Cloud mining does away with all of this since you’re paying one fee and given the profits directly to your wallet. You are trading a small portion of revenue for the convenience of not having to pay for electricity, deal with the excess heat and noise, as well as selling of the ASIC once it’s reached the end of its useful lifecycle.
Further costs can be avoided by opting for cloud mining instead of running your own operation. Any possible shipping cost or customs costs add more time to your break-even point, as well as any downtime from faulty machines.
The phrase “time is money” couldn’t be truer when it comes to Bitcoin mining. Any time spent not mining is money lost as the network gets difficult and there is no way to recoup that time lost.
With Cloud mining, mining starts immediately after you pay for it, and you are guaranteed 100% uptime for the duration of your contract, for the maximum amount of revenue possible.
Your statistics and revenue can all be controlled by a portal, usually on the website from which you chose to purchase cloud mining from. From there, you’re able to see the hash rate output, the performance in the past, as well as the total amount of Bitcoin that you have mined.
For users that would like to quickly get into Bitcoin mining, Bitcoin cloud mining is usually a great way to get your feet wet due to the lower cost of entry and the minimal risks. Cloud mining also means there is a team of trained professionals as support, in case you have any questions or anything goes wrong with your account.
With regular mining one must set aside space, electricity, as well as purchase all of the supporting gear alongside the ASIC, it’s a huge investment upfront. With cloud mining, companies usually offer mining incrementally, allowing users to buy small contracts and scale up or even reinvest profits as they see fit.
If at any time the user feels like cloud mining isn’t for them or they would like to cancel operations for some other reason, they simply stop receiving Bitcoin. There’s no worrying about how to sell off or dispose of the power supplies, the ASIC’s, or anything like that. The amount of required commitment is much less, allowing for people to try out mining before really sinking their teeth in.
Read More about Bitcoin, Litecoin and Ethereum Cloud Mining in our Introduction to Cloud Mining series:
Top Rated Cloud Mining Platforms