Crypto Mining Products Are Blossoming In Europe With GreenHashes

Nowadays, you can hardly find a single crypto-enthusiast or a person aiming to get a quick profit on cryptocurrency who would not think about mining as a way to increase their capital: you invest in equipment, and it brings you profit. However, after a series of reforms and bans on mining around the world, starting from China, big miners start their way to Europe. The main goal was to find convenient places for their data centers and cheap electricity.

Mining is the process of adding new blocks to the blockchain. For the system to function, someone must add new transactions into blocks, and then attach them to the blockchain. This process is called mining.

You can do mining alone – it involves working on your own or renting equipment. This means that your device automatically is trying to “solve the problem” and add a new block. If this can be achieved, all proceeds go to you. Solo mining was relevant until 2013 – now the competition and complexity are so high that it is impossible to make money doing mining alone.

The disadvantage of classical mining is impracticality: one ASIC makes very loud noises compared to a washing machine, and the heat generated is enough to heat a room of 150-180 square meters. Repair and maintenance of equipment are often the reasons why mining becomes unprofitable.

In recent years, there were many environmental issues, which threaten the entire industry: mining consumes too many resources. According to the University of Cambridge, Bitcoin may already account for more than 0.6% of the world’s electricity demand. In recent months, Kazakhstan, Kosovo, Iran, and Norway have experienced power outages due to mining.

“The European Union needs to ban the energy-intensive mode of crypto mining based on the Proof-of-Work mechanism,” said the vice-chairman of the European Securities and Markets Authority (ESMA).

The regulator emphasized that it does not encourage a complete ban of cryptocurrencies, but rather tries to encourage the industry to switch to more efficient technologies.

Amid the expensive equipment and incredibly high electricity bills, the optimal solution has emerged – cloud mining. In this case, the user simply rents capacities from the remote data centers. The company provides equipment maintenance, and miners pay a commission from income for this.

Some companies take mining to a whole new level in Europe and extract cryptocurrency using renewable sources: sun, wind, and water. Thanks to the long-standing efforts of experts in this field, cloud mining has not only become a profitable way of earning money but has also begun to change public and government opinion. A continuous flow of investment in these areas along with large investors began to develop the crypto industry in Europe, allowing more and more people to try cloud mining from anywhere in the world. All you need is a device and internet access.

One of the notable representatives of “green” cloud mining is GreenHashes company. These guys have made a revolution by launching one of the first large data centers by using completely renewable energy sources. More and more European investors have begun to pay attention to cloud mining thanks to the efforts of this big team.

Today, everyone can try this type of crypto mining: all you need is just register an account on the GreenHashes website, choose one of many contracts (you can start with a minimum amount ( which is a big advantage) – you don’t need to buy the expensive processors or video cards, it’s enough to rent needed capacities at very competitive prices). As soon as your contract is activated, you can track the number of mined coins from your account. Payment is made in bitcoin – it allows everyone to join the team.

Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.