Okay, I've always said it to myself that its never possible to mine crypto using any software equipment or gadget to mine crypto. You'll only mine it using a hardware.
Whats the difference between cloud mining & mining pool section??
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There are certain coins you can mine using your gadgets like smrtphones. There is a coin called Pi coin and it can only be mined using your smartphone. The downside is that it has no value as of now because it has not been released yet. It might be released in the future and you can benefit through it by mining it now.
But we all know that's never real Cryptocurrency, rather token of appreciation for participating in their airdrop site cos they're working to come live.
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Well, until or unless they release it, we cannot say for sure what will happen. It might be possible that they might never release it. It might be possible that they might release it on blockchain but the value of this coin would be very low than anyone can expect and this is why I do not think it is worthy enough to mine it.
If they are simply saying the truth about the prospect of the coin. By now they supposed to have created the coin to CE live by now and not wasting peoples time.
When a lot of people have complained about being scammed when it comes to mining has made it something that I don't really fancy to do no matter how much they present t it o be real.
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I think it is quite simple and understandable. Pool mining is when a group of mine has come together to share resources in order to mine cryptocurrency.
Cloud mining is when a company offer to mine for many users by setting up a mining farm with the option to mine for others. But mining pool is like the group that an individual will join to connect with other miners to mine together
I really don't know anything about mining pool system but I think cloud mining is just like mining with the help of the internet. This is not even effective enough when it comes to mining
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Cloud mining company are companies that allows crypto currency Investors to mine their coin from the internet even though some people are now saying it's fake and not effective
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- #71
The. Eat we can invest here is mining pool. Of we are miners we can earn huge forming mining blog with other miners to mine real crypto but it takes expertise to become a miner.
Cloud mining is similar to crowd funding, people gather their resources together to mine Bitcoin since the requirements might be too much for one person
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They are kind of similar actually. Mining pool is when a bunch of miners come together and share processing resources to mine bitcoin because you need large amount of processing power to actually mine Bitcoin. While cloud mining is when there is a large data centre with large processing power so you connect to them via the cloud services and they mine the Bitcoin for you.
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- Thread starter
- #74
Yes, it is crowdfunding cryptocurrency scheme. Where they collect funds from different invest and invest collectively. Their are legit ones and fake too.
For example, crypto tab browser enables one to mine bitcoin with a smartphone, that's cloud mining but pool is different as it has to do with connected systems
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Personally, I have been hearing about these mining platforms but did not show any interest in knowing the difference between them because my online earnings do not come from any of these platforms. But it is still good that I have gotten to know about the knowledge here from each comments above. I appreciate all those who shared their thoughts.
A mining pool is a resource driven mining platform or stake in which a lot of people or number of people come together, combine resources to achieve the target of farming cryptocurrencies.
While in cloud mining, you connect to a platform and on your own look for ways to mine the coins. Of course, there's more to get in a mining pool
While in cloud mining, you connect to a platform and on your own look for ways to mine the coins. Of course, there's more to get in a mining pool
Waw I dont know much such but with the available comments make by people about the topic I found it more Interesting to have a better knowledge and understanding about their differences and the similarities on how they work.
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Cloud mining could simply be likened to paid to mine on a mining network. The cloud mining as different mining speed packages. The packet you subscribed for, would determine the speed of mining. The mining pool is simply mining in group. You would contribute resources to mine .
Cloud mining is a personal mining from you device using your hashrate, while pool mining is investing in a pool of Miners and you get you own share of the coins generated
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