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Bitcoin Mining Profits: Crypto Mining Hardware or Cloud Mining Pools?

Can Cloud Mining Be More Profitable Than Getting Mining Hardware For Bitcoin?
The process of crypto mining demands a lot of preparation, no matter which cryptocurrency you choose. Mining Bitcoin (BTC), however, requires even more.
If you are a Bitcoin miner, or you at least researched the issue, you probably quickly realized that this is quite a difficult process. There a lot of aspects of the process that need to be considered, like the Proof-of-Work’s mining algorithm, fees, and hashing power. Not to mention the extremely expensive equipment that is necessary in order to do it.
However, there is another option which may be more profitable, and that is cloud mining. But is it really the best way to go? Let us find out.
Bitcoin Miningining: Hardware & Cost
Let’s start with the necessary mining hardware. In order to mine Bitcoin, you cannot just use anything, and in order to get a quality device, you will have to prepare quite a sum in advance.
Bitcoin mining hardware can cost from a few thousand dollars to tens of thousands of dollars. The price largely depends on which crypto you wish to mine (in this case, Bitcoin), as well as how big of a mining operation you are planning.
The cost of a mining rig depends on which one you want. You might go for an ASIC mining rig, or a GPU and CPU mining rigs. ASIC mining rig is usually far more expensive, and their hash rates are a lot faster. However, they are known for facing scrutiny due to the fact that you cannot repurpose them.
Basically, if the hash algorithm of the blockchain changes, your ASIC rig will become pretty much useless, and you will have to acquire new gear. Obviously, this is the most expensive solution.
GPU and CPU gear, on the other hand, can be re-purposed. The gear is also a lot cheaper, and much more acceptable than ASIC, which often finds a lot of resistance. This is why most miners choose to go for GPU and CPU instead of ASIC.
Of course, there is always an option to have several mining rigs set up, in order to multiply your earnings. However, this means that you will have to acquire them first, which is probably the most expensive option. Even with several mining rigs working at the same time, it will probably take months before you can cover these initial costs via mining. Not to mention other factors, like the cost of an electric bill that is going to skyrocket as soon as you start your mining operation.
The electricity cost varies depending on your location, which makes it hard to precisely calculate the cost of keeping the operation up and running.
Cryptocurrency Cloud Mining Pools: Profitable or Not?
Calculating the costs of cloud mining, on the other hand, is a much easier process. A lot of companies are using monthly subscriptions, with their cost being determined by the targeted crypto that the user wants to mine. Additionally, the cost of the model is also determined by the hash rate speeds.
For example, taking a contract for 2 years of mining Ethereum with Genesis Mining can cost anywhere between $1,520 and $12,960, depending on the speed which can go from 40 MH/s to 360 MH/s.
On the other hand, there is a website called HashFlare, which can provide you with a contract that lasts only one year, and it costs $1.80 for 100 KH/s.
The fact is that cloud mining is expensive as well, and not that profitable at first. You will probably need more than a year to cover the cost of the initial investment. A lot of people don’t do their research properly, which is why they enter the process expecting to get rich in less than 6 months. This is, of course, never the case.
Generally, cloud mining is not that profitable at all. Because of that, it is also not the popular way of crypto mining. Monthly subscriptions will always be there, but it won’t always be easy to pay them off. There are always the USB mining options but they are not very powerful.
If you choose to go with the mining hardware, the costs will be upfront, and you will know what you are getting into. The cost of electricity will be a bit more difficult to predict, but if you can afford to perform your mining operation in parts of the world where the electricity is cheap, and mining is legal, you can actually make a pretty good profit much faster.
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Is Cloud Mining More Profitable than Bitcoin Mining Hardware?

Getting started with bitcoin mining can be a difficult process for many. For example, you must consider things like the specific algorithm used by the Proof-of-Work cryptocurrency you want to mine. Additionally, bitcoin mining hardware can cost thousands or even tens of thousands of dollars. With all of these challenges it might be a good idea to look at alternative ways to gain cryptocurrency profits, but is cloud mining a legit, more profitable option in the long-run? In this article, we’ll compare these two possible options so you can make a more informed decision.
