Mining is one of the pillars of crypto, and it not only secures so many Proof of Work networks and helps thousands of people build passive income streams. The future belongs to crypto as fiat systems collapse worldwide, and it is imperative to build passive income streams through crypto to go with our declining fiat currency streams. However, not everyone can jump into mining easily due to high equipment costs and sometimes a lack of know-how to go with it.

So what’s the solution? Cloud mining!

Cloud mining allows everyone to start mining without investing in expensive mining rigs. Thanks to many cloud mining services around the globe, anyone can start mining in a few, easy, simple steps.

You can start cloud mining Bitcoin and many alt-coins today, but how? In this guide, we will discuss everything you need to know on how to build a passive income stream with cloud mining.

How to Build Passive Income From Cloud Mining

To understand the process of generating passive income with Cloud Mining, you first need to know what cloud mining is and how it works. Cloud mining removes the need for expensive hardware, and instead, third-party providers rent out computing power to users who wish to mine Bitcoin and other alt-coins. There are two primary forms of cloud mining.

  1. Renting Virtual Hash Power
  2. Renting Physical Mining Farm

Renting Virtual Hash Power

Renting virtual hashing power involves paying a third party to acquire cloud computing power. You don’t need any hardware equipment whatsoever to start mining. All you need to do is create an account with the cloud mining provider IQ Mining, choose a plan based on how much hashing power you need, make the payment, and start cloud mining. Truely has done a great article on the best cloud mining providers; you can compare plans and see reviews.

Renting Physical Mining Farm

Renting a physical mining farm means you will be acquiring physical equipment from a cloud miner. Yes, you can rent physical hardware from cloud miners based on your needs. However, this method requires you to ensure good ventilation to keep the hardware cool, maintain the equipment, and have a good internet connection.

How to Start Crypto Cloud Mining

Based on the things we discussed above, you need to choose what type of mining you wish to do and follow the steps:

  • Solid and stable internet connection
  • Cloud Mining account
  • Some amount of crypto to pay for the resources
  • A crypto wallet that supports your coin

Risk Warning: Cloud mining, like any other crypto-related venture, is not free from scams and crypto volatility. Before choosing a Cloud Mining service provider, always DYOR, speak with community members, and read reviews.

I hope this guide helps you understand crypto cloud mining. If there’s something you want to add, take it to the comments below. To read more about Blockchain and crypto, visit our Crypto Content Hub.

Tell us what you think