“The mining boom driven by Bitcoin has created many wealth myths: miners can earn 50 BTC every 10 minutes at that time. If you successfully get a Bitcoin block and hold it since 2009, you will have BTC worth $827,930 in your wallet by 2022. “
Cryptocurrency mining is an investment track with high popularity and high returns in the market. Especially in the past 2 years, with the in-depth interaction between mobile internet and blockchain network, innovative cloud computing service with APP as the carrier medium has been rapidly popularized and developed.
What is cloud hashrate?
Cloud hashrate, also called cloud mining, is usually sold by large hashrate providers in equal shares after packaging all the costs of hardware (hashrate machines, storage machines) electricity, operation and maintenance fees, management fees, etc. Users only need to buy hashrate resources (i.e. hashrate contracts) on the platform to rent hashrate for mining and then get the corresponding revenue regularly.
This approach is ideal for small investors, and it allows everyone to get cryptocurrency at the cost of mining, which largely saves time and effort. In this way, participants can avoid all the complex issues in the operation and maintenance of mining machines, mining farms, electricity bills, etc. They can keep track of the mining situation and enjoy the daily mining income anytime, anywhere.
The cloud hashrate mining model is indeed a highlight in the crypto industry, but as a new branch of the mining industry, there are also some market chaos. Such as: most service providers include equipment failure and technical problems in the scope of “force majeure factors” in the contract, and users need to bear too many risk items under the high-handed clause. As early as 2020, there was an incident of theft of mining machines by mine employees in a leading platform, which led to the suspension of the cloud hashrat
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