The best cryptocurrency cloud mining platforms for beginners: An ultimate guide for beginners
Bitcoin mining or mining of any other cryptocurrency can be an extremely expensive task due to high-performance GPU, CPU and high-end software. Even, this is not enough, as you need a lot of technical expertise as well. So, how to cope up with this? The answer is Cloud Mining. If you want to invest in proliferating Bitcoin and avoid the hassle of buying and maintaining super expensive hardware and software along with technical knowledge then you must consider Cryptocurrency cloud mining platform. The main headache in mining cryptocurrency is housing and managing the hardware which not just means buying and keeping the hardware and software up to date but also providing ventilation for cooling, having an advanced technical knowledge and bearing the increasing electricity costs. But, the Cloud mining platform takes care of all these things and makes the process of cryptocurrency extracting sleek and simple.
What is Cloud mining?
Cloud mining is a process of cryptocurrency extracting which utilizes remote data center and shared processing power to enable users to mine Bitcoins or other Cryptocurrencies without worrying about managing the hardware. The Bitcoin cloud mining has endowed an innovative and broad possibility for the Crypto enthusiast and Tech-savvy to mine Bitcoin without purchasing expensive products and learning high-end technology. However, as you are using a remote data center, there will be some cost associated with it to facilitate such benefits. This cost can result in low returns to the miner but it is an exceptional way for the beginners to glean some expertise and experience in this background without actually purchasing the extravagant hardware.
One only need a internet access, home computer and local Bitcoin Wallet (optional) for continuing with the process of Cloud mining. These are concepts which allow us to form a group which is called as Mining pools and generate revenue with substantially lesser effort as compared to normal techniques using sophisticated equipment. The process for miners is done “in the cloud’ which probably roots out many problems like power interruptions, installing the hardware and connecting to the internet, maintaining and providing necessary energy, equipment purchases, and maintenance, etc.
How does Cryptocurrency Cloud mining work?
The main difference between the traditional method of Cryptocurrency mining and Cloud is the eradication of housing and maintenance of hardware issues. The traditional Bitcoin mining makes use of high-performance GPU and CPU which the users have to purchase and manage. This not just requires a lot for the money but enormous technical knowledge as well which includes using proper measures for maintaining the hardware, using top-notch and advanced software and using a budgetary technique to limit electricity costs. Cloud technique has mining rigs which is primarily stores and managed by the companies or organizations and not the user who intends to mine Cryptocurrencies. For enjoying such privileges and getting popular Cryptocurrencies without much effort, you just have to register on the Cloud mining platforms and set up the contracts for miners. These contracts are used to protect the integrity of users and mining company and come into effects whenever users earn any profit regularly. The cryptocurrency mining platform can be used by beginners easily by knowing few aspects and choosing the right platform for themselves.
What are different types of Cloud mining?
There are basically three forms of remote facilitate for miners available, which are:
1) Hosted Mining – This involves the leasing of a mining hardware from a provider or organization.
2) Virtual Hosted mining – This deal with software by creating a virtual private server and installing the necessary software for the miners.
3) Leased hashing Power – This type of cloud mining involves leasing a certain amount of processing power (Hash rate) without the need to maintain the hardware or having a virtual computer.
How do beginners choose a Cryptocurrency cloud mining platform?
There are many important factors to consider while considering any cryptocurrency cloud mining platform for beginners. First, you have to make sure that the website is legitimate as you are going to lend many sensitive data and provide an amount for using the services to mine. To make sure that the website is genuine and will work in your favor, make a note of these guidelines.
1) Verification – Before proceeding with anything, you have to verify the company address, business owners name, and identification numbers. If you can’t get the necessary information or can’t verify these all information, there are high chances that the website is fraudulent. Fraudulent companies have least amount of Paperwork to show up front. So, if you don’t find any legitimate Paperwork and corroborating evidence then it is advised to move away from it to the next site of choice.
2) Dodgy – Inconsistencies in the information is another important thing to consider while deciding a platform. If a website is constantly changing address, website information, etc, it is suggested to stay away from those sketchy websites. Any information like Phone number, certification number of address change can be suspicious and an indication for you to recognize a fraudulent company.
3) Documents – If the company is too fussy with any document or need too sensitive and private document, it is better to avoid it. Also, some websites ask for a scanned copy of your signed documents. Instead of building a good rapport with the clients they are trying to get your sign on some documents. There are high chances of it begin a scam and a red flag for you to run away from these cloud mining platform.
Which are the best cryptocurrency cloud mining platforms for beginners?
Choosing a cryptocurrency cloud mining is not so easy because of huge options. But, this list will consider all the necessary aspects to make it simple for you to decide on a platform. Here is the list of popular and best cryptocurrency cloud mining platforms for beginners.
Genesis Mining is the oldest cryptocurrency cloud mining company which offers unparallel services to the miners. The company was founded in the year 2013 and the first one to deploy such an innovative concept for extracting Bitcoins and other altcoins. This is the safest platform which provides complete transparency on their website about its location, identification numbers, business owner’s name and other relevant information. Interestingly, the founders of this cryptocurrency company got to know each other by buying and selling Cryptocurrencies on the same platform. The Genesis Company endows wide range of packages and the possibility to mine a vast number of Cryptocurrencies such as Litecoin, Bitcoin, Ethereum, Monero, Zcash and much more.
