Cloud mining is a process in which a company provides its resouces to some remote users for cryptocurrency mining. A contract is signed between the company and the user and the customer receives the computing capacity for a monthly, annual, or one-time payment. This is useful for those who cannot afford buying huge expensive rigs or those who cannot spend their time protecting the facilities. With mining in this way, you do not have to pay large power bills and do not need a large specialized site.
How does cloud mining work?
You just have to purchase the services provided by the company, the rest is done by them. Based on the amount of hash power you rent, you will earn a share of payments from the cloud mining company for any revenue generated by the hash power you purchased.
Are there Free Cloud Mining Trials?
Offering free trial basically means offering free money. No company offers free trials except maybe scams.
Is Mining Software the Same as Cloud Mining?
No. Mining software is something you download on your computer. It is required when you OWN mining hardware. Software connects your hardware to the internet so that it can make hashes and communicate with the network.
What Payment Methods do Cloud Mining Companies Accept?
Most cloud mining companies accept Bitcoin, PayPal, and credit cards. If a cloud mining company accepts bitcoins then there is a good chance it is a scam. This is because Bitcoin payments cannot be reversed. Once the scam company receives your bitcoin payment you have no way to get your coins back.
Is cloud mining the best way of earning bitcoins?
No. if you just want to earn bitcoins, simply buy them. Why to bother yourself with cloud mining?
Is Bitcoin mining Legal?
The short answer is Yes. But in some countries bitcoin is considered illegal. That’s why mining is also prohibited in these countries.
Anyways, this is a subjective matter and varies from one jurisdiction to another. But if someone does the process of mining with his/her own resources in a legit way, it is not illegal.
Why Such Hostility Towards Bitcoin?
this hostility stems from the decentralized and stateless nature of Bitcoin. So far, humans have had the habit of a state-backed currency, but Bitcoin breaks that habit. Moreover, the fact that anyone can join this network and contribute to its growth is a nightmare for some governments around the world.
With all this in mind, if you are interested in purchasing cloud mining shares, refer to the most trusted compnies.
Best cloud mining platforms 2019
The services mentioned below have already proven themselves to be reliable ones and are the most well-known in the crypto community :
IQ Mining does its best and pretends to be ahead of other competitors in this sphere. It has been known to its customers since the end of 2016; although the company has been operating for less than 3 years, it has become the most trusted choice in the cloud mining community.
The main objective and goal of CryptoUniverse is to provide the most reliable pool of technical capabilities which allows everyone to mine the desirable cryptocurrency. The company was registered on July 20, 2017, and its representatives immediately went to China on a working visit to contact the major and reliable manufacturers of mining equipment, such as Innosilicon, Bitmain, Canaan, and Ebang. Compared to other cloud mining services, CryptoUniverse differs significantly. Representatives of the company put the reputation of their service in one of the first places and offer only ready-made technical equipment for efficient operation and quick profits.
The HashFlare service has operated since 2015 and rid the miner of expensive electricity, software, constant hardware monitoring, etc.
Genesis Mining is an international service for the cloud mining of Bitcoin and other cryptocurrencies: ETH, LTC, ZEC, Monero, and DASH. The platform has its mining farm, built in Iceland and other cold countries, where the climate allows one not to spend a lot of effort on cooling equipment, as well as where electricity is inexpensive, which makes the pricing policy very competitive and exciting for the end user.