Crypto Terms:
Letter C
What is Cloud Mining?
Meaning:
Cloud Mining -
the process of using rented cloud computing power to mine cryptocurrencies.
Let's find out Cloud Mining meaning, definition in crypto, what is Cloud Mining, and all other detailed facts.
Cloud mining is a method of cryptocurrency mining that outsources operations to countries with cheap electricity costs and colder climates.
Cryptocurrency mining requires users to adapt their computer hardware to handle the computational work which secures blockchain operations. Users receive rewards in newly mined coins for the achieved mining progress.
The crypto mining space is in general quite competitive, regardless of which blockchain it is dedicated to. How fast a user can mine or what share of the reward they may be eligible to heavily depend on the efficiency of their equipment, commonly referred to as the mining rig. This massively depends on the computational power, or hash rate, of the device.
Hashrate is the measure of how many hashes a mining device can calculate per second. The most common measurements are GH/s (gigahash per second) and TH/s (terahash per second).
Another important factor is energy consumption and efficiency. ASIC devices, machines built for the sole purpose of crypto mining, require intensive electricity resources to generate a larger amount of terahashes per second. These costs have to be covered by the miners.
Furthermore, due to the heat produced during mining, the devices can overheat. Additional energy resources are required to cool the devices and remove the heat from the mining systems.
Mining cryptocurrency can be a complicated process altogether, as it requires not only access to specific hardware but also software expertise to ensure that the mining operation is properly optimized. Additional expenses can include hiring the services of hardware experts or engineers.
Cloud mining was developed to make the mining process easier for those who cannot spare the resources required to get started. Cloud mining companies have their operations set up in regions with cheap electricity and naturally colder climates. The hash power produced by these mining rigs can be rented out to remote clients using mining contracts.
Cloud mining is particularly useful for small-scale miners as they do not need to make the massive investments of setting up for the initial mining. It is also convenient for the service providers as they do not need to take up the full risk of crypto mining. They are also able to quickly expand their services as they make income from the mining contracts.
private key<\/strong><\/a> that is required to sign a transaction so the funds could move from the wallet.<\/p>\n<p>Besides, <strong>multi-signature <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">wallets are considered to be a more safe modification of a cryptocurrency wallet.<\/strong> That is because several institutions or people are needed to offer their own unique keys prior to enabling access to the stored money. But in some cases, these wallets might lack protection.<\/p>\n<p>To configure these signature requirements you could need two out of a total of three keys to unlock the funds. The keepers of these keys are the co-signers.<\/p>\n<p>Speaking of businesses, reserving a big amount of the organization's cryptocurrency funds on a single-signature wallet would put them at risk of getting their savings stolen. Keeping that in mind,<strong> if access to a wallet is permitted only after multiple co-signers provide their keys<\/strong>, it precludes the funds from getting stolen or misused by any staff member.<\/p>\n<p>To release cryptocurrency funds, it might be necessary for it to be co-signed, in some cases. The most employed way is the basic security increase of a personal wallet by using a multi-signature wallet and <strong>gathering the signatures needed to access it on multiple devices<\/strong>. <\/p>\n<p>As a result, individual users can safeguard themselves from one or more of the keys being lost or stolen.<\/p>","definition":"is an extra individual who has some authority over a cryptocurrency wallet.","status":"published","meta_title":"What is Co-Signer? Definition & Meaning | Crypto Wiki","meta_description":"Co-Signer meaning: Co-Signer - is an extra individual who has some authority over a cryptocurrency wallet.","meta_keywords":null}"
:prev-section="{"id":170,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Cloud_computing","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-27T15:01:59.000000Z","slug":"what-is-cloud","title":"What is Cloud?","section":"C","keyword":"Cloud","content":"<p><strong>A cloud refers to a group of servers that can be reached through the utilization of an internet connection.<\/strong> It is the availability of the computer system resources, information storage, and computing power.<\/p>\n<p>The servers of the cloud usually are separated into different data centers all around the globe. By benefiting from cloud computing, companies, and individual users are not obligated to control physical servers, making it possible to access remotely.<\/p>\n<p>This is the reason why individuals are able to log into their Instagram or any other social media accounts on a new phone after the old one stopped working.<\/p>\n<p>Furthermore, by employing the cloud architecture, programs and documents from any device may be entered. This is related to computing and storage taking place in the data center rather than locally.