Just ten years ago the world of cryptocurrencies was different. It was the time when anybody could mine at home with the average CPU. In 2009, you could mine at a rate of 50 per block. With a pair of computers with decent specifications you could have gained about $5 a day. Just eight months ago, when it was trading around $20K, it could make any crypto geek a millionaire. Now, mining 50 BTC would bring you over $310,000 per block.
The more interest Bitcoin gained, the higher the difficulty of mining became. The evolution of mining brought graphics processing units (GPU) to the scene. Due to their architecture, graphics adapters run cryptographic calculations much faster than CPU. However, all other devices were abandoned after ASIC emerged, specially modified to run cryptographic calculations for mining. Their power efficiency is ten times higher.
Where Cloud Mining At Play
The costly hardware required to profitably mine Bitcoin today triggered Industrial scale Bitcoin mining that brought up some Bitcoin mining startups. They invested in mining infrastructure, among which massive data centers developed for Bitcoin mining played the biggest role.
At some moment, the community of miners became huge enough to convince people in doubled effect from combining forces and sharing rewards. Several mining companies now sell mining capacity in the cloud.
This new mining method, i.e., cloud mining, uses dedicated cloud services to mine cryptocurrency. This way you don’t need to buy expensive equipment, there are no electricity bills, and you don’t waste your time adjusting miners. You just pay for servicing and the commission of the host company in order to use the service.
Cloud mining opened the market to mass auditory without any technical background, as the service doesn’t require users to own Bitcoin mining hardware or have any Bitcoin mining technical expertise. Thanks to cloud mining, not only early adopters, but also the broad community are finding Bitcoin mining worth it for their bottom line. However, there are a few important issues to keep in mind before joining in.
Keep in Mind
The first point is the reputation and transparency of the Bitcoin cloud mining company itself. Are you sure the life of the company will be long enough to outlast your Bitcoin mining contract? Is it safe to keep your account at the website?
The second major concern is the price of the cloud mining GHS to be purchased. In some cases, the prices are so high it makes investing in mining useless. You need to calculate how much time you expend to recoup spending. And keep Bitcoin mining difficulty in mind as it has a direct impact on profitability.
Who Are They?
There are quite a few cloud mining companies in the market, among which are BitFury, KnCMiner, SkyCoinLabs, and CloudHashing. Many of these companies have diversified into mining not only Bitcoin, but also other popular cryptocurrencies including Ethereum, Dash, Litecoin, Monero and Zcash.
One the most famous cloud mining companies is Genesis Mining, with data centers located all over the world, including Iceland, China, and Bosnia.
However, not every investor will be able to afford the service price of this company. The entry threshold is high enough - 1 TH/S, and it doesn’t have an unlimited contract feature. If we compare it with prices of its competitor Hashtoro.com, they look more attractive to an ordinary cloud miner. Hashtoro price for 10 TH/s is 400 Euros, while Genesis Mining price for 10 TH/s is 2,800 Euros.
About Hashtoro
The company was founded in May 2018. Hashtoro.com is a cloud mining cryptocurrency service. It offers a safe and simple way to get computing power to start cloud mining Bitcoin, Litecoin and Ethereum. The company provides cryptocurrency solutions for both everyday users and business entities. Hashtoro is suitable whether you want to get into mining on a low budget or diversify your current portfolio.
The company's data centers are set up in Finland and Norway. These are countries, favorable to the crypto industry. Primary competitor’s advantage is that the company offers low budget cloud mining opportunities. The cheapest cloud-mining contract will cost just 15 euro.
Moreover, Hashtoro’s infrastructure is powered exclusively by renewable energy. The hot air generated by mining is directed into heat pumps, while the hot water is pumped into the adjacent heating systems. This is why hashtoro.com has become one of the most profitable and ecologically safe cloud mining services.
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