Bitcoin

Cloud mining myth, fraud or reality?

As you already know, mining in the cloud does not make you the owner of the devices, it is only rented and you never see them. But, Mining in situ is different here You are the direct owner of the device. It is your responsibility to ensure its proper functioning and maintenance. Of course, these two types of mining have their advantages and disadvantages.

In the cloud mining professionals, The first thing we can take into account is that the user does not have to invest a lot of money to buy the necessary equipment for the mining activity. These devices are generally expensive and require careful maintenance to avoid breakdowns that could affect the investment.

On the other hand, mining on site, requires the person who is interested in mining on the network. In addition, you must purchase the mining machine required to perform the tasks that this activity deserves. This requires a large initial investment. And as an extra point: the additional cost of hiring an expert to install and configure such devices.

Mining electricity costs

Cloud mining myth, fraud or reality?
Cloud mining myth, fraud or reality?

Another aspect that has been found among cloud mining professionals is that the user saves electricity. Mining teams perform complex arithmetic operations to validate or reject the blocks of information that come to them from other nodes, and these operations result in high electrical energy consumption. If the cost of electricity is high in the country you live in, the profitability of on-site cryptocurrency mining may not be enough to generate the expected profits.

The people or companies that offer mining services in the cloud have properly installed the devices so that those who use the service immediately devote themselves to mining cryptocurrencies. In this way, users can get into the activity quickly with very little investment.

Installation and technical support

Technically, the sites that offer mining service in the cloud are In general, they have technical support to advise their customers and solve any problems that may arise during mining.

The disadvantages of cloud mining generally include: With the person or company providing the service, the hardware is already installed with the applications required to perform the mining. This situation prevents the user from modifying the software to mine cryptocurrencies with an application that best matches the type of cryptocurrency that they want to mine.

When mining is on site the user is you can use the applications or software that best suit your needs.

Service reliability

Other drawbacks that the user has to take into account are the reliability of the person or company offering the service. It is known that these services are offered on many occasions with the intention of capturing unsuspecting people and withdrawing their money. During on-site mining, the user can track their income and know how much they are doing. produce with his work and not expose his money.

Profitability of the activity

The profitability of cloud mining is quite good in the short term, but if the rental period is extended, the profitability drops. On the other hand, in situ degradation happens in reverse over time Profitability increases as the initial cost of the investment is covered and profit is generated.

There is also always the possibility to recover part of the investment. All this in case the owner wants to sell the equipment bought for mining.

Similar Posts