If you are actively looking for an article on how to mine bitcoin using cloud mining, you are at the right place. This blog covers what cloud mining is and how to mine bitcoin for using cloud mining.
Cloud mining
Cloud mining is all about operating a distant datacenter with collective processing energy contracted through a cloud mining company. This type of mining enables the users to mine legit bitcoins without having to use their own hardware. This allows the users to select the desired amount of hashing power and also a period for the contract.
You can open an account and remotely participate in the process of cryptocurrency mining. Since this type of mining happens via the cloud, it breaks issues such as direct energy costs or equipment maintenance.
The users generally only pay the rent for hardware and the management of the hardware is free of cost. Each user will earn a pro-rata share of the gains to the amount of hashing power rented.
About Unocoin
Unocoin is Indias’ leading bitcoin company. They enable their users to buy, sell, store, use, and accept bitcoins and other cryptocurrencies. Additionally, they provide bitcoin exchange and OTC (Over The Counter) services and facilitate their users with a mobile app on Android and iOS devices. Unocoin also provides wallet services that can be used to store the bitcoin or other crypto assets mined through cloud mining.
- Is cloud mining profitable?
Bitcoin cloud mining, like if it is entirely safe in the bitcoin mining world can be a delicate thing to determine. It takes some time to see the return on your investment compared to other alternatives such as buying and selling bitcoin.
Nevertheless, most of the time, bitcoin cloud mining is profitable. Since bitcoin mining at home is so expensive, many users opt for cheaper solutions that do not involve owning hardware that eats up electricity and will become outdated quickly. Such solutions are possible due to economies of scale that can be achieved through cloud mining.
Here are some reasons why cloud mining is more efficient and profitable:
- Ease of investment
One should not be involved in the hassles of buying and managing costly equipment to run a data center for a mining project. With cloud mining, all you need to do is leverage on bitcoin cloud mining services sites.
- Flexible investment options
Cloud mining investment comes with options with regards to which crypto you want to invest. You can choose bitcoin, Ethereum, and Litecoin or can split your investment among them.
Let us look at the pros and cons clearly:
The pros:
- Higher profits
As the mining providers optimize everything and make bitcoin mining cheaper for you, it yields out higher returns.
- A tranquil and cool home
No more heat and sound.
- Less electricity
Less consumption of electricity will result in lesser electricity bills.
- No equipment maintenance
You need not worry about the configuration of the hardware and selling them when they stop being profitable.
- Simple and ready for use
You can sign up and start mining with these providers within minutes.
The cons:
- Scam risk
It involves the risk of being scammed. If any bitcoin auto mining site offers you exceptional returns on your investment, try to stay away from it and do proper research.
- Cost of mining operations
You will have to pay for the hardware management cost.
- Unpredictable profit
Returns depend upon various factors. It may become non-profitable if the value of the coin goes down.
You need to consider these pros and cons if you wish to become a bitcoin cloud miner by opening an account in any bitcoin mining sites.
5 best legit and trusted cloud mining sites
Here are the 5 best-trusted cloud mining sites for legit bitcoin mining
- BEMINE
- It provides its services in Russia and CIS countries. They operate more than ~70,000Th/s placed in Siberia, Moscow, Irkutsk, Almaty and Chelyabinsk region. They keep on scaling as they are specialists who understand blockchain trends. They have announced that they would come to DeFi in mid-2021, bringing flexibility and transparency to the cloud mining paradigm.
2. ECOS
ECOS is a legal cloud mining service provider based in the Free Economic Zone in Armenia. The company has more than 40,000 users all over the world and is now expanding its ecosystem with various DeFi services. They provide only bitcoin cloud mining services with different ranges of mining contracts. They are well known for their legal services with modern equipment and a wide range of tax-free contracts.
3. Bitcoin Pool
Bitcoin Pool is provided directly by Bitcoin.com and aims to provide the most determined cloud mining service. They proclaim that they yield the highest PPS (Pay Per Share) pool globally with a 98% block reward. You can set up and start mining easily & immediately, either on Bitcoin Core (BTC) or Bitcoin Cash (BCH), whichever seems the most profitable to you. Users can keep track of their account usage and value on their mobile app for Android and iOS device.
4. Hashnest
Hashnest hosts multiple brands of miners like Whatsminer M21S, M20S, Antiminer S17, S15, Z11, etc. You can mine Litecoin, Bitcoin, Zcash, and Dash here with lifetime contracts. It is incredibly advantageous to those who want to mine long term, as they could acquire a large number of coins for the long mining period. Users can also buy or sell hash rates on the Hashnest market.
5. HashFlare
It was created by specialists from HashCoins in 2015. It became one of the largest computational power providers for mining Litecoin, Bitcoin, Ethereum, and other cryptocurrencies. It became an independent company in 2016, and its variety of equipment significantly increased. The team of HashFlare has made mining accessible for common users, and their tremendous work has made them successful in providing their service to over 25,00,000 users.
FAQs –
- How does cloud mining work?
Cloud mining uses rented cloud computing power without the installation of the related software and hardware. This can hence run directly.
2. Is cloud mining safe?
You can not guarantee when you don’t have control over your mining gear. So, it is advisable to invest only in the trusted sites.
3. Is cloud mining live legit?
Yes, it is legit, but it depends on the company you choose to invest in and also abiding by your country’s law. So, be careful while selecting a cloud mining services company.
Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.
Love Crypto Coins. Love Unocoin.
Please find the list of authentic Unocoin accounts for all your queries below:
- YouTube Channel: https://www.youtube.com/c/Unocoin/videos
- Newsletter: https://medium.com/subscribe/@Unocoin_growth
- Blogs: https://blog.unocoin.com
- Instagram: https://www.instagram.com/unocoin/
- Twitter: https://twitter.com/Unocoin
- Facebook: https://www.facebook.com/unocoin/
- LinkedIn: https://in.linkedin.com/company/unocoin
- Telegram Group: https://t.me/Unocoin_Group
- Telegram Channel: https://t.me/+fasQhTKBsfA5N2Zl
- Telegram: https://t.me/UnocoinSupport_Bot
- E-mail id: [email protected]
- Contact details: 7788978910 (09:30 AM IST — 06:30 PM, Mon — Sat)
- App store link: https://apps.apple.com/us/app/unocoin/id1030422972?ls=1
- Playstore link: https://play.google.com/store/apps/details?id=com.unocoin.unocoinwallet
Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).
