Why I chose Cloud Mining over Hardware Mining

Hey crypto addicts,
My name is CryptoShez and I want to share with you my decision for choosing cloud mining over hardware mining and go into some detail as to why I had made the decision to pursue cloud mining. I have been involved in cryptocurrencies for approximately 3-4 years and I purchased my first bitcoin at a time when they were going for $300-$400. What was I using it for back then? I was buying silly things like PDFs and trying to get information about how to succeed blah blah blah. A few years later, I still have great interest in cryptocurrency and can see its use in the modern world.

Now on to cloud mining and why I chose it over hardware mining. So my cloud mining service of choice is Hashflare which is a legitimate company based in Tallinn, Estonia. They are a very transparent company and have provided enough information to the public to inform us of who they are. What do they offer? Hashflare is a cloud mining service in which you purchase a mining contract for one year from a number of profitable mining pools. I have made several withdrawals and can put your minds at ease when I say that you do see monetary rewards. I am in no way sponsored by them, however I can earn affiliate rewards if you follow the link I have provided here and sign up - https://hashflare.io/r/5028A211 (I'll be honest, that this will benefit me if you sign up through my link). I would like to discuss the options that were presented in front of me before I decided to go ahead with cloud mining and give you an idea of what factors encouraged me to go ahead with cloud mining through Hashflare as opposed to hardware mining.

Initially, I was at a crossroads and was given the option of mining with actual rigs. I make a very good income and these types of opportunities do come my way and I am able to afford investing into them. However, when I observed the path of mining with hardware, many factors and obstacles discouraged me from pursuing the path of the hardware miner. Allow me to elaborate - firstly, I do not have the space that will allow for a dedicated mining room. After having done some research I realised that in order to maximise my mining endeavours I would require several things and one of the main requirements was a well ventilated and cool room. A single mining room produces a significant amount of heat and if one were to leave a single rig in a small bedroom, the temperature change would be noticeable. From my perspective, I want to move this endeavour into a large scale operation some day and the sheer amount of heat that would be produced from the number of rigs I intend to have is just not practical in the spaces that I have access to. Hence, this was the first barrier in my pursuit of cryptocurrency mining.
The second problem I faced was maintenance. I have a good understanding of technology and hardware, however putting together a rig I realised required some technical prowess that at this stage was slightly beyond my capabilities. I know that if I were to dedicate some time to it, I would eventually figure the situation out. However, my time constraints don't allow me the luxury to explore such knowledge and hence, this made me come to the realisation that initially, this could be a full time job which I don't have the option of dedicating my time to. Perhaps in the near future I would consider hardware mining if I could overcome this barrier, but for the time being, this is a significant barrier in front of me.
The third problem I faced was scarcity of hardware. At the time of this writing, the search for GPUs has become somewhat of a legendary adventure. When I was initially offered to have a go at hardware mining, my hardware was already bought - 6 GPUs, a motherboard, power supply and some risers amongst a few other requirements. So I had the capability to begin - but the issue of obtaining hardwares became a big deal and due to scarcity, the investments required for a GPU became more expensive and considering future investments this posed a serious problem in my opinion. If I wanted to scale my operation up, I will most definitely have to face this problem some time in the future.

The culmination of the above issues I faced discouraged me from purchasing a hardware rig and to top it off, my main concern was indeed maintenance as I was offered a maintenance fee of $400 per month (which is unreasonable in my opinion). So what did I decide to do in the end? I decided to pursue cloud mining and let me list some of the reasons below as to why I felt it should be the path that I pursue and I will also inform you of the cons of it.

Firstly, the number one reason I chose cloud mining with Hashflare over hardware mining was the convenience factor. This is probably the most appealing thing about cloud mining. There is no need for maintenance, there was no requirement on my end to pursue graphics cards and I didn't have to worry that my GPU will blow up overnight or that I would lose my internet connection or my PC would update randomly etc. All that was required of me was to purchase hashing power and accumulate the cryptocurrency I had chosen to mine. So essentially for me, the number one reason that I chose cloud mining was for convenience (I am a very busy person).
Secondly, this reason does extend upon convenience but at the same time it is the primary reason as to why I decided to go down the path of cloud mining over hardware mining is the compounding effect. What do I mean by this? Well basically what I'm saying is that the convenience of constantly reinvesting my accumulated cryptocurrency and slowly increasing my hash power is the most convenient and simplest way to help grow my mining power. The power of compounding is the absolute number one reason I chose cloud mining over hardware mining. If you have any understanding of mathematics, you would know that compounding is a powerful technique to growing an account. Now I know what you're thinking, you can just do that with hardware mining and yes this is true. However, the primary difference is that with each rig or GPU, the requirement would be that a said amount of dollars must be acquired before you can upgrade your mining system to the next level. However, with cloud mining you can reinvest on a daily basis and this is the most appealing factor of Hashflare in my opinion. The compounding formula shows that a more frequent compounding has a far better effect than a compounding that occurs over a more stretched out period. So the daily accumulation of mining power is the greatest advantage that Hashflare's cloud mining service offers.
Finally, Hashflare has additional bonuses like referrals which can help increase your hash power and thus help you to accumulate more cryptocurrency. Referral bonuses require you to possess some presence online however, any little accumulation is worth acquiring. So if you are interested in signing up on Hashflare then please use my referral link - https://hashflare.io/r/5028A211.

A few pieces of advice before you decide to embark on any type of mining journey. I have listed the pros and cons above so please make sure that you read them thoroughly and that you understand what you will be getting yourself in to. Another factor that you should think about is the amount of your initial investment. Hashflare has this rule that a certain amount of cryptocurrency is required in your account before you can withdraw it. Now for the power of compounding to be extremely effective, a large amount of hash power is initially required and this will need a fairly large initial investment. So if you have this type of money lying around and you wish to start a new income stream then consider cloud mining as a simple alternative and hassle free way to acquire some extra wealth. However, if you cannot invest big in the beginning, then some extreme patience may need to be observed on your behalf as you will not see any gains or benefits to something like Hashflare. In fact, if your initial investment isn't large enough to allow you to do a reinvestment at least a few times in a month, then it may just be like wasting your money. You can make some of it back or if the price of your cryptocurrency goes up you can see some good returns, but please bear in mind a solid initial investment is highly recommended. As a guide, a minimum of $10,000 is a good start to your mining account.

Ok so that's about everything I can give to you at this stage. Please keep returning to my blog and over the next few days I will reveal to you how my account is going and what my plan for acquiring more cryptocurrency is. Until then, happy crypto-vesting!