What is Bitcoin Cloud Mining?
Bitcoin cloud mining is a type of investment. It is different from regular investment though because it uses cryptocurrency. In this type of investment, you will need to sign a contract with a mining provider.
And you must pay the deposit in the form of cryptocurrency or dollars. From this investment, you will get daily profit in the form of Bitcoin. The profit will be sent to your Bitcoin wallet.
The advantages of bitcoin cloud mining
When you are having this kind of investment you will have several advantages. Here are some of them.
Get daily profit
This particular investment allows you to have more income. The provider will send you the profit to your account.
Maintenance free
Bitcoin cloud mining is not the same as Bitcoin mining. When you commit to cloud mining, you don’t need to have the hardware to maintain the profit. The remote mining or provider will do the maintenance for you.
Meanwhile, in Bitcoin mining, you need to have the hardware. The maintenance of this hardware is expensive. In addition, it takes a lot of electricity to run this device.
Stable
Bitcoin cloud mining is stable. It is not volatile so that you will have higher chance of having profitable investment.
This particular investment sounds like a convenient investment.
However, it is not without risks. The provider or the remote mining has more control on your investment. That’s why there are some possible disadvantages that you’ll get. Here are some of them.
Fraud or scam
There is a possibility for you to lose your investment because the provider turns to be a scam.
Lower profit
Compared to Bitcoin mining, the cloud mining offers lower profit. It is because they cut your profit for maintenance.
Choosing the right remote mining
There several types of remote mining that you can choose. The most popular one is leased hashing power. When you are choosing this particular mining, you must make sure that it is proven and trustworthy.
Reading the reviews first will help you avoid scam and fraud. For beginners, you had better have smaller amount of investment. Therefore, you can minimize loss.