Costs of Bitcoin Mining Hardware
As discussed in this post, bitcoin mining hardware generally requires a substantial upfront financial commitment on the part of miners. First, it’s important to consider how much mining rigs cost. This not only depends on the cryptocurrency which you are aiming to mine but also how expansive and powerful your mining operation needs to be.
First, let’s consider hardware costs. If you want to mine BTC, for example, you’ll most likely need an ASIC mining rig. These are typically much more expensive compared to GPU and CPU mining rigs. Despite their potential to mine at much faster hash rates, ASIC mining rigs often face scrutiny for the fact that they cannot be repurposed. This means that, if a cryptocurrency project makes changes to their hash algorithms, ASIC miners will have to buy new gear. This can lead to some significant costs that can easily negate revenues and even lead to net investment losses.
In contrast, GPU and CPU mining gear can generally be repurposed if algorithm changes occur. In addition, these rigs are usually much less than their ASIC counterparts. Additionally, more projects are continuing to trend towards ASIC-resistance rather than ASIC-acceptance. For most miners, this means an overall reduction in both upfront and ongoing costs.
While having one mining rig might be a good first step to see if you can indeed become profitable, many people start out with more rigs to have a multiplier effect. However, even with rising prices, starting with multiple rigs should be done cautiously as each additional rig will likely add to the number of months it takes to make back your initial investment.
Of course, other factors like electric bill costs have to be considered. These vary by geographic area, making it difficult to put a precise amount on how much money is needed for keeping hardware rigs operations.
Costs of IT Cloud Mining
In comparison to hardware mining, costs for IT cloud mining are much simpler to calculate. Most companies run on a monthly subscription model that is determined by the cryptocurrency you want to mine and the hash rate speeds as seen on popular sites like Genesis Mining and HashFlare.
Prices for 2-year contracts of ETH mining with Genesis Mining currently vary from $1,520 at 40 MH/s to $12,960 at 360 MH/s.
HashFlare offers 1-year contracts of ETH mining for $1.80 per 100 KH/s.
Make sure to read reviews and check out projected ROI on any cloud mining service. The fact is that there are many services with extremely low profitability and even some which are known scams. Luckily, there are a few guides available on the best ways to identify potential cloud mining scams.
Hardware Mining ROI
Even though there is no way to say for certain how long it will take to break even on investments in hardware mining equipment or cloud mining, it’s still crucial to do research on estimated time frames. According to most miners, it’s difficult to expect to become profitable within 3 to 6 months. 10-15 months is realistic for many, though. A lot depends on crypto prices, electric costs, and the type of mining rig you use. Nicehash provides a good calculator for determining this.
IT Cloud Mining ROI
Based on information from Reddit forums, reviews, and ROI calculators, it is clear to see that cloud mining isn’t all that popular or profitable. For example, as of May 30, 2018, HashFlare Scrypt and SHA-256 currently take 3,828 and 3,983 days (or a little over 10 years) to reach ROI on BTC respectively according to this calculator from Coinstaker. Genesis Mining for ETH has an even worse ROI, taking around 25,992 days (70+ years). In both cases, it’s difficult to justify cloud mining over hardware mining.
The problem with keeping a subscription for cloud mining is that it can be difficult to keep paying monthly even in bear markets. These stats could certainly improve if we see a massive bull run as seen in December 2017; however, it can be pretty difficult to predict when a bull market will begin and end.
Compare this to using bitcoin mining hardware, and the choice is a bit more obvious. That’s because, even if the market is bear, most costs are upfront and not recurring. Sure, there are costs like electric bills to consider with hardware mining, but there are several locations throughout the world where energy consumption is very cheap and hardware mining is legal, making it a clearly more profitable option than cloud mining even in bear markets.
Conclusion
Despite the high upfront costs, the consensus is that bitcoin mining hardware remains much more profitable than cloud mining. Possibly the biggest benefit of cloud mining is its overall ease-of-use since it requires no difficult hardware installation and avoids potentially unpredictable electric costs. However, most in the cryptocurrency community would agree that if you can’t start a hardware mining operation, it’s probably best to make profits through trading rather than going the cloud mining route.
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