The key concept of blockchain and cryptocurrency is mining, a process by which new coins are entered into global circulation. Technically, cryptocurrency mining is performed using sophisticated hardware that solves computational math problems. Those problems are extremely complex, and the whole process takes a massive part of resources. In the early days, Bitcoin mining was a pretty easy thing, and it was literally for everyone. Miners were able to earn coins using their home PCs. Currently, classical crypto mining is an expensive and very difficult process with sporadic rewards. This is the reason why the blockchain companies finally came out with the concept of a mining pool that shares its generated hash capacities with thousands and millions of users all around the globe. And that’s how the history of cloud mining has started.
Actually, that idea isn’t new. But at the same time, state-of-the-art equipment and breakthrough technologies make cloud mining an exactly revolutionary crypto solution. Although many people would love to join the global mining process, extremely high costs literally discourage them. So the best cloud mining \companies started investing in powerful mining equipment and then shared the hash capacities with users who wanted to rent miners to profit.
In the cloud mining model, people have an opportunity to buy some of the computing power generated by industrial mining farms. Customers rent hash power in exchange for maintenance fees. And it seems like a win-win idea for big companies and average users. The company runs and maintains the hardware by itself as well. So all you have to do is just pay regular or upfront fees renting miners from cloud hash providers.
There are no restrictions on who can earn coins under cloud mining contracts. Any customer from any country can buy or rent a virtual miner, and it takes a couple of minutes. It is definitely the best model for those who want to dive into the cryptocurrency universe but can’t afford high-end mining equipment. Also, cloud mining is a win for average users without tech skills.
While hundreds of altcoins exist at the current moment, most cloud mining platforms allow earning only the popular coins such as Bitcoin, Ethereum and Litecoin. Since Bitcoin was launched in early 2009, it’s still the most promising cryptocurrency with a high rising value. So if you are interested in passive income, you better pay your attention to the world’s number one crypto. Although Ethereum and top altcoins are also still a good choice for profitable cloud mining so far.
For some good reasons, cloud mining is still a good thing and one of the best ways to make passive income. If you wish to join the worldwide crypto community via mining in the cloud, the first step is to find a trusted website. It is also essential to choose a suitable contract for high return from mining under reasonable terms.