Bitcoin cloud mining enables people to earn Bitcoins without bitcoin mining hardware, bitcoin mining software, electricity, bandwidth or other offline issues.
Bitcoin cloud mining, sometimes called cloud hashing, enables users to buy the output of Bitcoin mining power from Bitcoin mining hardware placed in remote data centres. Then all Bitcoin mining is done remotely in the cloud. This enables the owners to not deal with any of the hassles usually encountered when mining bitcoins such as electricity, hosting issues, heat, installation or upkeep trouble.
This video will explain nicely with pictures 😉
What are Bitcoin Cloud Mining Advantages?
- No excess heat to deal with
- Quiet because of no constantly humming fans
- No electricity costs
- No bitcoin mining equipment to sell when bitcoin mining is no longer profitable
- No ventilation problems with hot equipment
- No preordered bitcoin mining hardware that may not be delivered on time by bitcoin mining equipment suppliers
What are Bitcoin Cloud Mining Disadvantages?
- Unverifiable or otherwise shady Bitcoin cloud mining operations
- No fun! If you like building your own Bitcoin mining systems.
- Lower profits – Bitcoin cloud mining services or operators have expenses
- Bitcoin mining contracts may have the ability to cease operations or payouts in the contracts if the Bitcoin price is too low
- Lack of possession of the Bitcoin mining hardware
- Lack of ability to change the Bitcoin mining software
Bitcoin Cloud Mining Services
- Genesis Mining – is the largest scrypt cloud mining provider that offers several features that are unique among all cloud Bitcoin mining services. Use this affiliate code PGT9qW and receive a 2.5% discount on all Hashpower packages.
- BitClub Network – with BitClub you can earn daily profits from their shared mining pools. They also have a referral program so you can get paid for anyone you share BitClub with.
*adapted from https://www.bitcoinmining.com/best-bitcoin-cloud-mining-contract-reviews/