The choice of mining software depends on the mining equipment in use; some software works best with ASIC miners but may be inefficient with other miners such as GPUs and CPUs. Others work on ASICs and other miners such as FPGAs, GPUs, and CPUs. It is therefore important to consider those factors for crypto mining. To get the best crypto mining results, you need to carefully examine the most suited mining option for you.
Crypto mining software may also be challenging to install on most computers used at home today; most modern mining software only gives the best when installed on high-end computers that cost significantly more than the computers used in most homes. Therefore, it is vital to consider a mining option that substantially reduces the costs and risks associated with home/individual mining and increases your chances of getting profits. That is where hosting-based crypto mining stands out!
What is Hosted Mining?
Hosted crypto mining describes a convenient mining method in which anyone can rent or purchase mining equipment located at a mining farm or facility run by a firm. Such mining facilities are usually located away from living areas due to the noise and heat produced as they typically contain thousands of miners. Hosted mining offers five significant advantages over individual mining.
- There is no demand for physical attention from mining investors once the mining process begins, unlike individual mining, where the miner must always physically attend to the mining set-up.
- There are more chances of making profits since operating costs are shared among the miners, and thus, personal expenses are reduced. Individual miners have to bear their costs alone.
- There is the flexibility of mining different cryptocurrencies because hosted mining firms typically have different types of miners suited for mining various cryptocurrencies. Individual miners may be limited in the choice of cryptocurrencies to mine.
- Security is taken seriously. Hosted mining firms typically operate standard security levels to keep clients' private keys safe.
- Technicians are always on hand to maintain and service the miners.
Hosting-based crypto mining also presents a few drawbacks:
- The profitability of hosted mining, similar to other mining methods, depends on the price of the mined coins; thus, profits are not always guaranteed.
- Some claims hosted mining promotes centralization; however, these claims are unfounded.
- Another advantage of hosted mining is that people who subscribe to it do not need any technical knowledge about crypto mining. Yet, it is advisable to know how hosted mining works to make the best decision to begin your mining activity.
Hosted Mining: How the Best Crypto Mining Method Works
The concept of hosted mining was born from the rising financial and physical requirements for profitable crypto mining. Those needs resulted from an increase in the complexity of mathematical equations needed to record blockchain transactions. As a result of that increase, CPU miners gradually became inefficient. Mining equipment was upgraded to GPUs (more effective than CPUs but lack full strength) and the modern ASIC (application-specific integrated circuit) miners.
But the increase in the cost of mining crypto means that individual miners may be unable to profit after purchasing costly computers, software, and ASIC miners and then paying more for electricity and cooling equipment. That is why hosted mining is the best option for people who want crypto mining in their financial plans.
Mechanism of the Process
When transactions are made on a blockchain such as Bitcoin, blocks are generated and then verified by computers owned by miners. Once verified, the blocks are then added to the public ledger, and the miner gets rewarded for doing the work. But it is a bit more complex than that. When blocks are generated, two miners may provide the computational power to solve the complex mathematical equations to verify the blocks. Still, only that miner that has done more work than the other (hence the proof-of-work protocol) will get rewarded for that block.
Therefore, miners generally use more powerful computers and stand a better chance of getting rewarded for mining. But this brings the problem of working space, heat, and noise associated with using many ASIC miners. To make it more convenient, miners can adopt hosted mining services offered by a data center.
This is how a hosted mining facility is set up:
- A data center provider firm obtains a facility for use as a data center. Data centers are used to host mining servers for clients. They are usually located in places with favorable weather and electrical conditions.
- The firm purchases and installs high-end computers with mining software and thousands of the best ASIC miners for bitcoin mining.
- Clients can rent the servers for mining (colocation) and purchase these servers through a purchasing service offered by the data facility. Clients can also buy servers directly from the manufacturers through a purchasing service provided by the data facility.
- The data centers offer dedicated and pooled power of mining equipment to mine a variety of coins. Each client gets a daily report of their miners' costs and profit on a dedicated dashboard. The adoption of websites with dashboards through which clients can interact with the data centers makes it easy for clients to get regular and live feedback from their server. In this way, hosted mining differs from turnkey and classical mining, which rely on the clients purchasing mining equipment.
Crypto mining hosting is a relatively new and easier way to mine cryptocurrencies than the classical mining method. Hosted mining makes it easier and more efficient for anyone to start crypto mining and increase their chances of making profits from it. The efficiency of hosted mining is a direct result of the mining model and the choice of typically reduced capital requirements. Bitcoin hosting mining is gradually becoming popular as many people find the method more rewarding and less demanding.
Best Coin Mining with Minery Hosted Crypto Mining
Minery's hosted crypto mining offers clients a way to explore crypto mining in a simultaneously convenient and efficient manner, increasing clients' chances of making profits from crypto mining. The Minery mining firm is a client-focused data center provider that is helping clients around the world to explore crypto without any discomfort to them. Here is how Minery operates.
How Minery's Hosting Service Works
Minery's hosting mining service is responsible for setting up, maintaining, and administering the data center for clients. Minery purchases servers and miners directly from manufacturers and installs them using the latest versions of mining software on high-end computers. The result is a tremendous computing power that increases the chances of making profits from crypto mining.
Once clients subscribe to the best bitcoin mining schedule available on Minery, we begin their mining process and send daily billing reports to their dashboards. Clients continue to receive updates by email, phone, or PC and can access their dashboards at all times. From our end, we maintain the servers in optimal conditions with a team of well-trained engineers that is always on hand for routine maintenance. We use a variety of ASIC miners to maximize the profit potential.
Although we store the mined coins, all of our clients have access to withdraw their profits from their dashboards at any time. We only keep the mined coins in a safe wallet to prevent a loss from the growing threat of cyber theft; clients have complete control over their profits at all times. We offer redundancy of 99.9 % and mining insurance to help our clients avoid a loss of hash rate from their mining equipment.
Benefits of Minery Hosted Crypto Mining
Here are some of the benefits that you enjoy with Minery hosting mining service:
- Professional hosted mining: Minery data center provides a reliable way to mine cryptocurrency with some of the best bitcoin miners in the industry today. We deploy industrial best practices and follow the highest standards in crypto mining. Our customer-first approach brings many benefits to mining that clients will enjoy. If you want one of the best crypto mining services, Minery is an excellent place for you.
- Minery's data center is located in Siberia, one of the coldest places on earth. The cold environment dramatically reduces the costs of cooling the ASIC miners. Siberia's low-cost carbon-free energy also significantly lowers the overall mining costs.
- Lower capital and cost-per-coin: We purchase our servers and miners directly from the manufacturers and resell them to our clients at lower prices. In this way, you can lower the initial capital you put into your mining process. In the end, the average cost-per-coin is significantly lower than the individual classic mining method.
- Mining efficiency in the economically-positive region helps you save time, space, and physical energy.
- 24/7 proactive monitoring to detect downtime quickly. Our maintenance team is always on hand to attend to issues and resolve them as soon as they occur.
You can begin your crypto mining financial plan today at the comfort of your home without ever having to do any physical work. Why not take advantage of our unique offering today?