Cryptocurrency is a term for a digital currency whose transactions are verified and regulated by a decentralized system with cryptography. Because this currency is not centralized, the distribution of crypto is not like the currency we are used to. In studying crypto, there are many crypto terms that you need to know.
There are various ways to get cryptographic digital currency or cryptocurrencies, namely by exchanging it for fiat currency through a cryptocurrency exchange platform (exchange), participating in airdrop programs held by crypto projects, and, lastly, mining your own crypto or commonly called mining.
Well, mining itself there are four ways, namely pool mining, cloud mining, solo mining, and trading platforms. This time we will discuss cloud mining. Read this below carefully!
Definition of Crypto Terms: Cloud Mining
Cloud mining is the process of mining cryptocurrencies (mining) such as Bitcoin, Litecoin, Dogecoin, ETH, and various other coins by utilizing cloud computing. This method is suitable for those of you who want to get crypto assets but don’t have the tools to mine this currency, namely hardware mining.
The mining of crypto assets in question is not mining using heavy equipment but the process of producing cryptocurrency by solving mathematical formulas carried out with blockchain-based software and hardware.
Cloud mining only requires a computer as hardware, hiring the services of a company that provides cloud mining tools, and of course a wallet address to pay for the mining service. After that, you can determine the computing power you want to profit from in your crypto mining process. The greater the power, the greater the potential profit you can get!
Cloud mining is more efficient to use than solo mining or pool mining. You don’t have to bother buying mining hardware so there are no costs for monitoring and maintaining your own mining hardware and electricity costs that consume high power.
Cloud Mining Provider Company
Using this cloud mining provider is very easy. You simply buy the available mining contract package, then wait for the mining results to enter your account. There are quite a few crypto cloud mining offered by Hashlist, for example, Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Filecoin (FIL), and Dogecoin (DOGE) supported by Elon Musk. Users can start investing from the lowest rate of US $ 8 to the highest rate of US $ 6500.
The oldest cloud mining company in the world is known for its ease and speed in depositing and withdrawing mining funds. Genesis mining supports mining Bitcoin (BTC), Ethereum (ETH), Dash, Litecoin, and more. They offer various mining capacities with a minimum investment of US$16.
MineDollars is quite popular among miners with an estimated over 1 million transactions since its inception. Crypto assets that can be mined with cloud mining are Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), XRP, USDT, USDC, and DASH. The cost is also relatively cheap, starting from US$ 10 per month.
It is no exaggeration if Nicehash is called a leading crypto mining pioneer that is growing rapidly. Here you can invest starting from the value of US $ 51. The advantage of Nicehash is that the speed or hash rate of the hardware platform has high competitiveness compared to other platforms.
That’s an explanation of cloud mining. Are you interested in trying it? Comment below yes! Continue to follow our articles so that you understand more about crypto. Don’t forget to visit the Litedex website, Instagram, Twitter, YouTube, and TikTok to keep getting updated information from us.