What is cloud mining?
What is mining?
Mining, in the context of cryptocurrencies such as Bitcoin, is the process of creating new blocks to the BTC blockchain in exchange for rewards. It is the only way to obtain BTC. It involves validating and adding new blocks to the blockchain by solving complex mathematical problems. Miners, who contribute their computational power to this process are rewarded with newly created BTC and transaction fees. This process is known as mining.
BTC utilizes the PoW (proof-of-work) consensus mechanism, which allocates currency based on a miner's computing power. Miners with higher computing power have a higher chance of mining a block than others.
What is a cloud mining ?
Cloud mining involves purchasing mining machines, hosting facilities, and managing daily operations and maintenance. BitFuFu offers cloud mining services that allow users to lease miner hashrate, enabling them to flexibly choose their desired hashrate and rental period. Users can start mining without the need to purchase mining machines or handle mining facility matters. This allows users to start cloud mining immediately.
Advantages of cloud mining services:
Selectable rental periods
Real-time mining process monitoring
Daily output payment
BitFuFu is a fast-growing digital asset mining service and a world-leading cloud mining service provider. BitFuFu has been invested by, and is the exclusive cloud mining strategic partner of BITMAIN to date, the world’s leading cryptocurrency mining hardware manufacturer. BitFuFu is dedicated to fostering a secure, compliant, and transparent blockchain infrastructure, offering a variety of stable and intelligent hashrate service solutions to a global customer base. Leveraging its expanding global mining facility network and strategic partnership with BITMAIN, BitFuFu enables institutional customers and digital asset enthusiasts to mine digital assets efficiently. With a robust business model covering cloud mining, miner hosting, and self-mining, BitFuFu is well-positioned to navigate market volatility and facilitate the vertical integration of the global digital asset mining industry.
Updated on: 08/06/2023