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What is Cloud Mining | Is it easy to profit from it

  cloud mining is among the most searched things on the Internet, especially after the waves of digital currencies and after the bitcoin trend that the world has known recently.

This type of mining is considered among the easiest types and the most profitable areas, as it provides very large profits, as this type was able to find great demand for many people and made them abandon other traditional mining methods.

What is Cloud Mining | Is it easy to profit from it

What is cloud mining? What are the best sites to profit from?

In this article, we will learn in detail about what is cloud mining? How does it work, what are the best reliable cloud mining sites, and what are its advantages and disadvantages.

We will also share with you some important tips for success in the cloud mining project and achieving more profits, so I advise you to continue reading to the end.

What is cloud mining?

Cloud mining, or as we referred to it earlier, is a type of well-known mining, and what distinguishes this type is that you can do remote mining, i.e. Remotely.

You may think that this type of mining did not appear until recently, but it is in fact as old as digital currencies, but it was not known until after the emergence of Bitcoin and its high prices.

Where many wanted to earn bitcoin or mine other digital currencies, which led them to search for the easiest way through which they could earn digital currencies, and most of the answers, articles and videos talked about cloud mining, which made it very quickly and very popular.

Before we get to know in detail about cloud mining, let's take a quick look at the types of mining.

Types of mining

1. Solo Mining: It is a type of traditional mining known to everyone, where you mine digital currencies on your own without relying on a company or another person. The negative thing about this type of mining is that you will need great technical knowledge of the basics of mining because you are the first and last responsible .

2. Pool Mining: A mining pool is the second type of traditional mining, where a group of people mine digital currencies and cooperate with each other to integrate all their personal and computer capabilities into one network in order to increase the efficiency of the mining process.

3. CPU Mining and GPU Mining: The point where CPU Mining differs from GPU Mining is the equipment that is used to mine cryptocurrencies, where CPUs or GPUs are used.

4. Cloud Mining: The last type, which is our topic in this article, is Cloud Mining.

You can imagine cloud mining in the form of Google Drive, research that you do not need cheating devices, all you do is upload your files to the cloud of the cloud mining site, and the site is responsible for providing and maintaining mining devices and taking care of them.

In this way, you will not need a large capital in order to purchase equipment, and you will not even need to incur the trouble of caring and maintaining complex equipment.

In cloud mining, you rent mining hardware and rent computing power, Hash Power, that mines for you.

How does cloud mining work?

Cloud mining is just like other types of traditional mining. You rent mining equipment remotely, and the company or site assigns mining on your behalf.

There are 3 types of cloud mining that you should get to know in order to get a comprehensive idea of how cloud mining works.

1. Leased Hashing Power

In this method, you will rent mining capacity or Leased Hashing Power in order to start mining digital currencies professionally, and what we mean by renting mining capacity is renting the computing power of a specific computer, through which the mining process takes place.

You will find that mining capacity contracts are measured in hashes, so we say: a giga hash per second, a mega hash per second, or a tera hash per second.

And you will get your percentage of the digital currencies that are mined through computing power, without the need to have any technical skills or any sophisticated devices.

2. Hosted Mining

This type is the most profitable type of cloud mining ever, but it costs more than any other type, but it is less expensive than Solo Mining.

Hosted mining is another type of cloud mining in which you rent or buy a certain number of mining hardware and equipment, where the company operates and maintains it for you with some additional expenses.

3. Virtual Hosted Mining

This type of cloud mining is very similar to traditional hosting, but it depends on you installing certain software in order to control and rent virtual servers that perform the mining process.

The difference here is that you will need a significant technical background in order to manage the control of virtual servers and mining tools.

Advantages of cloud mining

There are many things that distinguish cloud mining from traditional mining, including:

1. You will not need large costs in order to purchase mining equipment or to install it at home

Unlike cloud mining, which will require you to have a lot of capital and a very large cost in order to purchase the equipment needed for mining, and put it at home, or in a specific place, cloud mining does not need to buy any equipment, and it does not need a place to put it in.

