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Guide to Cloud Mining
Gate.io
Updated at:62 days 14 hours ago

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What is cloud mining?

1.Cloud mining makes remote participation in the process of cryptocurrency mining possible. 2.Miners purchase cloud mining contracts to rent computing power. 3.Cloud mining mines cryptocurrencies in the duration of the contract and gives returns to the miners on a fixed schedule. 4.Miners do not have to learn the mining mechanisms, run the hardware and related software, purchase expensive mining rigs or pay for the maintenance. 5.Users only need to purchase cloud mining contracts to become miners and earn profits.

Cloud mining VS. traditional mining

Traditional mining:

Bitcoins are generated through mining. When bitcoins first came into existence, ordinary computer CPUs were enough to mine bitcoins. With more and more participants in mining bitcoins, the computing power of normal CPUs no longer suffice. Now only professional mining rigs are able to mine bitcoins. Investors need to buy their own mining rigs, build a mining farm, manage and maintain them. After purchasing a mining rig, they can also hire a mining farm to house their computers, which can turn out to be quite troublesome as well. The unaffordable cost of traditional mining has made it inaccessible to most investors.

Cloud mining:

Users only need to purchase a certain amount of cloud computing power to participate in mining. Its participation threshold is very low. Users of cloud computing platforms can purchase any number of contracts in accordance with the minimum share specified, and earn mining profits every day within the contract period, which spares risks and the cost of purchasing mining rigs, deploying mining rigs, operating and maintaining the mining equipment.

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How does cloud mining work?

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How to measure cloud computing power?

The hash power (or hash rate) of an S19pro mining rig is 110TH/s, which is to say that an S19pro mining rig calculates 100,000,000,000,000 hashes every second. 1KH/S=1,000 hashes per second 1MH/S=1,000,000 hashes per second 1GH/S=1,000,000,000 hashes per second 1TH/S=1,000,000,000,000 hashes per second 1PH/S=1,000,000,000,000,000 hashes per second 1EH/S=1,000,000,000,000,000,000 hashes per second

FAQ:

Q1: When will my earnings start to accumulate after I purchase a cloud mining contract?

Earnings will be calculated the next day after the cloud mining contract is purchased. For example, User A purchases a cloud mining contract on August 1st. His earnings will be calculated on August 2nd. Earnings made on August 2nd can be claimed on August 3rd.

Q2: How to check the current hash rate and daily output of my contract?

Click on "My Cloud Mining" on the "Cloud Mining" page to view the current hash rate and actual daily earnings.

Q3: Can one user purchase multiple cloud mining contracts at the same time?

Yes. One account can purchase multiple units of the same contract, or different contracts, at the same time.

Q4: When will the mining earnings be issued?

Mining earnings are settled every day and can be withdrawn at any time.

Q5: Do I need to pay electricity and maintenance bills?

There are no additional electricity and management bills. They are already included in the cloud mining contract.

Q6: Why is my actual mining income different from the expected mining income?

The actual income is subject to the current price of the currency, hash power, mining difficulty, and block rewards.

Q7: How is my mining income calculated?

Gate.io does not make any promises for the future profits of the contract but provides a static annualized rate of return as a reference. The static annualized rate of return is calculated assuming that the future price of the cryptocurrency, the network‘s mining difficulty, and block rewards will remain static.

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