Gone are the days where you could independently mine Bitcoin with just your computer. Now, the costs to mining can be so steep that beginners seldom get a chance to get their foot in the door. Mining has become harder and harder, and not quite as profitable as it once was due to high electricity costs, expensive mining rigs, and expensive high speed internet.
However, there is an alternative to traditional mining that can serve more as a form of passive income for those looking to mine but wanting smaller upfront fees. This process is called Cloud Mining.
What is Cloud Mining?
Essentially, a company somewhere built a huge crypto farm. However, paying for that all of that electricity, rent, and wages of the employees can be an expensive upfront fee, so, they sell you a mining contract. The contract will typically have an expiration and hash power, or hash rate, meaning how much power it will be using to solve the block, and depending on that hash power, you get a percentage of the profits from the mining farm.
There are dozens of cloud mining options out there that allow you to get started with as little as 100$. With most of these cloud mining services, the more hash power you buy, the more you earn. Even if you start small, continue reinvesting your earnings into more hash power. Your money will start growing faster and faster with little management on your part. Below are some of our recommendations for cloud mining options.
Genesis Mining is the first one I tried, and continue to use to this day. They are simple so use, simple to understand, consistent payouts. They also have great customer service that answers all of your needs. Use our code YZxnWs to get a discount on your first contract with them.
Hashflare is perhaps one of the best know options online for cloud mining. They have a sleek website that is super easy to navigate and they offer a variety of different contracts for different cryptocurrencies. Definitely easy for beginners to pick up on, but more recommended for those with some experience.
This last one isn’t exactly cloud mining, but it also let’s you mine from your computer at home. It’s called HoneyMiner, and you can download it on your computer and start mining Statoshi, like the cents of Bitcoin. Follow this link and when you get started you’ll receive a 1,000 Satoshi bonus.