitcoin cloud mining. Starting with the pros of hosted mining:
- Less Scammy – if you decide to get an hosted bitcoin mining contract, than you need to check if the provider is a registered venture. If this is the case, you have high certainly, that you wont get scammed. Here is a list of hashing power cloud mining scam
And now the cons of the hosted mining:
- Higher investment and monthly cost – you not only buy the mining machine, but need to maintanance costs depended on the energy use of the bitcoin miner. Harder to Monitor – the success can be monitored only partly. Check out the our bitcoin cloud mining monitor to see the most profitable ones out there!
The pros of the Hosted Mining are the cons of the Buying-Hashing-Power model and vice verse.
Bitcoin Cloud Mining Pros
Take a look on the benefits of bitcoin cloud mining:
- Higher Profits – because cloud mining providers optimize everything, it yields out higher returns.
- Tranquil and cooler home – no more permanent sound and heat.
- Less electricity – the electricity bills will get a lot lower.
- ‘No’ equipment problems – no need to sell the bitcoin miners, when they stop being profitable. No need to configure the bitcoin hardware.
- Less risky – the possibility to get let down by the equipment is decreased by a lot.
Bitcoin Cloud Mining Cons
And now the counterpart list:
- Scam Risk – you can always have bad luck and find a cloud mining fraud.
- Cost of Mining Operations – you need to pay for the hardware management
- Less fun – at least for some it can be less fun to just virtually own something.
- Lack of control and flexibility – harder to control where to mine or when to sell the bitcoin miner.
Bitcoin Cloud Mining is a way to mine bitcoin without owning mining hardware. Still, you need to decide which kind of cloud mining fits your needs best – Hosted or Bought- for which you should calculate how much you are willing to invest and how fast you want the Return of Investment (RoI) to be, be careful the higher the RoI the bigger the risk of getting scammed! Happy investing! Hint: Often writer use instead of Cloud Mining the wording Cloud Hashing and obviously instead of Bitcoin Cloud Mining – Bitcoin Cloud Hashing.
Our Bitcoin Cloud Mining Infographic
Well, after reading the hole text you deserve a REWARD! We from CoinStaker.com created a bitcoin infografic on How to make money with Bitcoin. This infographic should serve as a small guideline on how to optimize your bitcoin cloud mining earnings. We hope you like it. It’s our first bitcoin infografic… the next one will be even more awesome!