Data mining in cloud computing
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In simple terms, everyone knows that you need special equipment for crypto currency mining. If you have sufficient financial means, you can purchase all the required equipment, build your own farm for computing and start mining crypto currency you are interested in. In this case, this will be called ordinary mining.
In turn, crypto cloud computing assumes roughly the same kind of ownership of mining equipment but virtually. Meaning, you do not have to negotiate the delivery, collect packages, look for a suitable place in the room and make sure that they do not overheat and perform their functions normally. A new model of passive earnings using cryptocloud mining created at home or rented premises makes it possible to obtain substantial profits. The equipment is managed by the contractor; the investor leases computing power. You will only monitor the performance of the mining farm through an online interface and take profits.
Companies that provide cloud data mining services produce equipment for this process themselves (ASIC). This significantly reduces the cost of crypto currency mining and the centralization of data centers engaged in mining reduces the maintenance costs by 2-3 times. This business model is a mutually beneficial cooperation between data centers and tenants. The company pays for ultra-fast stable Internet and not you.
Services for cloud mining relieve customers from problems of traditional crypto currency mining. Difficulties experienced by "home" miners are:
- Voltage fluctuations in the power grid, instability of the Internet connection, equipment overloading;
- Difficulties in setting up and maintaining the equipment in working condition. If there is no stable capacity, the production level fluctuates;
- Noise pollution and high heat output. The temperature in the room reaches minus 35 degrees Celsius even in winter;
- Certain legal issues and taxes. Taxation became front and center in 2017, when underground farms of crypto currency production were discovered.
Some of the companies that provide opportunities for data mining in cloud computing take part of the profits in the form of a commission. This amount includes payment for electricity and maintaining video cards in the right condition.
States make a significant discount for enterprises with high electricity costs so the cost of electricity for crypto farms is small. There is a shortage of video cards on the market and even inveterate "home" crypto currencies miners switch to cryptocloud; lately, buying equipment for independent mining is not a cheap pleasure.
Selection for mining services
Pay attention to the following criteria:
- Publicity of co-founders (photos of employees, videos with working equipment).
- Work experience of the company. The amount of time in the market shoes the reliability of the service.
- Computing power, which is a range of capacities offered to users. Consider the hash cost in dollars.
- Variety of crypto currency. The possibility of mining several crypto currencies on one service is a sign that shows interest in investor's success. The fact of mining several forks stabilizes the average monthly profit, you can go by on interest.
- Stability of payments. If the company delays payments for customers, do not get involved with it.
Advantages and disadvantages of cloud mining
Positive sides:
- Services for crypto currency clouds are reliable.
- You do not have to experience the shortcomings of crypto currency mining on your own computer - expensive electricity, setting up equipment and wasting time.
- High level of profitability - investing in 40-60% of services will pay back in merely a year.
- The total processing power of a single data center is tens of times higher than any network of home farms.
- Projected profitability and absence of risks. Crypto currency extraction of through cloud mining services does not belong to exchange players; it is unlikely to lose money. The already known power will allow you to predict the size of profit.
- You can buy several contracts on the same service. Distribute investments between several assets. Thus, you increase the stability of production if one of the altcoins falls in price.
- Production in automatic mode. Mining without investments will bring not bring too much profit but some users are content with a small additional income.
Of course, one crypto currency does not limit the possibilities of the farm. This is the advantage of GPU cloud mining- you can get any currency, no matter what mining algorithm it has. For example, HashFlare uses some of its farm's capacities to experiment with new promising currencies such as Dash coin and others.
Disadvantages of cloud mining:
- The probability of a Bitcoin slump. Two financial bubbles have already made themselves known in 2011 and 2013. In 2017, there were all grounds for the collapse of Bitcoin due to the growth of its value in a geometric progression. The spike is clearly visible on the chart of the crypto currency and some people think that drastic changes are only a matter of time.
- Equipment failure. Hacker attacks increased in 2017, which can lead to equipment damage or failure. The losses fall on the investors, the return of mining falls.
- Risk of fraud. Dozens of fraudulent companies in the field of crypto currency are offering their services in another pyramid disguised as cloud mining. You should only trust reliable resources with positive feedback. Do not trust huge interest; try to work with companies that provide moderate returns. No service can pay more than 250% a year, even theoretically.
- Companies websites are often attacked by hackers. Beware of services that make customers wait for a long time to withdraw money. The company must transfer money within a few minutes or hours to the client's crypto wallet.
Investing in cryptocloud services is a wise decision to save and multiply funds. It is much easier to obtain crypto currency through special websites due to the high power of leased servers. Having chosen to get tokens through the cloud, you do not have to pay for electricity and keep the computer on all day. The lack of round-the-clock monitoring, the need to install software and other side costs associated with the classic mining of altcoins significantly saves both time and money of the miner. Before investing money, we recommend that you carefully study the users' feedback. You must have confidence in making a profit but the main thing in investing is saving the money you have.
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