If we want to have a simple definition of crypto cloud mining, we can say that the process of cryptocurrency mining is done using a large data center. This data center works remotely and with the joint processing power of several mining devices. Users who want to participate in this type of cloud mining can mine bitcoins or different cryptocurrencies without managing complex mining hardware.
The goal of the crypto cloud mining process is to mine or generate large amounts of different cryptocurrencies. First, many mining machines come together to form a single large network. Large crypto mining farms are then set up. These farms provide the processing power of their devices to many people from all over the world. This will increase the chances of the whole network receiving more rewards.
Finally, the rewards obtained by the whole network are divided among different users. If a typical user wants to do mining normally and individually, they will have little chance of mining digital currencies.
What are the advantages of crypto cloud mining?
In this section, we will talk about the benefits of using crypto cloud mining so that our audience knows why it is good to use crypto cloud mining and enjoy its benefits:
· Cost savings: crypto cloud mining by you requires the installation of additional hardware. This hardware consumes a lot of energy, which means a higher electricity bill. With crypto cloud mining, you do not need to install additional hardware and eliminate the problem of costly mining costs. You do not even have to spend money to buy hardware.
· More credibility and reliability: crypto solo mining sometimes causes problems for you. These problems are issues that you will face in the event of equipment failure. By using crypto cloud mining, you can ensure that the data center takes care of its hardware regularly so that equipment breakdowns are often reduced and you will not be harmed in this regard.
· Avoid making noise and excessive heat in the house: Mining machines, if used at home, will both make a lot of noise and generate a lot of heat, so if you use the good features of crypto cloud mining, you can prevent such problems from occurring.
What are the disadvantages of using crypto cloud mining?
Like many other businesses, the use of crypto cloud mining, in addition to its advantages, can also be considered disadvantages, which we will describe these disadvantages:
· Low-income generation: You have to come up with a ready-made solution that may affect your income. Over time, as the network difficulty becomes more, or as it sometimes happens, as the value of the currency declines, mining some cryptocurrencies may have less profit.
· Lots of scams: Like many other areas of economic activity, there are unfortunately some fraudulent companies in this area, and if we work with them, we will suffer a lot of losses. Therefore, those who are interested in crypto cloud mining should inspect them and select the best company. Also, trust only the best crypto cloud mining platforms like Minerland.
· Dedicated to popular cryptocurrencies: A relatively important aspect of using crypto cloud mining is the digital coins that are mined. Crypto cloud mining is usually limited to the most popular major cryptocurrencies. This is a good idea because you will only mine proven and reliable cryptocurrencies. However, it is often possible to make good money by mining new cryptocurrencies the first time they are released, because their network difficulty is low.
How do you know if using crypto cloud mining is beneficial?
Various parameters affect the profitability and the amount of profit that can be obtained from crypto cloud mining. As we mentioned, currency price fluctuations can sometimes drastically reduce your profit or in some cases even cause you a loss. For cloud mining subscribers to reduce their investment risk, they need to work with reputable cloud mining companies.
Some economists believe that the best way to make money is to buy digital currency from an exchange and keep it in your wallet. But if you research the profitability of cloud mining and check out their contracts, you can see how much you can expect to make. At a cloud mining company like Minerland, you can expect to earn a daily profit by investing only about $ 15.
So it is better to do extensive research in this field and consult with Minerland experts so that you can get the answer to your question.
Is it possible that crypto cloud mining is free?
In today’s world of economics, where everyone is looking for profit and income, it is almost impossible to believe that a platform or an individual would agree to do it for free. The cost of instruments in crypto cloud mining can be high, so it is hard to say that if a site or company presents free cloud mining services, it would be highly questionable and should not be taken lightly.
Cloud mining contracts include down payments and periodic benefit payments. Normally, buying a Minerland contract starts with a minimum investment of $ 15 for a one-year investment.
If the user buys a contract at a higher price and increases the investment time, his profit rate will be multiplied.
How many methods are there for cloud mining?
Crypto cloud mining is currently done in three different ways:
· Hosted mining: In this method, the investor leases one or more miners hosted by mining farms.
· Virtual hosted mining: In this method, a person who wants to participate in cloud mining gets a private virtual server and installs his extraction software on it.
· Leased hashing power: In this method, the investor does not need to install a virtual server or physically do mining, but it is enough to rent some hashing power. This is the most popular method of cloud mining.
How can cloud mining of popular cryptocurrencies be done?
So far, you are familiar with the concept of crypto cloud mining. Now those who are interested can use the cloud mining capability for any of the cryptocurrencies. Here are some examples of popular currencies:
· One of the most famous and well-known cryptocurrencies is Bitcoin. In other words, you can choose sites that present cloud mining platforms to mine bitcoins.
· Ethereum cloud mining is a blockchain-based software platform that hosts decentralized software applications and a decentralized payment system on its network. At Ethereum blockchain, users can create distributed applications without any rules or censorship and use smart contracts to make secure transactions with each other. Ethereum also offers a cryptocurrency token called Ether. It can be transferred between accounts and can be paid to the participating nodes for the calculations they have performed. Since Ether is a cryptocurrency, users can choose platforms that produce Ether.