Website – Genesis Mining
How Does Genesis mining work?
Once you progress and make payment to Genesis Company, your profile is immediately updated and the package is reflected in your account. Depending on your profile and the package choose, you can mine a large amount of Bitcoin, Ethereum, Dash, Litecoin, Monero, and Zcash. After the payment is processed according to the package, the plan is started. However, you have the option to convert your payments to any other coins if you want. This usually happens when the user wants to branch out his holdings. For example, when a miner wants to start with the website he can choose to pay all in Bitcoin. Putting all your money into Bitcoin can be quite risky, but, paying 30% in Ethereum, and putting another 20% into Litecoin while the other 60% can be left in Bitcoin making it an astute decision to mitigate risk. The one and only pitfall of this can be the waiting of 48 hours for your initial payout. However, after that, you will receive all your money after 24 hours as soon as the day is over.
Benefits of using Genesis Mining
Genesis is one of the best cryptocurrency cloud platforms for beginners because of tons of features and reliability. The open-ended contracts make it a reliable and safe option for mining Cryptocurrencies. When the contracts start becoming unprofitable, the Genesis payout for the day becomes zero. The contracts remain active for 60 days and if still, the contract does not make any money, it will automatically get terminated. In case of hardware failing or braking, the users will automatically be shifted to the relevant pools using the Genesis smart algorithms. The most impressive thing which makes it the best cryptocurrency mining platform for beginners is its exceptional customer support. Genesis gives the highest priority to the customer support the mining farms are not disclosed on their website for security reasons but they provide some general idea about their mining farms. Also, the Company allows us to monitor different coins on its single interface with its Genesis Hive feature.
HashFlare is the creation of the dedicated and excellent Hash coins Team who offers affordable pricing to their customers. Their teams comprise of ebullient crypto experts who have been involved in the crypto mining since Bitcoin came into the picture. Their three years of experience in extracting Cryptocurrencies have presented a robust solution to the miners all over the globe. Irrespective of ethnicity, age, or capital, mining epitomize the internet, and HashFlare is another by-product which has evolved so much over the past few years. Democratizing mining and cryptocurrency is what HashFlare is all about. Since its inception in 2013, the company democratized the cryptocurrency for miners with its devoted team consisting of a lead developer, media buyer, business developer, support specialist, and chief product officer. What is even more impressive is that all of them are crypto enthusiasts who believe in keeping everything transparent by providing all the information about their future innovations and social media marketing. You can check their Instagram profile @hashcoins. In terms of similarity to Genesis, HashFlare has a strong customer support where it provides an address where customers can contact them if anything goes wrong.
Website – Hashflare
Benefits of using HashFlare
They provide complete transparency by providing images of the equipment which they use to get the job done. The inflation related to the power, connectivity, cooling, technology, etc. of the equipment used at their data center can be found on their website. All these images and information proves that the company is not a scam and is here to provide a great solution to the miners. Apart from this, the payouts are also entitled to happen within 24 hours. Just like Genesis, you can check all your information related to mine and constantly monitor all your coins with advanced statistics in real time.
The users at HashFlare also enjoy instant withdrawals and low and entrenched fees. Due to a good return on Investment history, some cloud mining websites is” Ponzi Scheme’ which restricts you to withdraw money but HashFlare is definitely not a Ponzi scheme platform and has a significant edge over others. Many websites also play the game of variable transaction fees, commissions. But, HashFlare has a fixed and reasonable fee which is visible to the customer upfront. HashFlare is undoubtedly one of the best, if not the best cryptocurrency cloud mining for beginners.
EOBOT is another old platform which is proving to be a great choice for Cloud mining. It has a customer backing of more than 600,000 as the benefits of extracting Cryptocurrencies with EOBOT are endless. This Los Angeles, California based platform was founded in 2013 and maintains complete transparency in its address, business name, and identification number. Also, they have a lot of optimistic reviews on Reddit and Bitcointalk. So, the chance of it being a scam is almost negligible. It offers a simplistic approach to the customer with no sophisticated buttons or animation. It is a clean and legitimate company which is working for many years and has satisfied its customer with its beginner-friendly website, reasonable transaction fees, and secure environment. EOBOT is one of the best cryptocurrency cloud mining platforms for beginners in the United States. They endow crypto mining for SHA256 and Scrypt algorithms that are working on their Antminer S series miner rigs.
Benefits of using EOBOT
EOBOT has the simplest and cleanest user interface along with an Android and iOS app to monitor the coins, mining details easily and efficiently. Although HashFlare and Genesis are better in terms of fees and customer support, EOBOT is an ideal choice for newbies who want to explore more about Cloud mining. The best thing about EOBOT is that the payouts are Immediate and the return on investment is also quite incredible. There are lot many innovations and side projects going on the website thereby promising a good future.
However, the users have to bear high maintenance fees of using the website while doing nothing much exciting on the website. The Platform is so simple that many times, it feels like it lacks certain features.