MINING DIY AND THROUGH CLOUD MINING SERVICES

MINING DIY AND THROUGH CLOUD MINING SERVICES | Ecency

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FIRST AS OF NOW I DO NOT MINE IN ANY WAY

Invest in cloud mining besides buying and actually mining cryptocurrencies there is also exists the option to let it be mined for you. There are two major companies ~~I know of~~ and surely there are even much more than that.

One is called GENESIS MINING and the other is called HASHING24.

Disclaimer: For my part I´m more biased on that topic because I don´t understand the actual reason for cloud mining to exist. I see why it is good not having to buy the actual mining rig, not dealing with the whole installation and maintenance as well as the constant danger of setting your home on fire as a result of a short circuit. Tcch savy persons may see the DIY approach as more of an option for them because it is kind of challenging to set everything up and keep it running and could also be some kind of a hobby I guess. If one can´t mine crypto themself then it is mostly because the electricity in your area, the miner itself or the climate aren´t fitting to help the purpose. Bitcoin mining itself is extremely expensive because the difficulty rate is steadily increasing. For your home miner to mine a block it takes a long time and the block rewards aren´t that lucrative as they once were when bitcoin was in its infancy. You can also mine many other cryptos like Burst, Zcash, Zclassic, Ethereum or Ethereum Classic and so forth. That leads a homeminer to buying evermore powerful miner, GPU´s, moving location to colder climates or simply giving up on bitcoin (and other) mining.

Documentary:

MINING BITCOIN IN ICELAND

Good miner channels:

ImineBlocks

Boxmining

Good comparison sites:

WHATTOMINE

Therefore cloud mining companies are on the rise because they rent out there mining hardware that they have in huge mining farms to the customer throughout contracts. Usually you buy in on different types of contracts ranging from different kinds of currencies to also different amounts of hashing power. Personally I haven´t tried it but if you like to take a look into it just do it and inform yourself more in depth because what I read and heard is that there are also a lot of bogus business practices associated with it where people spam you with their promotion code and try to refer you to their platform although they aren´t invested directly meaning not really using the service. So please be aware of phoney claims, promises that you can make a fortune just by investing once. Normally getting involved in this space leads to you accumulating more hashing power and therefore regular investments and making more profits by reffering the service to others.

IS CLOUD MINING FOR YOU?

Whether it makes sense to cloud mine cryptocurrencies or do it yourself at home I can´t tell because I´m doing neither of it but see for yourself what works for you. Both of them have their pros and cons. Well if you are more curious now please get more information and read up on the details of both.