Profit earning capacity is the major criterion for modern day cryptocurrency mining. It largely depends upon the starting price of crypto mining rigs and their hashrate capacities, electricity expenses, the overall digital asset network hashing power and difficulty. In essence, traditional crypto mining is impractical anymore with regard to its profitability (expenses exceed generated revenue). Bitcoin mining network is trapped in a vicious circle with boosted power usage and environmental issues. Considering the fact that the cryptocurrency mining sector is very volatile per se, it is not logical to purchase expensive high-end ASIC mining rigs, therefore we can witness the emergence of online crypto cloud mining services to help minimize the capital expenditure and increase the return on investment indicators.
The standard template of cryptocurrency cloud mining was born when the crypto mining complexity skyrocketed and it was next to impossible for miners to make profit single-handedly. The core idea of Bitcoin cloud mining is based on the principle that a cryptominer is capable of performing crypto mining manipulations without physically owning overly expensive ASIC mining machines but instead leasing (renting) hashrate capacities from a third party. Actually, there exist three variants of crypto cloud mining:
- Hosted mining hardware;
- Hosted platform mining;
- Renting hashpower.
The first scheme suggests that a cryptominer leases or rents Application Specific Integrated Circuit hardware machines to mine cryptocurrencies (Bitcoin, Ethereum, Dash, Litecoin, etc.) online. The second one presupposes that a cryptominer is meant to lease virtual computational machines on which he/she can install and operate necessary apps. The last but not the least has it that a person can rent the hashing power of numerous highly efficient Application Specific Integrated Circuit machines (located in specially equipped and calibrated mining data centers) owned and monitored by a cryptocurrency mining company professional staff. The mining process is being executed exclusively online (on cloud) hosted by qualified personnel. Let us review one of the leading Bitcoin cloud mining service providers — Hashing24 — and evaluate its core features and market proposition.
Most importantly, the Hashing 24 company is headquartered in Ireland and renders exclusively Bitcoin cloud mining services virtually all around the world. It gained significant recognition on the crypto mining arena after forging business partnership with Bitcoin mining hegemon Bitfury. Up to date, Bitfury is the pioneering and flagship supplier of Bitcoin hash power capacities for the hashing24.com website. The crucial advantage of Bitfury is that the mining farm does not mine empty blocks but mints only new coins. This can be attested via any blockchain explorer by checking the coin transactions history. Bitfury is also one of the most recognized and mainstream manufacturers of Bitcoin mining hardware solutions and uses the newest ASIC chips (amp) for computational processing.
Key Facts About H24
- Founded in 2012.
- EU-based company.
- 100% uptime guarantee.
- Low investment entry point.
- Daily mining revenue payouts.
- Use of cutting-edge and avant-garde mining technologies.
- Legitimacy — all mined coins are new.
- Instant deposit of coins.
- Multicurrency capabilities.
In order to start Bitcoin cloud mining using the world-class mining farm facilities, it is necessary to first register with the Hashing24.com website. The onboarding process is quick and the user is not obligated to verify his/her user account after registration. The person can select the preferred tariff plan (12 months, 18 months or 24 months), align the BTC mining hashrate (sized up in TH per second because the computational requirements grow day by day) for cloud mining, make payment and enjoy fuss-free mining activities on the clouds. The mining will start automatically at 00:00 (UTC time zone) and there is no maintenance fee for any and all tariff plans. Without a doubt, cloud mining eases up the overall complex crypto mining process and makes it affordable to all persons interested in digital assets.
The user can pay for cloud mining using multiple payment methods and currencies supported on the website. It is applicable to pay with Bitcoin (BTC), popular fiat currencies like US dollar (USD) and Euro (EUR), altcoins, bank transfers and online domestic banking. One of the peculiar characteristics of the Hashing24 site is that it has a unique Bitcoin mining contract trading engine called Trading Room. Platform users can freely buy and sell BTC mining contracts just like buy and sell orders on any crypto trading platform. Traders can even split their contracts into smaller portions and sell them on Trade Desk respectively. Indeed, it is a very handy and smart functionality, especially considering the fact that the crypto market is so volatile and cryptominers can manipulate entry and exit point for cloud mining.
For all people concerned about crypto cloud services, Hashing24 has an excellent free feature called Demo Mining. Any person can try BTC cloud mining in demo mode without risking any capital. One contract for Demo Mining lasts 28 calendar days but users can request multiple Demo mining contracts all year round (Jan., Feb., Mar., Apr., May, Jun., Jul., Aug., Sept., etc.). Even more, the site has an online mining profitability calculator to let people understand how much they would earn on BTC cloud mining in perspective or retrospective.
Conclusively, the crypto mining industry is prone to constant transformation and crypto cloud mining is trending at the moment. There are many crypto cloud mining services available on the internet, but you should always do your own research before investing in volatile digital assets.