Cloud mining

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Cloud mining is the process of cryptocurrency mining utilizing a remote data center with shared processing power.^[1] Cloud mining has been used by ransomware groups and scammers to launder cryptocurrency.^[2]

This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. The mining rigs are housed and maintained in a facility owned by mining company and the customer simply needs to register and purchase mining contracts or shares.^[3] Since cloud mining is provided as a service, there is generally some cost and this can result in lower returns for the miner.