Monero cloud mining is becoming popular amongst those who do not wish to handle the purchase and upkeep of specialized mining hardware. Monero or XMR has been one of the leading anonymous digital currencies in recent times because privacy is its key feature. While there are many other cryptocurrencies in the market which also claim to offer anonymous transactions, Monero market cap is the highest making it more popular than others. Ever since August 2017, prices of Monero have shot up dramatically and it even got listed in a prime Korean exchange. This triggered an interest in mining for this coin amongst the Asians.
While the Monero has been promoted as being completely anonymous, users have to follow specific steps to make sure that transactions are indeed untraceable. The technology underlying the XMR involves mixing many transactions together so that no one can actually follow the money trail. All transactions, just like in Dash, are encrypted. Transactions are not transparent, unlike other cryptocurrencies.
When you wish to mine the Monero you have to bear in mind the huge power costs involved. You could either mine it at home using computers or you could choose to sign up for Monero cloud mining services. When you want to mine the Monero at home by building a mining rig, you will need to pay for huge energy costs. Moreover, mining difficulty levels are going to be high and it automatically makes it much harder for you to transfer Monero to your wallet. So, you will obviously need more power to calculate faster and this means spending even more to buy costlier and more advanced GPUs.
Instead of going through all these troubles, miners find it easier to choose Monero cloud mining. This helps in cutting down costs without compromising your chances of getting rewards. As is the rule with all cryptocurrencies, when the value goes up, more and more people start to use it. Given the fact that the Monero is also one of the leading cryptocurrencies, mining it using one’s own hardware is perhaps not very viable. The only cost besides the fees which you will play to Monero cloud mining companies is the prices of upgrading the contract.
You will get a decent hash rate to start with and the returns seem satisfactory. While they may not be high, it is at least better than not earning anything at all. You will get returns but not as fast as you may have expected. So, Monero cloud mining expects you to be patient.
However, when choosing to sign up for Monero cloud mining, it is important to be sure about the credentials of the company. There are many Ponzi schemes in the market which aim to cheat miners; so, it is imperative to be careful about the contract you sign up for. If you do not get enough information about the company in their “About Us” section, it should be taken as a red flag. Moreover, if you find that the mining facility shown on their sites is not organized enough, it should be enough reason to keep away.
Before you sign up for Monero cloud mining, you must also inquire about the fees involved and their payout structure. There are some providers which may force you to stick to only their mining pool. This may not be a desirable option when that pool has not been making any profits. These are some things which are worth considering before signing up. Another important factor to consider is how much the cloud mining provider values security. It goes without saying that mining involves a huge amount of money transfers and it is therefore absolutely imperative that security is foolproof. However, when you find that the site has a registration process which is not impressive enough and it does not even ask you for a captcha, you have reason to worry.
Currently, Monero appears to be ranked 13 in terms of market capitalization with a market cap of about $4.6 billion. Miners are always on the lookout for the cheaper coins. When markets start selling off, most coins appear to be cheap but this is often misleading. If you can identify the stronger coins you can use this dip in markets to improve your returns. In this sense, Monero appears to be a great choice. It is making news because of a number of important developments in recent times. It has also recently announced Kasisto which is a working PoS or Point of Sale system that can settle all real-world transactions in Monero in a matter of seconds. This is indeed a huge breakthrough for the digital currency. So, a sharp turnaround is predicted and a return to the earlier Monero run seems to be possible.