Going Cloud Mining And Choosing The Best Service For It
Gaining or mining bitcoins isn’t an easy feat. Probably, you’ve thought of doing the Pump and Dump Technik among other foul ways, but that leads to legal troubles more often than not. Setting up a crypto mining system has high demands for resources too.
Coming up with such system means you need to have a high performing computer with stellar hash power. You need to spend for electricity and internet connection among other utilities. And regular maintenance, part replacements and repairs are inevitable for a machine working round-the-clock as well.
Fortunately, there are mining service solutions available today—with cloud mining being a prominent example. This is the process of remotely mining bitcoins and altcoins through a data center, eliminating the need to create your own mining machine. But that’s not as simple as it sounds. You must learn more about it before paying for any cloud mining service available online.
How Cloud Mining works for Mining Bitcoins and Altcoins
For starters, mining bitcoins and other altcoins involves dealing with super complex algorithms and calculations. Miners need to crack those algorithm with the use of computers with high hash powers to extract more crypto coins in a period of time. That’s why mining cryptos equates to having computers with impressive hash power, which usually consumes more electricity while working round-the-clock.
With cloud mining, service providers offer machines with high hash power which clients can use remotely. You only need to sign-up for an account, pay a starting fee and share your processing power. The machines run by service providers would do the mining for you. Once your contract is over, bitcoins and altcoins you earn will go to your wallet.
That leads you to a big benefit.
Save Cash by Going Cloud Mining
Using cloud mining services means you only need to invest minimum amount to get cryptocoins. You don’t have to buy expensive parts for a mining machine, let alone worry about its maintenance. You don’t need to think of paying huge internet and energy bills each month as well. Moreover, you can save yourself from technical hassles in setting up, running and managing such machine.
Most services charge only a small upfront fee without any hidden cost. This means all bitcoins mined by your account will go to your wallet. You only need to sign a contract before starting, then indicate the length of time you’ll be mining through the cloud.
However, other services slash certain percentage off from the crypto coins you mine. You need to be careful with these services, or else you’d end up with miniscule earnings. Hence, be sure to read the terms and condition of a cloud mining service before signing-up to avoid shady and hidden fees. Read reviews of users as well.
Finding the Best Cloud Mining Service
With all the cloud mining solutions available today, it’s hard to pick one to trust. Remember that you need to invest an upfront fee, and you don’t want to waste such small amount for nothing, do you? Hence, you must consider these tips while looking for one:
- Check the website of a cloud mining company and be sure it looks professional. It must provide all necessary info about their operations. That includes hash power, payments, fees and contract deal among other vital details. Don’t choose a company whose site is plagued of ads with mere girls, champagne and partying among other unrelated stuff.
- Upon checking details, be sure it all favors you. Finding one with large hash power is given. But you must consider payments and charge agreements as well. Then, know the payment methods, and be sure it suits you.
- Conduct a background check of a company before putting in any cash. Know how long a company have been operating, since length of service indicates reliability. Then, check reviews of users online to see how many people are satisfied with a particular cloud mining service.
- Then, check the legality of a service. Know who its owners and track their business backgrounds. Track the physical location of a company, and check the government site of such local area. See if the business has legal registrations and licenses, and avoid any company with legal disputes in the past.
You see? Choosing a cloud mining service isn’t easy. That’s why you must check Genesis Mining right away, then see if it fits you. It’s one of the oldest and most reputable cloud mining solutions today.
Using Genesis Mining for Cloud Mining
Genesis Mining allows you to mine bitcoins and other cryptocurrencies easily. Plus, it only asks for an upfront payment with no additional and hidden charges. Here’s how to use it up:
- Begin by opening an account on Genesis. You don’t have to pay for anything upon signing-up, and you’re free to begin investing anytime.
- From the menu, select buy mining power and choose options favorable for you. Options includes duration of your contract and minimum investment amount. Feel free to explore each option, but don’t select one if you’re still unsure.
- Choose an ideal mode of payment for you. |One of the good things about Genesis Mining is its availability of several payment options. You can pay through credit cards, or use cryptocurrencies such as bitcoin, litecoin, dash and dogecoin. Clear your payment within 30 minutes to avoid cancellation of order.
- Carefully go through the terms and condition. Be sure you agree on the terms of the contract before confirming your order.
- Finally, check My Orders in the menu. Few minutes after confirming your order, that’s where you can check your purchased mining contract. There you can see your account mining from the cloud as well.
Genesis Mining made crypto mining easier for you. It eliminates the need to come up with a full mining machine at home.
Remember, however, that no matter what method of mining you use, investing on bitcoin and other cryptocurrencies is a risky venture. Be sure to begin with small amounts you’re willing to lose to avoid big regrets.