Bitcoin Cloud Mining: How it Works and Types

Bitcoin cloud mining is one way you can get Bitcoin. This is an easy Bitcoin mining method for you to do.

Unlike conventional mining processes, cloud mining allows miners to earn Bitcoins without having to install all the sophisticated and expensive equipment and hardware.

All you need to do is create an account with a certain company.

Ways of working Cloud Mining Bitcoin

There are various websites that you can use to earn Bitcoin with cloud mining methods, for example MinerGate which you can access through the official website or from the application. Then, how does this cloud mining system or mechanism work?

  • Users who are interested in using this system need to make payments to third parties so that those parties will carry out mining and users only need to receive the Bitcoin mining results.
  • Bitcoin users do not need to have a mining device or mining rig. That way, Bitcoin users also don’t have to operate blockchain nodes.
  • Users only need to rent hash power or mining rigs. Mining rig power usually has units of terahash per second (Th/s) or gigahash per second (Gh/s). The cloud mining provider is the owner of the mining rig and the operator of the facility.
  • The provider will provide Bitcoin users with offers to buy or rent hash power. The way this mining works is very suitable for Bitcoin users who are new, new, or beginners.

If you still don’t understand how to mine the best, Bitcoin cloud mining is a really useful mining solution.

While waiting for Bitcoin to enter your Bitcoin wallet, you can delve deeper into Bitcoin until you really understand it.

Different Types of Bitcoin Cloud Mining

Cloud mining is divided into 2 different types. The first type is host mining and the second type is lease hash power.

Then, what is the difference between the two types of cloud mining? The following is an explanation of each type of cloud mining.

1. Host mining

Host mining involves purchasing or leasing a rig, for which the user has to pay for the purpose of maintaining the rig.

The advantage of this first type is that users can minimize the cost of access to electricity that you use for mining.

You’ll also gain more control over the rigs you buy or rent. In addition, you can also choose to strengthen the potential in finding new blocks by switching the hashpower of the mining pool or mining pool.

Furthermore, you will also get full control over all the acquisition of prizes or rewards.

All you need to do on a mining host is just pay for repairs or maintenance on a cloud mining provider.

3. Lease hash power

Leas hash power is a type of bitcoin cloud mining as opposed to hosted mining.

This type includes mining farm rentals, but only part of the hash power.

In addition, lease hashpower will not burden users with various maintenance costs.

You only need to subscribe to the package in order to receive the profits that are part of it.

Between the two types Bitcoin cloud mining these, which one suits you best?

If you don’t know which option is the most appropriate, you can convince yourself through various information about Bitcoin and cryptocurrencies at which is the best and most trusted source of information related to crypto and Bitcoin.

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