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

[Smiles20]

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

You have basically been able to say it all and this means that no matter the kind of resources that you are having there is always a particular type of mining type for you.

 

[Setho]

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.

It is great obvious that and you to the fact that you are going to be using the resources of another people the cloud my name services is going to be generally my expensive than if you are going to pull up resources.

 

[Ononivami]

I don't really know the difference between the two. I think I will have to go get more information on the matter on the YouTube channel. This is where I get necessary information .

 

[Setho]

The difference between the cloud mining and mining pool is very straight forward because one of them you are going to require to buy your resources and share with others why some you just need to pay money to access other people's resources.

 

[Lens]

I don't really know the difference between the two mining process buy It seems that they are the same and could be used interchangeably and that is basically one major thing between the two.

 

[Setho]

If you are going to be cloud mining then it means that you are going to be using resources that have been stored somewhere virtually and you do not own any of them but you are just paying to use them.

 

[Ononivami]

I think the difference is that one is solo mining and the other involve lots of the people. The solo mining involved just one person while the mining pool involved many miners.

 

[Smiles20]

Simple put, Cloud mining is mining of crypto currency from a other people's mining hardware without have to install or purchase a mining hardware yourself.

While mining pool involve a group of miners putting their mining power together to maximize output.

Basically that's the difference.

Thank you very much for taking your time in order to explain this because I am also been having a lot of issues trying to understand how the both of them work so that I can choose which one to go into.

 

[Monster Masterpiece]

I think the difference is that one is solo mining and the other involve lots of the people. The solo mining involved just one person while the mining pool involved many miners.

At first time you will do solo mining until reach the payout. Once the site is legit and pays its users you will go to invest time to bring more miners as you have payment proof. Still mining solo lifetime isn't profitable.

 

[Ononivami]

At first time you will do solo mining until reach the payout. Once the site is legit and pays its users you will go to invest time to bring more miners as you have payment proof. Still mining solo lifetime isn't profitable.

Well I don't know that solo mining is not that profitable but that is what I do to make money from mining. I may have to try out the poool mining option to see the difference between the two.

 

[eenya00]

i would also like to know how this things work, though i do not believe on the general concept of mining as i believe that mining is not profitable on the long run and it is not worth doing because of the resources needed to start.

 

[Good-Person]

i would also like to know how this things work, though i do not believe on the general concept of mining as i believe that mining is not profitable on the long run and it is not worth doing because of the resources needed to start.

Mining pool involves many miners to mine coins by sharing the mining power and they get rewarded when the block gets completed. Cloud mining are pyramid schemes and they have nothing to do with mining.

 

[Honny143]

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.

Before read your comment I thinks both cloud mining and mining pools are same, there are some members contribute their amount in a group, in this way they efford the mining cost and mine a coin, but your detail explanation gives me a new lesson.now I understand both are different.

 

[frederick_9]

A mining pool is formed when several miners join forces to pool their processing power in order to mine bitcoin, which requires a significant amount of computing power.
In contrast, cloud mining is when you connect to a large data center with a lot of computing power through cloud services, and they mine Bitcoin on your behalf.

 

[Planbizzle]

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 more practical because it takes less upkeep and user effort, but mining pools pay out more because miners are compensated for their contributions.

 

[Nomad]

Cloud mining means you rent mining equipment by paying money and you earn mining rewards. You will be basically buying hash rates for mining. A mining pool is a pool of people who combine their computational power to mine crypto. If you want to try mining pool, binance has this feature.

 

[Monster Masterpiece]

Cloud mining means you rent mining equipment by paying money and you earn mining rewards. You will be basically buying hash rates for mining. A mining pool is a pool of people who combine their computational power to mine crypto. If you want to try mining pool, binance has this feature.

A lot of people got scammed with cloud mining online projects where like you say there is a picture of mining equipment and buying the mining equipment but there are only pictures and a script generating funds and paying old users with new users' investment packages by renting mining equipment.