In the past few years, cloud mining has become a major controversy in the cryptocurrency community, attracting plenty of converts along the way. But there are still millions of crypto miners who either haven’t experienced the value of cloud litecoin mining or haven’t been persuaded that it’s the best way to mine.
The truth is that cloud miners have come a long way in a short period of time, and it’s becoming an ever more viable method for ordinary investors to mine cryptocurrencies.
However, there are still a few myths surrounding cloud litecoin mining and mining other currencies via the cloud. So let’s explore some of those myths and find out what the cloud has to offer.
Cloud Mining is a Luxury
In the past, cloud miners have been seen as a premium add-on to the crypto community, with cloud litecoin mining and cloud bitcoin mining offering a service for people who weren’t serious about making money from mining.
Basically, sceptics saw cloud ethereum mining as something that was a neat idea but had so many in-built risks and costs that it would only suit investors with enough cash to spare for marginal, high-risk investments.
Cloud-based cryptocurrency services provider Hashtoro, meanwhile, believes that the truth looks differently today. According to the team, cloud miners are now more transparent and professional, offering flexible packages that almost any investors can afford. They hedge risks more efficiently, find creative ways to reduce energy consumption and costs, and, above all, deliver reliable returns.
These developments have attracted a mass market to bitcoin, ethereum and cloud litecoin mining, which are definitely not just luxury activities. They are in the mainstream and moving from strength to strength.
Cloud Mining is Limited
In the past, this was true. Early cloud mining services tended to offer limited choices when it came to the kind of currencies users could mine, with cloud bitcoin mining most common.
Nowadays, cloud mining uses a range of different cryptocurrencies. Investors can opt for cloud bitcoin mining, but also cloud litecoin mining, cloud ethereum mining or a mixture of all three to hedge their risks.
Cloud Mining Unprofitable
This is now totally wrong. Cloud bitcoin mining cuts the cost of setting up and running home servers, which can run to thousands of dollars. With cloud ethereum mining or cloud bitcoin mining, the only payments are to the mining company.
However, cloud litecoin mining companies do have to cover their costs, so they take a proportion of your investment as a maintenance fee. In some cases, this can make cloud litecoin mining less profitable than going solo – but with reputable operations, this isn’t the case.
A look at some figures makes this easier to understand. For example, Hashtoro might offer 100TH of capacity for a $6000 investment, yielding around 1.7 bitcoin per year.
Sticking with home mining would require an outlay of thousands of dollars on graphics cards, or it would need so much capacity that the heat would render most apartments unlivable. And that capacity would still work out more expensive than using a well-run cloud bitcoin mining operation.
Crypto Prices Ruin Cloud Miners
Sometimes, cloud litecoin mining stopps operating when the price of the currency dips. The same disruptions are commonly detected in cloud ethereum mining and cloud bitcoin mining.
Fortunately, newer cloud ethereum mining companies have found ways to minimize the risk of disruption. For instance, Hashtoro keeps cost low by using the facilities of inactive lumber companies, cheap Finnish electricity, and a variety of currencies.
If the price of cloud ethereum mining rises, other currencies can pick up the slack. At the same time, dynamic cloud mining software automatically adjusts the servers as prices fluctuate – keeping profits at a steady level.
Cloud miners have come a long way in recent times, and it’s a great time to discover what they have to offer. With cheaper setup costs and hardly any hassle compared to home mining, using the cloud to earn litecoin, bitcoin or try cloud ethereum mining makes perfect sense, doesn’t it?
When you mine with Hashtoro, you can expect reliable crypto mining with minimal investment. So log on, make an investment and discover how far low overhead crypto mining has come.