Bitcoin mining commonly requires mining hardware which the miner normally pays a huge amount of money to acquire. Cloud mining does not require hardware. However, the miner needs to pay for cloud mining although the cost is not as much as the cost of acquiring hardware.
You’d normally pay a monthly subscription fee to the cloud provider. The hash rate runs at a high speed, for example on popular sites like Genesis Mining and HashFlare. For an appropriate comparison of the success rate of bitcoin hardware mining vs bitcoin cloud mining, you need to equally consider the research estimated time frames. For the majority of miners, anticipating for profit is not necessary within the first three to six months.
The right duration of time to expect to make profits as a miner is between 10 to 15 months. Your success rate is mostly determined by the cost of a cryptocurrency, electricity cost, and the type of mining rig you utilize. Actually, cloud mining is not very viable. For instance, HashFlare Scrypt and SHA-256, as of the 30th of May, 2018, requires roughly 3,828 and 3,983 days to make a return on investment on BTC alone.
At times, you face some subscription problems with cloud mining when it may become extremely challenging to keep paying your monthly subscription even when the market is bearish.
Although there are no strict guidelines pertaining to the normal time frame to earn 1 Bitcoin from mining, your rate will depend on the hashing power of your mining pool. In addition, it will also depend on the type of mining hardware you are using.
You need to put these factors into consideration if you are planning to invest in Bitcoin mining as a means to make money online.
