Cloud Mining Providers
Which Cloud Mining Providers are recommended?
With the growing demand for cryptocurrencies, crypto-mining assumes ever-greater importance as more and more cloud mining providers enter the market. There are three distinct mining options: solo mining, pool mining and cloud mining.
In solo mining, the miner acts as an individual and is personally responsible for the mining operation. Here, computing capacity is crucial to the task of completing blocks.
Hardware demands are escalating alongside the increasing numbers of miners, resulting in high acquisition and operating costs which compromise profitability.
Pool mining has become established as an alternative. Here, a miner can use the computing power of all pool members to enhance his mining efforts.
The returns are proportionate to personal computing power, so it’s also important to keep an eye on operating costs. The most innovative form of mining is cloud mining.
Here, a cloud mining provider supplies the server architecture and dedicated software to facilitate bitcoin mining. In this scenario, users buy hash power for money and can thus scale their computing power requirements as necessary.
What are the advantages and disadvantages of cloud mining?
Cloud mining has brought some benefits and has lowered operating costs for private miners in particular. This development has contributed to a sustainable increase in profitability, and the scalability of hashing power has also been advantageous.
However, increasing the number of miners in the networks has tended to also increase the problems. In absolute terms, this is apt to require more computing power to sustain a similar mining return.
So whenever the yield is falling, cloud miners must adjust the available computing power accordingly. Nevertheless, this is another advantage, because classic mining operators must procure new hardware to achieve an increase in computing power.
Such purchases are usually associated with considerable costs whilst merely replacing old hardware for a nominal power boost. If new hashing power is acquired during cloud mining, it augments the available computing power, resulting in a higher yield.
Disadvantages are usually accompanied by a high cost per computing unit. And these higher operating costs are usually reflected in higher prices too. In addition, contracts are often for limited periods, which means mining then has to be discontinued after a few years.
What cloud mining providers are there?
Cloud mining is experiencing strong growth, with more and more new players entering the market. However, it’s essential to choose a reputable and trustworthy provider to guarantee the reachability and availability of the computing architecture.
If this issue is not properly addressed, then the project income will be put at risk. Furthermore, the novelty of this market leaves it especially prone to fraud which is a particular danger with cut-price providers.
In addition, some providers have been unable to service all their contracts, which has been another source of failure. To avoid such issues, it’s best to approach established cloud mining providers.
The following provides some information about Genesis Mining, Hashflare, Invia World, and Hashing24.
Cloud mining provider Genesis Mining
Genesis Mining is a provider whose entire server network operates from Iceland. The appeal of Genesis Mining is its low rates and wide range of crypto tokens.
Bitcoin, Ethereum, Litecoin, Dashcoin, Monero and ZCash can all be mined here. Registration requires only an e-mail address and password, and there are also vouchers offering a 3% discount on your order.
To start mining, just purchase hash power, which can be freely scaled and paid for by cryptocurrency or credit card. This is the advantage of this kind of Cloud Mining Providers.
However, your present options are limited to Monero mining because all other computing capacities are sold out. In addition, all contracts are limited to two years – only Bitcoin mining operates without this restriction.
One of Cloud mining providers: Hashflare
Hashflare is another well-known provider and again one of the market leaders, especially in the field of bitcoin mining. Its entire server architecture is located in Estonia and supports both the SHA256 and Scrypt algorithms.
Thus, a broad range of cryptocurrencies can be readily mined. Mining provider Hashflare is itself a subsidiary of HashCoins, a company which provides it with permanent updates.
Hashflare first became popular as a result of its track record on profitability. And, until 2017, it offered unlimited contracts, effectively allowing endless mining to take place.
Hashflare also offers a 3% discount code which can secure a double discount when used in conjunction with regular promotions.
One of Cloud mining providers: Invia World
Invia World is also a high-profile cloud mining company. The company has a very good website, which illustrates cloud mining very well and does much to facilitates the process.
In addition, miners can choose between four different packages when buying their hash power. Here, the cheapest, entry-level package costs € 100.00, and the professional package for € 7,000.00 is the most expensive alternative.
Invia Mining’s special feature is Active Managed Mining, which permanently monitors and selects the most lucrative cryptocurrency for mining. Thus, a permanent exchange takes place between the currencies, but all proceeds are paid in Ethereum.
One of Cloud mining providers: Hashing24
The final provider featured in this article is Hashing24. This is another company which enjoys a good reputation among the experts on the crypto scene.
Hashing24 is partnered by the well-known BitFury mining pool. The company relies on full-service blockchain technology, which means investors need only buy hash power and can then start mining.
Hashing24's data centers, which are among the largest of their kind in the world, are located in Iceland and Georgia. These are the most common Cloud Mining Providers.