IS KUCOIN CLOUD MINING PROFITABLE PASSIVE INVESTMENT?

By RashidatAyobami | Nice2you | 21 Jun 2022


There are several ways to earn passive income in crypto and mining is one of them. In this article, you will learn how you can make money online through crypto mining and understand the best and most secure way to mine cryptocurrencies. The concept of mining is as old as Bitcoin, for most people, it is a familiar term, but only a few have ever earned a reasonable amount of money through crypto mining.

What Is Mining

Mining is the process of using electrical energy and computing power to solve an extremely hard cryptocurrency computational problem in reward for a coin. This is done by several computers around the world, they all compete to find the next block by solving a problem, and whoever is the fastest to solve the problem will receive the next block. 

This competition is so hard that ordinary computer stands no chance of receiving a block reward. On the Bitcoin blockchain, mining difficulties keep increasing every year, and the demand for more computational power is increasing.

Also. the role of miners is to secure the blockchain by storing a copy of transactions on all the computers and help in processing and confirmation of all transactions. By doing all these, they prevent double-spend attacks to ensure that the immutability of the blockchain is preserved. Similar to gold mining, if you have the technical know-how of crypto mining, it makes sense to give it a try.

As far as 2011, it was possible to mine crypto with a personal computer, but right now, special computer hardware is required to mine cryptocurrencies. Hence, people who cannot afford to spend several thousand of dollars on mining hardware began to crowdfund so they could set up a mining farm. Later, some companies stepped in, and they offer a more democratized way of mining crypto, this is now referred to as Cloud Mining.

Types of Cryptocurrency Mining

Solo Mining: When you have a reasonable amount of capital to invest in a couple of hardware for mining, you can mine cryptocurrency on your own. It requires investment in electricity, stable internet, a cooling system, and mining hardware. If you don't have the technical requirement to mine crypto, you will have to hire a miner. At the moment, it cost about $2,000 to buy a good miner in  2022. If your goal is to mine crypto on your own, your budget should be about $10k to achieve this. 

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Note: because of increased mining difficulty, solo mining does not guarantee success, you are competing with mining farms that have more hash power. Hard to beat them.

Pool Mining: when you contribute your mining hash rate to a pool, you will earn a share of the reward that comes to that pool based on your hash rate. This may be a better option than mining on your own.

 

Cloud Mining: there is no need to buy hardware, no need to hire a crypto mining technician, or spend money on cooling devices, electricity, or the internet. Everything is done for you, a farm is set up on your behalf and cloud mining takes care of every other thing. What you are paying for is the industrial-grade computing power also known as mining hash. This is what Kucoin offers all its users, you don't need a huge amount of investment to mine with Kucoin Cloud.

How Does Kucoin Cloud Mining Work?

 

  1. If you don't have a Kucoin account, sign-up here

  2. From the homepage, go to cloud mining71ffb2f86576cb3a6666e53f754901557c541dfe8a360881030c46fa7f6cf006.png
  3. Choose the crypto product that you want

Unfortunately, there is no mining event at the moment. You need to keep a tab on the Kucoin new section for future announcements regarding cloud mining, the 7th mining event ended about 2 weeks ago. If an event is ongoing, there would be Buy Now button on this page.

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  1. Click on the 'Buy Now' button
  2. Specify the amount of hashrate that you want to buy
  3. If you would like to prepay the electricity fee, select prepay
  4. Submit your order
  5. Click on Pay
  6. Finish the verification and complete your payment.

 

Conclusion

Crypto mining is pretty easy with the advent of Kucoin Cloud Mining, you don't have to bother yourself with the technical and financial details of the miner, once you buy hashrate, the next thing is to keep checking your account for daily mining rewards. However, if your daily reward would be delayed for any reason, Kucoin will inform investors as fast as possible. This is all about passive income that gives guaranteed returns. I don't know when the 8th mining event will be announced, but it helps to follow Kucoin on Twitter.

 

Resources

https://polygant.net/blog/cryptocurrency-mining-types/

https://www.kucoin.com/cloud-mining/

https://twitter.com/kucoincom

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RashidatAyobami
RashidatAyobami

Am a writer, poultry entrepreneur and video marketer.


Nice2you
Nice2you

Blockchain content creator. Video marketer Crypto enthusiast. Altruist.

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