Bitcoin mining : Cloud mining

So basically you can mine bitcoin by renting the mining hardware or a segment of their hashing power. It's more like you are giving someone else the authority to mine for you and you are paid from your investment with bitcoin.

Although it may sound like you will not get enough, still it is much easier and takes smaller investment by the comparison of personal mining. As you are now ready to rent the hardware and hiring someone to mine bitcoin, you have to do a lot of research because there are lots of companies who claims to be the largest and best site above all!

here's something you should consider sincerely -

Pick mining company carefully

Well, Genesis Mining maybe the largest and most reputed mining company among the all. It has given profit to all it's customers till now. But everyone invested here in this company chose the right time (when bitcoin's price was lowest) and now they have made some profit out of it.

you may give a visit to cryptocompare.com to see the lists of all the mining companies at a glance with reviews and ratings. But beware cause many people put their referral codes in comment sections on that site.

Choose a mining package

Once you have chosen your mining provider, you have to select a mining package. By selecting mining package the providers mean that how much hashing power you are gonna work with or simply how much money you are gonna afford to invest there. Investing a lot may return you a better profit, but that's not always the case.

Almost every mining company will provide you some sort of calculation about the current state of bitcoin market. And how much you're gonna get from that these kind of stuff. However, these always depends on how much hashing power you have or rent from them. So you have to calculate like how much you are gonna invest on hashing power and make a profit out of it.

Pick a mining pool

When choosing contract has been done, providers will ask you to select a mining pool. Generally that's the place or more like a team where you can choose a global mining team to join. It's a method of earning bitcoin more though mining and may become more profitable for you than others in a different pool. Join a trusted and established successful pool, it will become your best bet.

Always make a secure wallet of your own to store the mined bitcoin, there are some cloud miners who will allow you to invest those earned bitcoin to rent more hashing power.

Do not deal a "pre-sale"

Many cloud miners will ask you to be in contract on a pre-sale basis. It's like the hardware not available right now, when the hardware comes, you will get the chance for mining. But this is not advisable cause there is no guarantee that these contracts will surely make a profit for you and gives you no surety that when will the mine exactly start! Sot never move on a pre-sale contract.