The concept of “Cloud Mining” pertains to a mechanism to mine a digital token through remote processing power that the party rents without the need of installing and directly running the hardware and software related to the process.
There are mining firms that have people open an account and participate remotely in the process of cryptocurrency mining through a standard cost. This, in turn, makes the mining process greatly accessible to a wider audience across the globe. As this type of mining is performed through a cloud, equipment maintenance issues or costs of energy are effectively reduced.
Naturally, cloud miners could become participants in a mining pool. Through this, users are able to buy a certain number of “Hash Power”.