What is cloud mining and how it works? Long story short cloud mining is the contract between a mining company and customer, and the subject of the contract is renting mining capabilities on a certain period. This allows the mining company to attract additional funds in form of investment and develop the infrastructure and mining capabilities, and also this allows customers to earn on cryptocurrency without significant investments and almost without risks.
Cloud mining 2021 few reasons to choose cloud solution instead of classical. First of all mining on the cloud reduce risks to the minimum. This is related to merely every aspect of classic mining. Risk of spoiling processors, risk of overheating, risk of unexpected issues with the software – in case of using the cloud, the customer is free of all those risks and headaches.
The second one is usability. All you need for mining is signing to the platform, this is it. Companies invest in the creation of ecosystems, web platforms with nice design, and great user experience, all for making their customer’s lives easier. Thus you can do mining from any part of the world, the only thing you need is access to the internet, just to check out the balance and be in contact if it’s needed. The rest of the work is done by the service provider.
The last one is time and cost of entry. When it comes to classical mining, the cost of entry is more than $10000 and all infrastructure is needed. In the case of cloud mining, the situation is contrast, and cloud mining companies offer many different tariffs to make this service more affordable. On bitpowermining.com tariffs start from $250 and the average profitability is up to 170% of annual growth.