What is ‘Mining’?
Mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new cryptocurrency are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released coin.
How does mining work?
Mining Hardware Has Evolved Over Time
How to start mining at home?
If you want to try mining yourself, you’ll need to prepare with the following:
What is ‘Cloud Mining’?
Cloud mining enables users to purchase hashing power from hardware in remote data centers (of various cloud mining companies), without managing hardware, software, electricity or other issues to mine cryptocurrencies. You can start mining cryptocurrencies almost in real-time on purchase of cloud mining contract. It will save you all the trouble and nuisance to run a miner on your own for some overhead cost.
Cloud Mining Contracts
When it comes to mining cryptocurrency on cloud, you should always tread with caution as many of them are scams if not all. We strongly recommend you to do your due diligence before buying such contracts but below are few cloud mining companies whom we have used in the past or have running contracts with positive payments.
Is Cloud Mining profitable?
“Depends” is the straight forward answer. Some contracts may not seem very profitable right now but if you are bullish on a particular coin and its price do appreciate extensively in future (very possible in cryptocurrency) you can make a good return on investment. Cloud Mining is also beneficial to those who finds buying coin through Exchanges intimidating or in countries where Exchanges are banned like in China. If you are a newbie then faucets and cloud mining are good place to start your cryptocurrency journey.