Is Cloud Mining Still Profitable In 2022?

The so-called investment experts have snubbed cryptocurrency in the past, only to find a soaring crypto market turning people into billionaires later. People have since started indulging in cryptocurrencies more than ever before. Bitcoin has taken the world by storm. While buying and trading Bitcoin and other cryptocurrencies is more popular than ever, Bitcoin and crypto mining at home has become unaffordable for several reasons — but mainly due to the increased price of Bitcoin and electricity costs. The only viable option that remains open for most people now is cloud mining.

But is it really a thing today? Is cloud mining still profitable in 2022? Let’s take a look.

What Is Cloud Mining?

Cloud mining is a solution that lets everyday investors rent mining hardware in the mining farms of a cloud mining company.

When it comes to mining Bitcoin, it is called Bitcoin cloud mining. The most amazing part is that the mining hardware is owned and operated by the company. It helps in bringing down the upfront costs of owning a cryptocurrency for the average Joe.