You’ve probably heard about cloud mining by now. This is a relatively new way for users to mine cryptocurrency that’s become very popular in the last few months. The word “cloud” here doesn’t refer to the Internet, but rather it refers to remote servers that users can access remotely. You don’t need your own hardware to mine cryptocurrency with cloud mining. Instead, you have to buy time on a remote server and let it do all your work. This process has several benefits over standard mining procedures, primarily because it lowers up-front costs significantly. Let’s take a look at what cloud mining is and some pros and cons of this interesting method of mining digital tokens like Bitcoin or Litecoin.
Coinbase (NASDAQ: COIN) Intelligent Mining is a new feature added to the list of features for Coinbase users. It’s still in beta now, and there are some limitations to its use, which means you need to meet certain criteria before joining in on the mining fun. However, if you check out the statement from Coinbase above, they have outlined what they mean by intelligent mining as a new feature coming soon to their users.
The idea is that it will automatically switch your mining operation from one coin to another depending on what makes more sense economically and based on how much money you want to spend on your mining activities. In other words, rather than spending all your time switching between different pools or different mining software and graphics cards, Coinbase will do all of this for you automatically by just reading a profit and loss report at the end of each month.
There are some caveats to Coinbase intelligent mining. You’ll need to be verified, have two-factor authentication set up, and have a balance of at least $1 in your account before you can use it. You also need to be in one of the supported countries. You’ll also have to keep in mind that Coinbase will be charging a fee of 10% on any earnings made from intelligent mining. All of this is to say that you should be aware of the criteria and limitations before enabling intelligent mining on Coinbase. It’s an interesting feature, but you’ll have to weigh the pros and cons before deciding whether you want to use it.
How to Find the Best Bitcoin Cloud Mining Sites
If you want to get involved in bitcoin mining but don’t want to invest in your own equipment, cloud mining might be a good option. However, keep in mind that this is a very speculative investment strategy. You might lose money if the price of bitcoin crashes and the mining company can’t pay you out. If you decide to get involved in cloud mining, make sure you do your research first. Look for mining sites with good reputations, and don’t be afraid to ask lots of questions. Make sure you understand exactly how the site’s mining system works and what your expected profit will be.
When it comes to selecting online mining sites, internet reviews such as those found on Truely may be a fantastic resource. The reviews may inform you how others who have used a platform felt about their experience. If a few reviews suggest that anything is wrong with the website, it is likely true.
When researching bitcoin cloud mining sites, the first thing you should do is to look at their track record. You can do this by reading reviews from previous customers or checking for any media coverage about the particular cloud mining company. Next, you should make sure that every company you investigate has a legitimate address listed and that there are no complaints against it with the Better Business Bureau. That should be a red flag if you can’t find any information about a particular cloud mining site.
The next thing you should do is check the company’s ROI. This stands for “return on investment,” and it’s the amount of money you’re expected to make with the site as a percentage of what you spend. The rule of thumb is that it’s a good investment if the site promises to pay you more than 10% per month. If it promises more than 25% per month, it’s a good investment.
Bitcoin Cloud Mining Scams to Watch Out For
Unfortunately, there are scammers out there trying to take advantage of unsuspecting people interested in bitcoin cloud mining. There’s one type of company in particular that you should be careful about. This is the “bitcoin MLM scheme,” which involves a network marketing company offering bitcoin cloud mining as a service to their members. These schemes almost always charge an upfront fee for the supposed “mining equipment”, and then the company will never actually deliver the promised equipment.
Be extremely cautious if the cloud mining site you’re considering asks for money upfront. Legitimate bitcoin cloud mining companies don’t collect money upfront. If a company has a system where you have to pay to join their “mining network”, and you’re promised a certain amount of bitcoin each month, it’s probably a scam.
When researching bitcoin cloud miners, the first thing you should look for is a high upfront cost. The lower the cost of entry, the better your profit will be. It would help if you also looked at the site’s daily returns. Ideally, you want a site that offers more than 10% daily returns, although the higher, the better. Finally, if you’re looking at a bitcoin mining site that doesn’t offer daily returns, look at the pay-out period. Ideally, you want a site that lets you withdraw your money as soon as one day after you make a deposit.
Cloud mining is a great way to get involved in digital currency mining without investing in expensive hardware. Make sure you do your research before you sign up with any particular site, and don’t forget to follow our tips for finding the best bitcoin cloud miners.