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Bitcoin has become very popular over , causing terms like 'Bitcoin Mining' and 'Cloud Mining' to appear more. This guide explains what cloud mining is, what cloud mining companies like HashFlare do, why they sell hashpower rather than use it themselves and how you can get started with them.
If you're not sure what the term 'Bitcoin Mining' means, take a look at this guide - where we give an introduction to it. If you wanted to mine Bitcoin yourself, there are lots of things you'd need to research and understand well to earn money from it. If you're interested in this, it's well worth some research; even in late there are opportunities to earn money through mining yourself, some areas to research:.
So if you're ok dealing with the above things, then go ahead and start researching try our hardware mining calculator for some ideas ; but if you're not, then this is where cloud mining comes in.
Cloud mining companies like HashFlare this is an affiliate link run many thousands of Bitcoin miners in datacenters, which they then resell in contracts ranging from 1 year to open-ended where it would stop when it's no longer profitable.
We have a few affiliate links in this guide, so we just want to clarify that there's no guarantee that you'll earn lots of money in cloud mining. It should be considered an alternative to holding Bitcoin both options are high-risk , where you'd invest a percentage of your portfolio. Why don't HashFlare mine coins themselves?
This is an area that has caused most of the skepticism around cloud mining - that why these companies aren't just mining Bitcoin themselves, why they would need to sell it to someone else.
This Reddit post provides some good skeptical views on the topic, take a look at this if you're curious. There are lots of theories in this area, but there's normally a recurring theme: We'll give an example to show this. Now even if everything goes badly, you've only lost half of your money. Then let's say you don't want to pay for electricity. In a year's time you could do the same thing again. This is a basic example, but the principle here is what cloud mining companies are based on. Where by offering mining power to other people, they're able to minimise their risk and pay for more mining hardware.
The risk here is that if they get greedy, they might charge so much that their customers are no longer earning any money - this is why you have to do profitability calculations yourself, as this risk of profitability is something they've off-loaded to you.
In late mining hardware is in short supply - so Genesis Mining for example has started offering pre-orders, where they sell mining power months ahead of when it will become available. This makes profitability more difficult to estimate, and so is even more risky for customers.
We've made a cloud mining calculator to estimate profitability for Genesis Mining and HashFlare contracts, you can try that out here. Currently in early March , none of the contracts listed are profitable. We've tried to address some common concerns around cloud mining in this guide, in particular topics around whether or not you'd actually earn money from it and how risky it is.
Hopefully these concerns have been addressed. If you're after more information, see an interview with Vitaly Pavlov, a manager at HashFlare, here. This site cannot substitute for professional investment or financial advice, or independent factual verification. This guide is provided for general informational purposes only. The group of individuals writing these guides are cryptocurrency enthusiasts and investors, not financial advisors.
Trading or mining any form of cryptocurrency is very high risk, so never invest money you can't afford to lose - you should be prepared to sustain a total loss of all invested money. This website is monetised through affiliate links. Where used, we will disclose this and make no attempt to hide it. We don't endorse any affiliate services we use - and will not be liable for any damage, expense or other loss you may suffer from using any of these.
Don't rush into anything, do your own research. As we write new content, we will update this disclaimer to encompass it. We first discovered Bitcoin in late , and wanted to get everyone around us involved. But no one seemed to know what it was! We made this website to try and fix this, to get everyone up-to-speed! Click here for more information on these. All information on this website is for general informational purposes only, it is not intended to provide legal or financial advice.
How Does HashFlare Work? Nov 28th, Updated Apr 24th, Mining Bitcoin has become very popular over , causing terms like 'Bitcoin Mining' and 'Cloud Mining' to appear more. What is Cloud Mining? If you're interested in this, it's well worth some research; even in late there are opportunities to earn money through mining yourself, some areas to research: When working out return on investment ensure you're taking all of these into account. When running a Bitcoin miner, there's always a chance it might break.
Takes a few minutes to get started. Far less technical knowledge needed than setting up a miner yourself. The risks associated with holding Bitcoin are offloaded to the cloud mining company. The general consensus is that holding a cryptocurrency rather than mining it a better investment.
Many cloud mining companies have scammed people in the past, so it has a bad reputation in the cryptocurrency community. Return on investment can be difficulty to calculate, where in a worst-case scenario you can lose most of your money. Buying hardware yourself and mining with it is considered more profitable. Conclusion We've tried to address some common concerns around cloud mining in this guide, in particular topics around whether or not you'd actually earn money from it and how risky it is.
May 5th, What is the Antminer Z9 Mini? Written by the Anything Crypto team We first discovered Bitcoin in late , and wanted to get everyone around us involved. Never invest money you can't afford to lose.