Cryptocurrencies were made to be mined, but the process wasn’t made to be easy. Dedicated mining hardware is hugely expensive and as mining gets more difficult over time, a lot of miners are looking for easier ways to get their hands on new coins.
This increasing difficulty is one of the factors that striving the popularity of Cloud mining. It’s an easy and economical entry point for mining altcoins like Bitcoin, Litecoin, Dash, and so on. In a cloud mining set up, users all pitch in to share the power of computers that could be located on a different continent, so if you have a PC, Internet access and a local wallet for a particular Cryptocurrency then you can start cloud mining right away.
Cloud mining allows you to mine cryptocurrencies without the eye-watering costs associated with acquiring and maintaining expensive and noisy machines that consume huge amounts of electricity and produce vast amounts of waste heat as a result.
Cloud mining service providers do that for you by investing in large facilities with copious redundant power supplies, always-on connections, and climate control setups to keep everything running smoothly around the clock. And in the event that anything goes wrong, expert technicians are always on hand to take care of problems.
Needless to say, resources like these can’t be set up and run without pouring money into dedicated mining hardware. That’s why Cloud mining facilities share some similarities with data centers, although the big difference is that instead of regular servers they play host to forests of ASIC machines.
The main reason to invest in cloud mining to earn altcoins is that it liberates you from buying such expensive hardware and paying to run it. Professional setups can’t be easily housed in a typical home, which means you normally need to buy or lease a property in which to locate your equipment too, which would mean more expense. But with cloud mining the only thing you need to rent is a cloud mining contract from your cloud mining service provider.
The ideal option would be to find a service provider that will allow you to mine a wide range of crypto coins, including the popular options like Bitcoin or Ethereum but also the less valuable but equally interesting options like Ripple or Dash. IQ Mining can help give anyone access to a wide range of cryptocurrencies via cloud mining.
Some popular service providers use advanced mining hardware such as Antminer S7. HashFlare offers numerous cloud mining contracts which paves the way to earning Ether, Bitcoin, and Litecoin using Scrypt-based mining, while also maintaining cost efficiency.