WHAT IS CLOUD MINING?
Cloud (or remote) bitcoin mining – is the process of using hardware power to mine cryptocurrency (such as Bitcoin or Litecoin) remotely.
This mining model came to existence due to the fact that the increasing difficulty of mining has made it unprofitable for mining enthusiasts to mine Bitcoins at home.
Cloud mining gives people a unique opportunity to begin mining cryptocurrency without the need for a large initial investment in hardware or technical knowledge.
Despite the simplicity of the cloud mining bitcoin model, it is worth elaborating on a few details, specifically it’s important to highlight that remote mining comes in two forms: hosted or cloud based mining.
REMOTE HOSTED MINING
The first form of remote mining is remote hosting. This model suits users with a high level mining experience and know-how and who require a high degree of control over their mining hardware.
Under this model, the mining hardware is hosted in a remote datacentre and the user assumes full control over the setup and configuration of the mining hardware.
Under this model, the miner pays a fee to the hosting company that would cover maintenance and electricity costs.
This helps the miner handle the risks associated with maintenance of the kit, as well as any risks with the shipment of the hardware.
On the other hand, it presents the miner with risk on the initial hardware investment and requires much more time and technical knowledge to implement successfully.
It can therefore be summarised that the benefits of remote hosted mining are tight control over the mining process, maintenance support and subsequent ownership of the hardware.
The big drawbacks are risks associated with the procurement of expensive hardware and the very high cost of entry, both in terms of investment and technical experience.
BITCOIN CLOUD MINING
The second, and more accessible model of remote mining is Cloud Mining, whereby a miner purchases a part of the mining power of hardware hosted and owned by a Cloud Mining services provider.
The service provider takes on configuring the hardware, maintaining uptime and selecting the most efficient and reliable pools.
This option provides a range of benefits: instant connection (meaning no hardware shipment wait times and delivery risks), fixed maintenance and electricity fees and no nuisances associated with mining at home such as noise, heat or space.
Another key point is that this model of cloud mining requires no technical experience.
Obviously, it’s very important that miners understand the mining process, however this model doesn’t require hardware expertise or significant configuration / implementation cost.
Since customers can purchase any amount of mining power they wish, this means that the level of investment will depend only on the miners’ ambition.
This means that the cost of entry and subsequent risk is far lower than in comparison with the remotely hosted model.
HashFlare is happy to be offering its new cloud mining services range. We guarantee an instant connection, around-the-clock access and monitoring, an easy-to-use management interface, 24/7 uptime as well as daily payouts.
Cloud mining is greatly suited for novice miners who would like to try out mining and earning cryptocurrency as well as seasoned miners who don’t want the hassle or risks of hosted or home-based mining.
HashFlare is a division of HashCoins – a company founded in 2013, known for manufacturing and sale of cryptocurrency mining equipment.
Extensive experience and good feedback from customers build trust and guarantee safety of investments.
Cloud mining is a new concept, in which the user receives profit without high risk of losing invested funds, namely: mining cryptocurrencies on remotely hosted equipment.
Same as with usual mining, cloud mining connects mining power to pools for the purpose of receiving larger Bitcoin rewards due to common efforts of all hashrate connected to the pool, as opposed to solo-mining.
However, cloud mining implies that the equipment is already connected to an array of pools, the user only needs to select which pools to connect the available hashrate to.
HashFlare was launched in the beginning of 2015. Essentially being an alternative to real mining, it allows the user to forget a number of troubles related to physically working with the equipment.
This includes but is not limited to: high electricity costs, connection problems, proper cooling, high noise levels and shipping times.
High-quality equipment by HashCoins allows the mining process to achieve maximum efficiency and makes the contract prices become affordable. At the current time, forecasts show there is enough time to receive a decent return on investment (RoI).
HashFlare provides carefree mining on HashCoins’ equipment. As with many other services, HashFlare offers special features.
For example: hashrate allocation to pools – once in 24 hours the user is able to select up to 3 pools to connect to and what percentage of hashrate to use in the selected pools.
The latest updates to the service include reinvest (mined funds are automatically used to purchase more hashrate) and 2-factor authentication – additional layer of security for user’s funds and data.
Company objectives include making mining simple, accessible and affordable to both new and advanced users, all via HashFlare. Another important aim is promoting cryptocurrencies, their mining and the blockchain technology.
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