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Bitcoin Cloud Mining: What It Is and How to Get Started?

Mining bitcoin with hardware can be daunting. You need a lot of mining equipment, which is quite expensive, plus, electricity costs can go up to the sky.

Still, that doesn’t mean that you should quit the possibility of earning bitcoin with mining. There is another way to do it, and without the hassle of all the equipment. This way is called cloud mining.

What is cloud mining?

Cloud mining is a process of mining bitcoin using a remote datacenter that shares its processing power. In the case of cloud mining, mining rigs are held in a mining company’s facilities.

To participate in cloud mining you simply need to register and purchase mining contracts or shares.

Hardware mining vs Cloud mining

Both hardware and cloud mining have their good and bad sides. For example, hardware equipment can be quite expensive, while there is no guarantee that your investment will pay off. Moreover, electricity bills are extremely expensive, and you’ll have to deal with a lot of heat.

On the other side, we have cloud mining, which compared to hardware mining has low maintenance costs. Plus, you don’t need a physical space available to place your mining equipment.

And you won’t have to wait for months to start earning, since with cloud mining you receive daily payouts.

However, you should be careful, since some cloud mining companies can turn out to be a scam. Also, cloud mining can be less profitable compared with hardware mining, and you’re depending on the provider.

How to get started with bitcoin cloud mining?

Mining bitcoin through cloud mining isn’t that hard, but it does require a certain amount of investment. Here is a step-by-step guide to help you out:

  1. Find a reliable and trustworthy cloud mining provider.
  2. Buy the mining power.
  3. Start to mine bitcoin
  4. Pay out your earnings daily into a secure crypto wallet
  5. Search and try out other cloud mining providers to see what fits you the best.

Now that you know how to start with bitcoin mining, let’s see which cloud mining services you can use for that.

Top cloud mining companies

Genesis Mining

This company is often considered to be one of the best cloud mining providers on the market. Genesis Mining has an easy-to-use interface, and it’s suitable for both beginners and advanced miners.

One of the benefits is that you can allocate the hashpower to mine different cryptocurrencies at the same time. Genesis Mining offers different pricing packages for its users, so you can pick the one that suits you the best.

Eobot

With Eobot it’s easy to get started with bitcoin cloud mining, even for the beginners. And with this cloud mining provider you can start mining instantly by purchasing fractions of a cloud.

Eobot offers not only bitcoin mining, but mining a wide variety of cryptocurrencies such as LiteCoin, Ethereum, Bitcoin Cash, DogeCoin, Ripple, Dash, and Golem, among others.

When it comes to investing money, you can start with as little as $10.

HashFlare

HashFlare has been in the cloud mining business since 2014. The company offers a customized cloud mining solutions for its users and two types of mining: Scrypt and SHA-256.

After you start mining, you’ll receive the first payout within 24 hours.

Final words

If you decide to get involved with cloud mining bitcoin, you should know that this comes with certain risks. You’ll have to avoid scam companies, and always try to keep a competitive hashing rate. Still, when done right, cloud mining is an excellent way to earn crypto coins.


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Tamara Jones