Invest in Cloud Mining Step-by-Step
It’s no secret that the best way to improve one’s money situation is to earn more. One of the best ways in which you can earn more legit money without breaking much sweat is through ‘mining’ cryptocurrencies. This is a process that is done using software that accesses the CPU’s processing power to decipher transaction-related algorithms. Nowadays, the kind of power required to undertake this venture is enormous, which requires the facilitation of big data centers. Since not everyone can afford to own a big data center, a new type of crypto mining comes in handy – cloud mining.
What is Cloud Mining?
Cloud mining is a method of cryptocurrency mining that allows users to buy or rent mining power of the hardware as well as software placed in remote data centers. All mining is carried out in the ‘cloud’, eliminating the offline hassle such as installation, maintenance, electricity and hosting issues. Besides allowing users to hire specialized equipment, cloud mining also allows them to hire a team of professionals to maintain that equipment.
What Cyrptocurrency to Cloud Mine?
First of all, a cryptocurrency is a digital asset that’s designed to serve as a medium of exchange using cryptography in order to secure transactions, verify transfer of assets, and control the creation of additional units. The following are the commonest types of cryptocurrencies to cloud mine:
What Cloud Mining Service Should I Use?
There are many cloud mining companies to choose from. While some of these companies are legit, there’s no denying that there are those that have been launched with the sole intention of defrauding unsuspecting customers. This calls for due diligence when choosing a provider. The following are some helpful tips for choosing a reputable cloud mining service:
Longevity doesn’t necessarily mean legitimate: Mining companies that have been set up as Ponzi schemes don’t have to open and close overnight for them to be scams. There are some fraudulent cloud mining providers that stay in business for long even after defrauding customers. While long-established companies are safer to deal with, don’t solely rely on how long a company has been in operation to vouch for its legitimacy.
Look for photographic or video-graphic proof of existence: A cloud mining company that has got nothing to hide will be confident enough to share photographs and videos of their operation. If a provider doesn’t share photos or videos, it’s probably because they don’t exist.
Beware of massive discounts: When a deal is too good, think twice. When it comes to cryptocurrency mining, margins are everything. So, be wary of a cloud mining service that gives out fat discounts to new customers.
Look for transparency: A reputable cloud mining service should be forthcoming about their identity. If they go to extreme lengths to hide their true identity, run while you still can.
Control if they accept credit cards: Again, fraudsters will not want to reveal their identity, thus they won’t accept credit cards. If they don’t accept credit cards, consider another provider.
Good news for you is that there are some reputable cloud mining providers. This includes Genesis Mining, Hashflare, and ViaBTC. One important piece of advice though is that you should never invest more in cloud mining than you can afford to lose. This is because like with other ventures, cloud mining is a risky business and losses can occur. With cloud mining, you are always left alone with your instincts.
Go on and create an account at your chose cloud mining service. Once you are logged in you need to select the contract you intended to buy. We recommend Genesis Mining, Hashflare or ViaBTC. You can also read our Genesis Mining Review, Hashflare Review or ViaBTC Review.
Create a receiving wallet
When you have a contract you need a wallet to receive payouts. We recommend Bitfinex since you can directly lend your money to their lending platform and even earn more money from your income. Another wallet to consider is Coinbase where you get $10 for free when you buy Bitcoin for at least $100.