Types of Cloud Mining

[Suba]

Cloud mining is a remote crypto mining method, which utilizes cloud services so that miners only need to rent/buy mining power and get mining rewards without any hassle. If miners join cloud mining, it means that miners do not need to have physical mining hardware, spend maintenance costs, large electricity, etc.

Based on the operating model, we can classify cloud mining into several types such as:

Hosted Mining
Miners only need to buy/rent mining rigs located at service providers or data centers. Miners will also be charged installation and maintenance fees. Miners have control to direct hash power to the mining pool

Virtual Hosted Mining
Miners rent virtual servers and install them into PC devices and can operate their own mining, software configuration can be controlled by miners.

Leased Hash Power
Miners only need to buy hash power provided by mining service providers, miners only need to choose and rent the hash power package provided, the higher the hash power, the higher the rental fee.

 

[Passionate-writer]

@Suba - The biggest problem with cloud mining us the fact that most of the cloud mining sites are not legitimate. They are not what they claim to be. They even state that they are regulated and registered by the government. However, most of these claims are not true. Having aid that, many "cloud mining" companies are running pyramid schemes.

 

[Suba]

@Passionate-writer You are right, most or more than 90% of cloud mining sites are scams, even if we get a legit one and pay, the reward we get is very small, not much different from a faucet site. For this reason, the thread above is not a recommendation but only as knowledge and information.

 

[eLdavis]

A lot of persons I know have stopped cloud mining due to the number of scam platforms out there today.

 

[Stardom22]

For me l have participated on any cloud mining platforms for sure. Most of the similar options that l have come across, l have never experienced the reliable cloud mining programs.