Cloud Mining

Definition Cloud mining is a cryptocurrency mining mechanism without having to buy expensive equipment and build a mining farm. There are companies that allow you to create an account and participate in the...

Definition

Cloud mining is a cryptocurrency mining mechanism without having to buy expensive equipment and build a mining farm. There are companies that allow you to create an account and participate in the mining of any coin remotely, using their rental equipment. This service makes mining more accessible to a wide range of people in various parts of the world. Cloud mining is particularly popular in countries where electricity is expensive.

The process of cloud mining makes you a member of a pool and involves purchasing a certain amount of «hash-power». Each participant receives a legitimate share of the profits in proportion to the work done. Since the process passes through the cloud, the problems associated with servicing equipment or energy costs simply disappear.

Why do you need cloud mining?

Cloud mining is one of the fastest growing technologies in the crypto-industry. Owners of powerful server computers willingly share their computing power and earn good money from it. Mining is the basis of a blockchain network; it is the process by which transactions are checked and recorded and new coins are issued. Therefore, remote mining services are of great importance for the entire crypto-world because they increase the stability and security of the network.

The process itself is very simple and requires a person to only open an account in the company and select several parameters, for example, the term of the contract and the power of hashing. It is important to emphasize that there are a large number of scammers on the market. So if you are interested in cloud mining, be very careful in choosing a company. You should pay attention to only time-tested companies, whose sites contain detailed information about the creators, as well as provides all the necessary documentation.