What Is Cloud Mining?
Cloud mining refers to those services and companies that sell their hardware processing power to you and perform equipment mining and maintenance works.
Cloud mining actually means that you can mine cryptocurrencies remotely and cloudy without having to buy expensive hardware and equipment.
By doing this, all you need is a computer or mobile phone to access your account and see your profits.
Some, but not all, cloud mining companies are either based on unhealthy business models or are just looking to empty your pockets.
Unhealthy models mean that in the end you either lose your money or your profit will be less than when you invest directly in Bitcoin.
Because mining bitcoin and most cryptocurrencies at home is very difficult and expensive, people are looking for cheaper solutions that do not involve consuming electricity by equipment. Equipment that sometimes quickly becomes obsolete and loses its efficiency.
Because of these problems, cloud mining is an alternative way; Because you rent powerful hardware with high hash power that is stored in a convenient environment.
The mining company is responsible for the maintenance of the equipment and shares the profit from the mining operation with you.