Cryptocurrency has been the talk of the town lately. It’s easy to see why: the growth of cryptocurrencies is unprecedented and many investors have made a fortune through its increase in value.
While there are other ways to earn money with cryptocurrency such as trading on an exchange or investing in ICOs, cloud mining is one way that allows anyone to earn daily free bitcoin just by doing nothing.
In this article, we’ll take you through crypto cloud mining and how it works so that you can make an informed decision about whether or not it’s right for you.
What Are Crypto Mining Platforms?
Crypto mining platforms are systems or tools that enable individuals and organizations to participate in the process of creating new units of digital currency, such as Bitcoin or Ethereum. These platforms use computer processors to solve complex mathematical problems, which in turn verify and secure transactions on the blockchain.
Mining platforms can be software-based or hardware-based, with some offering cloud mining services that allow users to mine cryptocurrencies without owning or maintaining the necessary hardware. Factors that influence the profitability of mining include algorithms, difficulty rates, hashrates, and reward rates, among others.
If you are thinking about joining a cloud mining pool, make sure to research the company thoroughly. Some companies will not pay out your profits to you, but instead, keep them as their own. This is called mining pool centralization. This is also known as the 51% attack in Bitcoin terms.
Preferably, look for a cloud mining website that offers a trading pair with another cryptocurrency such as Bitcoin like BTCUSDT or Ethereum.
How Does Crypto Mining Work?
Crypto mining is the process by which new units of digital currency are created and transactions are validated. Miners use computer processors to solve complex mathematical problems, which in turn verify and secure transactions on the blockchain. When a transaction is submitted and authenticated, a block representing that transaction is created and sent to every node in the network. Nodes then validate this transaction, and the update is sent across the network after the transaction is complete.
The term “mining” is a metaphor for the computational work that nodes in the network undertake in hopes of earning new tokens. In reality, miners are essentially getting paid for their work in validating transactions and maintaining the integrity of the blockchain. The process of mining also ensures that transactions are legitimate and added correctly to the cryptocurrency’s ledger.
Every 10 minutes or so, the network generates enough transactions to make a new “block,” which is then added to the blockchain after being validated by miners. The cloud miner who successfully solves the mathematical problem associated with the block is rewarded with newly created cryptocurrency units.
Top 5 Crypto Cloud Mining Websites
Hashflare
Hashflare is one of the most popular crypto cloud mining websites. It’s been around since 2014 and has provided over 2.5 million users with access to the latest and greatest in cryptocurrency technology. In addition, Hashflare offers a number of great features that make it easy for anyone to get involved in cryptocurrency and take part in cloud mining.
Hashflare offers its customers to buy hashrate for Bitcoin and Ethereum using Ethereum and Bitcoin respectively. In addition, you can also buy contracts for Dash, Zcash, Monero, LiteCoin, and Bitcoin Cash as well.
Genesis Mining
Genesis Mining is a cryptocurrency cloud mining platform that has been in business since 2013. It’s one of the largest and most popular cloud mining platforms, with over 3 million users worldwide.
Genesis Mining offers Ethereum, Zcash, Monero, Dash, and Bitcoin mining contracts for as little as USD 0.07 per 10 GH/s (0.7 cents). You can also choose between 2-year or 3-year contracts depending on how long you plan to hold onto your mined coins before selling them or trading them elsewhere (or even back into fiat currency).
Bitminer
Bitminer is a cloud mining platform that allows you to mine Bitcoin and Ethereum. There are two algorithms to choose from: SHA-256 and Scrypt. Bitminer offers a lifetime contract for mining, so all you need to do is pay for it once, and then you can earn up to 0.0039 BTC per day.
Bitminer.io is a crypto-cloud mining website that offers users the ability to mine cryptocurrency in a cloud-based setting. It uses the same technology as regular cloud mining services but can be used with any type of cryptocurrency, not just Bitcoin.
Established in 2013, Bitminer’s software allows its users to mine with their CPU or GPU and provides them with the option to purchase extra hash power at any time. The company is based in Illinois and is in full compliance with the current US regulations on cryptocurrencies.
Hashing24
Hashing24 is a cloud mining company, which means that you do not need to deal with the hassle of purchasing your own hardware and software. All you have to do is purchase a certain amount of hash power for one year and start earning bitcoins.
Hashing24 offers a refreshingly simple way to get involved in crypto cloud mining. The website is simple and easy to navigate, but what it has in simplicity, it makes up for in functionality and security.
Unlike most other sites, there’s no steep learning curve here—just create an account and start generating currency immediately. Hashing24 offers a wide variety of digital currencies, including the popular Ethereum, as well as Dash, Litecoin, and Monero are also available. As of this writing, Ethereum is seeing a major spike in popularity, so take advantage of this site while it’s still new and hot.
Eobot
Eobot is a cloud mining platform that allows users to rent hash power from their data centers. It was founded in 2013 and has been around since then.
Eobot is a cloud mining service that supports Bitcoin, Litecoin, Dash, Dogecoin, and many more altcoins. Users can rent a cloud mining rig for a lifetime or purchase a cloud mining contract to receive daily payouts. Cloud mining offers convenience since you don’t have to worry about physical hardware and can start earning coins immediately. All you need is an Internet connection.
After purchasing or renting hash power, you can choose which cryptocurrencies you would like to mine. The Eobot dashboard provides real-time data on your active contracts and performance. You can also use Eobot’s Cloud Mining Manager tool to easily change the currency you are mining based on profitability.
Conclusion
In conclusion, crypto cloud mining websites offer a way for individuals to mine cryptocurrencies without owning or maintaining the necessary hardware. These services provide mining contracts for various cryptocurrencies, and users can choose from different contract lengths and mining plans.
Before investing in cloud mining, it’s crucial to conduct thorough research, carefully consider the risks, and only invest what you can afford to lose. Additionally, it’s wise to stay updated on the latest developments in the cryptocurrency industry, as the landscape can change rapidly, affecting the viability and profitability of cloud mining services.
To know more, read other articles BTC vs ETH: Which Crypto Is a Better Investment? and Why is Hash not reversible?