<\/p>\n<p>Speaking of cloud computing, there are several service models such as:<\/p>\n<ul>\n<li>Software-as-a-service (SaaS)<\/li>\n<li>Platform-as-a-service (PaaS)<\/li>\n<li>Function-as-a-service (FaaS)<\/li>\n<li>Infrastructure-as-a-service (IaaS)<\/li>\n<\/ul>\n<p>Users can either choose to utilize <strong>a public cloud, a private cloud, a hybrid cloud, or a multicloud.<\/strong><\/p>\n<p>For instance, a private cloud can be referred to as a data center, or a server that is assigned to one institution. An external vendor manages the public cloud service in one or several data centers.<\/p>\n<p>A hybrid cloud, on the other hand, is a mixture of private and public clouds. And a multicloud employs several public clouds.<\/p>\n<p>Cloud computing is made possible through virtualization technologies. As a result, it permitted the development of digital, simulated, virtual computers that work similarly to real computers while still running their own hardware. It is, in other words, <strong>a virtual machine<\/strong>.<\/p>\n<p>If done correctly, virtual machines on the same host computer are sandboxed from one another. Therefore, they cannot communicate with each other. The virtual machine's documents and apps are not accessible to any other virtual machine. Even though they are effectively running on identical hardware.<\/p>\n<p>Hardware hosts the cloud, and the cloud creates a better usage of the hardware. Keeping that in mind, every hardware provided by the software is preserved.<\/p>","definition":"is a collection of servers that may be accessed through the use of an internet connection.","status":"published","meta_title":"What is Cloud? Definition & Meaning | Crypto Wiki","meta_description":"Cloud meaning: Cloud - is a collection of servers that may be accessed through the use of an internet connection.","meta_keywords":null}"
:model="{"id":175,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Cloud_Mining","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-27T15:07:39.000000Z","slug":"what-is-cloud-mining","title":"What is Cloud Mining?","section":"C","keyword":"Cloud Mining","content":"<p><strong>Cloud mining<\/strong> <strong>is a method of cryptocurrency <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining/">mining that outsources operations to countries with cheap electricity costs and colder climates.<\/p>\n<p>Cryptocurrency mining requires users to <strong>adapt their computer hardware to handle the computational work<\/strong> which secures <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain operations. Users receive rewards in newly mined <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-coin/">coins for the achieved mining progress.<\/p>\n<p>The crypto mining space is in general quite competitive, regardless of which blockchain it is dedicated to. How fast a user can mine or what share of the reward they may be eligible to heavily depend on the efficiency of their equipment, commonly referred to as the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining-rig/">mining rig<\/strong><\/strong><\/a>. This massively depends on the computational power, or <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hash-power-hashrate/">hash rate<\/strong><\/a>, of the device.<\/p>\n<p><strong>Hashrate<\/strong> is the measure of how many hashes a mining device can calculate per second. The most common measurements are GH\/s (gigahash per second) and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-terahashes-per-second/">TH//s (terahash per second).<\/p>\n<p>Another important factor is <strong>energy consumption and efficiency<\/strong>. <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-asic/">ASIC devices, machines built for the sole purpose of crypto mining, require intensive electricity resources to generate a larger amount of terahashes per second. These costs have to be covered by the miners.<\/p>\n<p>Furthermore, due to the heat produced during mining, the devices can overheat. Additional energy resources are required to cool the devices and remove the heat from the mining systems.<\/p>\n<p><strong>Mining cryptocurrency can be a complicated process altogether<\/strong>, as it requires not only access to specific hardware but also software expertise to ensure that the mining operation is properly optimized. Additional expenses can include hiring the services of hardware experts or engineers.<\/p>\n<p>Cloud mining was developed to <strong>make the mining process easier<\/strong> for those who cannot spare the resources required to get started. Cloud mining companies have their operations set up in regions with cheap electricity and naturally colder climates. The hash power produced by these mining rigs can be rented out to remote clients using <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining-contract/">mining contracts<\/strong><\/a>.<\/p>\n<p>Cloud mining is <strong>particularly useful for small-scale miners<\/strong> as they do not need to make the massive investments of setting up for the initial mining. It is also convenient for the service providers as they do not need to take up the full risk of crypto mining. They are also able to quickly expand their services as they make income from the mining contracts.<\/p>\n<p> <\/p>","definition":"the process of using rented cloud computing power\u00a0to mine cryptocurrencies.","status":"published","meta_title":"What is Cloud Mining? Definition & Meaning | Crypto Wiki","meta_description":"Cloud Mining meaning: Cloud Mining - the process of using rented cloud computing power\u00a0to mine cryptocurrencies.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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current-chapter="C"
current-section="what-is-cloud-mining">
