- The first step when getting started with cloud mining is finding which cloud-mining service provider meets your requirements. Each service charges different fees and has customized packages available. Three popular cloud-mining service providers are Genesis, Hashflare and Minex. DO THE RESEARCH. I can’t stress this enough, make sure the company is legitimate and has a positive reputation. CryptoCompare is a good resource for analyzing reputations.
- After finding the service provider the next step is choosing the contract package. Cloud-Mining is essentially leasing mining power from a mining farm for a period of time. During this lease time you get all of the Bitcoin that is mined using the amount of power stated on the contract, minus fees paid to the cloud-mining service for maintenance of the hardware.
- The third and last step is withdrawing your earnings! After purchasing your contract your mining power should go to work immediately. As you earn currency, it will show up on your account through the service provider. Once you’ve accumulated enough, you can then send your earnings to a secure wallet.
Personal Experience Tips:
- Some providers do regular payouts on an established schedule, such as once a month or once a quarter. Others may allow you to withdraw earnings any time you want, as long as you meet their minimum amount requirement. Make sure you get all of your questions answered before purchasing a contract.
- (Friendly Reminder) No cloud-mining service can guarantee a particular ROR or guarantee that you’ll break even or start making a profit. If the claim sounds too good to be true, It is likely a scam.
- If your computer starts running slow or differently after researching companies, I recommend running a malware detector. There is a possibility that while researching your computer landed on a virus. Some viruses have the capability to use your computer’s power to mine bitcoins.
Submitted May 29, 2019 at 12:01AM by EZBlockchain http://bit.ly/2wqxsGu
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