· Litecoin cloud mining is a P2P cryptography project and an open-source application licensed under the MIT / X11 License. Litecoin was an original fork of bitcoin that was founded in October 2011. In technological terms, litecoin is almost similar to bitcoin. Of course, there are some differences between these two cryptocurrencies, such as:
· Instead of 10 minutes for creating a block in the bitcoin blockchain, Litecoin processes one block every 2.5 minutes. As a result, Litecoin transactions are much faster than Bitcoin. Litecoin utilizes the Scrypt algorithm Instead of the PoW algorithm and needs more investment than a complex algorithm.
What are the top crypto cloud mining platforms?
In this section, we introduce the best and most reputable cloud mining companies. To select the right platforms for cloud mining and start investing in them, specifications from reputable crypto cloud mining platforms are given:
· IQ Mining site began its official activity in late 2016. During this period, the company has been able to offer various plans to attract positive reactions from users. Registration is free and you don’t need to pay for your subscription.
The company provides all instruments so users can rent them to join cloud mining remotely. Users choose one of the plans according to the amount of their investment. There are also many cryptocurrencies to choose from. They have very high-profit forecasts for their plans that users should be careful about.
· Genesis as a cloud mining service presents bitcoin mining projects. The company was established in 2013. It has offered advanced and easy investment programs. Genesis provides hashes for altcoins and bitcoins.
Users can mine multiple cryptocurrencies concurrently by utilizing the hash power they rent. Genesis Mining offers several packages with different pricing that are a bit more expensive compared to other crypto cloud mining platforms.
· Hashflare launched services for its users around 2015 and has made good progress since then. Hashflare presents a few contracts for its cloud mining services. Users can choose five various cryptocurrencies through this platform. Profits in this platform are divided among all participants. Users do not need to invest a lot to get started. Payments are various and very transparent.
· Minerland is one of the most well-known, reputable, and reliable companies in the field of crypto cloud mining. Registration and membership in this system are free. Minerland offers several various plans and contracts for users. The amount of investment, the number of cryptocurrencies, and the profitability of each are different. Investors with the lowest amount, at least $ 15.99, can invest in hash rental and mining hardware to make a decent profit.
What are the profitable plans in Minerland crypto cloud mining?
Minerland has four investment plans. Investors can choose from these plans, a plan that is in proportion with the amount of investment and cryptocurrencies they want. In this case, they will receive a corresponding profit with the amount of investment and the duration of investment from this crypto. These plans include the following:
· An investor who wants to participate in the Soldier Plan will only need to pay $ 15.99 to purchase the contract or spend 50 points earned in various ways in Minerland on the plan. The daily income of this plan is equal to 150 Satoshi and 1 point. If one of the investor affiliates buys the plan, Minerland gives him 5 points. Investors of this scheme can choose the currencies extracted by the SHA-256 algorithm.
· Investors participating in the Major Plan are required to pay $ 49.99 or spend 200 points. The daily profit of investors is equal to 700 Satoshi and 5 points. If an acquaintance affiliated with the investor buys the Major contract plan, he will be given 20 points. Investors in this scheme can choose currencies that are extracted by SHA-256 / Ethash algorithms.
· People who want to buy the Captain plan must pay $ 444.9 or spend 2000 points. Daily income from Captain is 6250 Satoshi plan and 60 points. If one of the investor’s acquaintances buys the captain’s plan, he will be given 200 points. These investors can choose the currencies extracted by SHA-256, Scrypt, and Ethash algorithms to make a profit.
· The capital required to purchase the Lord plan is $ 1999. Investors can participate in this project by depositing 8000 points. From this plan, 28000 Satoshi and 280 points can be earned daily. If an acquaintance affiliated with the investor buys the plan, he will be given 800 points. The investor can choose the currencies extracted by SHA-256 / Ethash / Scrypt algorithms to invest.
How is crypto cloud mining profitability calculated?
Various accounting services can show you the benefits of mining by receiving the required information. Although these services are designed to act with hardware parameters and users cannot enter the cloud-mining parameters. But you can use it considering the costs of cloud mining. crypto mining profit calculator often asks you for electricity costs and initial hardware costs to calculate profitability. Therefore, since cloud mining companies pay for electricity, you can enter a monthly mining fee instead of electricity.
Crypto cloud mining company pays its users monthly. Therefore, you should get the equivalent cost per kilobyte of hours. To do this, you have to divide the monthly cost by the conversion factor of 0.744. The conversion factor is 0.744, the ratio of seconds per month to joules of energy per kilowatt-hour.
Crypto cloud mining is the process of cryptocurrency mining that is done using a large data center. This data center works remotely and with the joint processing power of several mining devices. If the user buys a cloud mining contract at a higher price and increases the investment time, his profit rate will be much more.