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

[Justin]

Cloud mining means you buy has power from a mining company and earn profits from mining. Mining pool is also more a less similar concept where you share mining power with other people.

 

[eLdavis]

Cloud mining simply gives you the ability to mine without you buying or installing any of these mining equipments on your system. Why mining pool is a joint cooperation by different miners whereby they combine their resources to strengthen their mining power.

 

[Kaffyfolla]

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. Cloud mining firms allow people to open an account and remotely participate in the process of cryptocurrency mining for a basic cost, makes mining accessible to a wider number of people across the world.whileA 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.

 

[Dagm1]

The term "mining pool" refers to the pooling of resources by miners who share their processing capacity over a network in order to split the reward evenly based on how much labor they put to solving a block. The process of bitcoin mining using a remote data center with shared computing power is known as cloud mining.

 

[Blessedsam60]

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.

 

[Bookwormlux]

cloud mining has two types, you either invest an amount of money and get something in return from their mining rigs, or start mining in virtual private servers, mining pool are a group of people mining a single coin

If this is the case then I believe cloud mining is easier to go about than pool mining since it only involves you making some investment and hope for profits.

 

[Kaffyfolla]

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 whileCloud miners become participants in a mining pool, where users purchase a certain amount of "hash power." Each participant earns a pro-rata share of the profits .

 

[greenie]

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.

 

[Ononivami]

I think that the pool mining as to do with the mining activities involving many people. You would have a lots of people forming a mining group. Cloud mining involves an individual and you would just attach yourself to the mining network.

 

[Bousine123]

Cloud mining can be carried out by an individual while mining pool requires many miners coming together to mine, the both require high power consumption from phone or any device used.

 

[Adasun]

I am just new to this crypto currency world,I do hear his mining from time to time in my study of crypto but have not played much attention to it.for you to ask shows that it is very important.i will study it extensively now and get back to this thread.

 

[Busybee]

This is a beautiful question. Many confuse cloud mining with mining pools. In cloud mining, you rent the resources required to mine through the cloud or online and you are charged on the basis of the resources used and you get rewarded by the coins or tokens generated by your mining operation. In Mining Pool, you would contribute your hardware or PC to the pool so all the machines collectively work to solve the block and earn coins, you are rewarded on the basis of hash power provided by your PC to the network. Joining a genuine mining pool would make your mining operation successful. I won't advise cloud mining to others.

 

[Ononivami]

The two is actually confusing. Mining is actually understood better by those who are actually into Mining activities full-time. I will be watching closely the comments below to get more leads.

 

[zelalem]

Cloud mining is the mining of cryptocurrencies from someone else's mining hardware without having to install or purchase the mining hardware yourself. Mining pools, on the other hand, consist of a group of miners that pool mining power to maximize performance.

 

[Lens]

The two terms are very confusing and I guess that the coud be used interchangeably in the mining context. I will have to do more research on the two terms.

 

[Ononivami]

The two terminologies in the mining sector is very confusing and I think that both could be used interchangeably. They are all pointing to the mining of the cryptocurrency for profit making.

 

[zelalem]

same idea, They are actually similar. A mining pool is a case where a group of miners gather to share the processing resources for mining Bitcoin because a large amount of processing power is required to actually mine Bitcoin. Cloud mining has large data centers with large computing power, so connecting to them through cloud services mines Bitcoin.

 

[Setho]

The mining pool is just a situation in which different minors are going to bring in little resources to combine for the benefit of the community while the other is just one person sharing resources with everybody.

 

[Smiles20]

A cloud mining is an opportunity in which people are able to gather resources and then share them while the other one is one person buying the whole resources and selling it in bits to others who want to use.

 

[Setho]

If you are using cloud mining services then it means that you are paying somebody so that you can be able to use their resources and it is also the most popular type of mining that is available.