What Is The Most Profitable Way To Make Money With Bitcoin? Even after a decade of ups and downs and the unidentified Satoshi Nakamoto, Bitcoin remains at the top of the charts. To be more accurate, Bitcoin is the largest cryptocurrency in the world. So, the response to a question such as is it still possible to make money with bitcoin is a resounding yes: Bitcoin is a viable source of revenue. Since you seem to be on solid ground at this stage, the next logical question is – What is the best way to make money with Bitcoin?, put in another way, what is the most profitable way to make money with bitcoin? There are various options, with Bitcoin mining, trading, investing, affiliate earnings, and micro earnings being the most common. However, there is no one-size-fits-all solution to making money with Bitcoin. The amount of money you earn is determined by your risk perception and the system you use. This write-up will go into seven of the most profitable ways to make money with Bitc...
What Is Cloud Mining?
Cloud (or remote) mining –
is the process of using hardware power to mine cryptocurrency (such as Bitcoin
or Litecoin) remotely.
This mining model came to
existence due to the fact that the increasing difficulty of mining has made it
unprofitable for mining enthusiasts to mine Bitcoins at home.
Cloud mining gives people
a unique opportunity to begin mining cryptocurrency without the need for a
large initial investment in hardware or technical knowledge.
Despite the simplicity of
the cloud mining model, it is worth elaborating on a few details, specifically
it’s important to highlight that remote mining comes in two forms: hosted or
cloud based mining.
Remote Hosted Mining
The first form of remote
mining is remote hosting.
This model suits users
with a high level mining experience and know-how and who require a high degree
of control over their mining hardware.
Under this model, the
mining hardware is hosted in a remote datacentre and the user assumes full
control over the setup and configuration of the mining hardware.
Under this model, the
miner pays a fee to the hosting company that would cover maintenance and
electricity costs.
This helps the miner
handle the risks associated with maintenance of the kit as well as any risks
with the shipment of the hardware.
On the other hand, it
presents the miner with risk on the initial hardware investment and requires
much more time and technical knowledge to implement successfully.
It can therefore be
summarized that the benefits of remote hosted mining are tight control over the
mining process, maintenance support and subsequent ownership of the hardware.
The big drawbacks are
risks associated with the procurement of expensive hardware and the very high
cost of entry, both in terms of investment and technical experience.
Cloud Mining
The second, and more
accessible model of remote mining is Cloud Mining, whereby a miner purchases a
part of the mining power of hardware hosted and owned by a Cloud Mining
services provider.
The service provider takes
on configuring the hardware, maintaining uptime and selecting the most
efficient and reliable pools.
This option provides a
range of benefits: instant connection (meaning no hardware shipment wait times
and delivery risks), fixed maintenance and electricity fees and no nuisances
associated with mining at home such as noise, heat or space.
Another key point is that
this model of cloud mining requires no technical experience.
Obviously, it’s very
important that miners understand the mining process, however this model doesn’t
require hardware expertise or significant configuration / implementation cost.
Since customers can
purchase any amount of mining power they wish, this means that the level of
investment will depend only on the miners’ ambition.
This means that the cost
of entry and subsequent risk is far lower than in comparison with the remotely
hosted model.
HashFlare is happy to be
offering its new cloud mining services range.
We guarantee an instant
connection, around-the-clock access and monitoring, an easy-to-use management
interface, 24/7 uptime as well as daily payouts.
Cloud mining is greatly
suited for novice miners who would like to try out mining and earning
cryptocurrency as well as seasoned miners who don’t want the hassle or risks of
hosted or home-based mining.
https://hashflare.io/what-is-mining
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