Cloud mining is a method of mining a cryptocurrency like bitcoin utilizing rented cloud computing power instead of installing and running the hardware and software directly.
Cloud mining companies allow anyone to register an account and engage in bitcoin mining remotely for a small fee, making mining more accessible to people all over the globe. Because this type of mining is done on the cloud, it removes difficulties like equipment maintenance and direct energy expenditures. Cloud miners join a mining pool, which allows users to purchase a certain amount of “hash power” for a set price. Each participant receives a pro-rata share of the revenues supported by what proportion hashing power they rented.
Mining for cryptocurrencies like bitcoin, whether done in the cloud or locally, does not require any real mining. While this procedure does result in new cryptocurrency tokens being issued to miners, the mining operation is far more important for ensuring the security of a distributed ledger like a blockchain. Bitcoin mining is carried out by high-powered computers that tackle challenging computational arithmetic problems that are too difficult to complete by hand and complex enough to drain even the most powerful computers.
Best Cloud Mining Websites
Here are a few of the best cloud mining sites where you can start ming cryptocurrency and start earning money.
It is a popular cloud mining service that you can trust, having been founded in 2015. Using your desired deposit amount, ChickenFast uses AI to find the most profitable cloud mining rate for you. Let’s imagine you wish to deposit $1,500. ChickenFast can quickly calculate your expected daily, monthly, and year earnings, as well as your net worth.
ChickenFast also assures that your original money will be returned to you and that you will be paid every day without fail. ChickenFast allows you to mine Bitcoin, Ethereum, and Bitcoin Cash, and there are three premium tariffs to pick from There are three types of precious metals: silver, gold, and platinum.
ECOS is now one of the most well-known cloud mining platforms on the market, and it offers a variety of services. ECOS also gives you a lot of options when it comes to the currencies you may mine. Bitcoin, Ripple, Tether, Litecoin, Ethereum, and Bitcoin Cash are presently available.
It is a popular cloud mining platform that was founded in 2018. SHA-256, Ethash, and Equihash are the three hash power options available on this site. The type of currency that may be mined will vary depending on the option you select.
For example, you can choose to mine BTC using SHA-256, but not Ethash or Equihash, so bear that in mind while making your decision. You’ll be able to see how much money each hash power plan can earn on a daily, weekly, and monthly basis, so you can decide whether it’s appropriate for you.
TrustCloudMining also provides 24-hour customer care for any of your questions, and it does use some renewable energy in its mining process, although it only accounts for a small portion of the total energy required.
4) IQ Mining
IQ Mining is a famous cloud mining platform that was founded in 2016. There are a variety of mining contracts available, with hash rates, payment types, revenue amounts, and prices varying. The sort of currency that may be mined varies from contract to contract. Some contracts go out of stock from time to time, depending on demand.
- Best Cryptocurrency to Invest in India 2022
- Best Crypto Exchange in India
- Best Penny Cryptocurrency to Invest