Mining the Bitcoin is a profitable venture no doubt, but many miners may not be keen to build or maintain a mining rig. When you mine the Bitcoin, you can decide whether to mine solo or join a pool. Joining mining pools assures faster returns on investment because you have access to shared processing powers from a group of miners. For those who do not wish to go through the trouble of managing specialized mining equipments, Bitcoin cloud mining is the best option. You can review Bitcoin mining contracts to see which suits your budget and requirements.
In Bitcoin cloud mining, you will be able to buy mining power from hardware which is provided by third parties in remote data centers. So, the mining services provider will give you hash power in exchange for fees. While there are many such services, Genesis Mining and HashFlare are highly recommended. So, when you sign up for Bitcoin cloud mining services with such providers, you can get rewards without having to look after mining hardware and software, or pay for power costs and bandwidth costs, or even deal with offline issues.
What are the benefits of choosing Bitcoin cloud mining services?
When you decide to opt for cloud mining to earn Bitcoins, you can benefit from many things. To start with, you will not have to handle overheated machines which are common when you mine cryptocurrencies using GPUs and CPUs. Besides, there is no accompanying noise because you do not have machines working at home. So, there is no noise from continuously humming fans which must be installed to cool down the miners. Electricity charges are also not overbearing and these are going to be included in your mining contracts. Since there are no heated devices working all time, there is no problem of ventilation. You will also not have to deal with delays which are common when you order for mining hardware. Many Bitcoin mining hardware suppliers fail to deliver their devices on time.
Currently, you can choose from three kinds of cloud mining, namely, hosted mining wherein you can lease machines which are being hosted by providers. You may also choose virtual hosted mining where you build a virtual private server that to install your own software. Finally, you may also opt for leased hashing power where you can rent hash power without installing a virtual server or a dedicated physical machine. The last option is the one that is commonly used by miners. You can also determine profitability of mining before you start mining the Bitcoin. However, calculations are not the same in cloud mining as they are for hardware mining. When you use your own hardware for mining the calculation is simple and straightforward as you multiply power costs with power consumption per unit.
