I have previously taken a look at some of the things you can do over at Kucoin, today I will take a closer look at their Cloud Mining. The aim is to answer all the questions you have about how it works and how to get in on it.
KuCoin is the people's exchange
That is not just a moniker, it is more than that. It is something you can clearly see if you take a closer look at the KuCoin site. It is by the people for the people. And this is why it is known as the people exchange. This is shown in their over 18 million users spread out over 207 countries in the world. And if you have any concerns about whether that is a recipe for success, they are listed at a top 5 exchange over at both CoinGecko and CoinMarketCap. And in my book that is pretty successful.
One of the things that have made them so successful is that they are often referred to as the #1 altcoin exchange. This is because they have over 700 assets and over 1200 trading pairs. So if you have some altcoins you want to swap for something else, heading over to KuCoin is a safe bet. They also have such gems as BLOK, CHMB, VR, KMA, and DAO make their primary listing KuCoin.
KuCoin is known as the people's exchange for a very good reason, 18 million users spread out over 207 countries
You can also use their on-ramp to turn your fiat into crypto. This crypto you can then Stake or lend. But you can also partake in some of their trading options like Margin-, Spot-, Futures- and P2P fiat trading. And while I myself only have gotten my toes wet with regards to trading it is something that I am looking to explore further in the future. It is good to have an excellent one-stop-shop for my trading needs like this.
Cloud Mining, what is it?
You probably have heard about mining, where you use either a GPU or an ASIC Miners to mine crypto. There are other types of mining also, but those two are by far the most popular and widely used ways to mine. Some of the drawbacks of this type of mining are that it draws a lot of power, often makes a lot of notice, and produces a lot of heat not to mention you have to tinker with it a fair bit. Not to mention the upfront cost of buying an ASIC Miners, not that GPUs are cheap or anything.
Cloud Mining solves most of these problems for you, how so? Well, they allow you to either buy or rent part of or complete ASIC Miners. These are housed on-site, and the important part here is the site is not in your house. And these sites can be thought of as a server hall. Where they have several of these ASIC Miners, and they have professionals who tend to their daily upkeep as well. The wast majority of these ASIC Miners are mining Bitcoin. That is because they vastly outperform any GPU when it comes to mining just Bitcoin.
Cloud Mining basically solves all the hassle that surrounds mining. And you generally only need to pay for electricity. Sounds good so far? Wel most companies usually take a cut of tr profit, as their way of getting paid for the service. These fees are generally in the region of 50% of the profits. So there are some drawbacks. Another extremely big drawback is that there are a ton, and I do mean a ton of Cloud Mining scam sites out there. So be careful. Do your own research and do it thoroughly.
KuCoin, what are they offering?
What does KuCoin offer when it comes to this. Well, The biggest part is that KuCoin is a known entity and a brand that has delivered quality products time and time again. So when they said that they were starting up a Cloud Mining service, it evidently piqued my interest. First of all, because I was already using them, so I had already done my research. No more need to try and research a company that only offers Cloud Mining Services. With KuCoin you know what you get, they also have 24/7 support and a good reputation.
The second part is it is easy to use and start-up. After you go to KuCoin.com and register your account. You then will find Cloud Mining in the menu up top, under "Earn".
This shows you where to find Cloud Mining on KuCoin after you have registered and logged in to your account
On the Cloud Mining page, you then can choose what type of contract you want. You put in the hash rate you want to buy and then click buy. My tip for you is that you also pre-buy your electricity, that way you do not have to do that every day. But you can do it once a week or once every two weeks instead. The amount of electricity you use is calculated on a daily basis, but as we very well know the price of everything can fluctuate.
And now you just need to click the buy button one more time and we are ready to start. And now you are ready to start your mining.
Some of the things you will notice that are different with KuCoins Cloud Mining compared to others is that it in general is much easier to buy and start. Which is a great thing for us not-so-tech-savvy people. It will give you steady earnings of Bitcoin. And an easy to use interface on the main site. But the biggest advantage they have over their competitors I would argue is they offer you 100% of the profit. So they do not take any part virtually every other competitor does.
They also only use some of the best ASIC Miners on the market, the S19jpro and M30S++ models. And a quick google search should show that those are some of the best ASICs currently on the market.
They also offer you scalability, meaning that you can decide how much you want to invest. Often many other companies have fixed contracts. So you either need to pay that amount or you cant participate. But here you can decide how much you want to invest yourself. MEaning it is sure to fit every wallet size. We get back to the people exchange gain here. Leaving no one behind. this allows virtually everyone to participate in mining, no matter how big or small your wallet is. Allowing you to take part in some long time earning. So this type of deal is a very good option if you are looking for some long-term investments.
There is however one thing that you should know. And that is you have to be on your toes if you want to join in on the Cloud Mining train. As it only stops at the station so often. What I mean by that is that they have events, and during these, you are able to sign up. If you miss it you need to wait for the next one. The last one was from June 10 to June 13th. So you know what they say about worms and AICS, if you get a worm in there you got a lot of cleaning to do.
This is what the page will look like in between sign-up events
So do keep this in mind if you like me are trying to invest and sign up. The last announcement was done 0n the 9th, so one day before. So you got to keep on your toes in order to not miss it. If you want to jump here directly and check if there is any sign up going on you can do so here.
I hope that you have found this look into Cloud Mining to be informative and useful, and I now hope that you will be able to make a decision if whether Cloud Mining is something you want to look into further. If you have yet gotten an account ok KuCoin. I would very much appreciate it if you would consider using either my referral link or my referral code when doing so. You can find my referral link on any of the above KuCoin or here below.
Referral Link: https://www.kucoin.com/ucenter/signup?rcode=rPD4DK7
Referral Code: rPD4DK7
Thank you for considering it.
What are your experiences with Cloud Mining, have you tried it out before? Or did you perhaps not know of it before this, if so is it something you would consider trying? Please comment down below in the comment section.
If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead. You can find my other posts here and here. And also consider using my referral link for KuCoin above.
I have also just started a new series of weekly posts, that will go live every Friday. You can catch the sixth step here:
Why I started writing at Publish0x - My Journey to Financial Freedom
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Picture provided by: https://pixabay.com/, KuCoin.com, https://unsplash.com/