Bitcoin is the most popular cryptocurrency used today. All bitcoin transaction must go through verification before they are sent, this process is called mining. Cloud mining allows users, instead of using their own machines, to buy mining power of the hardware placed in remote data centers. Below I will state the Pros and Cons of cloud mining. I will also include websites that are cloud miners.
PROS OF CLOUDMINING
- Do not have to install the miner
- electricity bill will not be effected by mining
- No excess heat to deal with
- No bitcoin mining equipment to sell when mining is no longer profitable
- No humming from bitcoin mining machines
CONS OF CLOUDMINING
- Mining contracts may have the ability to cease operations, or payouts in the contracts if the Bitcoin price is too low
- Mining contracts can be changed without your consent
- Contract expires after one year
- Large maintenance fees that can be up to 20%
- Do not have possession of the mining hardware
Here are trust worthy cloud mining websites.
- Hashflare.io
Hash flare offers the ability to mine five different cryptocurrencys. They have a relatively low pool fee compared to their competitors at 17%. Click on the Hashflare picture that I provided to sign up!
- Genesis Mining
Genesis Mining allows the abilly to mine six differnet cryptocurrencys. They have the largest community of miners and are very reliable. Their pool fee is very similar to Hash Flare. If you would like to start minning at genesis use this link to sign up: https://www.genesis-mining.com/a/2220781
Disclaimer: These platforms are not "risk free," so always invest money that you can afford to lose.
To the question in your title, my Magic 8-Ball says:
LOL! There is lots of risk in cloud mining, but I personally do it due to the pros out weighing the cons.
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