5 Reasons to Start Cloud Mining Today
Cryptocurrency mining is one of the most competitive niches in the crypto business. More an more people are drawn towards mining, but few of them have the time, money, and experience needed to build their own rigs, store them somewhere, and keep them running – that’s how cloud mining appeared.
Cloud mining is basically mining at a distance – you pay a company a certain fee and rent a fraction of their rig’s hashrate, or computing power. The computer is already built and running – all you have to do is open a contract with the company, and you can start cashing in your profits after the first 24 hours of it running. Sounds awesome, right? Here are five reasons why you should start cloud mining today:
1. Saves you a whole lot of money
Building a mining rig can cost quite a bit of money, especially nowadays. The Antminer S9, which is the most popular miner on the Bitcoin mining market right now, is going for around $5k, not counting shipping and other fees. To that, you will need to add the wattage the computer consumes, and any other extras – fans, cooling systems, and sometimes more. Cloud mining will take care of all that for the fee you are paying them, thus sparing you of putting down a significant amount of money at once.
2. No heating issues
Having a miner in your house implies lots of extra heat, as the computer heats up quite fast, and quite a lot, when it’s put to work for a long time. Sure, you can add fans, or even build a more complex cooling system, but it will still bring you a lot of unwanted dry heat. With cloud mining, your mining rig somewhere far away from you, so you don’t have to worry about it heating up in your bedroom.
3. No surprises on the electricity bill
Sure, you can use one of those mining calculators to estimate how much your new rig is going to set you back, according to the price of electricity in your area. However, you can’t really tell exactly how much the bill is going to go up – the reason being the same cooling system, which will have to work alongside your rig at all times.
4. No need for maintenance
Mining doesn’t just require plugging in your computer and leaving it unsupervised in your basement as you’re buying your fifth mansion off the coins you get as rewards. You will have to check all the parts thoroughly from time to time, to make sure everything is running properly – otherwise, it can literally burn out at one point. With cloud mining, the team on the other end of the contract does rigorous maintenance, usually 24/7, to make sure your rig is always properly working.
5. Complete control over your mining
There are tens of cloud mining companies out there, and you can certainly find one to suit your exact needs. You can choose one that mines Bitcoins or altcoins, choose your desired hash rate (if you’re on a budget, you can start as low as you want, and gradually work your way up. Some offer lifetime mining contracts, and some only have limited time deals. Most companies also offer a mining wallet you can store all your gains in and are connected to the biggest pools you can join. Grace to this, you have control over everything related to your mining activity, but without the hassle of buying, building and owning the hardware.
Think you want to get into cloud mining right now? Check out our list of Cloud Mining services worth signing up with in 2018!