Cloud mining is an automated process usually relying on a third party with the required computer systems powerful enough to perform at the standard required to solve massive mathematical tasks. Miners often pay companies to rent out their mining machine, or rig, to perform the mining for an arranged contractual period.
The earnings generated by the rig go straight to the miner’s wallet. The companies providing these rigs often specialise in cryptocurrency mining and have the means to provide the electricity and cooling systems required to operate huge facilities housing thousands of rigs.
Potential miners wanting to get started using the cloud method need to first find an online host and a payment plan.
The plans vary in costs and offer mining services for anywhere between month-long to lifetime contracts. All that is required is payment, then the mining will begin.