Whats the difference between cloud mining & mining pool section??

[Eodine]

Cloud mining enables mining of cryptocurrencies, such as bitcoin, without installation of expensive mining hardware. A mining pool is a joint group of cryptocurrency miners who combine their computational resources over a network to strengthen the probability of finding a block or otherwise successfully mining for cryptocurrency.

I have added another knowledgeable idea about mining today. Thank you fo this very enlightening information now I understand that mining pool is collective while loud deals with mining hardware on computer devices

 

[Debola]

I have heard many things about mining pool and cloud mining. But i never know how this two mining system works. I'm still gruelling about how they work and the big difference between them.
Can any one explain the difference between mining pool and cloud mining system??

Cloud mining is a mechanism to mine a cryptocurrency, such as bitcoin, using rented cloud computing power and without having to install and directly run the hardware and related software. ... Since this form of mining is done via cloud, it reduces issues such as maintenance of equipment or direct energy costs.

 

[Muradkhan]

A mining pool is a collection or group of miners who share the efforts and the rewards of mining cryptocurrency. Every time a cryptocurrency transaction is made a cryptocurrency miner is responsible for both ensuring the authenticity of information and also updating the blockchain with the transaction

 

[Debola]

Cloud mining is a mechanism to mine a cryptocurrency, such as bitcoin, using rented cloud computing power and without having to install and directly run the hardware and related software. ... Since this form of mining is done via cloud, it reduces issues such as maintenance of equipment or direct energy costs.

 

[Onachukwu]

mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block

 

[Mawome]

It's still the same thing they are all mining platform they work hand in hand, and I have done so many of them. Both mining through telegram and mining through pool the only thing that makes them somehow different that bot has an app while pool is done on website that's it.

 

[Heatman]

I have heard many things about mining pool and cloud mining. But i never know how this two mining system works. I'm still gruelling about how they work and the big difference between them.
Can any one explain the difference between mining pool and cloud mining system??

Personally, I'm not sure what either of them means in a more depth sense. I'm only aware of the fact that both of them end up paying you a certain amount of cryptocurrencies when you must have completed the mining process required and reach a withdrawal limit.

 

[Sincerem]

Personally, I'm not sure what either of them means in a more depth sense. I'm only aware of the fact that both of them end up paying you a certain amount of cryptocurrencies when you must have completed the mining process required and reach a withdrawal limit.

To reach their minimum withdrawal threshold isn't an easy one, one gave to work their ass out in oder to meet such high minimum withdrawal threshold of theirs. The best is to collaborate with group of miners to be mining crypto as a group and share reward together.

 

[Heatman]

To reach their minimum withdrawal threshold isn't an easy one, one gave to work their ass out in oder to meet such high minimum withdrawal threshold of theirs. The best is to collaborate with group of miners to be mining crypto as a group and share reward together.

Seriously, it's not a kids play because you will keep working and working for months but still won't see anything in terms of being able to reach their withdrawal limit. It's such a shame that they set it too high and make earning very low.

 

[Sincerem]

Seriously, it's not a kids play because you will keep working and working for months but still won't see anything in terms of being able to reach their withdrawal limit. It's such a shame that they set it too high and make earning very low.

Very bad, instead of they will beg for users to help them for free and promote their website/app, they're busy making yeast of those members. With minimum withdrawal threshold which can't be reach till thy kingdom comes.

 

[Princeeffiong]

I have seen several post where a guy tried to explain that cloud mining can he compared to individual doing the mining himself. If the crypto currency or the workers of mining in block chain while pool is referred to as doing a contract.

 

[Sincerem]

I have seen several post where a guy tried to explain that cloud mining can he compared to individual doing the mining himself. If the crypto currency or the workers of mining in block chain while pool is referred to as doing a contract.

Yeah, someone explained it in the previous page of this thread. I got his message well. Cloud Mining refers to group persons sharing a blockchain, mining crypto like BTC, BCH, ETH etc. While mining pool, refers to where people invest in mining section by contributing to one hardware to the other in order to facilitate the mining network. At the end of each agreement, payment is disbursed to those that partake on it.

 

[Good-Person]

Cloud mining is a kind of ponzi scheme where the "miners" supposedly take money from people and "invest" in hardware. They claim that they pay investors a share on their investment when they invest their money in the mining process. Obviously, most of the claims made by cloud mining companies are bogus. Mining pool is a kind of web-based online system that allows miners from different part of the world to put their share of power in order to mine cryptocurrencies.

 

[joy101]

I think cloud mining is enable mining cryptocurrency like bitcoin mining can likened mean individual mining or cryptocurrency mining without acquired any help.

 

[Sincerem]

Cloud mining is a kind of ponzi scheme where the "miners" supposedly take money from people and "invest" in hardware. They claim that they pay investors a share on their investment when they invest their money in the mining process. Obviously, most of the claims made by cloud mining companies are bogus. Mining pool is a kind of web-based online system that allows miners from different part of the world to put their share of power in order to mine cryptocurrencies.

That's ponzi in another, they aren't what they claim to be, just fraudulent at the end. Those men doesn't mine any real Bitcoin, those are scam sayings.

 

[nimzy]

This topic really sound new to my hearing am also not aware of the difference between the two words but I am much interested to have more knowledge about it and their differences if it will be shared on this platform by those who knows much about it.

 

[Sincerem]

This topic really sound new to my hearing am also not aware of the difference between the two words but I am much interested to have more knowledge about it and their differences if it will be shared on this platform by those who knows much about it.

Cloud mining and mining pool looks similar. In legit cloud mining site you invest in your money like you do in mutual funding or crowd funding. The company will use your funds to to invest in to their crypto mining and psy you percentage based on your contract terms.

 

[Heatman]

Why am I not really interested in anything called mining? Could it be as a result of my past failed experiences with all the kind of cryptocurrencies mining I have tried?

 

[Good-Person]

Why am I not really interested in anything called mining? Could it be as a result of my past failed experiences with all the kind of cryptocurrencies mining I have tried?

Many people lose interest in mining because they usually do not earn a good amount of money mining. The reason is simply because they have old computers and they would need to invest a really good amount of money buying hardware. Mining is not for everyone and I believe it is only for those people who are willing to invest a really good amount of money and patiently wait for money to grow.

 

[Heatman]

Cloud mining and mining pool looks similar. In legit cloud mining site you invest in your money like you do in mutual funding or crowd funding. The company will use your funds to to invest in to their crypto mining and psy you percentage based on your contract terms.

Seriously, they are quite similar in so many ways and when you take a good look at it, you will definitely undoubtedly understand that there isn't much any difference.