What is Cloud Mining?

You can find a long list of mining hardware here, but since the mining hardware is very costly which cannot be purchased and acquired by every common man, hence many companies have come up with different concepts of mining, known as mining pool.

A mining pool is generally a collection of different computers from different parts of the world, who contribute in mining bitcoins. Any common person can join this pool and start mining bitcoins by downloading there mining client. Collectively this is what we call CloudMining.

Even better some companies have come up with solutions of cloud mining, and are selling contracts to people, here what you need to do is get yourself register with the company via their website, invest your bitcoins and buy GHS short form for Gigahashes, and these companies would mine for you, simple isn’t it, just invest and sit back, relax and see your bitcoins grow.

 

Some Points to consider when choosing CLOUD mining as an option:

1.  In general you would find companies giving a contract for 1 year only, some companies are providing the contract for 2 years or 5 years respectively.
2.  You will not be able to withdraw your balance until the end of this contract term or period.
3.   Some companies even have restriction that you can purchase GHS only once at the beginning of the contract.
4. The bitcoins generated during the contract period are not re-invested; neither will these companies give you an option to re-invest it again to buy more GHS.
5. The pool fee or maintenance charges of some companies are very high.
6. The GHS / BTC rate also differs from companies to companies.
7. Most of the companies do not provide a secure platform for mining.
8. You have to purchase GHS or THS only using Bitcoins, most of the companies do not have the option for other coins, namely LiteCoins (LTC), DogeCoins (Doge), NameCoins (NMC), or other forms of crypto currency.
9. Most of the companies are providing only cloud mining option; this means that you cannot trade currencies with them.
10. Most of the companies would mine only Bitcoins and no other coins along with them.
11. Most of the companies have poor hash rate speed.

Keeping all those disadvantages in mind we searched for a company where all this options are not present, and we are glad that we found at least one of them in the Bitcoins market.