According to bitcoinmining.com, Cloud mining or cloud hashing enables users to purchase mining capacity of hardware in data centers. In other words cloud mining saves you the hassle of having to save up to 10K for the latest mining rig, instead you can buy a fraction of the rig and you don't even have to think about electricity!
Why Cloud Mining?
People might choose Cloud Mining because electricity in their area is much to high and 'CM' is a more effective. They could be trying to avoid the sound of hundreds fans buzzing in the middle of the night. If you are a retired Bitcoin Miner this could be for you! Another reason people Cloud Mine is because you can also make money through referral fees, which is why a lot of youtubers swear by it.
Where to Cloud Mine
The two top dog's in the 'Cloud Mining Revolution' are Genesis Mining & Hash Flare*
1.Genesis Mining: https://www.genesis-mining.com
2.Hashflare: https://hashflare.io
What's the Catch?
There are a lot of complications with Cloud Mining, if you ask around the Crytpo Community you are sure to find a few strong opinions! By investing in Cloud Mining you're buying mining power in 'H/S' as the mining difficulty grows throughout a year, your gains will shrink and you could end up with a lot less than you expected.
To work out your potential profits from Cloud Mining check out the guys below:
https://www.cryptocompare.com/mining/calculator/btc?
Simply type out the details and leave zero in the 'KWh' section. Then from your final figure deduct your rental fees. This is the easiest way to find out if Cloud Mining is for you.
The Reviews
The chances are that your favorite youtuber who just made 10000 Dollars through Cloud Mining , made most of his/her gains through Referral Links and that you won't come close to the same profits. According to current rates in 'CM', 179 Dollars will give you 0.02282 BTC in a Year.
I have not invested.
The reason I have not invested in Cloud Mining is because I would rather buy a Bitcoin(or alt-coin) and make gains on that. Instead of waiting a year in hopes that my mining power has held up. This may also be a good time for me to let you know that I am not your Financial Adviser, invest at your own risk! Just because Cloud Mining is not for me does not necessarily mean that it won't be for you!
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