Cloud mining is a method of producing cryptocurrency by renting processing resources from a service provider (cloud mining service provider). To become a member of a mining farm, the miner needs to purchase a certain amount of “hash power” from the service provider.
Cloud mining is a process of generating cryptocurrencies by using rented computing power from a third party (cloud mining service provider). Every miner actually participates in a “mining farm” (remote data center dedicated to crypto mining) by purchasing a certain amount of “hash power” from the service provider.