• Hardware & Cloud Mining
Crypocurrency mining involves 2 (two) ways that end with the same result of having the mined coins, as the Bitcoin etc... Mining is done by individuals and businesses and can be done in a process that is known as Hardware rigs or Cloud mining also as Shared mining pools..
Cryptocurrency mining can only be done using electricity operated machines mostly computers as well as even smart phones. The mining process uses computing power to create new cryptocurrency coins according to the settings of the cryptocurrency network. The mining process is more like how those gold ormineral mining companies use machinery to mine underground but in this case it is computers doing the mining under certain set algorithms and specification of the cryptocurrency.
Those with extra cash and very serious to mine as much cryptocurrencies as possible can invest in very high output power, low power consumption and stable mining machines known as ASIC miners etc... The mining hardware comes in different sizes from a simple usb device to large mining machines.
However many of those mining using these machines as rigs and data centers are doing it as a way to make a profit from their operations when they provide mining plans to people who don't have the ability to set-up powerful machines to mine Bitcoin etc.. at a faster higher rate than small mining options. Some of those who have managed to discover cryptocurrency blocks to mine are creating mining pools with many other people to help boost the mining of Bitcoins etc.. quickly.
That brings me to the subject of Cloud mining, which involves mining of cryptocurrencies using shared processing power at a remote data center (Leased hashing power). As explained above, those with large
mining hardware will allow you to buy into their mining power through a cloud mining plan or a contract with a specific hashing power such as GH/s (Gigahash / seconds) over a certain period of time of the contract and the amount of new coins mined during that time will be shared depending with your plan. Cloud mining means you can connect to the mining centre remotely from your location to start the mining process via your device. As of 2018, Iceland, Canada and other cheap electricity producing countries are becoming major cryptocurrency mining bases for most of the cloud mining service providers .
Crypocurrency mining involves 2 (two) ways that end with the same result of having the mined coins, as the Bitcoin etc... Mining is done by individuals and businesses and can be done in a process that is known as Hardware rigs or Cloud mining also as Shared mining pools..
Cryptocurrency mining can only be done using electricity operated machines mostly computers as well as even smart phones. The mining process uses computing power to create new cryptocurrency coins according to the settings of the cryptocurrency network. The mining process is more like how those gold ormineral mining companies use machinery to mine underground but in this case it is computers doing the mining under certain set algorithms and specification of the cryptocurrency.
Those with extra cash and very serious to mine as much cryptocurrencies as possible can invest in very high output power, low power consumption and stable mining machines known as ASIC miners etc... The mining hardware comes in different sizes from a simple usb device to large mining machines.
However many of those mining using these machines as rigs and data centers are doing it as a way to make a profit from their operations when they provide mining plans to people who don't have the ability to set-up powerful machines to mine Bitcoin etc.. at a faster higher rate than small mining options. Some of those who have managed to discover cryptocurrency blocks to mine are creating mining pools with many other people to help boost the mining of Bitcoins etc.. quickly.
That brings me to the subject of Cloud mining, which involves mining of cryptocurrencies using shared processing power at a remote data center (Leased hashing power). As explained above, those with large
mining hardware will allow you to buy into their mining power through a cloud mining plan or a contract with a specific hashing power such as GH/s (Gigahash / seconds) over a certain period of time of the contract and the amount of new coins mined during that time will be shared depending with your plan. Cloud mining means you can connect to the mining centre remotely from your location to start the mining process via your device. As of 2018, Iceland, Canada and other cheap electricity producing countries are becoming major cryptocurrency mining bases for most of the cloud mining service providers .
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