What is Bitcoin Cloud Mining? Bitcoin Cloud mining or cloud hashing allows users to purchase hashing power hosted in data centers. Hashflare.io and Genesis-Mining.com are the two biggest operators of bitcoin mining that have been offering contracts for many years. Bitcoin cloud mining allows people to earn Bitcoins in the absense of bitcoin mining hardware, bitcoin mining software, electricity, bandwidth or other offline issues. Bitcoin cloud mining is sometimes called cloud hashing that allows users to buy the output of Bitcoin mining power from Bitcoin mining hardware placed in remote data centers. Then all Bitcoin mining is done remotely in the cloud. This enables the owners to not deal with any of the hassles usually encountered when mining bitcoins such as electricity, hosting issues, heat, installation or upkeep trouble. What are Bitcoin Cloud Mining Advantages? No excess heat to deal with Quiet because of no constantly humming fans No electricity costs No bitcoin mining equipment to sell when bitcoin mining is no longer profitable No ventilation problems with hot equipment No preordered bitcoin mining hardware that may not be delivered on time by bitcoin mining equipment suppliers What are Bitcoin Cloud Mining Disadvantages? FRAUD!!! Unverifiable or otherwise shady Bitcoin cloud mining operations No fun! If you like building your own Bitcoin hashing systems. Lower profits – Bitcoin cloud mining services or operators have expenses Bitcoin mining contracts may have the ability to cease operations or payouts in the contracts if the Bitcoin price is too low Lack of possession of the Bitcoin mining hardware Lack of ability to change the Bitcoin mining software Best Bitcoin Cloud Hashing Services Being listed in this section is NOT an endorsement of these services and is to serve merely as a Bitcoin cloud mining comparison. There have been a tremendous amount of Bitcoin cloud mining scams and fraud in the bitcoin community. However the under listed are mining bitcoin and paying miners that purchase contracts with their cloud mining pool Hashflare: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s. Genesis-Mining: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available. Hashing24: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible. Best Bitcoin Cloud Mining Contracts and Comparisons Bitcoin cloud mining contracts are usually sold for bitcoins on a per hash basis for a particular period of time and there are several factors that impact Bitcoin cloud mining contract profitability. For example, Pay per GHash/s would be 0.0012 BTC / GHs for a 24 month contract. Contracts vary from hourly to multiple years. The major factor that is unknown to both parties is the Bitcoin network difficulty and it drastically determines the profitability of the bitcoin cloud hashing contracts. Bitcoin network difficulty is a measure of how difficult it is to find a hash below a given target. The Bitcoin network has a global block difficulty. Valid blocks must have a hash below this target. Bitcoin mining pools also have a pool-specific share difficulty setting a lower limit for shares. The Bitcoin network difficulty changes roughly every two weeks or 2,016 blocks.  |
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What is "Mining"?
To put it simple, the cryptocurrency network is a gigantic peer-to-peer ledger of past bitcoin transactions, all of which need to be verified and confirmed for the better and upkeep of bitcoin network and to avoid fraud in bitcoin transactions. The ever-lasting confirmations require a huge number of hashing power (provided by mining hardware) to solve complicated and random mathematical problems. And to reward people who contribute their hashing power, the cryptocurrency network will send out “coins” on a regular basis. This is how cryptocurrencies are “mined” – a reward mechanism of the network for hashing power contributors.
TYPES OF CRYPTOCURRENCY MINING METHODS
There are many ways and hardware equipments to start mining bitcoin, it can be mined at home, office or in a dedicated warehouse with hardware equipment refered to a " Bitcoin Mining Farm or Rig"
Bitcoin Mining can be comfortably classified into
There are many ways and hardware equipments to start mining bitcoin, it can be mined at home, office or in a dedicated warehouse with hardware equipment refered to a " Bitcoin Mining Farm or Rig"
Bitcoin Mining can be comfortably classified into
- CPU mining
- GPU mining
- ASIC Hardware Mining
CPU Mining
Early users were allowed to use their CPUs to mine. They went outdated by surging hashrate of the network.
GPU Mining
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GPU Mining is drastically faster and more efficient than CPU mining. Support mining: DASH, ETH, ZEC.
ASIC Mining
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ASIC miners are designed to mine cryptocurrency at high difficulty. They are vastly faster than all previochnologies. Support mining: BTC, BCH, LTC.
