What is Cloud Mining?
Put very simply, Cloud Mining means using shared hashing power operated from remote mining farms. All you need is your laptop or your phone for communications, wallets and so on.
Cloud Mining enables miners to purchase hashing power setup in remote data centres or mining farms around the world. Sometimes called cloud hashing, it basically enables users to buy the output of Mining Power or Hashing Power they can afford without all the troubles usually found when mining such as: electricity or hosting issues, heat, installation, upkeep trouble, hardware & software installation, bandwidth or other offline issues, etc…
MinerGate currently offers two types of Cloud Mining contracts mining Bitcoin (BTC) or Monero (XMR), with Ethereum (ETH) also coming soon.
MinerGate is a pool with 6 years of history. There are more than 1,500,000 miners with almost 2 thousand joining every day. MinerGate’s track record and history of trust is it’s greatest achievement.
You can see the cost of setting up your very own Cloud Mining contract with MinerGate here.
MinerGate offers a professional approach to Bitcoin, Ethereum and Monero mining. The data centres we use are equipped with cutting-edge ASIC miners, the most effective on the market right now.
What are the advantages of Cloud Mining?
It’s not difficult to understand why many people would choose Cloud Mining over mining with your own hardware at home or the office as many issues can arise, from security issues, hardware issues, and lots of other things. For one thing, it’s not healthy, I mean, who wants to sit there and listen to constantly humming fans right? or having to deal with the excess heat, electricity prices, or even having to set up your own graphics driver.
With Cloud Mining, the cost of electricity and maintenance is deducted from the profit, so you never really have to think about it, or worry about bandwidth or anything else really.
Types of Cloud Mining
In general, there’s three forms of remote mining available:
- Hosted mining which is basically the lease of a mining machine that is hosted by the provider.
- Virtual hosted mining which you can do by creating a (general purpose) virtual private server and installing your own mining software.
- Leased hashing power by creating a contract for an amount of hashing power, without having a dedicated physical or virtual computer. (This is, by far, the most popular method of cloud mining today.)
What currencies can I mine?
With MinerGate you can create your first Cloud Mining contract using the most advanced mining hardware and freshly mined Bitcoins, Ethereum and Monero directly from the actual block rewards. You can sign up and start mining here.
MinerGate is the largest multi-currency mining pool and it was created by a group of crypto-coin enthusiasts
MinerGate is the first pool to provide a service for merged mining. This means you can also mine different coins simultaneously on the pool without decrease in hash-rate for the major coin. You are welcome to connect your own hardware of any level to mine different cryptos, such as Zcash, Dashcoin, Litecoin and many others. Get the mining software here.
True Bitcoin, Ethereum and Monero mining for clients
MinerGate data centres are hashing 24/7 using innovative hardware and all mining rewards come straight from unlocked BTC, ETH and XMR blocks which can be traced on the blockchain. There are no intermediaries between you and your money.
With MinerGate, every Cloud Mining contract gives you a steady income and a clear contract history which allows you to easily track your profit, and contracts run for as long as they’re earning.
You get all the freedom of choice. Just decide how much to invest or the desired hash-rate and transfer the required amount.
You can choose a suitable plan right now using the calculator as a guide here.
Rewards for the contracts are processed and distributed every day at around 12:00 UTC. First payout comes in about 1.5-2.5 days after we receive the payment. Once the threshold for minimal withdrawal is passed, you can withdraw your earnings from your dashboard.
There is only a maintenance fee to make up for electricity and mining resources costs. It will be withheld from daily earnings for the contract. Nothing extra gets deducted from your account to cover it and you don’t need to send funds to pay these fees in advance.
Risks vs Rewards
When engaging in any type of crypto mining there are risks, but profitability is possible if you make the right choices, and we’ve given you some pointers here, however, in your test you will likely see that some of the cloud mining services will be profitable for a few months only, then decrease in profit as the difficulty level of mining increases.
A possible remedy to this situation is to reinvest what you have made into maintaining a competitive hash rate.
Beware of Imitations
Like anything else, but even more so, the rise of crypto has seen an unprecedented amount of internet scams, and Cloud Mining is no exception. Often offering to mine cryptocurrencies for free, there are many clever and well designed Scams and Ponzi Schemes, showing fake payouts and more. The risk of fraud is all too common in the cloud mining space, so you should only invest with what you’re comfortable with – as the saying goes, never invest more than you’re willing to loose.
Always investigate social media channels, speak with former customers and ask pointed questions to operators prior to investing into any type of company. Also, look for registered addresses, online reviews, etc. you can use sites like ScamAnalyze to see whether the company is reputable or not.