How To Make A Living At Cloud Mining

cloud mining cryptocurrency how to make a living

It’s no secret that the best way to improve one’s money situation is to earn more. One of the best ways in which you can earn more legit money without breaking much sweat is through ‘mining’ cryptocurrencies. This is a process that is done using software that accesses the CPU’s processing power to decipher transaction-related algorithms.

Nowadays, the kind of power required to undertake this venture is enormous. As such, the facilitation of big data centers is required. Since not everyone can afford to own a big data center, a new type of cypto mining has been invented.

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What Exactly is Cloud Mining?

Cloud mining is a method of cryptocurrency mining that allows users to buy or rent mining power with hardware placed in remote data centers. All mining is carried out in the ‘cloud’, eliminating the offline hassle such as installation, maintenance, electricity and hosting issues. Besides allowing users to hire specialized equipment, cloud mining also allows them to hire a team of professionals to maintain that equipment..

What Cryptocurrency Should You Choose To Cloud Mine?

First of all, a cryptocurrency is a digital asset that’s designed to serve as a medium of exchange using cryptography. This helps to secure transactions, verify transfer of assets, and control the creation of additional units. The following are the most common types of cryptocurrencies to cloud mine:

  • Bitcoin
  • Litecoin
  • Dash
  • Zcash
  • Monero
  • Etherium
PRO TIP: To find out which cryptocurrency is most profitable right now and how much income you can receive off cloud mining with certain hash rates (basic computing speed decryption) click here

What Cloud Mining Service Should I Use?

cloud mining which one do you chooseThere are many cloud mining companies to choose from. While some of these companies are legit, there’s no denying that there are various others that are not as legitimate. The following are some helpful tips for choosing a reputable cloud mining service:

  • Longevity doesn’t necessarily mean legitimate: Mining companies that have been set up as Ponzi schemes don’t have to open and close overnight for them to be scams. There are some fraudulent cloud mining providers that stay in business for quite some time, even after defrauding customers. While long established companies are safer to deal with, don’t take longevity as a measure for legitimacy.
  • Look for proof of existence: A cloud mining company that has got nothing to hide will be willing to share proof of their physical existence. If a provider doesn’t share photos or videos, it’s probably because they don’t exist.
  • Beware of massive discounts: When a deal is too good to be true, think twice. When it comes to cryptocurrency mining, margins are everything. So, be wary of a cloud mining service that gives out fat discounts to new customers.
  • Look for transparency: A reputable cloud mining service should be forthcoming about their identity. If they go to extreme lengths to hide their true identity, run while you still can.

Good news to you is that there are some reputable cloud mining providers that have proved that they can be 100% trusted. This includes

  1. Hashflare
  2. Genesis Mining
  3. Nicehash

One important piece of advice though is that you should never invest more in cloud mining than you can afford to lose. Like with any other venue, cloud mining is a business and losses can occur, however the risk is fairly low with the established cloud mining companies mentioned above.

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