Because you will rent it remotely, and the company will be responsible for storing it, putting it in the right place, monitoring it, and maintaining it.

2. You will not worry about electricity consumption

In traditional mining, you will need to buy or rent mining equipment and put them at home, and it will be very expensive in terms of electricity consumption, but with cloud mining, the matter will not make any difference.

3. Passive Income

Cloud mining will be considered a very good passive income source, you will pay some costs or transfer money to the mining company and they will take care of the rest.

You can sleep and let the company work for you and earn money, you can travel or go anywhere and your profits will not be affected because you are not tied to anything but the company takes care of it.

Disadvantages of cloud mining

You should know that nothing is perfect or perfect, but cloud mining also has a set of negatives, including:

1. Theoretically, the profits are lower than for individual mining

Let's be honest, cloud mining is good, even very good, and it can be a wonderful source of passive income, but it remains less profitable than individual mining, given that the company with which you will work in cloud mining will deduct some of your profits to cover its costs.

But in general, it remains a positive thing at the same time, because in individual mining you may lose a lot of money in monitoring and maintaining your equipment.

2. Lack of control when dealing with some cloud mining companies

When working with one of the cloud mining companies, it will be difficult to control the mining capabilities of the computers and devices that I rented, but in some other companies there is no control at all.

3. Deception and cheating

Unfortunately, this is a big and common problem facing any beginner who wants to start cloud mining, because there are many sites and companies that deceive their customers and take their money, after that they close the site and disappear.

Therefore, it is necessary to take your precautions in order to choose a reliable company and site to start mining, and here are some of the most reliable sites and companies.

Best trusted cloud mining companies

As we mentioned earlier, there are many cloud mining companies that deceive their customers, steal their money, and disappear, so we will share with you some of the best and most reliable mining companies.

1. Binance Cloud Mining platform

The Binance Cloud Mining platform is considered among the most popular platforms in the Arab and foreign world, as it is also reliable and provides you with very good service, and the number of its users has exceeded 120 million.

The platform is characterized by:

  1. It is easy to use and even beginners can take advantage of it.
  2. It has great credibility among customers, and it has transparency regarding its hashrate.
  3. It has a wide range of contracts that you can choose from.
  4. Very good, efficient and fast customer service.

For beginners, I highly recommend this platform.

2. ECOS Corporation

ECOS is one of the leading companies in this field, which provides its customers with several services for the best cloud mining, as it deals with hundreds of thousands of people per month, and enables its users to mine 24 hours a day, 24 hours a day, seven days a week without stopping.

This platform is good for both beginners and professionals alike and I highly recommend it.

3. StormGain Inc

The third reliable company is StormGain, which provides cloud mining service for beginners and professionals, and it is a 100 percent reliable platform that is widely known in the cloud mining community and ranks first in the list of the best cloud mining companies in the world.

Important tips regarding choosing cloud mining companies

Before we conclude this article, I want you to take with you some important advice regarding choosing cloud mining companies, including:

1. If you find a company or website that offers great and exaggerated advantages and services, know that it is a fraudulent company.

2. Do not believe any words these companies say about themselves, whether on social networking sites or on their own site. Rather, focus on searching in forums and blogs on reviews of the site.

3. Make sure that the company has its headquarters so as not to fall victim to some false platforms.

4. Do a good research on the company and don't rush to deal with it.

5. Do your calculations and make sure that the numbers and services they provide are not exaggerated or distorted against you.

6. When making your calculations, add the expenses of electricity, maintenance, operation, rent, cooling, software and other costs, which somewhat reduce your mining profits.

7. If the company does not disclose its identity, its location, and the people who work for it, it may not be reliable enough.

8. When buying a contract from a company, try to read all parts of the contract and understand it well, before signing it.

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