In this article, you will find a review of the mining hosting phenomenon. You will know which is better, mining on your own or by using hosting mining, and what can the best mining hosting services give you.
Mining hosting services in a nutshell
With a new age of technologies and digital money, it became possible to earn such money uniquely. Various cryptocurrencies are mined by people around the world at the very moment. For that, they use hardware that allows complicated calculations, which are rewarded by a particular e-coin.
However, there is a downside to digital currencies, for instance, bitcoin is harder to mine the more you mine it. Now, it takes more time and more complicated calculations to perform to get a small part of a bitcoin than it would require 5 years ago. Of course, you can buy hardware and mine it with your effort, but it would be much safer and cheaper to use specialized mining hosting services.
Companies that provide mining opportunities take care of the hardware and software part of the process, allowing you to get the result of their work in exchange for payment. It is different from one company to another, but usually, they work in a couple of ways. The first option is you rent their equipment for mining while they are taking care of cooling, repairs, and other kinds of maintenance. The second way is you send them your equipment, specify various information, and mine on your hardware remotely, which is also taken care of by the company.
In the first case, you choose the hardware, software, and currency you want to mine on the company’s website, sign the contract, and don’t have to do a thing, except wait for your reward. In the second case, you need to send your hardware to the company, which will be placed on their mining farm and connected to the network. Also, mining on your equipment remotely means you will have to know more about mining than the person that uses the mining hosting company’s hardware.
The first option is easier, faster, and more convenient, however, the second one gives you more control over some aspects of mining and more certainty in exchange for convenience, since you have to send your hardware to the company.
Benefits of mining hosting compared to traditional mining
Whichever option you choose, mining hosting has some benefits and downsides in comparison to mining on your equipment. The first and most important is the maintenance of the hardware. Mining hosting companies look after their equipment for you and take an additional % when you pay for their services. If you mine on your own, you will have to deal with finding an appropriate place for your mining hardware, paying the rent, taking care of cooling systems, paying energy bills, repairing in case anything breaks, etc. On top of that, you will have to spend a lot of time looking after your equipment, so using mining hosting services is not only making it more convenient but also allows you to spend your time on something else.
Apart from that, by using the company’s services you free yourself from a deeper and unnecessary knowledge on the topic. You don’t need to know how hardware works, and its specifics, you don’t need to waste time picking a cooling system, installing it, etc. All that is something the company takes care of; all you do is pay. Of course, when you mine with your hardware you are completely free to do whatever you like, to mine however you like. But you also take complete responsibility for any outcome in any situation. In the meantime, mining hosting services provide guarantees, while you can choose the currency you will be mining and, in some cases, even software.
As you can see, hosting companies are a better option in case you don’t want to go too deep into the cryptocurrency mining industry, or don’t have a lot of free time to invest in it as well. You simply rent the equipment, that is maintained by the company and only get the products of the mining. But if you are willing to dedicate a lot of time, funds, and yourself completely to mining, you can still do it on your own, which gives more freedom but less certainty.
Professional mining hosting companies provide a complete set of mining services from installation and configuration to insurance and buy-back. You can find out more about their services on the website of any such company. Based on that information you can consider your investments more cautiously. Some companies use green and more cheap energy than regular users making hosting a more preferable option rather to traditional mining. Mining hosting has a low entry threshold, so even if you hear about bitcoin or cryptocurrency for the first time in your life you can start mining whenever you want.
If you want to join the mining industry, it is still a great time to do so. There are plenty of opportunities there waiting for someone to grab them, be it mining good old bitcoin or any of the younger e-currencies. At the moment some mining hosting companies even provide exclusive offers and discounts for newcomers. Now you can see why using hosting services for mining is more profitable, convenient, and easy to combine with your everyday life.