What is More Profitable: Home Mining or Cloud Mining?

cloud mining

The cryptocurrency world looks attractive for those who want to occupy a worthy position in the financial sphere. In order to become a part of it, it’s best to master mining – the process of extracting digital coins. This is not the only way to become a holder of digital money, but definitely one of the most effective ones at the moment.

Cryptocurrency can be mined in two ways: the traditional way with the help of special equipment and the alternative one using the capacities of cloud storage. This makes miners think: “Which one is more profitable?”. So, let’s examine this issue in more detail.

Contents:
(please, click the topic to scroll down to it)

  1. What is mining?
  2. Mining on a home computer
  3. Cloud mining
  4. Key differences between home mining and cloud mining
  5. What is more profitable: home mining or cloud mining
  6. Features of mining in 2018
  7. Conclusion

1. What is mining?

Mining refers to the extraction of virtual money, during which new blocks are created in the blockchain for the full operation of cryptocurrency platforms. Block in the blockchain is called a structural unit. After its creation a new digital coin is generated.

If you dive deeper, then mining is a search for a hash in a set of parameters. We want to point out that this is not the only way to create a new unit and support emissions.

Mining of digital currency is possible through a powerful PC or cloud storage capacity.

2. Mining on a home computer

You will need a farm of ASIC-controllers or video cards for mining at home. ASIC-controllers are specialized devices for mining cryptocurrency. A mining farm is pretty expensive due to the high cost of equipment. As a rule, the cost is paid off during three months or even more.

There exist such unique people who try to mine digital coins using a single video card. Do not try to repeat this if you want to achieve results and not waste money and time. The fact is that the power of one video card is not enough even for basic tasks. As a result, the PC will fail.

Home mining farm has another significant disadvantage, which is related to the cost of electricity. The increase in tariffs for electricity has not been breaking news for a long time and it’s not such a significant problem if we talk about domestic stuff. As for mining, the price jumps will deprive you of profit for an indefinite time.

In addition, mining at home is rapidly losing relevance, as the digital coin extraction algorithm is constantly becoming more complex, which is associated with an increase in the number of miners in the blockchain.

If you decide to start mining, we recommend controlling the temperature of the farm. This is due to the fact that the equipment must work regularly. Sooner or later it will lead to overheating. To prevent this from happening, it must be cooled. Therefore, take care of thermoregulation of your mining farm in advance.

3. Cloud mining

Traditional mining has more shortcomings than advantages, which led to the search for an alternative solution for the mining of cryptocurrency. This solution was mining using cloud computing powers. With its help, miners can connect to the cloud service and extract cryptocurrency without buying special equipment.

4. Key differences between home mining and cloud mining

Cloud mining and home mining have significant differences, 4 of which are major: noise, configuration, legality and resource consumption.

  • Noise. When installing a mining farm at home, prepare for a constant noise from video cards. Cloud mining is silent, as the equipment is located in the company that provides computing power over the network.
  • Configuration. All the settings of the equipment are done by specialists of cloud computing facilities. Owners of home farms must choose the configuration themselves.
  • Legality. Companies that provide computing power are worrying about paying taxes and other formalities. “Home” miners take responsibility before the law.
  • Resource efficiency. The work of traditional mining directly depends on the stability of the power grid, while cloud mining executes computing processes without interruptions.

5. What is more profitable home mining or cloud mining?

According to the current realities, cloud mining is much more profitable. The main reason is availability, as well as the following:

  • the ability to get a large profit without investing in mining equipment and its service;
  • the ability to mine cryptocurrency 24/7;
  • no problems with the withdrawal of cryptocurrency.

6. Features of mining in 2018

Before deciding what to choose – cloud or home mining – it is worth checking the relevance of mining in general. In 2018 the extraction of cryptocurrency by mining will be in demand and popular, but it will be accompanied by risks associated with the unstable state of the cryptocurrency market.

7. Conclusion

We hope no one doubts that cloud mining is much more profitable in 2018. Although, if you have a good startup capital and a free room, then you can select the traditional way of hunting for cryptocurrency.

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Crypto Exchange Bittrex Partners With Bitsdaq To Conquer Asia Market

One of the biggest US-based cryptocurrency exchanges, Bittrex, announced that it was partnering with Bitsdaq to open a special trading platform in Asia. This platform will provide different digital assets to the Asian investors.

Moreover, Bitsdaq will operate on Bittrex technology and will be built based on Bittrex’s experience in the blockchain.The platform will allow users to trade various digital tokens, including tokens a available on the Bittrex exchange.

The Chairman and CEO of Bitsdaq, Ricky Ng, said:

“We are honored to bring Bittrex’s extensive cryptocurrency options to the Asia market.….It takes a unique combination of advanced technology and financial expertise to launch an efficient, reliable and secure platform for trading digital assets in Asia. We found the ideal partner to help provide a safe environment for our customers and the entire community.”

In accordance with the statement, the Bitsdaq platform will control a lot of things connected to the management of the platform, such as customer support, marketing, sales and customised development. In addition, it will take care of customer operations.

The day of the launch is yet to be announced, though customers can pre-register for an account on Bitsdaq’s website.

We remind you:

Cryptopia Got Hacked, Crypto Exchange Is Suffering “Significant Losses”

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Coingecko Publishes Its Annual Crypto Report for 2018

The online platform Coingecko published it crypto report for the passed year of 2018, where it analyzed the most important events in the crypto industry, including the market trends, crypto thefts, ICO news, stablecoins, Bitcoin Cash wars etc.

