When you wish to mine cryptocurrencies but not keen to manage the mining hardware, you can consider signing up for cloud mining contracts. Cloud mining contracts are useful because they let miners lease hash power from multiple data centers in remote locations. You will only need a wallet and a home computer to get started once you have signed up for cloud mining services.
Cloud mining contracts are popular because there are no extra costs for electricity, no heat and noise generation from constantly-working mining machines and no equipments to dispose off when the mining is no longer bringing you profits. At the same time, when you sign up for cloud mining, it is necessary to be aware of some drawbacks. There are high chances of frauds with cloud mining because many providers are not legitimate. They often disappear overnight and you end up getting cheated. Another major disadvantage with cloud mining is that you do not have any control over the hardware.
Cloud mining contracts can offer you different forms of cloud mining. For instance you could sign up for hosted mining where the provider offers the mining equipments. You could also choose virtual hosted mining where you build a virtual private server but install your own software. Finally, there is leased hash power whereby clients can lease some hash power even if they do not have a virtual or dedicated server. This third alternative is the most popular for cloud mining.
When choosing cloud mining contracts it is very important to check for the credentials of the provider. Since there are many scam companies offering such services, it is easy to get tricked. Such companies often set up impressive websites which show that they have huge mining farms. Incidentally, some companies may even transfer legit payments for customers to prove their authenticity. But within a short while they stop paying the clients completely and then disappear overnight.
Before choosing a provider for cloud mining, you must also read their contract well to find out their payment structure. When a company says that it also accepts Bitcoin payments apart from credit cards, chances are it is not reliable because Bitcoin payments are irreversible. You should ideally check the “About Us” page on their sites to get more information about the founders and chief executives, and learn about their mining facility. Some companies are not in favor of posting images of their mining farms because they feel this would compromise their security. However, when they do not disclose the location of their mining farms completely, there is reason to doubt their credibility.
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