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Bitcoin has not only been a trendsetter, but it is still the de factor standard for cryptocurrencies. Of all the cryptocurrencies available today, Bitcoin continues to lead. All Bitcoin transactions must be authenticated by miners in a process referred to as ‘mining’ and hash flare . This allows all Bitcoin mining to be carried-out in the cloud, eliminating all offline hassles that come with installation, upkeep, and hosting. Even so, there are some risks involved with Bitcoin cloud mining, just like it is with other types of investments. Here are the major cloud mining risks that every user must be aware of.
Most scammers use a fraudulent investment operation known as ‘Ponzi scheme’, whereby old investors get paid with funds made by new investors. Not only does cloud mining provide an easy way for fraudulent entities to transfer money with limited ability to trace them, but it also limits the users’ ability to reserve those transactions. We evaluate each cloud mining company before we list them in terms of history, reliability, transparency, customer ratings, forum ratings, our own experience and our own payout charts. We have had best experience with Genesis Mining, Hashflare and ViaBTC.