Cloud Mining Vs. Hardware Mining: What’s Better?
Crypto mining is one of only a few ways to earn easy passive income. You can get rewarded for performing computing tasks simply by leaving a miner running. MetaBlox’s free WiFi network, for example, is provided by routers that function as miners. After buying a MetaBlox NFT for cloud mining or a MetaBlox miner for hardware mining, it’s easy to start earning crypto.
But what’s the difference between these options? Cloud mining and hardware mining are the two main ways to earn passive income in the form of crypto. Given below are overviews of these two mining methods which explain their differences.
Hardware Mining Basics
Hardware mining is an independent enterprise that miners themselves are solely responsible for. With hardware mining, you need to buy, install, and maintain your own mining computer in order to collect the crypto it issues.
For instance, after obtaining a miner, you will need to pay for its power consumption and arrange to install it in an appropriate environment. Some miners need to operate in an air conditioned environment, while others need special equipment or even permits.
Due to these costs of maintaining the right conditions, people investing in hardware miners should ensure the equipment they select is as efficient as possible.
People doing hardware mining also need to set up a virtual wallet compatible with the tokens they mine.
Moreover, hardware miners need a deep understanding of the type of mining they are doing and the software that helps carry it out.
To reduce maintenance and operational costs, hardware miners typically enter into mining pools which share resources for a small percentage fee of tokens mined.
This provides a support network that heightens processing power and ultimately mining returns. Mining pools offer a chance of obtaining a significant yield return, which can be used to counter the higher operational costs of hardware mining.
MetaBlox Hardware Mining
MetaBlox mining rigs will be available for purchase so that you can take all the $MBLX tokens issued by one. MetaBlox miners are special because they function as WiFi routers, giving anyone with a decentralized digital ID (DID) access to Web 3.0. When a miner validates a DID and issues its holder a web credential, it issues a token. These $MBLX tokens can be staked and converted on exchanges.
The more verifications it makes, the more tokens the miner’s owner gets. That’s why it’s best for hardware miners using MetaBlox rigs to install their miners in high-traffic locations.
Cloud Mining Basics
Cloud mining is different from hardware mining because cloud miners do not actually own the mining computers issuing their tokens. Instead cloud mining usually works by renting equipment or purchasing the rights to the tokens issued by a miner. Profits from the miner are accessed and withdrawn via the cloud, usually through an app or desktop website.
Cloud mining allows the process to be carried out using the resources of a provider, allowing customers to reduce costs. Services required for mining are easily obtained remotely through the Internet, hence the term ‘cloud mining’.
Cloud mining is becoming a popular mining method because the miners work remotely and their maintenance costs are often covered by the provider. This service eliminates the onus of high installation and operating costs, and of needing advanced mining knowledge.
MetaBlox Cloud Mining
One great example of cloud mining is MetaBlox’s upcoming network of miners that will send crypto to the cloud. These $MBLX tokens will go to holders of MetaBlox’s cloud-mining NFTs. Anyone who holds the NFT after December 12th, 2022 will start collecting the tokens issued by MetaBlox miners.
Since they’re maintained by MetaBlox, these miners come at no cost for NFT holders, who will make ongoing income from the mining profits.
The NFT holders seamlessly collect these tokens via the MetaBlox app, and can load them onto their crypto wallets. Like with MetaBlox hardware mining, those tokens will be stakeable on the MetaBlox app and convertible on deFi platforms.
The MetaBlox NFT goes on sale on OpenSea on September 6th, 2022.
Cloud vs. Hardware Mining
While hardware mining requires quite a lot of knowledge, dedication, and investment, cloud mining is cheaper and doesn’t require expert skill. So ultimately cloud mining is the superior way to mine crypto. Anyone who’s just starting out with mining should look into cloud mining, but also hardware miners who want to find a cheaper and easier way to earn crypto.
To learn more about cloud mining, visit MetaBlox’s website and social media channels.