Mining – the process of verifying transactions and packing them in blocks to send to the blockchain – is a critical component of many networks, including the largest one – Bitcoin.
It’s the foundation around the entire cryptocurrency ecosystem (for a large part) is built on, and it is absolutely paramount to the concepts of crypto. However, it’s also very technical.
It’s a process that requires complex technical setups in terms of both hardware and software, sufficient electrical supply, and, if it’s made efficient – a dedicated storage space that’s being kept at the right temperature.
The above in itself put forward plenty of barriers to entry for many retail investors who don’t have access to significant capital. In essence, it bars retail investors from meaningfully participating in a way they can also earn a considerable profit.
Cloud mining comes as an attempted solution. The following explains what Cloud Mining is and looks at one of the more popular providers.
What is Crypto Cloud Mining?
The crux of the concept comes from the word cloud. It’s a virtual space. Cloud mining allows retail investors to put as much money as they are comfortable with and, in return, rent cloud mining space from a company that normally operates (or rents itself) data centers.
In essence, cloud mining is the way to mine crypto using a remote data center with shared processing power.
This particular type of mining allows users to mine BTC or other cryptocurrencies without having to manage hardware on their own.
The mining rigs themselves are housed and maintained in a facility that’s owned by a mining company. The customer simply needs to register and purchase mining contracts or shares – depending on how the agreement is framed.
An important consideration here is that users are strongly advised to make proper research into the cloud mining provider that they choose. Just as with a lot of other initiatives in the industry, there have been instances of fraud, so it’s important to maintain vigilance.
What is FancyCrypto?
FancyCrypto is a cloud mining provider, and according to its website, it has earned the trust of hundreds of thousands of users.
The company’s mission is to make mining more accessible to everyone, enabling access to large-scale technology and industrial data centers from virtually any device or location. The website claims that FancyCrypto operates between 2% and 10% of the world’s cloud mining hash rate.
FancyCrypto was founded in London in 2016. As a pioneering cloud mining company, Fancy Crypto has already carved out a reputation as being a trustworthy hash rate provider for over 360,000 users all over the world. It wants to provide access to large-scale industrial data centers aided by cutting-edge technologies to make cloud mining available to everyone.
The platform allows the mining of multiple cryptocurrencies, which include: Bitcoin, Litecoin, DOGE, Ethereum Classic, and others. It also offers a range of different packages that users can purchase, starting from cheaper ones for $10 and getting to as high as $5,000. The daily profits also range, depending on the contract of choice. Their packages include:
Free cloud mining: Such a contract stays valid for one day and costs $10. It has a fixed return of $10.15.
Experienced project cloud mining: It is priced at $100 and is valid within your days. Its fixed return is $105
Ethereum project cloud mining: It is priced at 300, valid for five days, and has a fixed return of $324.
The platform has a range of other packages of up to $5,000, all of which you can check on the official website.
Some of the features of cloud mining through FancyCrypto include:
There are no hidden fees or commissions – users are able to monitor every transaction in a transparent dashboard.
There’s no hassle involved, as users don’t have to set up their own mining hardware and install relevant software. The platform’s dashboard is made to be easy and comprehensible, even for people without experience.
Many platforms only offer Bitcoin cloud mining. FancyCrypto has a more versatile range of products that users can choose between.
Summary
FancyCrypto has been highly impactful to the cryptocurrency cloud mining scene. It has emerged as a preferred choice for many users who seek a feature-packed, economical, and hassle-free mining experience.
If you want to explore further details, take a look at the official website:
Disclaimer: The above article is sponsored content and is intended for promotional purposes only. It does not represent the opinions or the views of CryptoPotato, and nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
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