What is Bitcoin Cloud Mining?
There is no doubt that since the inception of Bitcoin and other cryptocurrencies there has been the opportunity to make lucrative amounts of money online. For some, however, they may feel it is too late or expensive to jump on the bandwagon and make the kind of money they have heard of.
Well, there is a solution through cloud mining. This article will tell you what Bitcoin Cloud Mining is. Essentially, Bitcoin Cloud Mining is getting someone else to do all the work for you. You hire them and their equipment, for an annual fee.
They deal with all the costs associated with Bitcoin Mining, the electricity, cooling, equipment and just leave you to cream off the profits. Bitcoin Cloud Mining came about to help those who could not afford or maintain mining equipment.
So how does Bitcoin Cloud Mining work?
You start my signing up to one of the online companies who offer Bitcoin Cloud Mining services. In this regard you need to take care as there are some unscrupulous people out there who will take your money and offer little in return. Read on to find what we recommend.
After sign up you arrange a contact based on how much MH/s you are willing to sign up to (some have a minimum amount) and that is it, essentially. Some, such as IQ offer a payout within one day. The payout is determined by the MH/s rate. Please be aware that there are maintenance costs with some contracts.
Is Bitcoin Cloud Mining profitable?
This is the big question. Of course the initial outlay is small compared to the usual way of mining Bitcoin. But, as already noted, there are costs, and these can eat into your profits. Most would tell you that you can be profitable within six months but with costs this can rise. However, given the fact that mining yourself is very expensive, it stands to reason that going through a Bitcoin Cloud Mining service is the better option.
So what are the advantages of Bitcoin Cloud Mining?
• Low initial cost.
• No large electricity bills.
• No need to store equipment.
• No cooling equipment to worry about.
• The cost of equipment, can depreciate, so selling on is a factor. With cloud mining you do not have to worry about this.
• Possibly a quicker profit can be made with Bitcoin Cloud Mining.
What do we mean by Bitcoin Cloud Mining contracts?
Just as you have a contract for your phone or subscription service, then the same is required when you sign up to any Bitcoin Cloud Mining service though it is called a Smart Contract. The contract requires you to agree to a set rate of MH/s and would normally ask you to purchase a minimum amount.
So what are best Cloud Mining Services?
As we have said it is best to avoid those mining services that will may take your money and run. What follows is our recommendations for Bitcoin Cloud Mining services:
Formed in 2016 by a group of blockchain and IT experts, IQ offers cloud mining at a reasonable cost with their bronze, silver or gold packages. Using Script Miner, the bronze package comes it at 2$ for 1MH/s with daily maintenance fee of 0.005$ / 1MH/s / 24hr. The silver is at 1.8$ per 1MH/s and has a daily maintenance of 0.003$ and the gold is 1.6$ per MH/s with maintenance set at 0.001$.
Minehive aims to make Cloud Mining easy and efficient. They offer a first class customer support and do not have withdrawal or maintenance fees. Bitcoin Cloud Services are an easy access approach to cryptocurrency and allow beginners and experts to trade in Bitcoin without the need to purchase and maintain equipment. They require no large electricity consumption or the need to store equipment.
Fintech’s ethos is to share their success in cryptocurrency with the public. They offer a solid investment to their members and aim to give a live personal service both to existing customers in blockchain technology and newer ones.
Packages range from beginner (with a 6 month contract) to Expert (5 year contract). Read Full review
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Bitcoin Cloud Mining Services Ratings & Ratings
All in all, Bitcoin Cloud Mining is an excellent way of getting into Bitcoin without all the hassle. As long as you are careful and choose your mining service with care you cannot go wrong. Now you know what Bitcoin Cloud Mining is, don’t you think it is time to jump in?