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Introduction - what is cloud mining anyway?

in Bitcoin 'mining' is when people use their computers to help process transactions and keep the network running. In order to keep everything secure, miners must perform 'proof of work' calculation - this ensures that there is a cost to participating in the process and prevents people from trying to scam the system by fraudulent activities such as 'double spending'. Over the years, hardware manufacturers have produced specialist computer chips called ASICs, which are really good at performing these calculations. These specialist computers are so much better than normal computers that you can't really compete with them, so you need to buy special mining hardware if you want to get involved. For most people buying ASICs and running them is too expensive and difficult. It is also true that in order to make a profit you need access to low cost electricity, which most people do not have. To bridge the gap between big commercial mining in data centers, and ordinary people wanting to get involved, cloud mining was born. This usually involves buying a certain 'hashrate' - a certain number of calculations per second - from a commercial provider. You may also need to pay an ongoing fee for electricity, depending on how the contracts are structures, although this is likely to be less than what you would pay at home.

Free Cloud Mining

If you just want to dip your toe into the water and give this thing a try before getting more involved and perhaps making a more significant investment, you can take advantage of a special trial offer being run by HashOcean, in which they give a free cloud mining contract (a small one, but still worth having) to every new customer who registers on their site. Click here to visit HashOcean. Or go here to see a comparison of the best cloud mining sites.