Cloud Mining: How It Works

Cloud mining allows you to mine cryptocurrencies without special hardware. Anyone who wants to mine cryptocurrencies finds a cloud mining service and invests in hiring hash power. Customers have to pay special fees, which cover hardware maintenance, power bills, staff costs, etc.

Clients who have invested in hash power can rely on rewards depending on how much power they have hired. It is recommended to pay attention to the difficulty level of the mining algorithm of a particular coin before investing in order to calculate the expected reward.

Сhoose a contract
Pay for selected contract
Enter your bitcoin wallet
Get paid in bitcoins every day

This is a rather easy way to get profit. You don’t need to buy hardware on your own, do any accounting, equipment maintenance or pay high electricity bills. All you need is to choose an appropriate cryptocurrency and estimate an investment amount.

Can I start mining on my own? The answer is YES, and many enthusiasts have recently done this already. However, the difficulty of mining algorithms has a constant growth, requiring more hash power from your devices.

In the first couple of years after the appearance of Bitcoin, enthusiasts could mine using their CPU. Then they started GPU mining. Later, miners used GPU mining farms and finally, ASIC appeared. Nowadays, you need to create your ASIC farm in order to remain competitive.

Creating your own farm is not a good idea

When you build your own mining farm, you have one great advantage – you do not need to pay fees to anybody. You get all the profits except expenses for maintenance etc. However, this approach has multiple disadvantages.

The most important one is the expenses. There are lots of costs you have to pay even when you have bought equipment already. You have to cover power bills, rental of premises, staff costs. Additionally, you take price change risks.

Equipment is the main bulk of costs here. Apart from ASICs, you need to create a reliable and effective cooling system. If you order equipment from abroad, you need to cover custom fees.

Apart from the equipment, you have to keep in mind the high electricity costs. It fluctuates depending on the region where you plan to create your farm and these farms can use a lot of electricity.

Every mining farm needs starting configuration and maintenance. You can save money if you are a professional in this field. Otherwise, you need to hire someone who can do it for you.

Part of the above-mentioned costs including power bills and maintenance expenses will be recurring. As for the equipment, you buy it once. However, some of the farm’s parts may fail and require immediate maintenance or replacement requiring additional expenses.

Is this the end of the expected costs’? Not at all. We have only mentioned the growing mining difficulty. In order to remain competitive, your farm needs ongoing equipment upgrades.

Equipment costs
Setup and maintenance
Electricity bills
Place rental
Exchange rate risks

Ultimately, when dealing with cryptocurrencies, you have to always keep in mind currency fluctuations as bitcoin investment may be risky for you. Equipment is designed to work with a specific algorithm. If cryptocurrency's price declines towards a breakeven or even lower level, you have to be prepared for the period of low to zero profits, with the same level of costs.

Cloud mining benefits

There are several points where you can benefit from investing in cloud mining services:
No expenses for the purchase of equipment. You only pay for hash power hiring.
No maintenance costs. The company is responsible for the equipment. You don’t need to take care of this or to hire additional staff.
No need to upgrade the farm on your own. Cloud mining service takes care of it all as they are interested in timely hardware modernization.
No expenses for electricity. You don’t need to pay any bill as the equipment is located in the provider’s data center. All those costs are included in service fees and distributed among all the customers.
No need to take care of administrative issues or to rent spaces.
You can start with a low investment amount. The average minimum contract cost is $26.

Hashmart cloud mining

If you are interested in investing in the best service in this industry, you can consider the Hashmart provider. This company is a team of enthusiasts, professionals in different branches.

Our main goal is to make cryptocurrencies accessible to everybody. You can start by creating your own account and buying your first contract. To do this, you can use a very user-friendly dashboard with a wide range of features.

It is easy to start buying hash power with us. All you need is to create an account and the purchase a contract. You can do all those steps in a special multifunctional dashboard within the website.

Here you can:

  • Buy hash power.
  • Monitor statistic data on the contracts you have already purchased.
  • Take care of all the financial matters, withdraw your funds.
Besides, all the users can participate in Hashmart affiliate program aiming at attracting new investors. You can get a ref share from all the referrals you will invite. Your gains will directly depend on their investment amount.

Main advantages of Hashmart cloud mining:

  • The most cutting-edge equipment, designed by the leading manufacturers in this industry.
  • Low minimum investment level for Bitcoin cloud contracts.
  • You can try our services without investing a single cent thanks to a free demo account.
  • You can deposit and withdraw using wire transfer, bank cards or cryptocurrencies. You are allowed to deposit with EUR, USD, RUB.
  • High level of security.
  • Low electricity costs. Our data centers are located in Siberia, where there are the lowest electricity expenses. This helps us to make the most attractive fees in the industry.
  • We take no fees for cryptocurrency withdrawal.
  • User-friendly dashboard with a wide range of features. Here you can find all necessary features, user-friendly navigation and easy to operate interface.
  • Daily payments.

Easy to use Bitcoin mining

© 2020 Hashmart
Newstack Industries LTD, 33 Agiou Nikolaou, Office 502, 2408, Ekgomi, Nicosia, Cyprus
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