The process of crypto mining where processing powers are shared by a mining company is called Cloud Mining.
In the cloud mining process, we don’t need to maintain any type of hardware setup.
In this, we need to register on the mining company website and purchase mining contracts or shares.
Since cloud mining is service-based, so we pay the cost of the contract.
In this returns are low.
Now let’s know its pros & cons
Pros of cloud mining:-
No need for investment in the hardware.
Only purchase contracts and earn passive income.
Cons of cloud mining:-
As we know, mining rigs are controlled by the mining companies, who are set up are anywhere in the world, so some people are taking the wrong advantage of it.
It means some websites are fake.
So the question arises how we can know which websites are false?
I have invested in many cloud mining, some of which went outfalls.
The company which is giving some free hash power generally failed in giving payout or maybe went out false.
So be cautious before investing in cloud mining.
If you are doing then try with a small investment but never try with a large investment.
In another content, I will tell you about the cloud mining company in which I have invested & they are genuinely paying the rewards.
It is the place from where miners can buy hashpower.
It is the process of Cryptocurrency Mining using a remote data center with shared processing power.
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