Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. The mining rigs are housed and maintained in a facility owned by mining company and the customer simply needs to register and purchase mining contracts.
Advantages
- No excess heat to deal with
- No constantly noise of fan
- Low electricity costs
- No need space
- No requires hardware/software/technical experience.
- No Pre-ordered mining hardware that may not be delivered on time
- Instant connection
- 24/7 uptime
Disadvantages
- No fun! If you like building your own mining systems.
- Lower profits – Cloud mining services will have expenses
- Lack of possession of the mining hardware