Everything you need to know about Cloud Mining

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What is Cloud Mining?

Cloud mining means using shared hashing power provided by remote mining farms. All you need for a successful start is your laptop or your phone to get in touch with the service providers and a wallet to withdraw your rewards to.

Cloud mining offers miners to purchase hashing power in remote data centers or mining farms around the world. Sometimes called cloud hashing, it allows users to buy mining power or hashing power they can afford without all the difficulties usually experienced when mining such as electricity or hosting costs, heat,, upkeep issues, hardware & software installation, bandwidth and other.

MinerGate currently offers two types of cloud mining contracts for both Bitcoin (BTC) and Monero (XMR) mining, with Ethereum (ETH) also coming soon.

Reliability

MinerGate is a pool with a six years history. There are more than 3,300,000 miners with almost 2 thousand newcomers joining every day. Our track record and history of trust is our greatest achievement.

Cloud mining on MinerGate provides you always stable hashrates according to your plan. Whatever happens, your plan will continue making you constant amount of money.

With daily payouts you don’t need to wait days, weeks or months till the block will be mined and you will receive your payment – you will earn some money respectively to your hashrate and impact daily.

Hardware

At MinerGate, we offer a professional approach to Bitcoin, Ethereum and Monero mining. The data centers we use are equipped with cutting-edge ASIC miners, the most effective on the market right now.

What are the advantages of Cloud Mining?

It’s obvious why many people would choose cloud mining over mining with your own hardware at home or the office. Many issues can arise, from security issues to hardware issues and other things.

Cloud mining is much easier to use as far as you don’t need to have some proficient technical knowledges. It’s also cheaper and allows you not to spend your time on planning and setting up mining rigs. And of course it’s more stable. Specially designed data centers with independent electricity and thermal network will sustain both equipment work and your mining process uninterrupted.

With cloud mining, the cost of electricity and maintenance is deducted from the profit, so you never really have to think about it, or worry about bandwidth or anything else for that matter.

Types of Cloud Mining

In general, there are three forms of remote mining available:

  • Hosted mining which is basically a lease of a mining machine that is hosted by the provider
  • Virtually hosted mining which you can establish by creating a general purpose virtual private server and installing your own mining software
  • Leased hashing power which is a contract for an amount of hashing power, without having a dedicated physical or virtual computer. (This is, by far, the most popular method of cloud mining today.)

What currencies can I mine?Cloud Mining

With MinerGate, you can create your first cloud mining contract using the most advanced mining hardware and receive freshly mined Bitcoins and Monero directly from the actual block rewards. You can sign up and start mining here.

Pure Coins

Our data centers are hashing 24/7 using innovative hardware, and all mining rewards come straight from unlocked BTC and XMR blocks which can be traced on the blockchain. There are no intermediaries between you and your money.

Payouts

With MinerGate, every single cloud mining contract brings you steady income and clear contract history which allows you to track your profit easily.The contracts are lifetime so they will run as long as they’re earning profit.

You get all the freedom of choice. Just decide how much to invest or the desired hash rate, and we’ll handle the rest.

You can choose a suitable plan right now using our calculator as a helping instrument.

When do I get payouts?

Rewards for the contracts are processed and distributed every day at around 12:00 UTC. The first payout comes the next day after you enabled your cloud mining contract. Once the threshold for minimal withdrawal is reached, you can withdraw your earnings from your dashboard.

Are there any fees?

There is a maintenance fee to cover the electricity and mining resources costs. It is be withheld from daily earnings for the contract. We don’t deduct any extra money from your account to cover it, and you don’t need to send funds to pay these fees in advance.

Risks vs. Rewards

There are risks when engaging in any type of crypto mining, but profit is possible if you make the right choices. We’ve given you some pointers here, however, in your test you will likely see that some cloud mining contracts will be profitable for a few months only, then decrease in profit as the difficulty level of mining increases.

A possible remedy to this situation is to reinvest what you have earned to maintain a competitive hash rate.

Beware of Imitations

Like anything else, but even more so, the rise of crypto has seen an unprecedented amount of internet scams, and cloud mining is no exception. Often offering to mine cryptocurrencies for free, there are many intelligent and well-designed scams and Ponzi Schemes, showing fake payouts and more. The risk of fraud is all too common in the cloud mining space. You should only invest in what you’re comfortable with – as the saying goes, never invest more than you are willing to lose.

Always investigate social media channels, speak with former customers and ask pointed questions to operators before investing in any company. Also, look for registered addresses, online reviews, etc. You can use sites like ScamAnalyze to see whether the company is reputable or not.

Rating: 5

Comments

I been buying contracts for the last six months not going into details but being lifetime contracts I see this to be very good investment for long term. If you are looking for short term money this may not be for you. If you plan out a few years and if the price of the coin goes up you could make a lot of money with this and it will just keep coming. Time will tell for me but so fare I believe I have been treated good by minergate what they say you get you get. So I am pretty comfortable cloud mining with these folks. The rest is up to the coin.

Rating: 5

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