Bitcoin had a great time in 2017 when it came across more than 1700% increase that hit an all-time-high of nearly $20,000. In the first two weeks of 2020, it has seen 20% gains already. With such increase in Bitcoins, comes the idea of mining them. Many have considered it as an important investment. Yes, you can mine through physical hardware at your own workstation but cloud mining seems to be more convenient today. The post below offers a brief on cloud mining of Bitcoin.
Perks of BTC cloud mining
- For making profit through Bitcoin mining, you need to get access to the best hardware in the market which is built specifically for that purpose only. This hardware does not come cheap in price and therefore, many users opt for Bitcoin cloud mining services. These services enable you to rent sophisticated mining hardware and have someone else doing the hard work for you.
- One of the biggest advantages of cloud mining is that the initial outlay is comparatively smaller than that with personal mining.
Opting for Bitcoin Cloud Mining
If you are thinking of Bitcoin cloud mining then you should know about how to mine Bitcoin with cloud mining service.
First, you have to choose a reliable mining company. Don’t just rush with the first name you come across online. There is no dearth of scammers around. Thus, you must proceed with a comparative study on at least 5-6 companies before signing up with the final one. Go through extensive research on your selected cloud miners and check their reviews, ratings and market reputation. You should also go through the contracts that their services offer. The fees they charge and the overall reputation should also be taken into account before making any decision. Go for the most reputed one of the lot that can promise compatible plans and highly rated service.
Second, a mining package has to be selected. You should review the contracts on offer from the mining company that you have chosen already. How long is the contract and how much does it cost? What kind of mining hardware will be used in here?
Third, a mining pool can also come handy. Once you have purchased a plan, most of the cloud mining services will ask you to choose a mining pool. You should choose from a range of pools after comparing their proven track records.
Fourth, once you complete all these steps, cloud mining of Bitcoin can be started.
When you dealing with cryptocurrencies, then you should think about diversification, as there are cases wherein market rushes towards Ethereum by abandoning Bitcoin. If you are buying then you should at least have three different assets in your portfolio. The cloud mining services will help you in such cases as most of them allow three cryptocurrencies.
The next step after mining is BTC trading. But, as you already know BTC prices fluctuate fast and hence you should be careful about checking the market ups and downs frequently. Bitcoin revolution is one of the latest crypto trading bots that implements a program which uses algorithms for analyzing market signals and reducing risk factors that exist in the volatile cryptocurrency market.