Taking into account that cryptocurrency mining is getting more and more popular on a global scale, the number of people who want to join the crypto mining mainstream is enormous. However, mining crypto (especially Bitcoin cryptocurrency) turns out to be a rather costly process because the mining difficulty breaks new all time highs each year and the mining rigs need permanent upgrading. As a solution to these problems with solo mining with regard to coin miners, there is a progressive way to mine cryptocurrencies — cloud mining. Crypto miners can start mining crypto on the cloud using the leased hash power produced in enterprise-grade data centers and offered by cloud mining providers. Let us review the major benefits and pitfalls of cloud based cryptocurrency mining drawing on the example of BTC cloud mining service provider Hashing24.
Case in point, the 2021 crypto ban in China invigorated the boom of online cloud based crypto mining in the US, Canada, Kazakhstan, Russia and other countries. At the date of writing, the global Bitcoin hashrate is distributed as follows:
- US — 35.4%
- Kazakhstan —18.1%
- Russian Federation — 11.2%
- Canada — 9.6%
- Malaysia — 4.6%
- Other — 13.5%
- China — 0%
As far as you can see, the US dominates the Bitcoin mining sector and China is the outcast in the list. Many mining companies have migrated elsewhere altogether with their coin miner facilities to keep on mining crypto. In case of Bitcoin mining using home computers — it is not profitable anymore because the expenses and maintenance exceed return on investment. It was profitable to solo mine Bitcoin about ten years ago when the network difficulty was low and an ordinary PC was enough to solve complex computational tasks. Presently, Bitcoin mining remains profitable with cloud based online mining. More and more companies render their cloud mining services for a particular or multiple digital currencies by leasing their new and powerful mining facilities and hardware. This way, the companies take responsibility for monitoring, maintaining and cooling mining farm facilities and allow their clients to become cloud miners.
One of the greatest benefits of the use of cloud mining are easy entry and exit points. Coin mining investors can invest either small or large amounts of capital and thus minimize investment risks and diversify financial portfolio. Moreover, the cloud mining service providers shoulder the burden of maintaining high-cost next-gen ASIC miners, the pricing of which may vary from a few hundred to thousands of US dollars. The qualified personnel monitors the mining performance and there are no such issues as air or immersion cooling of mining hardware, noise pollution or overheat problems.
In order to choose a trustworthy, reputable and reliable crypto cloud mining site, you have to review its background history, market presence and brand recognition, hash power suppliers, etc. In this context, let us review one of the longest standing Bitcoin cloud mining service providers Hashing24.com.
The company was established in early 2012 and is headquartered in Dublin, Ireland. Its main and leading supplier of Bitcoin hashrate capacities is Bitcoin mining giant Bitfury, one of the largest producers of crypto mining hardware and infrastructure providers. The Bitfury’s mining data centers are present in many corners of the world, more specifically in Canada, Georgia, Iceland and Norway. The representative offices are located in many parts of the world, but there is no office in Singapore yet. Hashing 24 contracts the purchase of BTC mining hash power capacities and resells them as Bitcoin mining contracts on the site.
Major Advantages of Hashing24
- Competitive pricing
- Low entry point starting from nearly $10.
- Free Demo mining whereas any crypto miner can test the functionality.
- BTC mining profitability calculator.
- Daily payouts
- Only newly minted coins are mined on the farm.
- Only BTC mining is available. No other coins or algorithms are supported so far.
- Old-fashioned site design
The Hashing24 website allows any miner (professional or newbie) to get into BTC farm mining in just a few clicks and start mining the first and most popular crypto nearly instantly. The key feature of Hashing24 is that all mined coins are new (no orphan block or empty transactions) because Bitfury is renowned for being the undisputed leader in mining solely new BTC coins. This can be easily checked via any blockchain explorer. People can freely start mining BTC in England, Singapore, Australia and simultaneously it is possible to sell the purchased BTC mining contract(s) via the Trading Room. It is like a virtual hash exchange which allows users to buy and sell mining contracts as orders on traditional crypto trading platforms. Traders can even sell mining contracts after 1 day use. Minimum contract step is only one Satoshi.
The mining contract duration periods start from one year, 18- and 24-months respectively. The contracts are operable all year round (Jan., Feb., Mar., Apr., May, Jun., Jul., Aug, Sept., Oct., Nov., Dec.). The minimum contract hashrate volume starts from 1 TH/s. The platform has the following payment methods for depositing as fiat currencies (EUR and USD), Bitcoin and altcoins, bank transfers, Asian local banking and e-payment services.
Conclusively, the digital world of crypto mining is changing very rapidly and you have to take into account a lot of parameters if you want to choose a reliable cloud mining service provider to mine BTC or other alternative coins.