Way back in 2013 mining Bitcoin for the comforts of home with a simple CPU allowed for reasonable profits with very modest efforts employed. Given the current state of the cryptocurrency market, however, crypto traders everywhere perhaps now realize that the game has changed, and reliable profitability is harder to gain because after 2013, mining complexity jumped upwards significantly.
In today’s market, mining Bitcoin with your own equipment at home simply is no longer a viable or profitable option. As a direct result of the increased tech complexity, alternative methods such as cloud mining emerged to fill the void. Utilizing the relative convenience of cloud mining, individuals can now rent mining hardware from a reputable company which can translate into lucrative profits at reliable intervals, without having to-
Purchase and install expensive mining equipment
Pay to maintain said equipment
Pay exorbitant electricity bills.
And when researching Bitcoin’s pricing page, you’ll be able to access SHA-256 or Bitcoin hashing power that is very reasonably priced, with similar amounts available at other crypto pages with different payment options.
At present, standard cloud mining contracts are usually for 2 years with the initial year focused on covering—or recovering—investments, and the second year focused on generating real profits. Note that along with a standard primary contract fee, you may also be required to pay a standard maintenance fee whose cost is generally reasonable. Also note that the standard primary fee can be subject to the fluctuations of the market which, in sometimes volatile crypto markets, can be significant. In this sense, many cloud mining ventures can be a bit similar to gambling, with risk a common price included with your investment. Paying strict attention to the crypto markets will, however, give you an edge in knowing when to hold, when to trade, and when you’ll score big.