As an emerging cog in the global digital economy,
cloud mining offers a tool for enthusiasts to mine cryptocurrencies such as
bitcoin without having to acquire hardware or other oft-required elements. On
the heels of this development, growing numbers of companies are offering cloud
mining accounts at an affordable cost.
Once established, cloud miners become
participants in a mining pool that allows them to purchase certain levels of
“hash capacity.” This gives them a share of profits proportional to the amount
of hashing power that’s been allotted to them. Since cloud mining is
facilitated by the cloud, issues associated with equipment maintenance and
energy costs are mitigated. All mining rigs are housed and maintained by a host
company, with the user simply needing to register and buy mining contracts or
New Energy, New Solutions
On course to become a
formidable player in the cloud mining world is Hashtoro, a U.K.-based cloud
cryptocurrency service that provides a turnkey means of acquiring computing
power without the need to purchase hardware or actually mine cryptocurrency.
Hashtoro is equally suited for
everyday users as well as companies seeking to jump into the game and diversify
their portfolios across mining platforms without having to acquire and maintain
hardware equipment. An active company that launched in May of 2018, Hashtoro is
already offering Bitcoin, Ethereum and Litecoin mining contracts. Hashtoro’s
infrastructure is situated in several crypto friendly European locales that
provide access to cheap renewable energy sources.
New users can utilize cloud mining for
bitcoin and altcoins immediately upon receipt of payment. Payouts are issued
daily, while allowing users the ability to reinvest mined withdrawals. Detailed
metrics are available to evaluate and assess mining activity levels.
“We offer cryptocurrency
solutions for users that desire to get into crypto mining but can’t afford to
buy, or lack the technical knowledge to set up, mining equipment,” said Hashtoro’s
chief product officer Alexander Petersons. “Our
mining opportunities are available even to those with low budgets, as our
platform has a low barrier to entry. The minimum price to start mining is just
20 euro, which is a major advantage over our competitors.”
Petersons went on to say that
Hashtoro’s users range from the tech savvy to the nontechnically inclined.
Users, he said, all are seeking to take advantage of the potentially high
financial returns in the crypto market.
“There are many types of
investors in the crypto space, much like you would find in any other commodity
market,” Petersons explained. “Our potential investors are typically in it for
the long haul.”
Another beautiful feature about
Hashtoro, according to Petersons, is that the company mines all three
cryptocurrencies, LTC, BTC and ETH, in equal proportions, in order to spread
“For example, early in the
year, it was very profitable to mine ether and litecoin, but when their prices
fell, it became more lucrative to mine bitcoin,” Petersons said. “Our system
determines which currency is the most profitable to mine at the current moment
and dynamically switches to mine that particular currency.”
Then there is Hashtoro’s instant
“Normally, you would need to
wait a long time until the equipment is delivered,” Petersons said. “Shipment
and customs can take a while. With Hashtoro, users can start getting their
profits straightaway, after payment for a contract is made. Our service also
features regular daily payouts which allow users to regularly reinvest their
earnings to purchase more hashrate or just hold [the profits] in their Hashtoro
Charting a New, Eco-Friendly
Hashtoro’s infrastructure is
fueled exclusively by renewable energy. This is why the project is rapidly
becoming one of the most profitable and ecologically safe cloud services on the
That optimism, however, has
been tempered a bit by recent market volatility.
“While the market has
experienced a period of decline in 2018, I believe that it’s temporary,”
Petersons said. “The fact is that it’s probably the seventh time that the
cryptomarket has been declared ‘dead.’ But it will recover again.”
Petersons believes that “under
certain conditions,” bitcoin could still reach $50,000 this year. With this
price uptick, he predicts a shift from personal- to cloud-based mining due to
the growing difficulty of hash calculations.
“We are on a steady course to
providing customers with the best service in cloud mining, by offering cheap,
unlimited mining contracts with low maintenance fee,” he said. “We feel that
this service helps to lower the threshold for first-time users to entry,
minimizing the risks concerning the maintenance of bitcoin mining farms. So
yes, no doubt, I expect there will be more cloud mining in upcoming years.”
Note: Trading and investing
in digital assets is speculative and can be high risk. Based on the shifting
business and regulatory environment of such a new industry, this content should
not be considered investment or legal advice.
This promoted article originally appeared on Bitcoin Magazine.