Cloud mining is really useful for those who aren’t technically minded and don’t want to run their own software or hardware.
If you have very high cost electricity too – for example in Germany – then it’s a good idea to outsource your mining to somewhere where electricity costs are much lower as they are in America.
First you determine which provider you want to go with – have a look at our list of providers here and reviews.
All you need to do is pay the upfront cost, either in BTC or you can pay in dollars. They take care of everything, and all going well – you will receive a regular flow of BTC, or the Coin you have chosen, into your personal wallet.
What are Bitcoin Cloud Mining Advantages?
- No excess heat to deal with
- Quiet because of no constantly humming fans
- No electricity costs
- No bitcoin mining equipment to sell when bitcoin mining is no longer profitable
- No ventilation problems with hot equipment
- No preordered bitcoin mining hardware that may not be delivered on time by bitcoin mining equipment suppliers
What are Bitcoin Cloud Mining Disadvantages?
- fraud risk
- Unverifiable or otherwise shady Bitcoin cloud mining operations
- Less fun?! If you like building your own Bitcoin hashing systems.
- Lower profits – Bitcoin cloud mining providers or operators have expenses
- Bitcoin mining contracts may have the ability to cease operations or payouts in the contracts if the Bitcoin price is too low
- Lack of possession of the Bitcoin mining hardware
- Lack of ability to change the Bitcoin mining software