Cryptocurrency cloud mining services
What is mining and why people choose cloud mining?
Cryptocurrecy mining is basically just transaction verification for cryptocurrency transfers. Basically this is a 24/7 computer work. What needs more and more power and efficiency because of the high number of transactions. Miners get payments for this work. Because of their computer power (hashpower) they got a reward in cryptocurrency. That's how mining generates coins. There are three different ways how cryptocurrency mining is possible. As a personal venture with own hardware. Second option is to use mining pools, and the third one is cloud mining. Let's see what is behind these possibilities.
Personal cryptocurrency mining
Personal mining means if you buy exactly your mining machines or mining hardware. It can be a good try and a real challenging hobby, but you need to calculate your profit ratio to know it is worth it or not. The price of electricity can ruin the whole process. Beside it you need to learn a lot of new concept and definition like efficiency or hash rate. Mining is more and more harder especially with the main cryptocurrencies, so you need more and more powerful and expensive machine to mine profitability. Cryptocurrency mining ruined the whole hardware market, because GPUs are much more better in mining than usual CPUs. The price of video cards almost exploded and sometimes there is a real problem even gamers to get really powerful graphic cards.
Cryptocurrency mining pools
People are greedy especially if we talk about money and profit. This feeling created this "next step" in mining where people create groups. These cooperating groups mine together and share the income and cryptocurrencies based on the contributed power. This sytem needs own mining hardware as well and the only advantage is that with greater power it is possible to mine faster whole blocks, but the result maybe the same. Mining pools are riskier because miners depends on the pool's owner.
Cryptocurrency cloud mining
The third version of mining is in clouds. Of course virtual clouds where professional miners and incredibly powerful mining farms work all day long to gather cryptocurrencies. This industry change the crypto world for small miners and individual investors. You get the possibility to get real huge minig power for a monthly fee. This sytem generates incredible income for the owner of mining farms, but it creates the possiblitiy as well even for you to get appropriate amount of Bitcoin, Ethereum or any altcoin. Based on it's cost system and reward ratio this area what we are dealing with in the future on this page.