Present day reality shows that more and more people are eager to give a try and start cryptomining (Bitcoin, Ethereum, Litecoin, or any other coin). Nonetheless, not so many people are aware of what is mining, how does mining work, what are cryptographic algorithms, cloud based mining are similar questions and concepts. Let us review and analyze solo crypto mining, cloud based mining alternatives, key advantages and disadvantages for miner of cryptocurrencies and cloud mining companies.
It is logical to start the discussion with the definition of crypto mining and how does mining work. By and large, cryptocurrency mining (fr. le minage de cryptomonnaie) is a process of creating new crypto coins by solving complex mathematical equations. To add a block in the blockchain transactions, it is mandatory to validate it by solving a complicated cryptographic task, usually in the form a hash (this is a basic part of cryptography, a random set of characters and numbers which, unlocks the original message). In fact, crypto mining is all about solving complicated mathematical puzzles and the faster a miner finds a block, the faster he/she gets the reward. Mining of cryptos is performed through purpose specific mining machines (mining rigs). The evolution of mining machines is as follows:
The best option that has gained massive popularity is preconfigured mining hardware — Application-Specific Integrated Circuit (ASIC) miners. Some miners pool resources to mine this or that cryptocurrency as an alternate pour, thus sharing their processing hashing power over a network to split the reward equally among all members of the pool in accord with the volume work they contributed to the probability of finding a valid block. However, one of the trend-setters in the crypto mining sector has become cloud mining. To put it simply, a person rents (leases) via the cloud mining hardware in large enterprise-grade data centers and uses hashrate capacities for online crypto mining. All in all, there are three generally recognized types of crypto cloud mining:
- Virtual Private Server (VPS)
- Rent of computing power
- Hosted mining
Cloud mining review and analyses prove that mining crypto via the cloud turns out to be the most suitable endeavor for many crypto miners worldwide. Case in point, the person who opts for a cloud mining website (or websites) solves multiple problems associated with the technically complex process. Notably, the cloud miner does not need to buy, store or maintain overpriced crypto mining rigs, bother about overheating issues, install, update or upgrade special software, pay sky-high electricity bills, cooling or ventilation, air pollution, among others. It works perfectly both for crypto beginners and professional investors alike. Let us conduct a brief cloud mining review of the Hashing24.com site and get to know how to get Bitcoins online.
Hashing 24 is an Ireland-based company that renders solely Bitcoin cloud mining services. Its launch date is 2012, however it gained major recognition and popularity back in 2014 after partnering with Bitcoin mining behemoth Bitfury, which is well known for the fact that all newly mined BTC coins are new and there is no empty blocks validation. Bitfury is the leading supplier of BTC hashrate capacities for Hashing24 and the latter acts as an official reseller of BTC hash power to third-parties. It is done through a contracts scheme: a user selects the preferred contract duration (available tariff plans are 12, 18 and 24 months), sets up the hash power in TH per second, makes a payment and BTC cloud mining is initiated. The minimum hashrate volume amounts to 0.1 TH/s and the maximum available volume is 1000 TH/s accordingly.
How to get Bitcoins with Hashing24 in a different way? One of the unique value additions of the platform is the Trading Room. In fact, it is a combination of exchange trading and crypto mining contracts. The user acts like a trader and places buy and sell orders via the Trade Desk and speculates on price swings. A perfect combination for traders, investors, HODLers because the trading engine is fully automated (auto matching orders) users can merge and split orders, sell mining contract even after one day of owning it. The minimal trading step is only one Satoshi and the trading fee equals 5% by default.
For those who are doubtful whether BTC cloud mining is profitable or not, Hashing24 offers a simple and visually compelling Demo mining option. The functionality is absolutely free of charge and allows to test the cloud mining services in Demo mode without risking any capital. The user can activate an unlimited amount of Demo mining contracts and monitor the virtual mining of coins. Each newly activated Demo mining contract is valid within 28 calendar days and the user receives weekly notifications to his/her registered email address.
As far as you can see, the crypto mining process is a very complex task and such coins as Bitcoin can be mined profitably with cloud mining services, as a rule, conditioned that buying and maintaining costly mining rigs is a very expensive business. It is always important to select a trustworthy and reputable company for digital investments because the market is oversaturated with scam projects. You are the one carefully choose the reliable provider and do your own research.