7 steps to start earning on cloud mining. And no thousands of dollars spent

How do you imagine a start in mining? Save up money, buy expensive equipment and then pay for its hosting in data centers, right? However, that’s not the only variant. Instead, you can try out cloud mining. In this case you’re renting miners from a company with no need to think about the tech maintenance process. Your income comes from the block reward and you also share some percent with the company.

The list of useful metrics to track

The main advantage of cloud mining is the minimum diving into the mining process itself. Simply saying, you just transfer any amount of money to the chosen company and receive regular income. But it would be better if you track some metrics from time to time. Just to be sure everything is going well. 

Hash rate

The parameter demonstrates the number of calculations a miner can perform in one second. The higher hash rate is, the more chances to find the next block in the blockchain and receive proper reward.

Mining difficulty

The metric describes how hard the process of finding the next block is. It’s unstable as it heavily depends on how many miners try to complete the block search. It’s more profitable to mine during low difficulty as you’ll need less hash power to receive the same amount of cryptocurrency.

Pool fees 

It’s a common situation when you participate in cloud mining via pools. Besides paying for renting capacities, you also share the reward you receive for finding a block in the blockchain system. This fee is almost similar in every pool, but you definitely have to check it out before signing a contract.

Step-by-step instruction of Cloud Mining

If you are ready to start earning on cloud mining, our partners BitFuFu who are this service provider themselves developed an instruction to follow.  

Choose a Cloud Mining Provider

Select a reputable company paying attention to which cryptocurrencies it offers for mining. And don’t forget to consider such factors as reputation, fees, contract terms, and customer reviews when making a final decision.

Create an Account

Sign up for an account on the chosen platform. Provide the required information and complete the verification process, if it’s applicable.

Select a Plan

Usually there are several plans to suit your budget and goals. The difference between them lies in hash power, contract duration, and associated costs. Higher hash power typically leads to higher mining returns but may come at a higher price.

Make Payment

Make the required payment on the platform to purchase the mining contract. The options to transfer money can include cryptocurrencies or traditional methods such as credit cards or bank transfers.

Set up Mining Parameters

You have the possibility to configure a type of cryptocurrency to mine, pool selection, and allocation of hash power. The website should provide a user-friendly interface for easy configuration.

Start Mining

Once the parameters are set, the company will allocate the specified hash power to start mining on your behalf. The process will run continuously, generating cryptocurrency rewards.

Monitor and Manage

Don’t forget to regularly monitor the mining performance and earnings through a dashboard. Reputable companies offer real-time statistics on mining output, earnings, and other relevant data we’ve mentioned above to keep you informed.If you want to gain more information on pros and cons of cloud mining look through our recent material on this topic.