Mine Bitcoin online vs mining at home
Bitcoin is breaking new records and people want to mine it. This is not surprising as miners today are earning more than ever before. However, mining is constantly getting more difficult as the more miners are in the pool, the higher the level of network complexity and the harder it is to mine BTC.
In this article, we will compare home mining to cloud mining and try to explain which is the better option to mine BTC.
Mining of cryptocurrencies at home can be done via ASICs or video cards. In the early days of crypto mining, this method was quite profitable. As difficulty increased year after year, profitability decreased to the point where today, it is almost completely unprofitable.
Cloud mining is the process of mining Bitcoins and altcoins using the equipment of a computational power provider remotely at massive data centers. Basically, people interested in mining rent mining power from a provider’s data center, paying only for the computational power he/she needs.
The main difference from traditional home mining is that a user does not need to buy, manage and maintain equipment. Everything is much simpler. Equipment is already up and running.
Cloud mining originated at a time when it became very difficult to mine Bitcoins. Many did not want to spend money on buying equipment and learning the basics of mining. For those reasons, several companies have entered the market offering cloud mining services for people to earn from cryptocurrencies.
In most cases, cloud mining providers offer their customers specific mining packages for purchase (these are called “mining contracts”). Depending on the cost of the package, the user rents a certain amount of power generated by the provider’s equipment. At the same time, the provider takes care of all costs associated with the payment for electricity and equipment maintenance. Typically, users collect their mining revenue either on-demand or on a daily basis.
Mining at home or cloud mining?
So should you mine at home or should you go with cloud mining? The answer is definitely cloud mining. It is simple, straightforward, and requires no equipment or knowledge. You can start mining Bitcoin and earn in minutes.