Dual Mining is a cloud mining service provider that launched in 2017. The company enables customers to purchase hashrate for mining cryptocurrencies like Bitcoin and Ethereum without operating their own hardware.
Dual Mining runs data centers containing ASIC and GPU mining rigs. Instead of managing equipment themselves, users can buy contracts for proportional shares of Dual Mining’s hashing power and earn mining rewards without the overhead.
How Dual Mining Works
Here is an overview of how Dual Mining’s cloud mining service functions:
- Users first create an account on Dual Mining’s website and deposit funds to purchase contracts.
- Multiple algorithms are offered including SHA-256 for Bitcoin and Ethash for Ethereum.
- Contract durations range from 6 months to lifetime deals. Longer terms come with bigger discounts.
- Once purchased, the share of hashpower is mined continuously on the user’s behalf in Dual Mining’s facilities.
- As blocks are discovered, the mining rewards are allocated among customer balances daily based on hashrate share.
- Mined coins can be immediately withdrawn or kept in the account to accumulate.
- Referral bonuses paid in hashrate boosts are provided for inviting new users.
Types of Cloud Mining Contracts Offered
Dual Mining sells the following types of cloud mining algorithm contracts:
- Bitcoin – SHA-256 measured in GH/s.
- Ethereum – Ethash measured in MH/s.
- Litecoin – Scrypt measured in MH/s.
- Monero – Cryptonight measured in H/s.
- Zcash – Equihash measured in Sol/s.
Pros and Cons of Dual Mining
Some key benefits and drawbacks of using Dual Mining include:
- Eliminates need to buy mining equipment.
- Easy and quick setup process.
- Income can be in BTC or fiat.
- Professional maintenance by Dual Mining.
- Established company with track record.
- Eventual expiry of contracts.
- Profitability declines over time.
- Limited miner configuration options.
- Opaque fee structure.
- Exposure to crypto price volatility.
Factors That Determine Profitability
The profitability of Dual Mining contracts depends on variables such as:
- Cryptocurrency prices in USD terms.
- Increasing mining difficulty on blockchains.
- Dual Mining’s own service fees.
- Energy, equipment and facility costs.
- Length of contract and amount of hashrate.
- Payout conversion rates to BTC.
Careful analysis of these factors is required to realistically project ROI from Dual Mining contracts.
Dual Mining provides an easy entry point to cryptocurrency mining without operating equipment directly. However, declining profits over time and lack of transparency remain downsides of cloud mining services. Given the overhead costs involved, serious miners often prefer managing their own hardware or joining decentralized mining pools. Thorough due diligence is recommended before purchasing any cloud mining contract from Dual Mining or similar providers.