How To Make A Profitable Living At Crypto Cloud Mining

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One of the more stable ways you can earn cryptocurrency without stressing over trading charts all day is through a process called cloud mining. This can be done using software that accesses a computer’s processing power in order to decipher transaction-related algorithms.

These days, the amount of electricity required to undertake this task is relatively large and can cost you a great deal of money electricity expenses. For most you want to produce a sizable income from this method, facilitation of big data centers are required. Since not everyone can afford to own a big data center, a new type of cypto mining establishment called “cloud mining” has been created.

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 of installation, maintenance, electricity and hosting issues. Besides allowing users to rent specialized equipment, cloud mining also allows them to lease a team of professionals in order to maintain that equipment.

What Cryptocurrency Should You Choose To Cloud Mine?

The process of crypto mining typically includes the verification of transactions that occur on the blockchain. This involves solving complex mathematical equations. Miners typically keep the network in good working order and as a reward are paid in cryptocurrency once they verify and process these transactions.

Some of the more popular cryptocurrency to mine is:

  • Bitcoin
  • Litecoin
  • Verticoin
  • Zcash
  • Monero
  • Ethereum
  • Dogecoin
PRO TIP: To find out which cryptocurrency is most profitable at this moment and how much income you can receive off cloud mining each according to certain hash rates (basic computing speed decryption) click here

What Cloud Mining Service Should I Use?

cloud mining which one do you choose

There 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. Here 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, like most other 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 for you is, there are some reputable cloud mining providers that have proven that they can be trusted. Three of the more reputable cloud mining companies are:

  1. Hashflare
  2. Genesis Mining
  3. Nicehash

Never invest more in cloud mining than you can afford to lose. I know you’ve heard this statement over a dozen times, however it does ring true when it comes to the volatile nature of cryptocurrency. Realize that were in the Wild West stages of the market right now. Regulatory control is low and unfortunately crypto scams are somewhat common occurrence these days.

Like with any other venue, cloud mining is a business and losses can occur, however the risk is fairly low if you choose to invest in one of the established cloud mining companies mentioned above.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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