Hello, everyone! In today’s blog, I will take a deeper look into Cloud Mining, and I will explain what it is and, more importantly, what can you do with it.
As you may already know, virtual money can be made by miners, with the use of various graphic cards, processed by machines specialized in mining. There is various ways to quantify virtual money, and one of the most common ways is by classical mining, when you put your PC to work. However, if you do not have a big budget to purchase the best hardware for this, or the space to deposit it, there is another way that is great especially for starters who do not have knowledge about mining, called Cloud Mining.
For many people, mining is used as a passive income, because it does not cause much stress and time, but the downside is that a big investment is needed to get good equipment, that can make real profit over time. Because of this, many people started turning their attention towards cloud mining.
How does Cloud Mining work?
Cloud Mining works like this: you pay a certain company to mine for you and make virtual money for you, in exchange of a commission taken by the company. The positive thing about this is that you don’t have the initial costs of purchasing expensive equipment and you do not have to work about buying machines, or paying for electricity, or having an insupportable noise where you live (if that is where you put the mining rig). Everything you need to do is register and buy or rent the power and hashes for mining.
There are negative aspects that you need to pay attention to. Sadly, there are many fraudsters and scammers on the internet, especially when it comes to crypto, and you need to be cautious at all times. A good idea would be to check the website on WhoIs.com before investing your money. Don’t jump on anything just because of good advertising, and always do your own research first.
Fortunately, there are companies that have a long-standing experience with renting mining power, for example, Hashflare, a company that will celebrate 3 years of existence this spring, and that has a great action for both new and existing users.
Before going on, I want to point out that anyone who decides to use this platform must first investigate it and be sure they understand basic concepts of cryptovalue and how this technology works. We can not respond to possible errors or loss of user data that may occur from the user itself or any possible technology or platform failure, and financial volatility of the crypto market as well. None of the technologies or products that we mention are our product. These have been objectively rated as currently one of the best solutions on the market.
What I found out to be a relevant example is Hashflare, a mining service in the cluster, available to everyone at extremely low input costs. This means that anyone can try this service, with a small amount of money, before deciding to scale their investment and become a bit more serious of a crypto miner. The mining equipment is stored in high-tech plants designed solely for mining crypto. The hardware is kept at an ideal temperature to get the best performance. This company also gives you the choice to choose between one of the offered mining groups.
How to start Cloud Mining
In the following, I will explain how you can start Cloud Mining on Hashflare, mining Bitcoin, Ethereum, ZCash or Dash.
The first step is to make an account on their official site: HashFlare.Io and after that, you will be able to access your dashboard. This is where you will be doing all your actions within the platform. In a future update, they are planning to introduce instant messages and announcements from the company as well.
The second thing you need to do is go to your e-mail and confirm your account. After that, you can add your Bitcoin address (or ETH, ZCash or Dash wallet), to make it easier for you to receive payments. To do this, you need to go to “Settings”, and enter your BTC address. At this point, you can also fill out your bank information, which you will need if you want to pay from your bank card. Afterwards, I highly recommend you to activate the 2 way authentication to increase your account security.
For the next step, an algorithm is required. Bitcoin uses SHA256, and we will choose it in this guide. Litecoin uses Scrypt, Ethereum uses Ethash, Dash uses X11 and ZCash uses Equihash. Just select the one that you want to use, and choose how much hash power you want to rent. Hashflare allows new users to try this service with a minimum 0.80$ roster, so you can try it out before you decide to invest larger amounts.
After you have chosen the amount of hash’s you want to rent, press “Proceed” and then click on “select payment method”. The next step is to choose the most appropriate payment method (credit card, Bitcoin, Payoneer, etc). After you have selected the payment method, you must accept the Terms & Conditions and click Confirm. After you make the payment, that should be it, congratulations you’ve become a miner!
My advice to you is to play with small amounts, until you understand how the platform works. Once you know how to do it, move on to bigger investments. Another thing that I noticed is that this system offers you a referral bonus, meaning that once you sign up, you can refer your friends with your referral link and get 10% of what they buy. For example, if your friend buys $100 hash’s, you get an extra $10 for free. You get nothing from your friend, and you get paid.