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What is Cloud Mining?
Cloud mining, which uses cloud computing, is a method of producing blockchain-based currency. Cloud computing, which involves using the Internet to access computing services like processing, server capacity, database services, software, and file storage through the cloud, is one of the technical developments with the quickest growth. These companies charge fees based on usage, much like how we pay for the use of water or electricity.
On the other hand, the foundation of a cryptocurrency like bitcoin is mining. It is the procedure used to verify transactions before they are added to the blockchain, a decentralized public ledger. Additionally, it serves as the mechanism for the creation of new coins. Combining the two allows individuals in remote regions with little to no physical infrastructure and limited technical skills to participate in the mining industry.