Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
For the longest time, crypto mining was confined to the well-off who could afford the mammoth resources it demands. The hard-to-crack mining jargon further drove people away.
This is where cloud mining came in. It promised to decentralize crypto mining, empowering anyone to remotely join crypto mining pools for a basic cost with little to no technical knowledge. It involved renting mining hardware or hash power from third-party sources.
However, the enthusiasm didn’t last long. While most cloud mining platforms succeeded in lowering the initial investment barrier to crypto mining, the technical barrier remained too high for everyday investors to break in.
Due to the lack of usability and negligible returns, cloud mining platforms failed to live up to expectations. While the concept has massive potential, we are yet to see it unfold.
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