What is cloud mining

Making money on cryptocurrency is increasingly becoming a subject of discussion. It is engaging for both large companies with huge mining farms, and individuals working with portable farms.

However, the popularity of traditional mining is steadily falling, as it has many drawbacks:

  • It is necessary to purchase expensive equipment and constantly monitor its updating. In the case of a small “home” farm, you will have to regularly sell old video cards and buy new ones.
  • It is necessary to properly place the equipment, take care of air circulation and cooling, as the farm is seriously heated during operation, which can damage it.
  • Farms spend enormous amounts of electricity, for which they have to pay.

In order to avoid these drawbacks, cloud mining was created. With this method of earnings one does not need to monitor equipment, electricity bills and other things. All this is done by large companies that rent out their farms (in whole or in part). A tenant only needs to cover the costs set by the company and make a profit.

Cloud mining has its advantages, which we have already noted, and disadvantages:

Profit from cloud mining is a little less than traditional. This is clear from the fact that all issues are resolved by the company providing the farm. For this, it receives a small portion of the profits.

Profit will depend on the cryptocurrency rate: the tenant needs to follow the courses and, if necessary, go to the mining of another cryptocurrency.

Types of cloud mining
Three types of services can be called cloud mining:

  • Common cloud mining: these are sites of companies that rent out the power of their farms. On such sites, mining of several cryptocurrencies is usually available. This is convenient, since if one currency rate drops, there is an opportunity to go to mining another. The advantage is also the presence of several types of capacity: depending on the amount of the expected investment, the tenant can choose the suitable capacity for himself.
  • Free faucets: these are services that give free cryptocurrency to their visitors. Profit on such sites is collected once a day, per hour or more often. You can’t count on big earnings, but you can get a little cryptocurrency, which you can then invest in cloud mining services.
  • Browser mining. Cryptocurrency in such services is given for the fact that a tab with a mining site is open in the computer’s browser.

Thus, cloud mining is a good way to make money, based on modern technologies. With a successful determination of the movement of the cryptocurrency rate using cloud mining services, small investments can be turned into a significant profit.

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