Bitcoin cloud mining is rarely profitable, especially when you PAY for cloud mining. How cloud mining works? You buy a contract in shared processing power that runs from remote data centers somewhere in South East Asia. You only need a computer for communications and that’s it.
I’ve tried paid cloud mining services, but profits are very low and you actually make NO MONEY after some time. In the end, the company has to cover their operational costs and when the difficulty of Bitcoin increases, you just can’t make any money.
If you still want to try cloud mining, you can use this code – yZmSoJ – and get 3% discount at Genesis Mining. At least you will save some money…
Is cloud mining absolutely not profitable? I wouldn’t say so. Here is the way, I started making money with cloud mining.
STEP 1. Register at free cloud mining service
There are many cloud mining pools that are free. I use the most famous one – Minergate. After you registered, you need to install a certain software or use their web mining service – all is free. Since I don’t have any mining hardware with me and it’s pointless to mine Bitcoin on your computer, head to Web mining.
STEP 2. Select Cryptonote
Web mining is a great option for those who doesn’t have a hardware and doesn’t want to pay for expansive cloud mining services, but still wants to get Bitcoins. Now you need to choose an appropriate cryptocurrency to mine. How to choose one? Check exchange rate history of your selected cryptocurrency and Bitcoin, as well as difficulty. You need to have a strong analytical skills to make right choice. Well, I will make it easier for you – go for Bytecoin, Monero or Infinium (the last one requires installation of software) – these are the most promising cryptocurrencies.
STEP 3. Mining and Exchange
You can start mining by clicking start button. Just leave your computer on and let it do the job. After you get enough coins, exchange HALF to Bitcoin and keep the rest. Why? Because the difficulty is increasing and eventually the price will increase. It’s a long term game, but it worth it. In the end, you pay nothing.
Let me know if it worked for you in the comment section below!