How can I make passive income mining cryptocurrency? Can I really earn money from home using cloud mining? There are a lot of questions asked by people interested in the Bitcoin mining business but don’t want to install expensive machines with extra high resource consumption. If you wish to enter the most promising industry, check the answers.
What is cryptocurrency?
Crypto is a virtual currency that does not have physical attributes (such as coins or banknotes). Put it another way, it exists in digital form only. However, you can use it with zero issues purchasing different goods and services in most countries. The world’s most popular cryptocurrency Bitcoin (as well as other coins) works using a breakthrough decentralized technology called blockchain. The main parts of the appeal of this technology are transparency and the highest security level. As a decentralized model of the financial network, blockchain hasn’t any central authorities to approve payment transactions and set rules.
What is mining in general?
In a nutshell, cryptocurrency mining is a process of creating new coins. Every few minutes thousands of miners in different countries reach a so-called consensus about the current state of the BTC blockchain network using their hardware. All transactions are verified and added to the digital ledger. Also, network members have rewards in coins, and it is their profit from the mining process.
What is cloud mining?
While in traditional mining the hardware is required, cloud mining brings crypto investors an opportunity to earn coins without buying any specific gear. The model includes renting a hash power generated by the machines installed in data centres of big companies, the hash rate providers. Bitcoin cloud mining providers locate their facilities mostly in countries with cheap electricity. Plus, customers usually pay the maintenance fees as a commission for managing gear, energy bills, staff salaries, and so on. So, the cloud mining scheme is a win-win for both the company and its customers. Plus, cloud mining is the easiest way to dive into the cryptocurrency business with zero skills and specific knowledge.
Why is cloud mining the best way to earn coins?
By joining the global cloud mining process, you can earn crypto with a small investment amount. Just lease a hash rate under one of the cloud mining plans and check your profit day by day. As you can see, that idea has a lot of benefits, and it’s really easy to start even if you’re a newbie. You don’t have to buy noisy and resource-intensive machines. You don’t have to maintain any equipment. The cloud mining company runs the gear by itself, so there are zero technical issues for customers.
The other pro of the best cloud mining websites is pretty high profitability. With a contract with a high hash rate, you can create passive income within a year or something like that. And if you wish to make even more money without buying extra contracts, you can reinvest your returns for the highest passive income. The initial amounts on most cloud mining websites usually start at $200-500. So it is really easy to start even for small and beginner cryptocurrency investors.
