Earning more and more bitcoins on a daily basis is something we always dream. However, considering the current bitcoin rates, a vast majority of the public just cannot afford to buy bitcoins. If we focus on GPU mining, that too distracts many newcomers since they cannot manage to set up such huge hardware for mining. Nor can they bear the costs for electricity and other resources. After it became difficult for an individual to continue bitcoin mining, several professional Cloud mining services emerged offering to do the honors for you. Though it apparently seems attractive that you just hire someone to mine bitcoins for you, there lies an array of risks with it. These risks prove GPU bitcoin mining better than cloud mining.
How Is GPU Bitcoin Mining Better Than Cloud Mining?
If we compare the features of both hardware GPU mining on your own and the Cloud mining, we can witness a clear dominance of GPU mining. Let’s take a quick look on what underlying risks make GPU bitcoin mining better than cloud mining.
- Cloud mining requires you to pay a significant amount as the maintenance fee. You remain unsure about what kind of maintenance are they investing on.
- Cloud mining services are vulnerable to hacking.
- Risks of cheating and frauds.
- The payout is much lower than what you can get from your GPU mining.
Remember The NiceHash Incident?
No one can forget the recent massive cyber attack on a popular cloud mining service ‘NiceHash’. Due to some technical weaknesses, the hackers successfully robbed the company’s wallets causing the loss of over $62 million. This incident hints towards the less secure nature of cloud mining. Once again, GPU bitcoin mining wins the debate.