KelyMiner‘s mining pool enables the earning of Bitcoin and other cryptocurrencies through cloud mining.
Cryptocurrency miners competitively use specialized computers to solve complex cryptographic puzzles to earn newly minted tokens.
Mining operations resemble large data centers. Miners “pool” their computational power to collectively earn more and share greater rewards.
Cloud mining refers to outsourcing computational power from someone else’s mining farm. Users pay for the computing power and then receive rewards.
In October 2021, KelyMiner’s cloud mining service was launched, allowing users to earn rewards from the KelyMiner pool without purchasing equipment.
What is cryptocurrency mining? How do miners make money? What is a mining pool? Before understanding the pros and cons of cloud mining and how to start with KelyMiner, The Author will explain all of these.
In October 2021, KelyMiner introduced cloud mining, a new product that enables users to earn mining rewards from KelyMiner’s cryptocurrency pool without the need to buy, set up, or run mining equipment. By paying for computing power through KelyMiner’s cloud mining product, users’ mining rewards are sent to users daily.
However, before considering registering for cloud mining services, it is crucial to understand the product users are buying. This article will outline cryptocurrency mining, how miners make money from it, and what a mining pool is. The Author will also explore how cloud mining works, its benefits, and how to try cloud mining with KelyMiner.
What is Cryptocurrency Mining?
Mining is the process of verifying cryptocurrency transactions between users and adding them to the public blockchain ledger. Mining also introduces new coins into the existing circulating supply.
For the purposes of this article, The Author will discuss mining on the Bitcoin network (though the following applies to coins that use similar mechanisms). This is a complex process worthy of its own article, as any deep dive into mining requires an understanding of hash transactions, Merkle trees, block headers, and hash rates.
However, one key thing to understand is that miners compete with each other, using specialized computers (mining hardware) to solve complex cryptographic puzzles. The first miner to find a valid solution can broadcast their transaction block to the blockchain and earn the block reward.
Users can view it as a payment of newly minted currency to the successful miner (plus transaction fees). These payments incentivize miners to maintain the blockchain and complete the work of collecting and verifying transactions.
How Do Miners Make Money?
For Bitcoin, the current block reward is 6.25 BTC, plus any transaction fees included in the block. Blocks in the Bitcoin network are created on average every ten minutes. Essentially, this means every ten minutes, a miner in the network can earn 6.25 BTC plus transaction fees.
From a business standpoint, miners must invest in mining hardware and pay for electricity to run these machines. The goal is for the income earned from block rewards to exceed their operational expenses. However, this is not guaranteed – some miners may incur losses if their expenditure on machines and operational costs exceeds their income from rewards.
Simply put, the more times a miner’s computer first solves the cryptographic puzzle, the more money they make. The more machines and mining power Users have, the more likely Users are to be the one to receive the block reward. This has led to the creation of mining pools.
What is a Mining Pool?
The core of a mining pool is computing power. In cryptocurrency mining, the term “hash rate” refers to the speed at which a mining computer can perform calculations. Hash rate is directly proportional to profitability: higher hash rates mean a greater chance of mining a block, which means miners have a better chance of earning the most important block reward.
Today’s mining operations are essentially like large data centers. The more machines miners have, the higher their hash rate, and thus the more block rewards they are likely to receive. As a result, miners will “pool” their resources, joining together to combine their hash rates into a “mining pool.” Due to the increased collective strength, the probability of finding new blocks also increases, thus they can collectively earn more and share larger returns.
Rewards are shared according to the computing power contributed by miners in the pool. For example, if a single mining operation contributes 10% of the entire hash rate of the Kely
Miner pool, they will receive 10% of the pool’s earnings. Small mining operations are less likely to first receive block rewards, but by contributing their hash rate to the group, they can earn a proportionate share of the more frequent income from a larger pool.
Cloud mining does not require users to own specialized hardware to mine cryptocurrencies, making it easier for them to participate in the mining process. Moreover, since Users are essentially renting computational power from someone else, there is no need to set up electrical systems or worry about storage issues.
In the most basic terms, cloud mining allows Users to rent hash rates, thereby contributing to the decentralized function and existence of blockchains. At the same time, Users also have the opportunity to earn income from the mining rewards allocated to Users.
This is because cloud mining typically requires Users to sign a fixed contract, paying for computing power and electricity over a specified period. The expected income during the contract period may bring profit, but if the price of the token Users are mining falls during this period, Users may end up incurring losses. Cloud mining does not guarantee profits. By purchasing KelyMiner.net’s cloud mining, Users enjoy a fixed income with contract income guarantee, with KelyMiner offering 30-day, 60-day, and 90-day cloud mining contracts.
How to Start Cloud Mining with KelyMiner
If Users want to start cloud mining, KelyMiner is a safe choice. With KelyMiner cloud mining, Users don’t have to worry about hardware, site procurement, or mining farms. We take care of all the operations and maintenance, while Users can enjoy the benefits of being part of a verified cryptocurrency mining pool and receiving Users’ rewards.
Ready to buy computing power to generate income? Just log into Users’ KelyMiner account, click on “Buy Computing Power,” and then enter “Cloud Mining.” Users will see all cloud mining products under [Market]. Choose a product and click on “Buy Now.”
Adjust the amount of computing power Users want to buy and choose Users’ payment currency. Currently, payment currencies such as USDT, BTC, USDC, ETH are supported. Users will see the total payment amount, estimated start time, and duration.
Please note, once an order is confirmed, Users cannot edit or cancel it. Users’ daily mining income will be settled after 24 hours. After settlement, Users’ mining profits will be credited to Users’ KelyMiner earnings account.
Bitcoin Cloud Mining Website: https://kelyminer.net/
Contact: [email protected]