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What is cloud mining or mining in the cloud?

Antigua and Barbuda, Saint Mary, New Division
Published 2 years ago
ID #1168
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What is cloud mining or mining in the cloud?
Antigua and Barbuda, Saint Mary, New Division,
Published 2 years ago

X-Node Details

Cloud Mining has become, perhaps, one of the most popular ways to mine cryptocurrencies today. This new modality allows users to mine cryptocurrencies even if they do not have the resources to pay for the necessary mining equipment. 

Rather, they can rent the computing power to companies that do own such equipment. So the mining process is done from a remotely operated data center.

That is, we do not need to have ASIC equipment in our homes or anything like that. And therefore, neither the high electrical consumptions that these imply. On the contrary, mining in the cloud uses equipment that large companies have for this purpose. And they also have the necessary conditioning for its proper functioning and operation.

How does Cloud Mining work?

The most common way to operate and obtain benefits from this type of mining is for interested users to register on a platform that offers these services. And they carry out the purchase of contracts or shares within said platform.

These contracts allow the user to employ the mining services and make a profit from them. And once the minimum withdrawal amount is reached (established by each platform), the user can withdraw the profits to his wallet.

On the other hand, from the point of view of the companies that offer these services, selling contracts and renting the hashing power helps them minimize risks.

Types of Cloud Mining or Cloud Mining

Virtual Private Server (VPS)
This mining method requires the rental of a server and the installation of mining software. That is, the rental of a computer that we access remotely from the Internet.

Rental of computing power
It consists of buying or acquiring a contract with a company to rent part of its hashing power. Generally, users can choose how much computing power to hire or rent. And their earnings will be proportional according to the amount of power they acquire.

Hosted mining
In this modality, the companies pay the miners' expenses. In other words, they take charge of the consumption and maintenance of the mining hardware that their clients have.

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    Antigua and Barbuda, Saint Mary, New Division
    Mary Street Slo 34566