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Cookie Preferences. As the popularity of Bitcoin increased, however, so did the competition, which made mining BTC with readily available CPUs largely obsolete. When demand is up, it may be hard to find available cloud mining options, as these contracts are sometimes sold out. The mining of cryptocurrencies refers to the utilization of computer hardware to furnish the computational processes of a blockchain network. These services can be cost-competitive in many cases, as the cloud mining provider typically has numerous warehouses full of high-efficiency ASIC miners.