Cloud mining is a method in which individuals participate in the mining of cryptocurrencies, such as Bitcoin, without the need to personally own or manage mining hardware. Instead, users pay a fee to rent mining capacities from companies that possess and operate the mining hardware.
When the rented mining hardware successfully mines a block, the resulting rewards are distributed among the users and the company. The term “cloud mining” draws its inspiration from cloud computing, which involves utilizing a network of remote servers hosted on the internet for data storage and processing, as opposed to relying on a local server.
Similarly, cloud mining enables users to lease a portion of the mining capacities provided by cloud mining companies. The mining operations occur “in the cloud,” removing the need for personal computer-based mining.
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