Cloud Mining is explained, and one of the most popular providers is discussed.
Mining, the process of verifying transactions and packaging them into blocks for submission to the Blockchain, is a critical component of many networks, including the largest, Bitcoin. It is the foundation on which the entire cryptocurrency ecosystem is built (in large part) and is absolutely central to crypto concepts. However, it is also very technical.
It is a process that requires complex technical configurations in terms of hardware and software, sufficient power supply, and, if efficient, dedicated storage space that is kept at the right temperature.
This in itself presents many barriers to entry for many retail investors who do not have access to significant capital. In essence, it prevents retail investors from participating meaningfully in a way that they too can make a sizeable profit. Cloud mining, therefore, is presented as an attempt at a solution.
What is Crypto Cloud Mining?
The concept comes from the word cloud. It is a virtual space. Cloud mining allows retail investors to invest as much money as they feel comfortable with, and in exchange rent cloud mining space from a company that typically operates (or rents itself) data centers.
At its core, cloud mining is the way to mine crypto using a remote data center with shared processing power. This particular type of mining allows users to mine BTC or other cryptocurrencies without having to manage the hardware on their own.
Mining rigs are hosted and maintained in a facility that is owned by a mining company. The customer simply needs to sign up and purchase mining contracts or shares, depending on how the deal is framed.
What is FancyCrypto?
FancyCrypto is a cloud mining provider, and according to its website, it has earned the trust of hundreds of thousands of users.
The company’s mission is to make mining more accessible to everyone by enabling access to large-scale industrial and technology data centers from virtually any device or location. The website claims that FancyCrypto operates between 2% and 10% of the world’s cloud mining hash rate.
FancyCrypto was founded in London in 2016. As a pioneering cloud mining company, Fancy Crypto has already built a reputation as a trusted provider of hash rates for over 360,000 users worldwide. You want to provide access to large-scale industrial data centers with the help of cutting-edge technologies to make cloud mining available to everyone.
The platform allows for the mining of multiple cryptocurrencies, including Bitcoin, Litecoin, DOGE, Ethereum Classic, and others. It also offers a variety of different packages that users can purchase, from the cheapest for $10 all the way up to $5,000. The daily earnings also vary, depending on the chosen contract. Their packages include Free Cloud Mining, Experienced Project Cloud Mining, and Ethereum Project Cloud Mining.
An important consideration here is that users are strongly advised to do proper research on their cloud mining provider of choice. As with many other initiatives in the industry, there have been cases of fraud, so it is important to remain vigilant.
By Audy Castaneda
