What is Cryptocurrency Cloud Mining?
This service is provided by hosts (people who own and sell the cloud mining service) who have farms (huge collections of mining rigs, usually held in big, designated facilities).
The hosts are usually big corporations that specialize in cloud mining. These corporations buy excessive amounts of mining rig hardware (GPUs, motherboards, processors, etc.) and build hundreds of rigs. Naturally, they are located in respectively sized buildings – huge garages, warehouses and so on. The type of building doesn’t matter – the only conditions are cheap electricity bills and good cooling and air conditioning.
Cloud mining is becoming more and more popular for a couple of reasons.
First of all, it’s very accessible. The average person usually hasn’t got a lot of space or resources required for a successful mining operation. However, with the help of cloud mining, almost everyone can “have” their designated mining rigs that produce revenue over time.
Paid Cloud Mining: Pros and Cons
Paid cloud mining comes in different plans. You, as the customer, pick a plan that suits you the most (some sites and companies even offer custom plans). Then you simply decide on a timeline, unless one is already given beforehand.
Different types of Cryptocurrency cloud mining plans offer different hash rates. A hash rate is simply the indicator of how powerful the rig is or, in other words, how much Bitcoin it can mine at any given point in time.
Paid cloud miners agree that the initial cost for a contract can be somewhat (or very) expensive. However, they do stress that it all depends on what type of hash rate you prefer. The bigger the upfront payment, the faster the hash rate you will receive and, in turn, the sooner you’ll start noticing profitable results.
When it comes to the cons of paid cloud mining, the first and obvious one would probably have to be the price. Paid cloud mining tends to get quite expensive. Depending on the amount of money you’ve decided to invest in cloud mining, even the entry plans could seem too expensive to tackle.
Paid cloud mining entry plans usually start from around $50 – $300. Considering the usual price increases for the following levels of plans, this is a decent price to start with. With an entry plan, you get the minimum hash rate speed, while the time of the plan could vary. These entry-level cloud mining plans are mostly designed for people who have never had any previous experience with cloud mining, and simply want to get a feel for it.
Free Cloud Mining Sites
Now that you have a general idea of what paid and free Bitcoin cloud mining is (and the pros and cons of the two types of mining), we can talk about some of the more notable free cloud mining companies and sites.
Miphash offers to their customers different type of method to earn free bitcoin through cloud mining.
The following are the verious means through which you can earn free bitcoin through this platform.
- Signup Bonus
- Affliate Bonus
- Purchased Contract Bonus
You can start earning free bitcoin by making use of any of this methods on this platform
MinerFarm is one of the more well-known free cloud mining sites. It has an established reputation for being trustworthy and being approachable and easy to use.
How MinerFarm works are that they offer you a free 100Gh/s for simply registering to their site. If this seems too low, you can always upgrade your plan to earn more. Withdrawals are easy and quick, and they also offer customer support.
While being paid to cloud mining providers, Multimining has their version of free cloud mining. They offer you 30 GH/s as a lifetime plan for just registering to their site.
What’s cool about Multimining is that they also have a referral program – if you bring more people to their site, you start earning more crypto. The company is an established free cloud mining site, so check them out!
EOBOT is a bit less known than the other free Bitcoin cloud mining sites on this list. Nonetheless, the site is worth covering and checking out.
While not being inherently free, EOBOT offers decent cloud mining plans for almost unnoticeable fees. The above-given example shows one of their plans (if you choose to pay in USD).
Even though EOBOT isn’t that well-known, they have been mentioned in more than a few articles talking about free Bitcoin cloud mining, so don’t hesitate to visit them yourself!
Whether it be free or paid cloud mining, always take your time in picking a decent host. One of the ways to do this is to look at their security measurements. Some companies offer poor security or even have a reputation of being broken into or hacked in the past. In such cases, it doesn’t matter if those companies’ hash rates are through the roof or if it offers the prettiest interfaces – they’re not trustworthy.