What is Cloud Mining
Description and understanding of cloud mining mean using shared processing power run from the data center. Instead of buying an expensive computer with cloud mining, you only need to rent computing data from mining services scattered in various countries worldwide.
To start cloud mining, you only need a computer or laptop at home to access the selected cloud mining; follow specific settings and enter your wallet address.
In using cloud mining services, you need to provide some funds to pay for services, renting part of a large pool of computing power so that the opportunities for generating crypto mined are more significant and the profits are commensurate.
Cloud mining is not without risk, just like building your mining rig, which is also at risk of experiencing various obstacles. Understanding this risk that miners should understand before buying cloud mining is often found on the internet.
How to Use Cloud Mining
Starting the cloud is not as difficult as making your mining rig; here are the general steps for using cloud mining.
Choose Cloud Mining
You have to choose a cloud mining service that is trusted and proven to provide benefits. Do the research and compare one cloud mining and another.
Select Cryptocurrency
When you have chosen cloud mining, select the crypto you want to mine. Some services provide more than one crypto, so make sure you choose crypto with a profitable mining rate.
Register
If you have found crypto and cloud mining services, register and follow the applicable terms and conditions.
Make a Payment
Don’t forget to make a payment; cloud mining prices can vary depending on the quality and service they pay for.
Start Mining
If you have paid, don’t forget to set up a cloud mining service so that it synergizes with the hardware you are using. Follow the procedure given, and start mining! If there are any problems, don’t hesitate to contact the cloud mining provider.
3 Types of Cloud Mining
Currently, three cloud mining systems are often encountered. Miners often use these three types to reap profits in the form of digital currency, including:
Hosted Mining
By renting a mining machine hosted by the provider. Mining rig rentals fall into this category.
Virtual Hosted Mining
This mining is hosted virtually. The tenant manages this server by installing mining software. Some of them use servers that are generally used for website hosting. And it is usually used to mine crypto notes like Monero.
Leased Hashing Power
Leased Hashing Power is a Hashing power lease without a physical or virtual computer that is currently used in cloud mining methods.
In cloud mining, it is not renting hosting but renting Hash power provided by the provider. We don’t need a host or space like a website to place mining software. In contrast to virtual hosting, which is managed with its program code for making cryptonote web mining.
If the provider has a device with 10 Tera Hash, then a cloud mining rental offer will be opened. If all the hashes are sold out, then the user must wait for the availability of the following device.
Therefore, some providers immediately close the sale of Hash power in just a few days. The number of hashes offered is limited, and its operation requires a large amount of electricity. Generally, mining sites are close to power plants.
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