Binance Enters Cloud Mining
• Binance has recently launched a group of BTC mining products and entered the cloud mining industry.
• Users can lease a mining contract, buy hash rates, and begin accumulating mining rewards from Binance’s pool.
• Google Cloud also started offering mining services in 2021.
What is Cloud Mining?
Cloud mining typically means BTC miners do not have to purchase and maintain the expensive equipment required to mine crypto currencies. Instead, they can lease a mining contract from a third-party service provider, purchase hash rates (hash power) and start collecting rewards from the company’s pool.
Top Crypto Mining States
As of 2021, the U.S., China, Russia, Iran, and Kazakhstan were declared as the top crypto-mining states. Among these countries is also Google Cloud which started offering its own cloud mining services but only after obtaining their initial written approval first. Other cloud sites that offer similar services include iBit, Binance, ECOS, StormGain, Hashing24, and Nicehash.
Is Bitcoin Mining Profitable?
Bitcoin mining does have high returns if you can afford decent equipment or obtain a good enough contract with a third party provider. However small scale miners should manage their expectations since many institutional investors dominate the industry nowdays.
Bitcoin Hash Rate at ATH
The computing power (hash rate) required for the Bitcoin network reached an all-time high earlier last week at 320 EH/s which was 10% more than early February and 44% increase since December 2022. At present bitcoin’s hash rate is 293.21M which is slightly lower than 299.63M recorded 24 hours ago; this could be attributed to increased uptime of miners in United States which coincides with increase in bitcoin price despite recent market volatility in crypto currency investments space