As an emerging cog in the global digital economy, cloud mining offers a tool for enthusiasts to mine cryptocurrencies such as bitcoin without having to acquire hardware or other oft-required elements. On the heels of this development, growing numbers of companies are offering cloud mining accounts at an affordable cost.
Once established, cloud miners become participants in a mining pool that allows them to purchase certain levels of “hash capacity.” This gives them a share of profits proportional to the amount of hashing power that’s been allotted to them. Since cloud mining is facilitated by the cloud, issues associated with equipment maintenance and energy costs are mitigated. All mining rigs are housed and maintained by a host company, with the user simply needing to register and buy mining contracts or shares.
New Energy, New Solutions
On course to become a formidable player in the cloud mining world is Hashtoro, a U.K.-based cloud cryptocurrency service that provides a turnkey means of acquiring computing power without the need to purchase hardware or actually mine cryptocurrency.
Hashtoro is equally suited for everyday users as well as companies seeking to jump into the game and diversify their portfolios across mining platforms without having to acquire and maintain hardware equipment. An active company that launched in May of 2018, Hashtoro is already offering Bitcoin, Ethereum and Litecoin mining contracts. Hashtoro’s infrastructure is situated in several crypto friendly European locales that provide access to cheap renewable energy sources.
New users can utilize cloud mining for bitcoin and altcoins immediately upon receipt of payment. Payouts are issued daily, while allowing users the ability to reinvest mined withdrawals. Detailed metrics are available to evaluate and assess mining activity levels.
“We offer cryptocurrency solutions for users that desire to get into crypto mining but can’t afford to buy, or lack the technical knowledge to set up, mining equipment,” said Hashtoro’s chief product officer Alexander Petersons. “Our mining opportunities are available even to those with low budgets, as our platform has a low barrier to entry. The minimum price to start mining is just 20 euro, which is a major advantage over our competitors.”
Petersons went on to say that Hashtoro’s users range from the tech savvy to the nontechnically inclined. Users, he said, all are seeking to take advantage of the potentially high financial returns in the crypto market.
“There are many types of investors in the crypto space, much like you would find in any other commodity market,” Petersons explained. “Our potential investors are typically in it for the long haul.”
Another beautiful feature about Hashtoro, according to Petersons, is that the company mines all three cryptocurrencies, LTC, BTC and ETH, in equal proportions, in order to spread out risks.
“For example, early in the year, it was very profitable to mine ether and litecoin, but when their prices fell, it became more lucrative to mine bitcoin,” Petersons said. “Our system determines which currency is the most profitable to mine at the current moment and dynamically switches to mine that particular currency.”
Then there is Hashtoro’s instant activation feature.
“Normally, you would need to wait a long time until the equipment is delivered,” Petersons said. “Shipment and customs can take a while. With Hashtoro, users can start getting their profits straightaway, after payment for a contract is made. Our service also features regular daily payouts which allow users to regularly reinvest their earnings to purchase more hashrate or just hold [the profits] in their Hashtoro wallet.”
Charting a New, Eco-Friendly Mining Future
Hashtoro’s infrastructure is fueled exclusively by renewable energy. This is why the project is rapidly becoming one of the most profitable and ecologically safe cloud services on the planet.
That optimism, however, has been tempered a bit by recent market volatility.
“While the market has experienced a period of decline in 2018, I believe that it’s temporary,” Petersons said. “The fact is that it’s probably the seventh time that the cryptomarket has been declared ‘dead.’ But it will recover again.”
Petersons believes that “under certain conditions,” bitcoin could still reach $50,000 this year. With this price uptick, he predicts a shift from personal- to cloud-based mining due to the growing difficulty of hash calculations.
“We are on a steady course to providing customers with the best service in cloud mining, by offering cheap, unlimited mining contracts with low maintenance fee,” he said. “We feel that this service helps to lower the threshold for first-time users to entry, minimizing the risks concerning the maintenance of bitcoin mining farms. So yes, no doubt, I expect there will be more cloud mining in upcoming years.”
Note: Trading and investing in digital assets is speculative and can be high risk. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.