Last year has seen a sudden surge in the popularity of Bitcoin and other cryptocurrencies. The price of Bitcoin skyrocketed and with that many new cryptocurrencies emerged. To make quick profits many new traders started investing in Bitcoin and other cryptocurrencies. Also, people started Bitcoin mining at their home for profit making.
There are several ways of Bitcoin Mining. It requires a large amount of hardware power and mining software to earn money from Bitcoin Mining. Not everyone can afford the huge cost involved in the process. So we have to look for some alternatives to this. Bitcoin Cloud Mining and pool mining are the two most popular form of cryptocurrency mining. Pool mining is a way in which hardware power is shared among various systems to get greater output.
What is Bitcoin Cloud Mining?
Bitcoin cloud mining, on the other hand, is a way to mine cryptocurrency by using someone else’s hardware for mining and paying them for it.
There are many services available online that rent hardware power on the cloud which you can use for cryptocurrency mining. You can use it as per the requirements. The company gives the powerful mining rig on contract to its customers. The amount of Bitcoin that is mined from this is the profit of the user.
In Simple terms, cloud mining refers to a shared processing power that is present on a remote center. The user can access it with the help of their system and to store in their Bitcoin wallet. If done wisely it can be a good source of income for you.
The companies that provide cloud mining service give the hardware power on a contract for a fixed time period for which you have to pay. The hardware needed for Bitcoin mining is costly and not everyone can afford to buy it. So, cloud mining is a potential solution to the problem.
Top 5 Best Bitcoin Cloud Mining Services
If you are interested in Bitcoin Cloud Mining, we bring you the best bitcoin cloud mining services.
1. Genesis
Building Enigma / The largest Ethereum Mining Facility from Genesis Mining on Vimeo.
It is one of the oldest bitcoin cloud mining service provider. It is also the biggest and most trusted platform. It has a large data centers which contain a large amount of powerful hardware used for crypto mining. You can see the live feed of each data center. It offers mining contracts for all major cryptocurrencies so that you can go for making maximum profits as per the market.
Genesis mining is simple and registering on its platform and you can start mining bitcoins instantly. You can also use it for mining alternate cryptocurrencies.
2. HashFlare
Hashflare is another good Bitcoin Cloud Mining service provider. It provides a straightforward way to start mining cryptocurrency. Once you buy a contract with HashFlare, your mining will start instantly. Also, withdrawing money with it is also simple. The user can also access live information regarding mining.
There are different pools to mine more efficiently, you are free to choose which pool your hashrate should use. Instead of buying costly mining rigs this provides a more cost-efficient method which you can use as per your convenience.
3. Hashing24
Bitcoin mining is a complex technical process. It takes solving complex mathematics problems to create a new block in blockchain so that Bitcoin is generated. You do not have to go through the complex details of mining with Hashing24. You can buy the contract for the amount of time that you feel suitable. The Bitcoins will be transferred to your wallet.
Hashing24 regularly upgrade the technology to give the best user experience. The customer support is also great. Use its Mining Calculator to know what profit you can earn on your investment.
4. Hashnest
Hashnest is different from the others on the list. It uses specialized mining hardware for Bitcoin mining. The mining data centers are across the world. The Bitmain its parent company is based in China. Hashnest offers Payout Accelerated Cloud Mining Contract which means the maintenance cost is paid by the company and the end profit of mining is shared with the buyers. It also provides Bitcoin wallet service.
5. Eobot
Eobot provides a secure and easy cloud mining service. You can use it for mining almost all major cryptocurrency. It offers a contract for one day or 10 years. The difficulty increases over time but the price of cryptocurrency also increases. You can use Bitcoin or Epay in order to purchase its contract.
Final Words
Bitcoin Cloud Mining provides a more efficient way to make a profit from cryptocurrencies. If you buy a rig that costs so much and with that, the maintenance of that system and electricity adds to the cost. Once the mining is no more profitable you are stuck with the system. So, that adds to the pros of cloud mining.
There are a lot of scams in the name of Bitcoin Cloud mining on the internet. It is advised to be aware of them to keep your money safe. If you have any queries regarding this subject feel free to ask us in the comments.