As for the market tendencies, there is no doubt that 2018 was the year of collapse. The total market capitalization decreased by whopping 78.85%, with the main period of decrease falling onto Q4. Meanwhile, the trading volumes remained quite stable.

Regarding the top-5 coins in the rating, they decreased as follows:

  • BTC – by 73%;
  • XRP – by 82%;
  • ETH – by 84%;
  • BCH – by 93%;
  • EOS – by 66%

The largest crypto exchange by the end of 2018, according to the trading volumes, turned out to be Bithumb, followed closely by ZB.com and Binance.

As for stealing cryptocurrency, the estimated money loss from criminals and scammers amounted to around $867.45 million. The biggest crypto theft was Zaif hack which took place in September and resulted in the theft of $23.5 million.

The most popular blockchain platforms for creating decentralized apps became Ethereum, EOS, Steem and Tron.

The synopsis of the stablecoin development in 2018 looks the following way:

Thus, we can definitely see that though 2018 was a hard year for crypto and there were much more downs than ups, the industry is still afloat and developing. Hopefully, 2019 will be a better year.

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Cryptocurrency Prices Today, January 16: Cryptocurrencies Are Again in the Red Zone

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coingecko online platform, Bitcoin (BTC) lost 0.3% over the past 24 hours. The price at the time of writing is $3597 per coin.

Cryptocurrencies are falling in price:

Bitcoin Cash lost 3.78% over the past 24 hours and costs $127 per coin;

Ripple lost 1.74% and is $0.32 in price;

EOS dropped by 1.06%, and its price is $2.44;

Litecoin fell by 4.12%, and its value is $31;

Cardano lost 0.03%, and its cost is $0.043;

Stellar decreased by 1.7% and costs $0.10;

IOTA lost 1.01%, and its cost is $0.30;

Dash dropped by 2.49%, and its price is $71;

Monero
became cheaper by 1.81% and costs $45.

Over the past 24 hours, Ethereum lost 6.06%. The rate of the coin is $121.

The total market capitalization rose to $122 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, this is $64 billion.

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Cryptopia Got Hacked, Crypto Exchange Is Suffering “Significant Losses”

One of the best crypto exchanges of New Zealand, Cryptopia, was hacked. It announced this sad news via Twitter stating that it had experienced a security breach that ended in a “significant loss”. However, the company did not mention any figures of the loss.

Cryptopia has suspended all the activities on the trading platform for an indefinite period. In addition, it has notified the authorities of the country, and now it cooperates with the police and the country’s High Tech Crimes Unit in order to investigate the hacker attack.

“Staff then notified and involved the appropriate Government Agencies, including NZ police and High Tech Crimes Unit who are jointly and actively investigating the matter as a major crime and they are assisting us with advice,” the exchange stated.

This is the first cryptocurrency exchange theft in 2019, however, many customers of different crypto exchanges call into question the security of them, as there were so many incidents that had to teach exchanges how to deal with it. Some users even blame the exchanges, in particular Cryptopia, in a bear market “exit strategy”.

We remind you

The Hackers of the “51% Attack” on Ethereum Classic Returned Half of the Stolen Funds

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Cryptocurrency Prices Today, January 15: Cryptocurrency Is Trying to Regain Its Positions

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) gained 2.9% over the past 24 hours. The price at the time of writing is $3626 per coin, but it remains quite volatile and changes the value.


The rest of cryptocurrencies are also in the green zone:

Bitcoin Cash added 4.99% over the past 24 hours and costs $133 per coin;

Ripple plus 4.58%, and is $0.33 in value;

EOS added 10.17%, and its price is $2.51;

Litecoin became more expensive by 6.66%, and its rate is $32;

Cardano grew by 5.85%, and its value is $0.043;

Stellar added 5.15% and costs $0.11;

IOTA gained 4.92%, and its cost $0.31;

Dash added 2.19%, and its price is $73;

Monero increased by 8.22% and is $46 in price.


Ethereum added 10.5% over the past day. The cost of the coin is $130.

The total market capitalization is $123 billion. Bitcoin accounts for 52.4% ​​of the total volume. In monetary terms, this is $64 billion.

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The Hackers of the “51% Attack” on Ethereum Classic Returned Half of the Stolen Funds

The alleged organizer of the “51% Attack” on the ETC network transferred back $ 100,000 to Gate.io. bitcoin exchange. It was stated by its representatives on their Twitter account:

As a result of the attack, the users of the Hong Kong Stock Exchange had lost about 46,000 ETC. The representatives of the exchange were going to recover the money lost at their own expense.

However, last Saturday, Gate.io reported that an unknown hacker returned about half of the stolen funds. The company tried to contact the hacker. So far, the reasons he returned the funds have not been clarified since the hacker have not responded.

The representatives of the exchange guessed that if the organizer did not seek to profit, it could be a white hacker who wanted to remind people of the risks. Gate.io also noted that the current hashrate of the ETC network is not high enough, which means that the attack might happen again.

Now a successful transaction in the Ethereum Classic network on Gate.io requires about 4000 confirmations. The exchange is confident that this measure will enhance security and recommends other crypto platforms to stick to such measure to protect traders.

We remind you that despite the significant losses of the Gate.io users, the hackers used a simple hacking algorithm:

«Атака 51%» на Ethereum Classic: полный анализ взлома

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