The Bitcoin value just cannot stop growing and it has now stabilized over the $8000 mark. This can be a good time to consider an SHA-256 Cloud Mining contract.
What is Cloud Mining?
Cloud mining is really useful for those who aren’t technically minded and don’t want to run their own software or hardware.
In Cloud Mining a remote datacenter with shared processing power is often contracted through a Cloud Mining company. This type of mining allows users to mine Bitcoins or other Altcoins without having to manage their own hardware. Since Cloud Mining is provided as a service there is generally some cost, and this can result in lower returns for the miner. But this cost is much less than the maintenance cost incurred by the individual. Especially when geographic and other constraints make individual mining unprofitable.
Mining companies contract services that offer hashing power hosted in data centers for sale. Users can select the desired amount of hashing power and a period of the contract. The contract stays functioning as long as it remains profitable. Depending upon the hash power purchased, breakeven times vary.
Cloud Mining offers a great deal of many advantages. The excess heat from mining equipment is no more an issue. No noise to deal with. No electricity costs and other maintenance costs, but the mining contract charges a periodic maintenance fee.
Unverifiable or otherwise shady cloud mining operations are one of the major fraudulent practices that one must be careful with.
Hash Algorithm SHA-256
A cryptographic hash algorithm turns an arbitrarily-large amount of data into a fixed-length hash. The same hash will always result from the same data. Consequently, modifying the data even by a minute amount will lead to a completely different hash. Like all computer data, hashes are large numbers and are usually written in hexadecimal system. BitCoin uses the SHA-256 cryptographic hash algorithm. Mining generates a verifiably “random” numbers in a way that requires a predictable amount of CPU effort.
Mining capability is measured in by means of the,
SHA-256d a cryptographic hashing function. Or, in short, a hash.
SHA-256 Cloud Mining
Consider a price of $150 for 1TH SHA-256. According to calculations, daily mining profitability possible is approximately $1.50.
Taking the maintenance and electricity fee into the account ($0.35 per 1TH per day), we get the following numbers:
- $1.50 – 0.35 = $1.15 – daily contract profitability
- $1.15 х 30 = $34.5 – monthly contract profitability
- $34.5 х 12 = $414 – annual contract profitability
As Bitcoin Price is only going to grow for the coming months it is high time to mine that you consider an SHA-256 Cloud Mining. HashFlare still remains one of the best platforms for Bitcoin cloud mining!