Cloud mining services are a remote mining mode. Miners choose cloud mining through cloud mining services providers, lease computing power for mining, and get rewards. The advantage of cloud mining services is that the threshold fee is low, which is suitable for most investors. The purchase of mining machines often requires a higher cost, no operation and maintenance, and a dedicated professional team for maintenance. The risk of it is that some unknown companies have no actual mining farms. With the support of the mining machine, you dare to create a model to pit people. Let’s introduce the advantages of cloud mining services.
Advantages of cloud mining services
1\. Low threshold: Suitable for most investors. The purchase of mining machines often requires a higher cost. In the cloud computing power business, users can choose to purchase part of the mining machine's computing power.
2\. No additional costs: Mining by yourself often requires investing a large amount of money to purchase mining machines and pay other offline fees. For the cloud computing power business, users only need to pay for computing power at a time, and daily electricity and maintenance fees will be automatically charged. Deduct from the proceeds.
3\. No need for operation and maintenance. All mining jobs will be operated by the professional team of cloud mining services.
4\. Low risk: The price of cryptocurrency fluctuates greatly, and the investment risk is high. Miners especially novices are usually prone to losses. Most cloud mining services can protect miners' money and lower the risks.
The risk of cloud mining services
1. The instability of mining
In order to pursue cheap electricity prices, many mines have opened mines in countries with surplus electricity, such as Iran, which used to be 5 cents per person/degree. After the mining machine traveled across the ocean to a place, it was discovered that the mining machine was detained by the customs, restricted by the government, and electricity tariffs began to increase. The tense situation between the United States and Iran at the beginning of this year made the mines unsustainable. When they left or moved to Malaysia and other countries, the mining machines could only be directly disposed of in Iran.
2. Fake hashrate
Some unknown companies dare to create models without the support of actual mining machines. It is illegal fund-raising that collects money within a few days of life. Such scam companies usually chant the propaganda slogans of "high yield" and "low requirements", and miners are required to keep their eyes open and distinguish them from real cloud mining services providers.