Cryptocurrencies have recently been taking the world by storm. Revolutionising the way we make payments both online and offline by providing a much safer, decentralised and cheaper alternative to utilising a third party payment service which often take excessive commissions and slow down the payment process significantly.
Cryptocurrencies such as Bitcoin, Ethereum, Monero along with many others allow users to mine the currency using powerful, and often expensive, computers or “mining rigs” with GPUs (Graphic Processing Units).
Physical mining rigs can be quite inconvenient to run due to their high electricity usage (which can add hundreds of dollars to your monthly electricity bill), noise and heat production, immense initial investment costs (often $2000+) as well as the complex setup and maintenance process.
A very good alternative to these physical mining rigs is Cloud Mining. This involves renting computer servers remotely located in countries where electricity is cheaper and from companies which are experts at managing this hardware properly and cutting costs. The reason these companies sell server space rather than mine with these computers themselves is because by selling to customers they are removing their exposure to the changing value of these volatile currencies. However, if you are smart it is very easy to make a lot of passive income from these websites from a small initial investment.
It is important to realise that there are many cloud mining companies out there that do not actually own servers and are just scamming for quick profit. There is one main provider, Genesis Mining, that has proved their operation and even has a live-stream of their server room on their website. They have now been around for several years and are used by hundreds of thousands of cryptocurrency speculators all over the world, receiving a regular inflow of cash into their wallets every day.
Using a mining calculator we can see that at the current rate, even a very small investment of $30 will pay out just under $130 over the course of 2 years. Genesis mining contracts last for 2 years. Expanding this investment shows that by investing $3000 that pay out rises to $13,000 over 2 years.
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