Welcome to Bitcoin For Beginners Part 4! In this part we will cover Cloud Mining, also known as Cloud Hashing to some people. Cloud Mining allows a person to purchase mining power without having to purchase the actual mining rig. Bitcoin Mining equipment and software can confuse people and be extremely costly! Since the “difficulty rate” for mining Bitcoin is increasing, more and more mining power is needed to keep up with the ever more challenging blockchain. Cloud Hashing is offered by quite a few companies, typically in a yearly contract form.
Please be careful as some people advertise “Cloud Mining” on eBay and other places where nothing is guaranteed and they might promise you more than what you’ll get. I recommend going to a major cloud mining website and only invest what you are willing to lose. I conclude at the end of the video that cloud mining is not very profitable. Since people are still very interested anyways, I may get involved just to share the experience with you.
Remember, the key to cloud mining is the price of the mining speed/power (GH/s)
I hope you like the video and thank you so much for watching!
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