Is Cloud Mining Safe?
Cloud mining is quickly becoming one of the most popular methods of gaining a source of blockchain-based passive income. Almost everyone agrees that mining crypto on the cloud can be very profitable; but is cloud mining safe?
Crypto Mining: a Safe Source of Blockchain Income
Investing in cryptocurrency can be very profitable. However, different methods of investing in crypto can greatly vary both in profitability and in the risk involved.
Crypto trading, especially with a high leverage, can be very profitable, but it’s also extremely risky — to the point that it often resembles gambling more than actual investing. On the other opposite of the spectrum is buying Bitcoin and holding it in a cold wallet — it’s as secure as it gets, but the short-term profitability is very underwhelming.
Crypto mining is generally considered a balanced form of gaining crypto income. Mining cryptocurrency is profitable, but it is also very safe — much safer than trading.
Are All Types of Crypto Mining Equally Safe?
The traditional method of mining crypto — setting up and configuring a mining rig all by yourself — can be considered the most secure method of mining. Simply put, if you do all the work on your own, there’s nobody there who can scam you.
However, the traditional method of crypto mining is becoming less feasible with every passing day. Even if you are an IT expert with enough knowledge to build and configure a mining rig, and you have an access to a cheap source of electricity, you still won’t be able to compete with specialized crypto mining companies which own giant mining farms providing amounts of hashing power unachievable for an individual miner.
As crypto-mining started to become less accessible, cloud mining was invented to keep crypto mining accessible to the general public. In simple words, cloud mining allows people to share the maintenance costs of running a crypto mining operation, and in turn be eligible to receive a share of the mining profits.
Cloud mining allows anyone, anywhere in the world, to benefit from crypto mining by purchasing hashing power from a cloud mining service provider. Unfortunately, this can potentially create new threats to investors’ funds.
The popularity of blockchain technology and cloud mining caused hundreds of different cloud mining providers to appear. As could have been expected, many of them turned out to be ordinary scams: investors paid for attractive cloud mining contracts hoping for great returns, and they never saw their money again.
Hashpower Platforms: The Most Secure Method of Cloud Mining
In order to enable people to benefit from crypto mining while completely removing the risk of falling victim to a mining scam, specialized hashpower platforms like GHPEX were invented.
Hashpower platforms are intermediaries connecting carefully vetted hashpower providers to investors willing to purchase it. Platforms like GHPEX are not only providing an easy, familiar way of buying hashing power similar to investing in crypto on a marketplace like Binance or Coinbase, they are also massively enhancing the security of investing in cloud mining.
Thanks to GHPEX, buying and selling hashing power can be conducted in a safe, reliable and regulated manner, which allows the investors to be sure that they will not fall victim to a scam and get exactly what they paid for.
Conclusion
Before the invention of hashpower platforms like GHPEX, cloud mining was considered controversial and even risky by some blockchain experts. While mining cryptocurrencies is a safe process in itself, many cloud mining service providers advertising on the Internet were blatant scams created to take away people’s money and never give anything in return.
Hashpower platforms were created as the crypto community’s response to a large number of scams giving cloud mining a bad name. Thanks to platforms like GHPEX, buying hashing power and cloud mining can be done in a secure and reliable manner, with all the risks mitigated to the minimum.
