Cryptocurrency Mining Without Expensive Equipment

Cryptocurrency Mining Without Expensive Equipment

Since digital currencies entered the mainstream, cryptocurrency mining has been a hot topic for everyone.

However, to be profitable it can also be very costly, and the upfront costs of setting up one or more mining rigs can be quite high, easily running into the tens of thousands.

There is a concept in the industry called cloud mining, where it is possible to use rented cloud computing power without having to install hardware and all the associated software. GBitcoins is a company that offers several options to those who want to get involved, so let's take a look.

What is Cloud? Mining?

As mentioned above, cloud mining provides an option for those who do not want to spend a lot of money on expensive hardware and all the equipment that goes with it, but would like to use rented cloud computing power.

Essentially, companies like GBitcoins allow people to participate in mining remotely for a certain fee. This theoretically makes mining more accessible to a larger group of people, regardless of their location, as long as they have internet access.

This is the main advantage of cloud mining. Users don't have to worry about excessive heat, cooling issues, fan noise, and the like. You also don't have to worry about the economics of calculating profit margins, etc.

Of course there are also some disadvantages. The first and most important reason is that users are putting their trust and funds into a centralized entity, which some believe is directly contradictory to the benefits of decentralization.

What are GBitcoins?

GBitcoins is a cloud mining company. According to the official website, the company operates out of Cleveland and is one of the first companies to offer cloud mining services.

The official website also states that they were founded in 2016 and currently operate five different mining farms around the world. The farms are powered by renewable energy, some of which includes solar and wind energy, to reduce the cost of mining while integrating remaining electricity into the grid.

The company says it plans to expand its business and serve users around the world. They offer a number of different packages and users can choose to mine various cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, etc. in the cloud. The return also varies depending on the chosen cryptocurrency, contract and term.

The minimum and maximum purchase amount also varies for each individual contract. It is also important to note that there is a minimum amount that users can deposit or withdraw. This is currently $100. The company accepts payments in various cryptocurrencies.

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