Cloudmining is a way to mine Bitcoins or other Cryptocurrencies without the need of using your own hardware. But how does it work ? Companies buy large amounts of professional mininghardware like Bitmains Antminer S9 for Bitcoinmining , host it somewhere with cheap electricity and run the miners for you . No hastle with hardware or software , you just lend the miningpower and they take care of electricity costs , malfunctions , replacements . But is it profitable ? Yes it is ! If you dont run into a scam . The 2 most trusted sites that have been operating for years now are HashFlare and Eobot They are both the best in what they do . Hashflare has amazing Bitcoin mining contracts. 1TH/s miningpower costs 220$ but you can allready start with 10GH/s for 2.20$ ! Right now it will return about 4-5 times the amount you invest but with the Bitcoin price rising again it will sure go back to 8x your investment or more. And on the other side , EObot. EObot is amazing for Altcoin mining like Ethereum , Litecoin , Monero , XRP , Doge , Golem , Maid and more. The mining for Bitcoin on there is not profitable but if you play it smart you mine Coins like Gridcoin or Golem now as they are ~1$ but will sure soon rise as they are great projects. If you had started to mine XRP 1 year ago like i did , you would understand . I mined ~1000 XRP for 20$ and now 1 XRP is worth ~3 $ ! Thats how you make big gains with EObot. And you can start with Faucetmoney ! EObot is an Exchange aswell and offers you to exchange your coins from faucet , how little it may be , to be exchanged for Miningpower (GHS4.0). So you can turn Faucet money into a solid miningoperation. You can even mine with your own Hardware in their pool and get it credited on their site. Below you can see what 1 year of faucets and smart use of EObot can accomplish In Conclusion:
Cloudmining can be very profitable , just dont fall for scam . Stay to the big ones and dont blindly invest "Doublers" .They do not work!
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