Cloud Mining is a mechanism by which cryptocurrency can be mined without installation of specialist hardware. You open an account with a cloud mining company and participate in cloud mining for a basic cost. This makes mining accessible by lowering the barriers to entry required for hardware mining rather than cloud mining. When you join a mining pool, you purchase a certain amount of hash power. Each participant receives a share of profits proportionate to their allotted hashing power. Aside from saving hardware costs, you also save maintenance and energy costs, which can render cloud mining more profitable than regular mining for certain cryptocurrencies.
Critics of cloud mining often cite that it effectively negates the decentralised nature of most cryptocurrencies, with the potential for a large cloud mining company to become the de jure Federal Reserve for cryptocurrencies. Others argue that it is cheaper to earn more with specialist hardware. However, NouVive recognises that subscribers may not always be able to afford or maintain specialist hardware and may view cloud mining as a supplementary investment to generate passive income. While generally we recommend acquiring specialist mining hardware, if you believe that cloud mining may be the best option for you, then this is the article for you.
The three cloud mining companies we recommend are HashFlare, Genesis Mining and Hashing 24. They all have different pricing mechanisms with varying potential returns on investment. Genesis Mining is currently out of contracts and HashFlare only has contracts available for Ethereum Mining at present. Details of pricing are below.
Hashing 24 pricing
We recommend that if you are inclined towards cloud mining, you use one of the three services listed above. They have been proven to be reliable by users in the past. Cloud mining can be conducted for a variety of cryptocurrencies and may allow you to realise massive returns on investment, however these may be more readily witnessed with appreciation in the value of cloud mined cryptocurrencies as opposed to the difference between cloud mining gains and subscription costs itself. As always, please remember to calculate profitability before diving into any potential venture.
Keep up-to-date with NouVive to remain aware of the latest mining and staking opportunities in the cryptocurrency world so as to generate a meaningful passive income stream to supplement your other sources of income.
Nouvive: Home of Crypto Beginners, Traders & Investors. Nouvive provides Cryptocurrency trading news, Analysis and indicators for beginners, traders and investors.
Information on these pages contain speculative statements that involves risks and uncertainties. Crypto-Assets profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell. Nouvive does not in any way guarantee that this information is free from mistakes, errors or material misstatements. It does also not guarantee that this information is of a timely nature. Crypto-Assets involve risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing or trading are your responsibility alone. For more information, please view the Risk Warning Below.