Table of Contents
In the world of cryptocurrencies, Bitcoin has always been the leading digital currency right from inception. Bitcoin is not only the leading the digital currency in the world but it is also the fastest growing digital currency. Maybe, it is because the world of cryptocurrency started with Bitcoin before leading to the rise of other digital currencies such as; Ethereum, Litecoin, Namecoin and so on. The continuous growth in its value has begun to make potential users believe in the future of cryptocurrencies which some of them predict that the cryptocurrencies will one day take over the traditionally printed currencies. No one knows if this will ever happen, as the governments of most countries are yet to legalize the use of digital currencies for transactions. Nevertheless, despite the fact that Bitcoin is not legalized, many people are still using this digital currency all over the world for their daily transactions. This has served as a means of living for people who live by trading it. Experts in the field of Bitcoin trading have also predicted that the price of Bitcoin will likely double. This could be true, as Bitcoin has moved from the $10 it used to be too over $18,000 in value.
As Bitcoin becomes more popular, one thing that begins to matter to Bitcoin users is how to get more Bitcoins. Bitcoins can be gotten through several ways most especially through; Cloud Mining. In other for a person to understand what cloud mining is all about it is important to understand the concept of Bitcoin and Bitcoin Mining before moving into the details of Cloud Mining.
Bitcoin & Blockchain
Bitcoin is a digital currency used for transaction purposes. It is used for trading and instant transfers between users. The government, banks or any central authority do not control the system of Bitcoin as it works on a decentralized system and its users manage it. The Bitcoin system is a peer-to-peer system that functions with the help of the Blockchain and network nodes. Overall, Bitcoin is a computer-generated currency that has become popular over time.
Bitcoin is generated through the process of ‘mining.’ Mining is simply the process of adding the transaction data of Bitcoin users to the public distributed ledger called a Blockchain. The transactions are grouped and each of these groups is known as a block. The miners secure these blocks as it is used to verify the transactions of users.
What is Cloud Mining?
Bitcoin cloud mining is the simplified version of the normal mining. The Bitcoin cloud mining allows users to have the mining ability with the use of remote services. With the use of Bitcoin cloud mining, users can earn Bitcoins without necessarily using the popular mining hardware/software, electricity and so on. It is a simplified version of the normal mining because the cloud version makes it easier for people to earn Bitcoins. Therefore, the Bitcoin cloud mining gives users the opportunity to purchase the output of the mining power. This output is produced by the Bitcoin mining hardware that is kept in remote data centers. As the name suggests, the mining is performed in the cloud thus stopping users from experiencing the stressful mining process.
The above explains the concept of Bitcoin which includes the meaning of Bitcoin to Bitcoin mining and cloud mining. There are several reasons why a person should consider cloud mining. These reasons include;
- · You do not need to worry about electricity costs
- · You will not need expensive and sophisticated mining machines.
- · No spending of too much money on other equipment needed.
Apart from the stress that Bitcoin cloud mining helps to relieve one-off the cost is another good excuse to abandon mining for the cloud mining.
How to Cloud Mine?
Cloud mining is simpler when compared to the regular mining process. To cloud mine you have to;
Choose Your Preferred Cloud Mining Service; one of the biggest problems of clouding mining is getting a ‘Legitimate or Authentic’ cloud mining service. This is because most cloud mining services out there are not real hence they defraud people. Due to this, it is vital to make sure that you read the reviews of different cloud mining services. Also, before picking any cloud mining service make sure that you have made many background checks on it. This is to enable you to choose a legitimate cloud mining service.
Related: A BEGINNER’S GUIDE TO BITCOIN MINING
Note that most Bitcoin mining contracts last for a year. You can choose if you want a 500 Gigahash(GH) or a 1000 Gigahash(GH) contract. After that, the next thing to do is to purchase your cloud mining service from any reputable cloud-mining provider. It is important to know that most cloud-mining providers charge a percentage of fees for the services provided.
6 Cloud Mining Services
As stated above, it is vital to be extremely careful when choosing a cloud mining services. Below are the best cloud mining services;
- Genesis Mining
- Hash Flare
- Hashing 24
Among these services, we have the top three best cloud-mining services, which are; Genesis Mining, HashFlare, and Hashing24.
- Genesis Mining
Genesis mining was founded in the year 2013. It prides itself as the largest cloud-mining provider with over five hundred users. It owns its mining farms in Europe, Asia, and America. It presently offers three different mining plans at an affordable price. Another thing to note is that Genesis mining is not limited to Bitcoins, but it also supports other coins such as Ethereum, etc. It starts at 200 Giga hash per second for as low as thirty dollars.
Some Reasons to Consider Genesis Mining Are;
· Genesis mining has proven to be one of the transparent and trustworthy mining company.
· It has repeat customers; these are customers who trust the company and always come back to use its service.
· It has a good customer service; the support service is always willing to help users with issues, questions and so on.
This is one of the most popular cloud mining providers. It is competitive regarding pricing, and it is profitable. Hashflare requires its users to buy at least 10 GigaHash in other to use its service. It offers an unlimited term contract, which means that you can purchase a contract that never expires! One good feature of Hashflare is that it enables a user to pick their preferred pool for the mining of their cryptocurrency.
Hashing24 is another cloud-mining provider to consider. It offers cloud-mining services at an affordable rate, which starts from 100 GigaHash upwards. It has its data centers in Iceland and Georgia alongside its representative offices in Scotland, Thailand, and Ukraine. Furthermore, when it comes to the price of its cloud-mining services, one can say it is reasonable and affordable.
Similarities between Genesis Mining, HashFlare and Hashing 24
· The three cloud mining services offer lifetime contracts to its users.
· The three of them accept debit/credit cards as a method of payment.
· They all have repeat customers.
Note that if you are looking for a cloud mining service with a minimum size investment, then HashFlare should be your best bet. If you want a cloud mining service with diversifying options, then Hashing24 is the way to go. If you want a cloud mining service with less maintenance cost for a long-term contract, then Genesis Mining is the best option.
Apart from these top three cloud-mining services, we also have few other services that can be trusted. They are;
Nice Hash; this is one of the most advanced Bitcoin cloud mining services. It offers features such as; Hash Rental Service, Cloud Mining, and Multipool. Nice hash allows its users to buy or sell their hashing power. This cloud mining service also makes use of an order book feature to pair its mining buyers and sellers.
Hashnest is a cloud mining service that is operated by Bitmain, the owner of the popular mining service, Antminer. It is flexible as it allows its users to begin mining with as low as one Giga hash. It provides users with a detailed statistics. A person could consider Hashnest as it pays out based on each block found. It comes with a flexible subscription method. Regarding its user interface, Hashnest has an easy to use interface alongside an Android and IOS mobile app for users.
This is another good mining option. It does not only offer Bitcoin cloud mining services, but it also offers the pool and merged mining service. According to its website, Miner gate has a 99.7% uptime. One good thing about Miner Gate is a person’s ability to withdraw his/her money even if the amount is small. For example; You can withdraw as little as 0.01 coin from your wallet. This means it does not have a threshold. It supports other currencies such as; Zcash, Ethereum, Ethereum Classic, Bitcoin, Litecoin, Monero, Dashcoin, Aeon Coin, etc.
Do not forget the fact that all cryptocurrencies are volatile regarding price. Hence, it is risky when it comes to investing in it. Also, note that mining is gradually becoming unprofitable as the difficulty in its process increases. Due to this, it is important to invest the amount you can afford to lose.
In summary, the world of cloud mining is full of illegitimate websites offering the cloud mining services. There are only a few authentic ones. When choosing a cloud mining service, endeavor to research the companies available so that you do not become a victim.