If we take one single look at the crypto world today, we’ll quickly notice that cloud mining is a really hot topic within certain cryptocurrency mining circles. Progressively more and more people want to know various things about cloud mining – how it works, who are the service providers, what are the costs, etc. Naturally, a lot of people gravitate towards free cloud mining, for it seems to be the most attractive option out there.
In this tutorial, we’re gonna talk about all things related to cloud mining. We’ll cover both the basic definitions and the more in-depth stuff. Along the way, I’ll give you some examples of the best cloud mining providers out there, both paid and free.
Since the debate of which one is better – paid or free cloud mining – seems to be an ongoing issue, I’ll also talk about some of the pros and cons that both of those options possess.
By the way, even free cloud mining is an option, you can also choose to invest in cryptocurrencies and start trading instantly by choosing reliable cryptocurrency exchanges
The hosts are usually big corporations that specialize in cloud mining. These corporations buy excessive amounts of mining rig hardware (GPUs, motherboards, processors, etc.) and build hundreds of rigs. Naturally, they are located in respectively sized buildings – huge garages, warehouses and so on.
When it comes to the cons of paid cloud mining, the first and obvious one would probably have to be the price. Paid cloud mining tends to get quite expensive. Depending on the amount of money you’ve decided to invest in cloud mining, even the entry plans could seem too expensive to tackle.
Paid cloud mining entry plans usually start from around $200 – $300. Considering the usual price increases for the following levels of plans, this is a decent price to start with. With an entry plan, you get the minimum hash rate speed, while the time of the plan could vary.
Free cloud mining offers people the ability to pitch into the world of cryptocurrency mining without having to need to invest any initial fees. When you search for “Bitcoin cloud mining free” on Google, hundreds of sites pop up offering their expertise and services in the free cloud mining area.
How free cloud mining works is that while hosts don’t require any initial fees, they take certain portions of your monthly revenue, in addition to the electricity costs and maintenance fees. When you’re talking about cloud Bitcoin mining, this becomes an even bigger issue.
Another popular reason is the cost (or a lack of one). Sure, you could pay someone for their hosting services. However, free cloud mining is also a thing – with this option, you eliminate any possible spendings. Many people don’t have thousands of dollars to spend on their rigs and their maintenance. In such scenarios, free cloud mining becomes a very tempting option.