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Cloud Mining
The process of cloud mining enables users to mine cryptocurrencies like Bitcoin without having to purchase or maintain their own mining rigs. This removes the challenge of setting up, operating, and maintaining this specialized equipment and transfers it to another party.Instead, users utilize remote data centers and pool the computing power, which is typically offered by third-party cloud mining companies. Since cloud mining is a more straightforward process than traditional mining, it is pretty popular for this reason alone.
Based on the amount of computing power they wish to use, users pay fees to the cloud provider. By acquiring a set amount of hashrate from the service provider, each miner essentially joins a mining farm (remote server facility specialized in crypto mining).
The provider will give them access to payouts in return that are based on the hashing power the miners have opted for. This enables individuals in remote regions with little to no physical infrastructure and limited technical skills to participate in the mining industry.