Mining of bitcoins is becoming an increasingly profitable job and many people are interested in that. But nowadays it is becoming more and more difficult for home-based miners to make a huge profit and there are a lot of different factors that they may consider before joining cloud mining. But there are websites such as https://atriark.com that has made cloud mining easy for the home-based miners. With this platform, the miners need not create a machine for mining or purchase any sort of mining rig. But for cloud mining users must check some statistics. This includes checking four major things such as the hardware’s hashrate execution, the current difficulty level of the network and the electrical costs that are associated with the mining device.
Four variables to consider before you are mining bitcoins –
There are several reliable platforms such as https://atriark.com that has made it super easy for cloud mining. But you must consider these variables too if you are looking to mine bitcoins or other cryptocurrencies.
- Hashrate – The mining device gives details about the hashrate execution of the machine. This is the speed at which the mining machine can perform mining calculations. The performance is usually measured in terahashes for all sort of calculations per second. The statistics are measured against the difficulty level of bitcoin which gives a rough idea of the mining machine efficiency.
- Electricity – for cloud mining the cost of electricity should also be considered as there is a lot of costs associated with the mining rig. To get the return on investment amount the miners must divide the hashrate with the electrical watts consumed. Most mining platforms provide resources such as geothermal power and hydropower for better electricity utilization.
- Device cost – the cost of a mining device is also important to consider. If you are creating an account on the website which offers cloud mining then this cost is reduced. But if not then there are mining rigs that are available at a cost range of $500-2000 depending on the performance and age of the machine. If you want to get a good profit on your investment of bitcoins then you must be able to mine a lot of bitcoins. The machine must have handy replacement parts as well.
- time and maintenance – another major factor to consider before bitcoin mining is the time and cost associated with the set up of machines and its maintenance. Fan replacement is a common maintenance which is required for mining devices as during the mining processes the machine tends to get hot. If you are not so computer savvy then using the software and the command lines might need some sort of training and if you have a larger data facility then you might need to hire employees too.
Consider these factors and costs before opting for bitcoin cloud mining.