The answer is yes but only if you know what you are doing and who you trust. Cryptocurrencies are still very risky businesses but they can bring big profits if you have some luck and a lot of knowledge. It will take some time to figure out where to invest and which platform is the best for your needs.

You can always try to main on your own which is more expensive but you will have bigger profits. People that use the cloud option usually do it because they don’t want to spend time on maintenance and setting everything up. You would have to pay for the hardware, electricity, and find storage but if you know what you are doing, the profits can be 2 times higher.

Crypto Crackdown

China has the biggest influence in the crypto world and their mining crackdown in 2021 allowed us to make a profit in bear and bull markets. If you don’t understand what bull and bear of the market means, you can either learn more about the terms or just skip to cloud mining. It allows you to get a piece of the cake just by making an investment.

Most of these companies are gathering Bitcoin which brings a lot of money considering how much computing power they have. Your job will only be to invest with fiat currencies like EUR or USD. Big players realized the benefits of sharing the hardware with the general public and they can help you mine without doing anything. Click here to find the top providers.

Exceeded Demand

After every drop people tend to have some kind of doubt that everything will fall apart like what happened with Bitcoin in 2019 and 2020. But, after it comes back up, it’s like nothing had happened. This occurs when too many big investors start selling which leads small investors to start selling also. This is a very common thing which only brings more attention and demand to buy more.

You will have the biggest benefits when this time of selling comes which can be predicted every year. This is called bear of the market which is the lowest point. With this information, you will know when it is the right time to spend some money. The problem with cloud mining is that you are signing a contract for 6 months or the whole year. So, you will gain a certain amount on a daily basis.

How to Use Profitability Calculator?

You will get the most out of mining when you prepare for it well. This includes deep research of the current market and what is expected in the near future, probably the next 6 months. Join as many groups as you want and read as many posts so you can have some kind of idea of what are people doing. When you what the majority will do, you will know what changes to expect.

This is only one of the things that lead to success and another one is the profitability calculator every exchange platform offers. There are many similar applications that are quite simple to use but provide valuable information. Depending on the calculator you will need to know 2 to 5 factors. This includes what hardware you use, hashing power, power consumption, cost per KWh, and pool fee.

Some of them will have an option to identify the hardware you use and you can check the hashing power on your own or see it on the platform you use for cloud mining. Based on the power consumption of the equipment and how much electricity costs, you will know how much to deduct.

What Service Is The Best?

It’s hard to establish which platform has the best service because they will manage it in a different way. Some of them will offer packages for a certain period of time and hash rate. For example, you can invest in a hardware model that will work for you and it can produce a certain amount of hash rate.

The other option would be to set your own terms by checking your budget and making a plan. The difference between these two is that the second option usually means that there will be leased hash power. When you look more in detail, there aren’t many differences unless you have to invest hundreds of thousands and they can’t produce that much power which is rarely the case.

Because there aren’t many differences, you should look at details like initial fees. Some of the fees can include electricity and being a part of the pool of miners. When you have a top 10 list, you can start comparing them to see which one has better initial fees.

Choosing a Platform

You can start by asking friends or anyone that is more experienced for a referral. There probably aren’t too many people you know that are into cloud mining but there is a lot of information online. For example, you certainly have a favorite YouTuber that talks about cryptocurrencies and have reviewed some of the platforms. They are a great source of information where you can get to know the platform.

Don’t just listen to what they have to say and start investing instead, look at what they are doing and learn from their mistakes. They might be sponsored by them and it’s very easy nowadays to end up on the top 10 list. Use the reviews and ratings to compile data that you will use when comparing two websites.

You should invest time into investigating because that’s the only time you will spend on this investment. For example, ECOS and ShaMining will be on every list you find and they are very reputable. Always choose some of the top options because they are much safer.

On ECOS you can set the amount you want to invest and how long the contract should last. Before you check out, see if there are any additional fees you have to pay. Cloud mining will only expand more in the future because fewer people would want to own a rig.

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