If you are looking out for means to make profits from cryptocurrencies, mining is definitely an option worth considering. However, with cryptocurrencies turning out to be so unpredictable, how are you expected to set up an individual mining rig, choose the right currency for mining, assemble the setup, find the appropriate graphics cards (most of these are likely sold out at high costs) and earn a good revenue?
A Simple Cloud Solution
Cloud mining seems to be a simple solution as it enables you to front the investment and basically lease mining rigs from organizations that have some expertise in mining. These organizations have constructed gigantic mining farms in nations which are known for their cheap renewable power resources and have vast acres of land that are ideal for creating mega cloud mining data centers. The noise as well as the expenses are kept to a bare minimum and the ROI is exceptionally high. The mining rigs normally run high in power costs.
They also generate a lot of heat and sound. You require appropriate cooling and fanning equipment, abundant space, and a region where the commotion won’t disrupt the neighborhood. In return for the mining power, you provide them with the capital. When an individual leases or purchases cloud contracts from mining companies, this idea doesn’t bode well, however when you have hundreds and thousands of individuals doing this, it brings about a change.
Cloud mining contracts save your time as you do not have to go looking for a tutorial to set up a mining rig, or pay for the utilities like power, rental space to mine (without the noisy commotions and excess heat creating a nuisance), cooling facilities, or any kind of maintenance/ monitoring/ support costs. Cloud miners mostly sell a 2-year contract for cryptocurrency mining.
For instance, you can purchase a 2-year agreement to mine Bitcoin or Bitcoin Cash. You can purchase the hashpower of your choice, which will then determine the amount of BTC or BCH you can mine on a day-to-day basis to earn profits. The more BTC/BCH you want, the greater hashpower you should buy. Some cloud mining organizations enable you to buy an indefinite contract with no year restraint.
In the event that the mining contract turns out to be unprofitable, it will automatically get cancelled. But if the 2-year mining agreements for a particular currency end up being unproductive, these are shifted to some other currency (this is somewhat more secure as you are ensured an entire 2-year of profits). The best thing about cloud mining is that you only pay a onetime charge and then receive pay-outs on a daily basis for 2 years. Without any hard work, you get return of investments in less than a year.
HashGains is one of the most renowned cloud mining companies which offers 2 years mining contracts for cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin, Monero, ZCash, and Siacoin. Different currencies have different mining level difficulty, so a few coins will pay out more than the others. The good thing about HashGains is that once you create your account on HashGains, you can sync your private wallet address with your account, and as and when you get a pay-out, it will consequently be sent to your individual wallet.
ROIs on Pay-outs
If you are purchasing a 2-year contract, within the very first year you get your return on investments for cloud mining. The second year is unadulterated profit. Clearly, different currencies will have different mining level difficulty, hence the ROI will solely depend upon what you mine. But given the current estimates which suggest that the crypto market has the potential to grow further, the value of the currency you make every day will likewise increase. So, on the off chance that you are ready to hold your coins till the value increases and then sell them off, you will make a very good profit.
The ‘Scam’ Buzz
There are many who are still apprehensive about the solid existence of cloud mining infrastructure. This is a direct result of how quick this industry is developing and with that development comes individuals hoping to profit by defrauding. Numerous Ponzi schemes have robbed people in the name of cloud mining. Generally, the scam projects operate for a few months and then vanish all of the sudden.
The crypto space is like a penumbra region of faith and deception, which is the reason we’re all so determined with taking our earnings off trade exchanges, and holding sole ownership of our personal wallets (software/hardware/paper wallets). Cloud mining is fundamentally giving over control to another body and this is yet another reason why numerous individuals have strong opinions about it. There are organizations emulating Initial coin offering (ICO) sites and social media accounts. Thus, one has to be exceptionally cautious and do an individual research!
HashGains has made quite a name in the cloud mining industry and many are already talking about its incredible plans and pay-outs. It is a major player in a market and has much to offer to its clients. With its two mega data centers operating in India and Canada, it has gained the trust of the crypto world.