Jan 07, 2019 • 16:12
Due to how volatile the crypto market is, we offer a channel where you can rent out a mining rig. Cryptocurrency investment can be tricky, due to how quickly values change in a short time. Thus, we made this review about how to rent hashing power at Mining Rig Rentals. We go over what crypto mining is, setting up an account, and choosing the best option form the market.
We also provide an explanation of how Mining Rig Rental functions and why should you enter the cloud mining market.
Things at Mining Rig Rentals work out quite simply. People offer up their mining rigs, setting up a price level, cryptocurrency mined, and the algorithm used to mine. The site offers a marketplace where you can find miners advertising their operations. Interested clients would check out different offers and choose the best according to their wishes. It is quite possible to join a “mining pool”, whereas several people join the rig.
What makes this platform quite unique in the cloud mining space is the fact that miners do need to provide proofs of actual work. Equipment is essential to create trust within the marketplace. Hence, people seek out algorithms under which rig operates, to ensure the safety of their investments. Whether it is BTC mining or Ethereum mining, you should work only with genuine miners.
The rig should also have an actual mining pool attached to its offer to provide the required supply. Large pools, although increasingly centralized, are the only genuine source of coins these days. For smaller coins, some platforms allow individual miners to work it out themselves. Lastly, clients pay with bitcoin. Thus, if you are searching for a mining rig for Monero, you can exchange it on the favorable rate with BTC.
Right now, bitcoin’s mining difficulty is on the decline, for the first time in years. This means that those that have good mining equipment can profit by mining more coins than usual. As you can see from the graph below, it seems that the decline is steady and won’t spike back anytime soon.
However, prices of cryptocurrencies are on the decline at the moment, pushing many miners into a negative line. Although prices are down, exchanges are not lowering down their fees, so if you wish to sell digital coins through a credit card, you are bound to lose a lot of money on transfer fees. Mining Rig Rentals offers a process that is using crypto only and rewards are immediate.
Buying mining equipment is quite expensive these days, as you need a large amount of hash power to actually mine coins. Without an entire farm, bitcoin mining, for example, would be majorly unprofitable. Thus, cloud mining allows sellers to liquidate their coins quickly while buyers do not need to heavily invest into mining gig.
Now, we delve into the Mining Rig Rental’s platform. Before you open up your account, check out what mining algorithms are available. There are many so you should find your best fit without issues, no matter what you are currently working on.
There are almost a 100 of them to choose from, which accounts for all major cryptos out there in the industry. The screenshot below will give you a general idea on what is available.
Once you are sure about the crypto you wish to get, it is time to open up your account.
At Mining Rig Rentals, all you need is email and password. The only factor of security that the platform requires from users is the email verification. No IDs and no excessive registration process. Simple “click-this-link” job to do, lasting for about 5 minutes in total.
Now that you have an account, you should go offline for a bit and do the math. What kind of equipment should miners have? How powerful is the offered hash power compared to overall difficulty and price? How many coins are they mining regularly and what is the current market price for them?
These are the questions you should ask yourself before choosing a rig. Below, we made a short list of things that you should define before you seek out an ad at Mining Rig Rentals.
– Type of Equipment (its overall value)
– Hash Power offered
– Algorithm used
– Cryptocurrency for mining
– Current crypto price in the exchange
– Mining pool fees
Gather up potential revenues and deduct all fees, including your withdrawal costs. It should give you a pretty good idea on what price you can make an actual profit.
Although you might get an attractive offer, you should check out what kind of mining rig for sale is out there. The low price might not necessarily mean it is a good offer for you if the timeline is too short/long. It also depends on market trends. If a major bear run is expected in near future, chances are that you might get stuck to a bad deal.
The picture above shows just how complex a market can be. You have Antminer offers, which should prompt you to do see how big their actual fees are, based on the country they are living in (electricity). You also have minimum and maximum hours available to consider.
Now, the only step left is to click “Rent Now” and start your first ever cloud mining operation. Keep tabs on results and how many coins you are getting vs. the amount you would make if you mined it.
In this guide about how to rent hashing power at Mining Rig Rentals, we provided an alternative revenue channel for your mining gig. It is important to keep an eye on market trends, as well as competition on the platform. We would suggest this passive income channel to those interested in cloud mining and that do not want to invest a large amount of money into equipment.
You can hedge against market development by choosing short-term rigs. You can profit from small price fluctuations as you get coins daily even during the bear trend.
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