Understanding Crypto Cloud Mining (2020 Review)

Cloud Mining Review — Rekt Money

What is Cloud Mining?

Cloud mining is a mechanism to mine cryptocurrencies, such as bitcoin, utilizing leased cloud processing power without needing to mount and run hardware and associated applications directly. Cloud mining companies encourage people to open an account and engage remotely in the cryptocurrency mining process at a necessary cost, making mining available to a more extensive range of people worldwide. As this type of mining takes place through the cloud, it reduces equipment maintenance or direct energy costs.

Cloud miners become investors in a mining pool, where members buy a certain amount of “hash power.” Each member receives a pro-rated share of the income in proportion to the amount of hashing power leased.

How Does It Work?

Cloud Mining Illustration — Rekt Money

Mining for cryptocurrencies such as bitcoin, whether via the cloud or locally, would not necessarily require any mining operations. And although this method creates new cryptocurrency tokens that are awarded to miners, the mining activity plays a much more critical role in ensuring a public ledger’s integrity, such as a blockchain. Bitcoin mining is achieved by high-powered machines that solve complex numerical math problems; these problems are so complicated that they can not be solved by hand and are hard enough to tax even extremely efficient machines.

Once cryptocurrency miners add a new block of transactions to the database, part of their task is to ensure if these transactions are correct. In fact, bitcoin miners ensure that bitcoin is not duplicated, a unique feature of digital currencies called “double spend.” For printed currencies, counterfeit is always a matter of concern. But generally, if you pay $20 in the shop, the bill has the clerk. But for digital currencies, it’s a different matter. Miners use their computing capacity to solve cryptographic puzzles that prohibit the decentralization of repetitive spending.

How to Choose the Right Cloud Mining Service Provider?

There are five points you should pay attention to any cloud mining service provider. If they have all these five points, you’re good to go!

Ability to pick a working pool after purchase

The existence of this alternative means that you are investing in substantial computing resources. Alternatively, the company will not be willing to provide specific consumers with the ability to alter the mining pool. Still, it can openly disclose the address of their wallet, which is used to extract cryptocurrencies — so that everyone can measure the amount of coin mining compared to the statistics of the blocks contained throughout the detachment.

Availability of the contract or formal confirmation of the contract

There is a persistent shortage of ASIC miners on the market, and the production of a massive cloud server is unlikely without a direct deal with the manufacturers. There is no reason why the maker of ASICs could not affirm the presence of a deal with a significant client. It is a legitimate excuse to send a press release and to obtain free ads from their equipment.

Proof of the actual of the data center

There is no reason why service owners do not publish such photos or videos about their mining site: it is easy, inexpensive, and affordable at any time. Such materials can allow the customer to select a secure cloud mining operation and disregard any doubts.

Possibility of the fulfillment of the Preterm Contract

The purchasing of computing power in the cloud does not vary from the purchase of shares of a traditional enterprise — they can not only be obtained but can also be traded at any time. For instance, the withdrawal of depositors’ money is not lucrative in financial pyramids. The lack of ability to conclude the deal beforehand is also a negative indicator.

A Highly Profitable Partner Network Footprint

A trustworthy company does not have the means to pay 30% of the charge to drawn users. When you see an offer to lure other customers to a very high proportion of their deposit — this is a direct indication of the classic financial pyramid.

Recommended Cloud Mining Provider

On this list, we deliver the ranking of the best cloud mining website for Bitcoin, Ethereum, Zcash, and other cryptocurrencies. Changed to the year 2020.

Genesis Mining

Genesis Mining is one of the most trusted cloud mining service providers to date. It draws interest because of its high profitability, its ability to use its own tactics and to allocate the purchasing power for the mining of various coins.

You will also get even more than you think, thanks to a steep partner scheme, the parameters of which are described above. Earnings are secure and can be spent on mining a new cryptocurrency, raising the initial potential limit.

The most significant issue is the creation of Genesis Mining. With a million-strong legion of customers, the team does not leave its offspring but proceeds to focus on it. Thanks to this operation, it’s getting better every day.

Binance Pool

Yes! Binance Pool is very new and having the most profitable and advanced programs for crypto-enthusiast. It is provided directly by the biggest cryptocurrency exchange and aims to provide the most competitive clouding mining service.

Set up is easy and you can start mining immediately, same as you create a new trading account in Binance. Currently, you can only mine Bitcoin (BTC) — but later you can mine all cryptocurrency (coming soon). Monitoring is also easy to do through mobile apps for Android and iOS, so you can keep track of your account usage and value as often as you want.

• Lowest fees in the market. Exchange-powered mining pools offer lower fees in general. With Binance Pool, we are driving expenses lower to offer the most attractive service in the market.
• Global tech expertise. Right from its launch, Binance Pool is led by the team of seasoned professionals, with top-notch operating expertise and know-how of the latest mining technologies and equipment.
• More decentralized mining field. The launch of Binance Pool represents the entry of one more competitor to the hashing power of Bitcoin and other cryptocurrencies.
• More secure blockchain networks. The further decentralization of Bitcoin mining also results in more difficulty when it comes to attacking the Bitcoin network.
• Comprehensive financial services. Now, you can connect crypto mining to the most wide-reaching product suite of crypto financial services in the market.
• Better services for miners. Binance is synonymous with constant enhancement, and our dedicated team of mining pool experts will deliver various updates on Binance Pool to turn it into the most rewarding mining pool in the market.
• Protection to miners regardless of the market. We are committed to fully leveraging the global influence of Binance to connect the mining ecosystem to industrial resources and provide miners with financial services such as low fees and lending services with low loan-to-value ratios.
• Support for both proof-of-work and proof-of-stake mining mechanisms. Binance Pool will begin with a Bitcoin mining service, and we will expand into more cryptocurrencies soon.

Another point of note is that while Bitcoin prices are currently rising at the time this article was being written, so start subscribe a crypto cloud mining service so you would earn a profitable income from now.

Sign up to today Binance Pool to get zero fees for every Binance Pool service! — limited time promotion

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