Cloud mining is a very attractive opportunity that appeared on the verge of cryptocurrencies’ heyday when Bitcoin saw its first amazing price leap. Unlike traditional mining, it is basically buying a share in computing power owned by a provider instead of creating an actual physical mining farm, and further getting a proportional part of future profit, generated by it.
Cloud mining promises huge profits with certain financial investment and almost no effort. Newcomers to the cryptocurrencies usually wonder, how much money they can earn with it. The thing is that the market we speak of is extremely volatile and possible profits depend first of all on the price of crypto coins that may change in a blink of an eye. To this, mining any cryptocurrency becomes harder and harder literally every day as the amount of coins is limited and generating new ones is quite a complicated task when there are few undiscovered ones left.
Nowadays, you can cloud mine not only the famous Bitcoin but many altcoins including Litecoin. This is even more attractive in some sense because despite Litecoin’s lower price, this currency is easier to mine.
If to put aside the above-mentioned quite unpredictable factors that are beyond the control of miners, profit also depends on the possible amount of generated coins. In particular, Litecoin cloud mining profitability may be estimated through certain calculations we will talk about in this article.
One of the pioneering and most reliable cloud mining providers is called Hashflare. This name is well-known to any crypto enthusiast out there as this company offers attractive, transparent earning opportunities for anyone since 2013.
It honestly promises the following:
One of the cryptocurrencies to choose from here is Litecoin and it is one that is of special interest at the moment.
Hashflare uses Scrypt algorithm that is behind Litecoin mining and HashCoins Scrypt hardware. Minimum hashrate, i.e. computing power you pay for, in this case is 1 MH/s, which is actually a really low barrier of entry, with maintenance fee of $0.005 per day. Contract lasts for a year (and its price starts at as low as $1.80!) and profits are credited automatically.
After you sign up to Hashflare and buy hashrate, you may allocate it between different pools. In this process, you may see estimated profit near each pool. In case of Litecoin, these estimates are given for a certain period (from day to year) in Bitcoins.
Respectively, your prospective earnings, in this case, depend on two important things:
In case of Scrypt contracts, maintenance and electricity fees are deducted, so the pure profit you get equals the result of this deduction. In its turn, pure profit depends on the purchased hashrate.
To get estimates on your pure profit, you may use Hashflare Scrypt calculator for Litecoin (it is recommended by the provider itself). These estimates may be quite inaccurate and they may be considered only as certain guidelines as for what to expect from your cloud mining investment if crypto marked doesn’t change too much while the contract is active.
Keep in mind that you need to deduct fees from the number you get. The fees equal $0.005 multiplied by the amount of MH/s you buy multiplied by the number of days your contract remains active (365 by default).
Hashflare Litecoin Calculator is a nice way to get a rough estimate of your prospects when you decide to try to make profit on cloud mining. It is not a promise — it is only an estimate. No one and nothing in this world are able to tell you exact numbers when it comes to profits at the cryptocurrency market today.
But anyway, at the moment, crypto market is still flourishing and different coins are showing mouth-watering, to say the least, price increase. Considering how cheap it is to start Litecoin cloud mining (especially, compared to traditional mining), this may be your next missed big opportunity if you won’t give it a try.