The beauty of Cloud mining is that it frees up users from having to buy expensive mining hardware. Lots of people are drawn in by the promise of free cloud mining, but it’s best to be aware that there are many fraudulent sites around that are looking to trick people out of their money with this kind of offer. If you do go with one then it’s best to withdraw your funds from the free cloud mining site within thirty days because the provider can close it down whenever they want, taking your money with them.
The best thing to do to make the most of free cloud mining sites is to use their free resources. But since there’s no such thing as a free lunch in the crypto market, you need to develop the skill of minimizing your investment outlay while putting in the time and effort to utilize the resources.
Cloud mining providers offer contracts to individuals and they update them on a regular basis. If you’d like to continue with the same provider you can renew your contract after the current one runs out, or you are free to move to another one if you’d like to try something different.
The costs involved with cloud mining fall into two separate areas. The first one is the initial expenditure needed to buy into the cloud mining service, and these fees can be paid in one lump sum or via convenient installments.
The other part is obviously the ongoing costs associated with receiving the ongoing service. Service providers recover the cost of running a mining rig from the money earned each day by the user.
If you’ve taken an interest in the costs of cloud mining by researching different providers then you know that they can vary by wide margins. The cheapest cloud mining can come in at less than a dollar, but the majority of providers offer their services for somewhere between $5 and $15 for every GH/s. Pricing is often scalable so that the more hashing power you buy the cheaper it becomes.
It’s worth keeping in mind that just because a cloud service has a higher price this is no guarantee that you get a more reliable or higher quality service. Don’t just go with the first provider you see. If you get good recommendations then go with them, but chances are you’ll probably need to do quite a bit of research to unearth the best and most profitable deals that are currently available.