In 2021, cryptocurrency is mined in two ways: using ASIC miners or video cards. However, there are other ways of mining cryptocurrencies. In this article, we will talk about ways to mine cryptocurrency without having a powerful PC or a mining farm.
Cloud mining is a method for mining cryptocurrencies. It is carried out by concluding a contract between the user and the cloud mining service.
The essence of such coin mining is simple: the user rents different amounts of capacity from a company that has mining equipment. The lease terms are also specified in the contract. The user can rent different capacities, but it will depend on which coins he will be able to mine. The profit is obtained from the difference between the contract price and the coins that were mined.
From this we can conclude: the more capacity a user rents, the more he will be able to earn.
Cloud mining can give the user an advantage over purchasing their own equipment, as companies can provide access to more computing power than they could afford. The advantages can be added to the convenience and advantages of rent. You don’t have to spend money on expensive equipment, you don’t have to monitor its condition, you don’t have to pay for electricity. The user pays only for the contract with the company and receives the obtained cryptocurrency on his wallet, all other issues are solved by specialists. For companies, the benefit is that they receive funds to develop their project and therefore can buy new equipment to increase capacity. On top of that comes passive user income in the form of commissions.
Types of cloud mining
- Hosting – the capacity of the equipment is rented, it is located on the territory of the company with which the contract is signed.
- Virtual hosting-the difference from regular hosting is that the user rents a virtual server and installs software on it. Thanks to this, he will be able to mine the digital asset that he wants himself.
- Renting capacity is the easiest way to mine. The user does not have access to the hardware and software. It can only receive a profit from the leased capacity.
The advantages of cloud mining include the fact that it is possible to earn with little cost. Save on electricity, and also do not have to spend money on equipment and its maintenance. You can get acquainted with the mining process and extract several coins at the same time without unnecessary power losses. There are also companies that give their users rewards for attracting new customers.
Disadvantages of cloud mining
Despite the advantages, cloud mining has a number of disadvantages. The main disadvantages:
- Fraud is the most popular and common among them. As in many areas, there is always a chance of meeting fraudsters. If that happens, you’ll lose all your money.
- Market instability – Market instability in cryptocurrency plays a role. Because of this, there are things that companies can cut back on payments or stop working altogether, and there’s nothing the user can do about it.
- Hacker attacks – The data centers of companies are often subjected to hacker attacks, if this happens, the user may also lose their funds.
- Lack of physical contact with the equipment – some people who have used cloud mining say that there is no interest when you are not working with your “farm”.
List of services
- CryptoCash is a young project that was launched in 2018. It implements the production of 4 cryptocurrencies: Bitcoin, Dogecoin, Dash, Litecoin.
- GenesisMining-the project has a stable operation and good reviews from users who use it. You can mine three digital assets: Bitcoin, Ethereum and Dash.
- Flymining is the most adapted project for the Russian segment. Among the advantages, it can be noted that the platform consistently pays out funds and provides favorable conditions for cooperation. You will get two cryptocurrencies to mine: Bitcoin and Ethereum.
Mining applications for Android
It is becoming easier to mine cryptocurrency nowadays, it is enough to have a good smartphone or tablet. The creators of the programs allow users to download their application and start mining digital assets while doing their own business. Naturally, you will not be able to earn a lot on this, since the power of even a very expensive device will not be enough for normal mining, but no one forbids trying. It is necessary to take into account the fact that such applications are only available on devices with the Android operating system. To become a miner, you just need to go to the Play Market store and download the application, most of them are free. You can also find applications on third-party resources. But it is always worth remembering and taking into account that the user will not be able to enrich himself on this, and most importantly, scammers are not asleep. To date, fake mining applications have spread on the network, as well as viruses that penetrate users ‘ phones and extract cryptocurrency due to their capacities. Even on the Play Market there were 25 applications that people subsequently complained about. They are currently deleted. Therefore, before installing any such application, it is worth looking for user reviews and reading about the developers themselves who created it. And of course, try to use official stores, and not third-party sites.
So, let’s go directly to the points that will be needed to start mining with the help of devices.
- Device with Android operating system. You can use both a phone and a tablet. Not only flags from Samsung or Sony, but also low-cost Chinese phones can be included. But the key role, of course, will be in the power of the device.
- Good and stable Internet. It is desirable that it is still high-speed and without any interruptions.
- You also need to have a Powerbank with you if you are going to Myat outside your home or work. Because of the pressure on the phone, the battery will run out pretty quickly.
Now we can go to the list of applications that will allow the extraction of cryptocurrency.
The first system in the list that works on the basis of PoW is MIBCoin.
The release of MIBCoin (Mobile Integrated Blockchain) took place in 2018 and in a couple of weeks of its existence managed to reach more than a thousand active users. MIB is an inexpensive way of mining for mobile devices. The creators also claim that it is environmentally friendly. The application is designed with a focus on optimal performance in mobile devices. Users of the application can choose what complexity of mining to put, this function is needed in order to ensure the safety of the smartphone from overheating, but it does not always work. Judging by the user reviews, even if you put the average complexity of mining, the phone heats up quite well.
This is the most popular application for mining cryptocurrencies using mobile devices. The development of the application began in 2017. And a year later, when Electroneum was working in beta, the application had about two million users. Before you start using the services of the platform, the user will have to verify his identity, up to uploading a personal photo and specifying a phone number.
A project that uses cloud mining, we talked about it at the beginning of the article. I got my implementation in the game Crypto Treasures, where users are given the opportunity to mine Phoneum coins through online games.
As you can understand from all of the above, mining in 2021 has become more accessible, but not always profitable. Absolutely anyone can try himself as a miner, there would be a desire and patience. Another question is whether it is necessary to do this today? Everyone will have their own answer to this.
Today, many traders around the world have switched to trading cryptocurrencies. If you want to join them, RevenueBot will help you with this.
The service provides the opportunity to create trading bots on the largest cryptocurrency exchanges: Binance, Bittrex, Bitfinex, Exmo and others. Creating a bot is free of charge, the service will not take commissions until the client begins to make a profit from trading the bot. With the help of deep settings of the bot, the service’s clients implement trading strategies that are problematic to experience in normal trading. We will immediately indicate: the bot does not have access to customer funds on the exchange, but trades using API keys, that is, the account will remain out of access. RevenueBot has over 15 thousand customers who earn money thanks to trading bots.
Why should I choose this service?
- Pay the commission only after making a profit.
- The bot settings open up a variety of ways to make a profit.
- Inside RevenueBot, a marketplace is implemented where customers can buy a ready-made bot so as not to bother creating their own, or sell their own if the configuration has shown efficiency. Also, the services of a mentor (an experienced customer of the service) are purchased on the marketplace, who is ready to answer the questions of newcomers. Over time, you can become a mentor yourself, getting additional profit for this.
- Regular updates of the service’s features that optimize the trading process.
- The presence of the RevenueBot referral program allows you to earn money on trading, even without resorting to trading. Attract new customers for the service and get up to 30% of the profit they receive every month (but not more than 15 USD).
This is a small list of the advantages of the service. You can continue to list the positive qualities of RevenueBot, but why do this if you can go to the official website of the service and see for yourself everything? It is highly recommended to make decisions faster, because the crypto market does not stand still, but grows at exorbitant steps. Who knows how much profit is missed by someone who does not dare to come and start trading with RevenueBot.