Cloud mining is one of the hottest topics of discussion in the cryptocurrency world right now. Gradually, more and more people want to learn about the various aspects of cloud mining — how it works, who the service providers are, what the costs are, and generally — what cloud mining is all about. Naturally, many people gravitate towards free mining, as in their opinion it is the most attractive option and cloud mining reviews speak for it.
What is Cloud Mining?
To fully understand the subject of our further discussion, let's answer the question "cloud mining what is it? Cloud mining is generally defined simply as a remote cryptocurrency mining service. It is a service provided by hosts (people who own equipment and provide a cloud-mining service) who have farms (a huge number of mining devices, usually stored in large designated locations).
No-Investment Cloud Mining: Advantages and Disadvantages
When it comes to free cloud mining contracts, the biggest question that comes up is, is it worth it?
Cloud mining without investment offers people the opportunity to enter the world of cryptocurrency mining without any initial payment. When you search Google for "cloud mining for free", hundreds of sites pop up offering their services in the field of free cloud mining.
Cloud mining with no investment is that, although the hosts do not require any initial payment, they do receive a certain portion of your monthly income, in addition to electricity costs and maintenance fees. When it comes to cloud-based Bitcoin mining, this becomes an even bigger issue.
Bitcoin is known for being one of the slowest (if not the slowest) cryptocurrencies to mine. This is due to its popularity and market capitalisation. Many people want to own at least a small part of Bitcoin. Some want it just because everyone else has it, others want it to show off to their friends and colleagues.
Because of this, cloud-based Bitcoin mining (specifically free) becomes an almost endless process. The fact that it is free already means that it will be slow, so when you mine Bitcoin, any profit seems almost inconsequential.
Here is TOP-3 free services:
- MinerFarm
- Multimining
- EOBOT
With the growing popularity of cryptocurrencies, it was only a matter of time before people would come up with various business plans to make money from them. Cloud mining is one result of such ideas.
Always check the provider — keep an eye on their website (or websites) and read any reviews you can find. Also check if they have any proof of performance statistics (and if they do, double check through other websites).
Free cloud mining is a bit more complicated. Compared to paid cloud mining you have to do a lot more research. Only then will you be able to establish a long-term business relationship with the cloud mining provider.
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