Hi everyone. In my previous bitcoin related post I told you my recommended place to buy actual physical bitcoin mining hardware, however for many of you that’s not the kind of solution you’re looking for. I believe many people just want to buy an asset or lease/rent hashing power. You can either buy stock in bitcoin mining farming operations or you can do what I’ve been doing lately – buy direct bitcoin hashing power at the CEX.IO bitcoin commodity exchange.

Essentially you’re buying bitcoin cloud mining power as this post’s title suggests. The hashrate you purchase comes directly from cex.io’s hashing pool. You can later on sell your hashing power to other cex.io users, and practically cash out your hashing power. There is no limit on what price you can sell it at; you decide since it is an exchange after all!

You can buy hashing power with either BTC (bitcoin) or a few other alternative cryptocoins, like namecoin, etc. The easiest and most practical route would be to first buy bitcoins at some exchange and then transfer them to your cex.io account and then buy hashing power directly with bitcoins.

You will pay a minor fee to cover maintenance, repair, and electricity costs. It’s not something crazy though and last time I checked the calculator tool they use said my fees are like 2.89% of mining profits. This fee structure changes based on several factors, but you can easily find out using their calculator tool.

Another neat thing is that you do have the option to convert your cloud hashing power to actual physical hardware! This is super cool if you’re the geeky type that has amounted enough hashing power to amount to an actual whole miner from their mining hardware pool. I personally would like to have them worry about maintenance, but to each his own. It’s nice to know that the option is at least there.

So yeah, like I said, this is all pretty easy in my opinion, but don’t take my word for it. Checkout the CEX.IO website, go through their FAQ and find out for yourself. Give it a try with a small amount of hashing power and see how it goes. If you’re like me you’ll soon find yourself addicted and you’ll be scrambling to increase your hashing power.

Happy mining!

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Friday, December 20th, 2013 at 2:48 am
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