What Is Bitcoin Cloud Mining? Can It Be Profitable?

by Sudarsan

Bitcoin cloud mining has become a rising trend over the last 3 years. Why is there so much buzz about it? And what is cloud mining bitcoin?

The answer is quite simple, Bitcoin mining is the process of creation of a virtual currency that does not exist in a physical form. It is not printed or stored somewhere. It is 100% virtual. This means it does not have a physical form and can therefore be created fast. 

If you want to try bitcoin cloud mining, Hashing24 can be a great choice. Hashing.com is trusted by thousands of people all across the world. 

The vast majority of bitcoin mined by ordinary people goes to the very top of the currency’s network. This is the Bitcoin mining for-profit business. If you are a legitimate miner then you can sell your bitcoin. 

A large portion of bitcoins mined by ordinary people is then kept by the very top of the network in an address called the core of one bitcoin. If you get Bitcoin for mining, you are just getting rid of the future value that you created when you were the first person to create one bitcoin and this will be discounted from the current price.

That’s a system that is designed to serve the interests of Bitcoin’s creators and not the users of the currency. So what’s the alternative? If you are a normal person and can’t afford to spend lots of money on mining, what can you do? There are now many other alternatives to generating bitcoin.

Cloud Bitcoin Mining Solution from Hashing.com

One solution is cloud mining. It is literally a process of having someone else mine for you. This allows people who don’t want to spend lots of money on mining to generate some Bitcoins and get a profit out of them. It is also a way to hedge against a global downturn in the value of Bitcoin, so you can still make money if the price crashes.

This system has grown massively in the last 3 years. There are now over 30 different exchanges that offer cloud-based mining services. They connect buyers to sellers and let them exchange bitcoins for bitcoin and cloud mining contracts. They then take a percentage of the miner’s fees.

The good news is that mining Bitcoin is much cheaper in comparison with what it used to be. You can actually get a lot of bitcoin mining done for cheap. In other words, mining can be a good source of extra income.

However, it’s not perfect. You could be paying a lot of money for a service you won’t be using. You could even be paying for a service that you can’t actually get any value out of. The main problem is that you need to trust the service to do their job.

Not all cloud mining services are worth it though. The big difference is that some are better than others and some are good for a very long time. If you want to get the best Bitcoin mining cloud experience, opt for Hashing.com.  

Another issue is that you are usually paying for maintenance to run the server and for electricity, this can add up quickly.

Pricing a bitcoin cloud mining contract can be a bit complicated, so if you are interested, it is always best to speak to an expert. Some cheap cloud mining services or companies are offering long-term contracts which might work out cheaper than dealing with a limited number of exchanges.

It’s also worth remembering that mining does not always guarantee you will make a profit. Cloud bitcoin mining is not 100% profitable. And there is no free trial. Many people still use it to hedge against future value increases and keep some of their bitcoin for later when they might need it. 

You may also like