What is Bitcoin cloud mining?

What are the best ways to get Bitcoin?
January 5, 2017

What is Bitcoin cloud mining?

Put very simple, cloud mining means using (generally) shared processing power run from remote data centers. One only needs a home computer for communications, optional local bitcoin wallets and so on. If you want to invest in bitcoin mining without the hassle of managing your own hardware (very expensive), there is an alternative. You can use the cloud to earn your coins.

 

Depending on the mining platform or company that you have registered under, a small amount may be deducted to cover the costs of maintenance and running the hardware each time you get a mining reward. Since the entire operation benefits from economies of scale, these costs are usually much smaller if you compare them with what you would be paying mining at home using your own software.

As long as you have purchased some hashing power the mining software works for you 24/7. It doesn’t matter what you are doing whether you are sleeping, working on something else or on vacation, the system will still be running. With a more advanced cloud mining power, you will still earn Bitcoin even if your computer is turned off for days.

However, bear in mind that cloud mining (Bitcoin) bot-net infections are common in the mining world. These are systems that mine Bitcoin without the owner’s knowledge and then channel the funds to accounts connected to the bot-net masters.

We will be reviewing this on a near future.

 

Partial source: coindesk.com / cloudmining-review.com

Leave a Reply

This site uses cookies to store information on your computer. By using our site you accept the terms of our Privacy Policy. More information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close