Published: 13 Jul 2022 › Updated: 13 Jul 2022
LeoGlossary: Cloud Mining
A way to mine cryptocurrency on a blockchain such as Bitcoin through the use of rented cloud computing power. This removes the burden of installing and running the software oneself. The equipment is maintained by the mining company and individuals simply need to register and purchase a contract.
This is using the Proof-of-Work (PoW) consensus mechanism and cloud miners helps to decentralize the block production. Each block has a reward associated with it for validating the transactions. The block rewards can be pooled with cloud mining and split among the participants.
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