How Cloud Mine Polygon MATIC
Polygon MATIC Consensus Mechanism
Polygon (Matic) is an Ethereum token used to power the Polygon network. Due to its scalability and flexibility, it is used to scale the Ethereum network.
Polygon is performing better than many cryptocurrencies which indicates the value and return on investment if users decide to mine it.
Polygon runs on a Proof of Stake consensus mechanism which differentiates it from Bitcoin’s Proof of Work method that is energy consuming and nerve-racking.
With cloud mining, it’s a lot easier for new investors interested in mining to test the waters with Polygon.
You can also determine your potential earnings with a Polygon Mining Calculator.
Key Takeaways
• Cloud mining involves mining cryptocurrencies by renting or buying equipment used for mining through a third-party cloud beneficiary who is saddled with the role of managing the equipment.
• Host mining and leased hash power are some famous models used for cloud mining.
• The benefits of cloud mining are it’s the reduction of overall costs linked to mining and permit daily investors, who may lack technical know-how on mining cryptocurrencies.
• The drawbacks of cloud mining include the process of centralizing mining to farms and profits are liable to be requested for.
• Be also be wary of scams or fraudulent platforms, do your due diligence before signing up with one.
SEE ALSO: How To Make $50 A Day Passive Income On Shamining
SEE ALSO: How To Mine Bitcoin At Home With Shamining
SEE ALSO: 9 Things You Should Know Before Buying Polygon MATIC
Before investing in Polygon MATIC through mining, you should spend time finding out if you will earn tangible rewards from subscribing to a cloud mining plan. You may want to see our list of legit cloud mining platforms.
With the current price of Polygon MATIC currently above One USD, put into consideration if setting a mining rig is worth it.
Price of Polygon MATIC
[mcrypto id=”6698″]
Hardware that has more potency for mining are ASICs although they are expensive. Using computers, a GPU is useful for starters when mining MATIC.
You can know how much profit you’d make in dollars per 1Mh/s of hash rate by using the Mining Profitability Calculator.
In a mining pool, the users buy an amount of “hash power” to be participants identified as Cloud miners.
For each individual who participates, a pro-rata share of the profits earned is allocated in the ratio to the sum of hashing energy rented.
Best Cloud Mining Platforms
1. Shamining
Shamining is a growing cloud mining medium that allows anyone to mine either as an expert with the knowledge of mining or a novice who knows nothing about it.
For both parties, there will be profits. It offers your types of mining contracts:
CPU Miner: the contract yields energy of 23,580 Gh/s with a profit of about 143%.
GPU Miner: the energy yield here is 94,340 with a higher profit of about 149%.
ASIC Miner: the energy yield is 235,849 Gh/s. It is the most profitable contact with 156%.
2. IQ Mining
IQ Mining is a cloud mining platform that offers both mining and trading options. It is one of its kind.
IQ mining is protected by an SSL certificate to ensure the safety of users’ details.
There are no trading fees required for IQ mining, carry out your research and monitor the asset before you mine because profits are not guaranteed.
3. Genesis Mining
Genesis is a major cloud mining platform that is supported by top-notch hardware and software resulting in an excellent result.
The platform is transparent, makes their farms public, is easy to operate, and is highly rewarding.
Methods of Cloud Mining
Cloud mining services are provided through various means ranging from virtual or physical mining providers.
The three major means used for cloud mining:
1. Virtual Private Server (VPS)
In this mining process, the leasing or renting of a server/provider is necessary and the installation of mining software. Likewise, the leasing of a computer that is disconnected from the internet.
2. Lease of computing energy
This involves the purchasing of a contract with the assistance of a company to rent a portion of its leashing power.
Users have the power to decide the sum of computing power to hire. Their profits will be dependent on the sum of power they purchase.
The greatest benefit of this method is that you do not need to possess mining hardware to commence mining. Hence, this makes it the most popular and engaged cloud mining technique.
However, you have to be careful because there are companies that sell fake computing power as a result of its popularity.
3. Hosted mining
During this mining process, it is the company’s responsibility to make payments for the miner’s expenses.
In other words, they take authority over the management and disbursement of the mining hardware belonging to their customers.
Mining Polygon MATIC on any Computer
It is possible to mine Polygon MATIC on any computer by using the Unmineable Miner with Graphic cards or the CPU.
The Unmineable Miner is a legit platform where your crypto coins such as the Dogecoin and Ethereum, etc. can be mined without fear of scam.
Recently, Polygon MATIC was added to Unmineable Miner hence, it is feasible to commence mining MATIC from the comfort of your home on your Personal Computer.
Difficulties are experienced in mining when the miners and the request for a bigger hash rate increase.
Hash rate is simply the amount of computing power you generate for mining brand-new blocks. This process is known as block time.
Frequently Asked Questions
1. Does Polygon MATIC use Proof of Stake or Proof of Work?
The Polygon MATIC is a 2-layered solution platform that uses a Proof of Stake medium of validation for securing assets; staking is also an important aspect of the system.
Validators of Polygon stake their MATIC tokens as collateral to be members of the PoS consensus. The PoS mechanism is used to improve Ethereum’s network. Decentralization is regulated by PoS checkpoints.
2. What does it cost to mine 1 Matic Network?
The cost cannot be easily determined because it is dependent on the price of your electricity.
However, if you want to be successful generally, it is Paramount you invest in ASIC, a defined mining setup designed for cryptocurrency mining resulting in the ideal requirements for the function with a high level of accuracy.
4. What is Polygon MATIC earning in staking?
The staking profits depend on the network at the time of mining and metrics that is, the sum of staked tokens and the amount spent on transaction fees.
5. How do you know cloud mining scams?
When there is no information about the company, that is a major sign you should be forewarned about. Ensure to check the opinion forums and Google for trustworthy information.
Even if it’s not a scam yet, it is a pointer that it is a recent mining company people are just getting to know about. With time, it will only prove to be false.
Final Thoughts
A major benefit that the cloud mining platform offers is the fact that it does not need an upfront investment in mining hardware, you only get to be charged some maintenance fee monthly.
Although, mining has a great return on investment and enables investors to earn passively be wary of fraudulent platforms.
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