How To Find The Best Bitcoin Cloud Mining Sites
Cloud mining Bitcoin is a better alternative to having your own mining facility. Setting up, maintaining, and running a mining farm is no longer profitable for an average investor since the cost of the equipment is so high.
Many investors are, therefore, looking for cloud mining platforms that will outsource the costs of mining and allow them to get in on the business without the initial investment. There are a lot of such platforms and you must take your time, do your research and find the one that suits you the most.
What Kind of Performance You’re Looking for?
The first thing to look for is the performance the platform will provide. You want to know how many coins the platform can produce in a given time and how long your contract will last. This will let you know how many coins you can mine from the whole process.
If the platform isn’t open and honest about these performances, chances are that they are hiding something and you should avoid them. Keep in mind that this doesn’t guarantee the value of the coins once they are mined.
Look For Online Reviews
Online reviews such as the ones found on Truely can be a great resource when it comes to choosing online mining sites. The reviews can tell you how the others that have worked with a platform have found the experience. If a few reviews claim that something is wrong with the site, it probably is.
It’s also a useful tool when it comes to comparing the services by comparing and contrasting their offers. The contract that you plan to sign usually lasts more than a year and it’s important to choose one carefully.
An Interface You Can Use
It’s imperative that you know how to use the interface that the service provides. For the most part, it’s a simple enough dashboard and one that you can use without knowing much about crypto mining in general. It simply states how much you’ve mined and how much the coins are worth.
The dashboard also can be used to withdraw funds and that’s something you should be familiar with before setting up the account. You’ll also need to have an e-wallet account to which you’ll transfer the coins once they are mined.
Good Customer Support
Since you’re not involved in the mining process and instead you’re leaving it to the mining platform, having good customer support provides an extra level of control. Sometimes things can also glitch and go wrong as is often the case with software and complicated processes. This is where customer support can also be useful.
You should look for support that’s available at all times and for support that can be reached via a variety of different channels. It’s also a must for the support system to be staffed by experts that you can trust and that are easy to work with during a stressful time.
Can You Get Out of a Contract?
Contracts are usually signed for anywhere from six months to two years. This can be a long time in the world of cryptocurrencies and that’s why some investors want the option of selling their contract after a while. Not all mining sites allow for this option.
Those that do will end up being more expensive on the monthly basis, however. It’s a dilemma for a beginner investor but in most cases, it’s better to have the option of making an exit in case things start to change for you.
Don’t Trust Those Who Promise You Profit
Some cloud mining sites tend to promise profit or at least hint at how much you can earn from the Bitcoins mined with their service. This is understandable but it’s always somewhat misleading. The value of the coin is determined by market forces and it can change over time as it already has many times.
This isn’t something the provider can affect and it, therefore, shouldn’t promise an amount you can earn. Be mindful of this and follow the trends in the crypto market on your own.
Plan What You Want to Do With the Coins
There are more options for using the coins than ever before. You can use them as a payment method in the industries in which you couldn’t do it just a few years ago. They can also be used as an asset to lend on, or you can lend Bitcoin and be paid interest in crypto or fiat currency.
The profits that you’ve made from crypto are also easier to follow and trace as well as to tax now when the governments are acknowledging it and treating it as they would any other asset or foreign currency. This is both a sign of success and an additional cost to bear.