Crypto mining requires miners to own expensive hardware and generate high energy consumption to verify blocks. Cloud mining provides a cheaper, more convenient platform.
5 Reasons Cloud Mining Will Remain Profitable
Let’s explore the reasons cloud mining is on course to remain profitable for the near future.
1.Low Fees and Investments
The exorbitant fees some platforms charge magnify losses and decrease profits significantly. The advantage of using cloud mining is that fees are affordable and unhidden.
The high startup costs of buying hardware and software to mine increase the barriers to entry, making it unaffordable for many users. The initial investment for cloud mining is little to none as platforms provide all the required mining equipment.
2. Mine Various Coins
Opting for cloud mining provides you access to several coins. Mining a certain coin the traditional way requires specific hardware and software. If you want to mine a different coin, it may be necessary to purchase new equipment.
Cloud mining prevents additional costs for mining various coins by offering them on one platform.
3. Impressive Revenues
Cloud miners generate impressive revenues, and the good news is that rates are set to increase. That enables miners to increase their incomes by exerting the same effort and time as before.
High energy consumption is required to mine using your own hardware. Some miners pay several thousand dollars annually for utility bills.
Cloud mining completely eradicates the electricity cost for miners or charges them much lower rates than other forms of mining.
Verifying transactions isn’t the only way miners can earn on cloud mining platforms. Some platforms offer bonuses for referrals.
Bonuses can be a certain amount or a percentage of profits earned by the person you referred.
Cloud Mining Platform
Copium is a cloud mining platform currently hosting a presale of Copium Coin — ERC-20 token powering the Copium Protocol ecosystem.
It’s a deflationary token as the purchased Copium Coins from the open market are sent to burn addresses to reduce supply.
The presale offers 50 million tokens and ends in 52 days or until the hard cap is reached. Copium Coins are available from Copium’s website.