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Now that you do understand mining and its evolution, you can easily understand why cloud mining was created.
The cost of mining by yourself becoming too high, a few company decided to find locations where energy was abundant, stable and cheap, where cooling was not an issue and bulk bought thousands of ASIC miners.
To further their expansion they rent, sometimes for a lifetime contract, ASIC miners to individuals and companies alike.
You therefore don't need to pay any electricity or maintenance, you do not need to keep yoru hardware up to date, ...
All you need to do now is to decide how much power you want, pay a one time cost (using the discount code Qf64Ng you will get 3% off said purchase) and enjoy the daily payouts directly to your wallet.
Never bother about it again and earn bitcoins everyday!
One of the farms of Genesis Mining (source)