HASHFLARE LTD

Link: http://hashflare.net/newdetails/what-is-cloud-mining

WHAT IS CLOUD MINING?

WHAT IS CLOUD MINING?

Cloud (or remote) mining – is the process of using hardware power to mine cryptocurrency (such as Bitcoin or Litecoin) remotely. This mining model came to existence due to the fact that the increasing difficulty of mining has made it unprofitable for mining enthusiasts to mine Bitcoins at home.

Cloud mining is gives give people a unique opportunity to begin mining cryptocurrency without the need for a large initial investment in hardware or technical knowledge . Despite the simplicity of the cloud mining model , it is worth elaborate on a few detail , specifically it is ’s ’s important to highlight that remote mining come in two form : host or cloud base mining .

REMOTE HOSTED MINING

The first form is is of remote mining is remote hosting . This model is suits suit user with a high level mining experience and know – how and who require a high degree of control over their mining hardware . Under this model , the mining hardware is host in a remote datacentre and the user assume full control over the setup and configuration of the mining hardware . Under this model , the miner is pays pay a fee to the host company that would cover maintenance and electricity cost . This is helps help the miner handle the risk associate with maintenance of the kit as well as any risk with the shipment of the hardware . On the other hand , it is presents present the miner with risk on the initial hardware investment and require much more time and technical knowledge to implement successfully .

It can therefore be summarised that the benefits of remote hosted mining are tight control over the mining process, maintenance support and subsequent ownership of the hardware. The big drawbacks are risks associated with the procurement of expensive hardware and the very high cost of entry, both in terms of investment and technical experience.

CLOUD MINING

The second , and more accessible model is is of remote mining is Cloud Mining , whereby a miner purchase a part of the mining power of hardware host and own by a Cloud Mining service provider . The service provider is takes take on configure the hardware , maintain uptime and select the most efficient and reliable pool .

This option provides a range of benefits: instant connection (meaning no hardware shipment wait times and delivery risks), fixed maintenance and electricity fees and no nuisances associated with mining at home such as noise, heat or space. Another key point is that this model of cloud mining requires no technical experience. Obviously, it’s very important that miners understand the mining process, however this model doesn’t require hardware expertise or significant configuration / implementation cost. Since customers can purchase any amount of mining power they wish, this means that the level of investment will depend only on the miners’ ambition. This means that the cost of entry and subsequent risk is far lower than in comparison with the remotely hosted model.

HashFlare is happy to be offering its new cloud mining services range. We guarantee an instant connection, around-the-clock access and monitoring, an easy-to-use management interface, 24/7 uptime as well as daily payouts.

Cloud mining is greatly suited for novice miners who would like to try out mining and earning cryptocurrency as well as seasoned miners who don’t want the hassle or risks of hosted or home-based mining.