There are many terms people still don’t understand which means that the general public still hasn’t acknowledged how big the crypto world is. The majority knows what is mining but when it comes to details and how exactly it’s done, only those who invested time into research know precisely what it is. This actually benefits the people that are involved in the industry and have some kind of portfolio.
These investment portfolios represent how much you have invested into certain coins and how much you traded. When it comes to cloud mining, it is a term that later came to the scene it is growing from then. Knowing the terms is the first thing you have to do if you want to get involved. This knowledge will provide you with better insights into what is going on at the moment because things are changing every day.
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Where to Start?
As mentioned, you would want to start by getting to know the industry inside out. With thousands of coins available and each having its own purpose, it can be hard to make a decision on which one will be profitable. This takes a lot of time and effort to know and even professionals have a hard time figuring out which coin will make a boom.
So, when you have the basic knowledge about cryptocurrencies and mining, the next step is to set a budget and look for a provider. Your budget should be based on the money you use for fun. Use only the amount which won’t change anything if you lose it. If you wonder why to do so, the reason is that most of the investments made are very risky.
When you have a budget, the next step is to look for the top companies that offer cloud mining services. You will be overwhelmed by the number when you start the search. This is extremely important because a large number can be scams especially if you found them on the 10th page of Google.
Big corporations will invest a lot of money to be on the top and to satisfy their customers. So, you will have better chances with the company that everyone is using. But, another thing you need to do is to check in which currency you want to invest.
What Coin to Mine?
Even if there are thousands of options, when it comes to mining, you won’t be able to do it for every coin that sounds like a good investment. There is a big chance you will be limited because you don’t have software that is able to do it or the company you want to work with is just working on Ethereum or similar coins.
A great thing is that the expansion of crypto has led to a lot of new programs and applications that help you analyze the data and somewhat predict the change on the market. Some applications are the only tools you can use for basic calculations like checking which coin will bring the most profits for a certain hash rate.
The best way to choose is to check what the top picks have to offer and visit any calculation website or download an app that will help you do it. You’ll be able to make a precise decision based on the hash rate they will provide for a certain price.
Free Cloud Mining
Free isn’t always the right word for these companies but they won’t charge you with initial fees that can be huge. For starters, this can be a great option to try it out and you will have an option to upgrade your plan if you want. They will take a percentage of your earnings if you stick to the first plan but most people will make a switch.
Swiss Gold Global
SGG or Swiss Gold Global is a great example of “free” service because they have been around for ten years. Considering how new this industry is, they are one of the older companies. They separated their service into 4 levels ranging from $250 to $5000.
One advantage they have over competitors is the affiliate program that can turn to lifetime contracts. These contracts always feel like a great deal because they offer a pull-out option where you can stop and cash out at any time. They are focused on Ethereum and with the experience they have, it can be a good starting point.
Paid Cloud Mining
Even if free is more attractive than paying a huge fee, there are big advantages you will have for buying a certain plan. Every website has a price and the only difference is the initial cost to start working with them. The biggest reason why you would want to choose a paid option is the hash rate. Visit this website to check out the best cloud mining websites.
The additional fees are for small advantages you can have like monitoring the farm yourself. Your goal should be to have the highest hash rate for the lowest price possible. You can use a few comparison or review websites to see the difference between companies but they will be very similar. They will also provide more details about the transactions and free guides.
This isn’t the best option you can find but it’s for sure in the top 10 list. HashFlare has been on the market for a while and besides Bitcoin and Ethereum, they offer Zcash, Dash, and Litecoin mining. Even if they request initial fees, you don’t have to pay for the maintenance. These paid websites usually bring a lot of data with them.
For example, you will have detailed statistical data so you can analyze it yourself if you want. This can be a huge help because you will know when it is time to stop mining. Another important benefit is that you can choose the pool you want to work in. There are other advantages like immediate connection, instant withdrawals, and fixed fees.
These options will differ from site to site and some free options might be using that term only for marketing purposes. When someone hears that they can try something out for free, they are immediately drawn to it.