What does Cloud Mining mean?
Cloud mining was created when it became apparent that with the increasing difficulty of solving the mathematical task, mining became unprofitable for the individual. Expensive hardware and high energy costs play a decisive role in cloud mining.
The perfect way to mine
Cloud mining ensures that people get the fantastic opportunity to participate in the mining process without having to purchase high-performance computers, graphics cards and other equipment. The cloud connects remotely to mine cryptocurrencies such as Bitcoin, Ethereum and other digital currencies.
Technical skills or knowledge of the hardware is not necessary. The user only has to make the decision about the cryptocurrency to be mined and the amount of computing power.
The supplier provides the hardware and technical knowledge to the cloud. People who want to participate in the mines buy a contract for the appropriate computing power.
This is declared in hashes, for example, mega, gig or terra hashes per second. Each miner decides the amount of computing power to buy, according to the ambition of each miner.
Additional fees may apply, depending on which provider is chosen.
Method and advantages in brief
Basically, the miner buys part of the mining power from a cloud provider and takes possession of that mining power. The cloud miner handles the provisioning and configuration of hardware, maintenance and the most efficient pools.
The benefits of cloud mining are obvious. After contract, the miner gets an immediate connection to the mine. System maintenance is done by the provider. The miner does not require any mining hardware or technical experience.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.