Cryptocurrency mining is a way to acquire cryptocurrency without buying it. Instead you mine for it, like gold. Except, this entire process is online. It’s how coins are introduced into the market.
There are two different ways to mine: using the cloud or hardware mining.
Cloud – or as it is also called – hash mining, allows the user to to purchase mining capacity of hardware in data centers instead of using their own hardware. You can mine without the hardware, software, electricity and bandwidth costs that would usually incur if you use your own equipment. All the mining is done in the cloud. Basically the user is renting hardware and software from a third party which they can use mine their own coins.
Cloud mining benefits include:
- No excess heat
- Quiet without the constant humming of fans
- No extra electricity required so not extra charges
- No ventilation problems with hot equipment
- No need to purchase hardware that needs to be constantly updated and serviced
Hardware mining is when a user purchases or builds their own servers that are capable of decoding the complex equations created by cryptocurrency transactions.
Benefits of hardware mining include:
- You own the hardware and can sell it at any time to recover capital
- You can control whether you mine or not and if you have access to cheap or free electricity you can mine indefinitely
You have full control over the whole process
- Can be more cost effective in the long run than paying the fees associated with cloud
For those of you using android devices, there are apps that allow you to cloud mine from the comfort of your own phone. The Apple Store had a few, but they have been removed by the admins, meaning no smartphone mining for iPhone users for a while.
If you’re considering this technique, keep in mind the immense processing power, and electrical power needed to mine cryptocurrency. This can really only be done on the most cutting edge mobile devices, and won’t result in as much as a profit as mining on your computer. However, if you are thinking of becoming a casual on the go miner give this a try.
It’s up to you to decide which kind of cryptocurrency mining you are willing to commit to but if you can’t commit to gaining expensive hardware, you can always try cloud mining.
If you are interested in cloud mining, we recommend HashFlare, a tried and trusted cloud mining service provider. There are options for every type of crypto miner and is an easy and affordable option.
You can select the package that suits you. These include different options for Wi-Fi packages based on the speed and data cap you you want. There are levels of packages for HashFlare based on minimum hashrate – the speed at which the computer completes an operation in the code – maintenance fees and type of hardware.