Cloud mining (also known as cloud hashing) allows online users to buy hash rates or mining capacity of specialized integrated hardware in cloud data centers. These data centers are mostly located in remote areas and have easy access to cheap electricity (drawn from renewable energy resources such as solar and wind power). Individuals can earn cryptocurrencies without having to purchase a mining hardware or software. Nor do they have to spend money on high-speed internet, electricity or any other online or offline issues.
Heat installation, hosting issues or upkeep trouble- solo mining comes with a number of complications. Cryptocurrency cloud mining, on the other hand, is remotely done in the cloud and this benefits users who do not wish to deal with any kind of hassle that individual miners generally face. Cloud mining contracts come with a number of advantages, such as
- No Excess Heat
- No Ventilation Problem
- Near-Zero Investment
- Noise Free
- Zero Maintenance Charges (which otherwise includes dust cleaning, cooling and performance monitoring)
- Efficient and Programmed Mining Pool Management
- Daily Automatic Pay-outs
In the ever-evolving crypto world, cloud mining services have earned a bad name owing to the multiple scam projects that have resulted in investors losing out their money. At the same time, there are big firms which have gained popularity in the cloud mining industry. These steadfast and reliable businesses are, however, very few in number. Among the competent ones, HashGains is a reliable name in the industry.
By purchasing HashGains cloud mining contract, you get to rent mining hardware and get lucrative returns in the form of crypto coins. You essentially pay for a specific hashrate for a fixed period (say one or two years). As per the terms of service, one may have to pay an additional amount for maintenance and/or electricity on a daily basis. However, this is a negligible amount and you may directly pay for it, or choose to get it deducted from your mining payment.
The best part about HashGains cloud mining contract is that you do not need to go through the rigorous process of setting up a mining rig and monitor it yourself. Moreover, you need not worry about the concentrated sound created by a GPU mining rig.
GPU mining rigs consume a lot of energy and the amount you end up paying for the electricity often surpasses your total earning. There may come a time when you may wish to discontinue cryptocurrency mining as it no longer fetches good returns. Selling off your mining hardware might be a loss as you can only recover a part of your primary investment. If an Application Specific Integrated Circuits device is launched for a specific crypto algorithm (as in the case of Bitcoin), mining with a GPU becomes pointless. This is yet another disadvantage of GPU mining.
You can start mining from the day you purchase HashGains cloud mining contract. You do not have to wait for a hardware to become available, nor do you have to wait for its delivery. Your purchased hashrate is a constant numeral, which will not be affected by the decreasing efficiency of the mining hardware. HashGains cloud is typically of 2 years, which is the general life expectancy of a standard mining hardware which is operating ceaselessly.