Glossary - ChicksX

Mining Contract is an agreement to rent computational power for cryptocurrency mining, without owning hardware.

Mining Contract is an agreement where an individual or entity rents computational power from a third-party provider to mine cryptocurrencies. This allows participants to mine without owning or maintaining hardware. Contracts specify terms like duration, hashing power, and costs. Users pay a fee for the service, and any mined coins are credited to their account. These contracts can be attractive for those wanting to participate in mining without technical expertise or initial investment in equipment. However, profitability depends on factors like cryptocurrency prices, mining difficulty, and contract terms. Always review the provider's reputation and contract specifics.