Is Bitcoin Cloud Mining Worth It, And What's The Alternative?

The first stop for people wanting to venture into the wonderful world of Bitcoin Mining is usually Cloud Mining. It isn't hard to see why, either: You hand over a few bucks every month, and they reward you with some Bitcoin in exchange. But dig a bit deeper and you will find that Cloud Mining isn't actually worth it, and there are much better alternatives out there. Here's why (and what you should be doing instead).

Before we dive into the disadvantages of Cloud Mining, we first need to touch on the potential benefits, starting with the most obvious: You don't have to purchase specialized hardware. That advantage carries a number of sub-advantages, with the most important two being that you don't have to cover the added electricity cost and there's no constant humming of the fans needed to cool all of the necessary equipment.

Related: How To Mine Bitcoin

Now, the disadvantages. With Cloud Mining, there's a higher risk of being scammed — the entire operation takes place online, and there are chancers lurking around every corner looking to make a quick buck. The return on investment is also incredibly low, because the operators have to cover their costs and turn a profit (they're running a business, after all), and you have a lack of control over what's being mined and how often.

So, what's the alternative? We could be being a bit biased here, but we're going to recommend a Coinmine. It's what's known as a Plug-and-Play Bitcoin Miner. All you need to do is hook it up, then you're ready to start Mining. It's also flexible, letting you switch between different Cryptocurrency as and when you wish using a dedicated mobile application, and emits less sound than an AC and requires less power than a PlayStation.