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The Ultimate Guide to Cloud Mining

The Ultimate Guide to Cloud Mining

Cryptocurrency cloud mining can be marked today as one of the most well-balanced ways to make passive income. Best cloud mining providers enable customers to earn BTC (as well as other coins) without any knowledge and purchase expensive machines. The whole process is pretty easy. Even if you’re an absolute beginner.

So what is in fact crypto cloud mining? By simplifying the definition of this technology, cloud mining is a process of creating new coins using rented facilities of the providing companies. The equipment can be placed anywhere at the remote Data Centers maintained by cloud mining providers. The company takes care of both hardware and software. So you don’t have to purchase any machines or special apps and programs.

There are several models of cloud mining. Host mining, for instance, implies the renting of mining rigs (a specific kind of equipment). In turn, the renting hash power model of cloud mining involves the renting/leasing of shared power capacities generated by the remote mining farm. It is the easiest and the most profitable way to create passive income in bitcoins, as well as some altcoins (just like Ethereum, etc.)

The key advantages of cloud mining

If you already set your sights on crypto cloud mining, you have to discover the major benefits of this type of creating cryptocurrency. Here are some key advantages of cloud mining over the ‘classic’ version.

  • You don’t have to buy and configure any special equipment.
  • No technical and IT knowledge is required.
  • Cloud mining is the only way to mine cryptocurrency without sky-high electricity bills.
  • Most cloud mining websites offer pretty high profitability rates.
  • Those who are interested in crypto diversity can easily mine different cryptocurrencies using the same platform.
  • Virtual crypto mining allows mining BTC without heat and noise. You don’t have to keep any devices at home.

How to start earning crypto

Another major benefit of cloud mining is the fact this process is literally for everyone. All you have to do is just choose a legit website and purchase a contract that matches. There are tons of cloud mining companies out there. So it’s not that easy to choose a trusted one. Use verified sources related to cryptocurrencies to make sure you’re not investing in scammers.

Note cloud mining comes in several plans offering different hash rates. A hash rate in cloud mining indicates how many coins the rig can mine at any given point in time. The most powerful plans bring the biggest yield from the cloud mining process. To put it another way, the bigger the hash rate you’ll purchase under your contract, the sooner you will start to see real results on your account. Mined crypto can be transferred to any cryptocurrency wallet (and also to a bank account or credit card).

Resume

So, after taking a closer look at the Bitcoin cloud mining technology, you can see it is such an easy and pretty gainful way to make a stable income without major investments. Sure it is not that ‘magic’ money-making scheme that will make you rich in two blinks. And yet, you can create a good income in BTC that is absolutely passive (and it’s really easy).

Bitcoin Shows Bearish Signs, Risk of Breakdown Below $56K

Bitcoin failed again to clear the $58,500 resistance against the US Dollar. BTC is declining and it might accelerate lower below the $56,000 support in the near term. Bitcoin is struggling to move above the $58,000 and $58,500 levels. The price is just trading above $57,000 and the 100 hourly simple moving average. There was::Listen

Bitcoin failed again to clear the $58,500 resistance against the US Dollar. BTC is declining and it might accelerate lower below the $56,000 support in the near term.

  • Bitcoin is struggling to move above the $58,000 and $58,500 levels.
  • The price is just trading above $57,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate lower if there is a clear break below the $56,000 support zone.

Bitcoin Price is Struggling

Bitcoin price failed to gain pace above the $58,500 resistance zone. BTC is slowly moving lower from the last swing high at $58,890. There was a break below the $58,000 level.

The price traded below the 23.6% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. Besides, there was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now just trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,500 level. The first major resistance is near the $58,000 level.

Source: BTCUSD on TradingView.com

The main resistance is still near the $58,500 level. A clear break above the $58,500 resistance zone could open the doors for more upsides. The next key resistance is near the $60,000 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $61,200 level.

Fresh Drop In BTC?

If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,000 level. The first major support is now forming near the $56,800 level and the 100 hourly SMA.

The next major support is near the $56,000 level. It is near the 50% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. A downside break below the $56,000 support may perhaps push the price towards $55,500. Any more losses might start a major decline towards $52,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $57,000, followed by $56,000.

Major Resistance Levels – $58,000, $58,500 and $60,000.

The Ultimate Guide to Cloud Mining

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