How To Make Money On Cloud Mining
Considering the increasing cost of building your own farm for mining, large companies, which already possess the necessary equipment and are ready to lease its computing capacities to their customers, come to the forefront.
What Is Cloud Mining?
For the cryptocurrency mining, special equipment is required. If you have sufficient financial resources, you can purchase all the required units of equipment and engage in the mining of the cryptocurrency you are interested in. This is a classic way of mining.
Cloud mining assumes almost the same ownership of mining equipment. But you do not have to collect working complexes, look for a suitable place for them and make sure that they function normally. You will only monitor the performance of the mining farm and take profits.
To get the necessary computer power for use, you simply need to pay any specialized company for renting a certain part of the computing capacity. After the payment is made, the company’s support service sets up the equipment, allocates the agreed capacities and launches them.
Thus, from a functional point of view, cloud mining does not differ from classical, but it gives a very significant advantage as mining without GPU is available. Even someone who does not have any technical skills can start mining. In addition, the amount of capacity available for rent can be arbitrarily small. Naturally, the number of earnings, in this case, will be scanty.
How To Make Money Using Cloud Mining?
To start earning, it is necessary to understand how cloud mining works. The general algorithm for earning is quite simple. First of all, it is necessary to determine with which cloud mining service you want to work. Then it is necessary to decide on what computing power and for what period is needed. The general principle is that the higher the power, the more cryptocurrency can be earned. Mainly contracts are concluded for one year, but some miners prefer perpetual contracts on more favorable terms. In fact, your funds act as a kind of contribution, according to which you regularly receive a pre-calculated percentage of the paid sum throughout the duration of the contract.
After making a payment, leased capacities start to work for you. Mining goes on continuously throughout the duration of the contract and earned cryptocurrency with a specified period of time goes to your personal wallet.
Of course, the biggest plus of cloud mining is the minimal participation of the customer. It is only necessary to solve a number of organizational issues and pay for the rental of equipment.
How Much Can You Earn On Mining Without Hardware?
Of course, it is impossible to answer this question unambiguously, since the total amount of earnings will directly depend on the amount of invested money, leased facilities, the type of the selected cryptocurrency and, of course, the equipment’s performance.
Working with the cloud service at the minimum capacity, you can receive about 130% of annual revenue. Considering the fact that the cost of many crypto-currencies has the property to grow, the amount of crypto-currency earned in cloud mining can jump up in price.
With the maximum accuracy, you can calculate and forecast the income using special online calculators. The principle of their work is that the user indicates the amount of investment, the amount of computing power and the selected cryptocurrency, and the service considers the approximate amount of daily income. There are also more advanced options that allow the miners only to introduce the model of the video card they use so that the service quickly calculates all the key parameters and shows the projected revenue for the day.
How To Choose The Best Cloud Mining Service?
Those who decided to increase their income with the help of cloud mining should get as much information as possible about all available services.
Before trusting a particular company, it is better to study the terms of cooperation and customer feedback in order to minimize the risks that the stated obligations to allocate the agreed capacities for one reason or another will not be fulfilled.
There are several key criteria that are particularly worth noting:
- Service life. Reliable companies have been working in this field for many years, have a good reputation among customers and constantly improve their equipment.
- Percentage of income. Those companies that promise unrealistic interest and marginal profit, even with the minimum payment, are often scammers.
- The number of types of cryptocurrency. The more types of cryptocurrency are announced by the service, the higher probability that it is not worth trusting.
Advantages of cloud mining in comparison with the classic mining:
- There is no needs to select and configure hardware and software;
- It is not necessary to look for a good pool;
- The accuracy of calculations;
- You can purchase power at any time for money that you already earned in the service;
- To buy power can be for both the currencies and their crypts;
- Low minimum withdrawal amount and quick payout.
What Should You Know About The Largest Cloud Mining Companies?
Let’s consider a list of TOP services for cloud mining, which are quite well proven in the market and worthy of the attention of everyone who wants to make a reasonable choice.
The company Genesis Mining appeared on the market in 2014. Today it is one of the largest cloud mining services. The terms of cooperation assume a minimum of additional commissions, as well as various discounts for new customers at a rate of 5% minimum. The term of the contract will depend on the exchange rate of the selected cryptocurrency and the cost of the selected capacities.
This company first announced itself in 2013 due to the fact that it offered a truly minimal amount of the initial payment. Earnings arrive on the wallet of the miner once a day.
Connecting to Eobot opens a miner such services for obtaining the coveted and desired tokens:
- Cloud Mining allows you to rent equipment service for up to 5 years. In this case, you can either buy a cloud in Eobot or rent its capacity.
- Cloud SETI allows your power to become a satellite analog. You do not need Eobot to buy power for the possibility of mining coins; it’s enough to buy BPPD or BOINC Points per day, which will allow you to mine directly in the cloud without having to use the resources of your equipment. In some way it is a legit cloud mining.
- Cloud Folding allows producing coins by solving complex medical problems, for example, to develop new drugs to combat intractable diseases. The service accepts custom donations of unused equipment to improve the quality of work.
- Faucet provides an opportunity to receive daily bonus coins for further work.
The company is included in the top of the best cloud-mining services. Over time, HashFlare is increasingly being improved in technical terms, improves its work and the speed of extraction of the cryptocurrency. Money is credited to the purse every day; it is also possible to order an instant withdrawal of all available funds.
The service differs greatly from other similar services. NiceHash gives the opportunity to purchase large capacities for mining and use them in a short period of time. You can change the price, quantity and impose restrictions on the order, without canceling it. You will pay only for that speed of mining that you received, and the commission will be charged only for the spent bitcoins.
Now, when you know what is cloud mining contract and how such services work, you can choose the best service and start earning money. The most significant point is that with cloud mining you can earn money easily and increase your earnings incredibly.
The thing you should always remember that there are a lot of various services but it is necessary to be careful before choosing one.