How To Start Bitcoin Mining Today
Cloud Mining Process
Cloud Mining Services is a process of mining bitcoin and other alternative coins that utilizes a data center. This data center offers the convenience of shared processing power, and with power comes a better mining experience. Without managing any hardware one can mine bitcoin and other cryptocurrencies with ease. Since this is a service, there are some costs involved in the mining, however, the person doing the mining has a much lower risk and investment. There are services that offer either a Physical mining server or a Virtual private mining server, which is a server that you can install your mining software onto.
Cloud mining without Technical Knowledge
Cloud mining opens up the world of crypto mining to people that have little technical knowledge of the infrastructure that is involved. It is a simple process of setting up and opening an account with one of the reputable cloud mining companies and choosing the contract period and hashing power. Cloud mining offers serves that can be utilized over the cloud, or internet with all the necessary equipment installed at a large database center.
Because the companies don’t have to prove that they own any hardware, this is a great place for scams. So, buyer beware. And, their sites all state that it’s not always profitable and there is a risk in mining. Here are some well established Cloud mining companies:
Genesis Mining was founded in 2013 and owns mining fams in Europe, America and Asia, however, their exact locations are kept out of the general public’s knowledge. They are the most transparent about their operation and are a legit company. This company will provide you with hashing power, however, there is no guarantee you will be profitable. This hashing power comes with no complicated hardware or software to set up.
There are different levels of mining power that come at a different cost and various coins that you can mine as well. Their contracts are a lifetime contract and as long as it’s profitable you can continue to mine. There are no mining pool fees and no rigs for you to maintain. And, you can decide what coins to mine with the purchased hashpower and you can split your total hashpower to the different coins. Again, Genesis isn’t super profitable, but it is a legit company that offers the service it says it will provide.
Hashnest is another mining platform that has been mining since 2014. They too offer an inexpensive non-tech savvy way to offer the regular person to start mining Bitcoin. Hashnest only mines bitcoin at this time. Although, very little information can be found on their website without registration. Hashnest will require you to register with a BitMain passport, which is their founding company. With this company one as the option to purchase your very own mining rig as well. This company is not as newbie friendly and speak quite a bit in Cryptominer’s language which can be a bit confusing to the newbies. However, it’s a great place to study and learn the language as well.
Hash24 is backed by a place called Bitfury and this company can be trusted in the Bitcoin world. Bitfury has the backing of many larger companies and is a
part of the blockchain alliance to help law enforcement with blockchain investigations. Hashing24 has its offices listed on their website with addresses and phone numbers. They offer extensive plans that will fit just about any need and allow you to spend as little or as much as you’d like.
One feature about this company that makes it pretty unique is that it only sells newly minted coins. So, you know they are actually mining and not just reselling something they got from somewhere else. You can verify their coins on any block explorer. As with any cloud mining company you are not guaranteed to make a profit, however, as far as being legit, Hashing24 is legit. They will provide you with the equipment you need to start mining.
Cloud mining Companies
There are more cloud mining companies, but determining what is a scam and what is not is the most important thing you can do. Be sure to do your research and find out more about the company you’re looking to invest with. After all, it’s pretty easy for one of these companies to put up a fancy website and say they have all the equipment but quite another if they actually do. Research is key in Cloud mining and understands the process of mining in general in also very important.
Although you are not going to get rich cloud mining it is something that many people do enjoy doing. And, if that’s what you’re looking for, then you have found a great way to mine without all the technical stuff. Most cloud mining companies will take Bitcoin, PayPal and Credit cards as payments. Keep in mind that if you pay with Bitcoin there is no reversal of payment. So, this is a good chance it’s a scamming company. Most legit mining companies don’t offer a free trial because well, they simply don’t have too. And, keep this in mind when looking for a cloud mining company.
Other things to watch out for when Cloud mining
Cloud mining can be a risky business if you don’t know what you’re doing. Be sure to install some great malware software on your personal device for protection. In some cases, companies will put malware on your device and use your device for mining purposes. This will slow down your device as well as eat up your data if you have a plan that does that.
This is a very technical area and the people that know cryptocurrency don’t always want to be found. So, proceed with caution, if you do the right research and keep a clear mind, cloud mining can be fun for many people. And, that’s really what this is about is having a great time. Cloud mining is a great alternative for miners that don’t want all the headache of setting up their own rigs and running them.