Cryptocurrency mining has been a hot topic for everyone ever since digital currencies ventured into the mainstream.
However, to be profitable, it can also be very cost-heavy, and the upfront expenses of setting up a mining rig, or multiple mining rigs, can be quite high and easily go into the tens of thousands.
There’s a concept within the industry known as cloud mining where it’s possible to use rented cloud computing power without the need to install hardware and all the associated software. GBitcoins is a company that’s offering various options for those who want to get involved, so let’s have a look.
What is Cloud Mining?
As mentioned above, cloud mining provides an option for those who don’t want to spend a lot of funds on expensive hardware and all the associated equipment to rely on rented cloud computing power.
In essence, firms such as GBitcoins allow people to participate in mining remotely for a certain cost. This, in theory, does make mining more accessible to a wider group of people, regardless of their location, so long as they have internet access.
This is the main benefit of cloud mining. Users don’t have to worry about having to deal with excessive heat, hassles in cooling, fan noises, and whatnot. They also don’t have to worry about dealing with the economics of calculating profit margins and whatnot.
Of course, there are also some drawbacks. The first and main one is that users are putting their faith and funds into a centralized entity which some consider being directly against the merits of decentralization.
What is GBitcoins?
GBitcoins is a cloud mining firm. According to the official website, the company operates from Cleveland, and it is one of the first companies to provide cloud mining services.
The official website also reads that they’ve been founded in 2016 and currently operate five different mining farms spread across the world. The farms run on renewable energy, which includes solar and wind in a bit to reduce the cost of mining while also integrating the remaining electricity into the grid.
The company shares that they plan to expand its business and serve users across the globe. They offer a range of different packages, and users can choose to cloud mine different cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, and so forth. The returns also vary based on the cryptocurrency of choice, the contract, and its term.
The minimum and maximum purchase amount also varies for each individual contract. It’s also important to note that there is a minimum amount that users can deposit or withdraw, and it’s currently set at $100. The company accepts payments in various cryptocurrencies.
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