What is Bitcoin Cloud Mining?
Cloud mining or cloud hashing enables users to purchase mining capacity that of hardware in data centres.
Two operators, Hashflare and Genesis Mining, have been offering contracts for several years.
Bitcoin cloud mining enables people to earn Bitcoins without bitcoin mining hardware, bitcoin mining software, electricity, bandwidth or other offline issues.
Bitcoin cloud mining, sometimes called cloud hashing, enables users to buy the output of Bitcoin mining power from Bitcoin mining hardware placed in remote data centres.
Then all Bitcoin mining is done remotely in the cloud. This enables the owners to not deal with any of the hassles usually encountered when mining bitcoins such as electricity, hosting issues, heat, installation or upkeep trouble.
What are Bitcoin Cloud Mining Advantages?
- No excess heat to deal with
- Quiet because of no constantly humming fans
- No electricity costs
- No bitcoin mining equipment to sell when bitcoin mining is no longer profitable
- No ventilation problems with hot equipment
- No preordered bitcoin mining hardware that may not be delivered on time by
- bitcoin mining equipment suppliers
Bitcoin cloud mining contracts are usually sold for bitcoins on a per hash basis for a particular period of time and there are several factors that impact Bitcoin cloud mining contract profitability with the primary factor being the Bitcoin price.
Contracts vary from hourly to multiple years. The major factor that is unknown to both parties is the Bitcoin network difficulty and it drastically determines the profitability of the bitcoin cloud hashing contracts.
Bitcoin network difficulty is a measure of how difficult it is to find a hash below a given target.
The Bitcoin network has a global block difficulty. Valid blocks must have a hash below this target. Bitcoin mining pools also have a pool-specific share difficulty setting a lower limit for shares.
The Bitcoin network difficulty changes roughly every two weeks or 2,016 blocks.
There are all types of cloud mining options for other forms of blockchain technology.
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