Cloud mining is a new concept that allows to form groups (mining pools) to make greater profits due to collective work in comparison to mining with your own equipment. Mining is performed in the ‘Cloud’ and thus allows to evade different problems, including: power outages, issues with equipment setup and Internet connection, power consumption and equipment maintenance. This way you’re mining cryptocurrency almost without risks, only by renting someones computing power.
To start mining cryptocurrency on your own, without cloud mining services, you’ll need equipment. At the time Antminer S5, manufactured in 2015, that produces 1150 GHs and consumes 500 W is the most advanced piece of tech among miners and optimal solution, when you need balance between power consumption and profit. Such device can mine 70$ worth of Bitcoin – it’s your profit including electricity bill. The device itself costs 550$. Payback time is a little less then 8 months, then you get pure profit.
Mining is possible on different algorithms. The most popular are SHA-256 (Bitcoin, Peercoin, Namecoin, Tigercoin etc.) and Scrypt( Litecoin , Dogecoin , Earthcoin etc.).
Lower you can find a link that leads to the best cloud mining services on the Internet. If payouts stop, then the website gets excluded from the list. Such business has it’s risks so don’t spend more money then you can afford.
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