Bitcoin mining has been in the process ever since the first bitcoin was introduced a decade ago. According to coinmarketcap, there will be a total of 21,000,000 BTC, of which 17,957,987 BTC has already been mined to date.
In this article, we will try to figure out whether bitcoin mining with cloud contracts is going to be profitable or not in the coming years.
What is Cloud bitcoin mining?
Cloud mining is where the miners rent mining hardware, including computing power, electricity, etc. from a third-party company instead of buying their own. The benefit, obviously, is the low input cost.
Not everyone out there can afford to buy and run highly efficient computing power to mine cryptocurrencies. But that doesn’t mean that they should be deprived of this opportunity of making money with bitcoin mining. Cloud mining networks come to the rescue.
A cloud mining company is a network that allows individual miners to use a shared system for mining bitcoins and other cryptocurrencies. In exchange, the platform usually keeps a commission from whatever the miners make, and the miners are paid depending on the mining power they purchase.
Is Cloud Mining Profitable?
Now, many people argue that using a cloud mining network to mine bitcoins is not very profitable, as the mining network keeps most of the profits. Also, the chances of fraud are very common in this type of arrangement, since the networks ask for a payment before they can give access to their mining systems.
This is true to some extent, especially when the miners have to pay for electricity by themselves. In such cases, the overall input cost turns out to be higher than the profits you make.
So, does that mean that cloud mining is not profitable now?
No. There are new, innovative cloud mining networks out there who are bringing new technologies and ideas to reduce the cost for miners and improve profitability.
Pieta Mining Network is the best example.
Pieta is one of the mining networks which are experimenting with crypto mining with solar energy. They have successfully developed the mining rigs that will operate with affordable and green solar power and will provide a way for mining bitcoins at lower input costs.
Pieta’s cloud mining network will be launched soon. It will provide mining contracts, including computing power and electricity, initially to the investors of Pieta ICO/token. The cloud mining network of Pieta will enable individuals to mine bitcoins, ETH and Pieta coins at a low input cost, thanks to the use of solar energy. The solar electricity will be produced at Pieta’s own solar plants and will be delivered to the mining networks.
Basically, The Pieta network, with its use of solar electricity, will reduce the cost for miners and improve their profitability. The mining contracts of Pieta will be sold exclusively to the holders of Pieta tokens at a much lower rate than other options out there.
To try Pieta mining, sign up now with Pieta’s ICO sale.