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Delton Rhodes Getting started with bitcoin mining can be a difficult process for many. For example, you must consider things like the specific algorithm used by the Proof-of-Work cryptocurrency you want to mine. Additionally, bitcoin mining hardware can cost thousands or even tens of thousands of dollars.
With all of these challenges it might be a good idea to look at alternative ways to gain cryptocurrency profits, but is cloud mining a legit, more profitable option in the long-run? Costs of Bitcoin Mining Hardware As discussed in this postbitcoin mining hardware generally requires a substantial upfront financial commitment on the part of miners. This not only depends on the cryptocurrency which you are aiming to mine but also how expansive and powerful your mining operation needs to be.
Despite their potential to mine at much faster hash rates, ASIC mining rigs often face scrutiny for the fact that they cannot be repurposed. This means that, if a cryptocurrency project makes changes to their hash algorithms, ASIC miners will have to buy new gear.
This can lead to some significant costs that can easily negate revenues and even lead to net investment losses.
Выводы о профитности покупки оборудования и сервисов облачного майнинга
In addition, these rigs are usually much less than their ASIC counterparts. For most miners, this means an overall reduction in both upfront and ongoing costs.
While having one mining rig might be a good first step to see if you can indeed become profitable, many people start out with more rigs to have a multiplier effect. However, even with rising prices, starting with multiple rigs should be done cautiously as each additional rig will likely add to the number of months it takes to make back your initial investment.
Of course, other factors like electric bill costs have to be considered. These vary by geographic area, making it difficult to put a precise amount on how much money is needed for keeping hardware rigs operations.
Most companies run on a monthly subscription model that is determined by the cryptocurrency you want to mine and the hash rate speeds as seen on popular sites like Genesis Mining and HashFlare.
Make sure to read reviews and check out projected ROI on any cloud mining service. The fact is that there are many services with extremely low profitability and even some which are known scams. Luckily, there are a few guides available on the best ways to identify potential cloud mining scams.
A lot depends on crypto prices, electric costs, and the type of mining rig you use.