Page 1 of 1

Pool vs Cloud Mining.

Posted: February 1st, 2018, 5:04 am
by Amily
I need a simple explanation what are the differences between pool and cloud mining. Thanks for your answers!

Re: Pool vs Cloud Mining.

Posted: February 12th, 2018, 8:48 pm
by josehernandez
Amily wrote:
February 1st, 2018, 5:04 am
I need a simple explanation what are the differences between pool and cloud mining. Thanks for your answers!
Mining pools are groups of cooperating miners who agree to share block profits in proportion to the mining hash power contributed.

While mining pools are convenient for the average miner since they narrow the differences in profits and make them more predictable, unfortunately they concentrate power in the owner of the mining pool.

Miners, however, may choose to redirect their hash power to a different mining pool at any time.

Re: Pool vs Cloud Mining.

Posted: February 13th, 2018, 5:40 am
by alexanderisora
Whereas cloud mining is a process of using a remote computer to mine cryptocurrency. You pay to rent hashrate and and pay a small maintenance fee.

Pro tip: keep away from cloud mining projects. Many of them are scam sites that aggregate money of noobs and act like a classical ponzi. If you want to earn on crypto just buy BTC and hodl it. You will win with zero headache :)

Re: Pool vs Cloud Mining.

Posted: February 13th, 2018, 6:40 am
by Amily
Oh thank you guys! Ur the best :D

Re: Pool vs Cloud Mining.

Posted: February 20th, 2018, 6:14 am
by Linda
If you buy one ASIC you most possible will fail to mine a Bitcoin because there is a huge competition. However, if you unite with other small players in a pool, you will get a lot more chances to get the reward.