Looking for a secure, trusted, profitable, and best bitcoin cloud mining platform? There are multiple cryptocurrency cloud mining websites that offer cloud mining for Altcoin as well. We have listed a few crypto cloud mining services so that you can decide the best bitcoin cloud mining for you.
What is Cloud Mining
Cloud mining is the process of mining cryptocurrencies like Bitcoin and Ethereum without needing to purchase any hardware. Ordinarily, the hardware required to mine cryptocurrencies on a DIY basis can cost thousands. Moreover, with the underlying blockchain increasing its difficulty levels over time, newly purchased hardware devices soon need to be replaced with even more powerful devices – subsequently making your investment redundant.
You then need to factor in the costs of running your hardware, not least because you will be required to have it operational 24 hours per day to stand a chance of making a profit. As such, powerful mining devices require an obscene amount of electricity to function, which is yet another cost that will eat into your long-term ROI. This is where Bitcoin cloud mining comes into play.
In its most basic form, Bitcoin cloud mining allows you to access the cryptocurrency mining space from the comfort of your own home – without needing to purchase any hardware or consume any electricity. On the contrary, you will be investing funds into a fully-fledged mining operation that already has the required framework to mine successfully.
In doing so, you will receive a share of the mining profits – proportionate to the amount you invest. This allows you to see a return on your investment from day one, as Bitcoin cloud mining platforms typically payout on a daily basis. You’ll then have the opportunity to re-invest your profits, meaning that you can benefit from the fruits of compound interest.
What are the Pros and Cons of Cloud Mining
- Higher Profits – because mining providers optimize everything for you, it yields out higher returns.
- Tranquil and cooler home – no more sound and heat.
- Less electricity – the consumption of electricity will get a lot lower.
- ‘No’ equipment maintenance – no need to sell the hardware, when they stop being profitable. No tension in the configuration of the hardware.
- Simple and Ready to use: Signup with these providers and start within minutes.
- Scam Risk – It always involves the risk of being scammed. Stay away if any mining offers you exceptional returns on your investment.
- Cost of Mining Operations – users have to pay for the hardware management cost.
- Unpredictable profit: Profit depends upon various factors. If the value of the coin goes down it may become non-profitable also.
Is it Profitable?
Always keep in mind that returns are not guaranteed and depend on a part on the coin value and mining difficulty, both of which are unpredictable for the future. The lower the coin value, the higher the impact of that fee on mining returns, and the higher the mining difficulty, the fewer coins the same amount of hashrate will return, and vice versa. If we take an example of Ether mining it was less profitable as the price of the Ether was much lower then the current price. If you believe that the value of a crypto coin is going to be very high in 1 or 2 years then it will be much profitable.
Top 11 Best and Most Trusted Bitcoin Cloud Mining Sites of 2021
HashGains Bitcoin Mining
Another cloud mining service provider that helps you to mine bitcoins and Altcoins in the best possible and easiest way. Its parent company is Cyfuture which is serving for more than 15 years in the Data Centre Industry. Based on State-of-the-Art technology, HashGains uses the best ASIC (Application Specific Integrated Circuit) and GPU services available. The platform supports multiple cryptocurrencies and has a 99.9% uptime. There is 24/7 technical support and it also provides legit mining where all the coins are new. HashGains also have multiple Data Centres in India, China, and the U.S. It also promises to give high ROI on investments made.
How to use HashGains: First you need to register on the platform. Then you need to choose your preferred plan and make the payment. After that, you can just start collecting bitcoins. HashGains can be used in three methods.
- Pay per share method where it uses the ASIC mining method, which is one of the basic mining methods used in cloud mining.
- Proportional Method where miners earn shares until there is a block in pool sharing. After that, they earn a fixed number of shares.
- Bitcoin Pooled Mining method where newer shares are given much more preference than older shares.
Bitcoin Pool (mining.bitcoin.com) is provided directly by Bitcoin.com and aims to provide the most competitive clouding mining service. Bitcoin advertise that they deliver the highest Pay Per Share (PPS) pool globally with a 98% block reward.
Set up is easy and you can start mining immediately, either on Bitcoin Cast (BCH) or Bitcoin Core (BTC), whichever seems the most profitable to you. Monitoring is also easy to do through mobile apps for Android and iOS, so you can keep track of your account usage and value as often as you want.
Eobot Bitcoin Cloud Mining
Eobot is another, one of the oldest, easiest, and best way to mine Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and many more ALtcoins. You can start mining with Eobot with as little as $10 and get results. Started in 2013, Eobot is located in the United States. It is a real-time exchange for trading between Bitcoin and Altcoins.
IQMining.com was founded at the end of 2016 by the team of experts in blockchain programming and IT engineers.
IQ mining uses smart mining techniques at affordable prices. It offers the most profitable cloud mining contracts for popular cryptocurrencies. Their profit calculations based on the most efficient mining hardware with minimal contract maintenance costs. They offer Bitcoin payments on a daily basis depending upon your purchased MH/s power. They offer a mining contract for 1 year to a lifetime. IQmining supports mining contracts for Bitcoin, BCH, LTC, ETH, XRP, XMR, DASH, and many more cryptos.
Hashing24 Cloud Mining:
Hashing24 was developed mainly for individuals who can easily access the bitcoin mining technology without getting into the intricacies and technical complications of cloud mining. The interface is very easy to use and it provides 24-hour customer support by a highly proficient team.
How to use Hashing24: Users have to first register which takes only about 2 minutes and then chooses hashpower, which boosts the bitcoin mining process. Then you have to pay for your contract and the order is placed in the largest mining center BitFury. The mining process starts automatically and you will start receiving bitcoins, which can be withdrawn on the same day. Hashing24 is one of the most stable futuristic cloud mining platforms with very efficient technical support.
HashNest Cloud Mining:
Launched in 2014, HashNest is one of the biggest cloud mining companies today. BitMain Technologies is the Parent company of HashNest and its headquarter is in Beijing, China. HashNest allows its users to participate in bitcoin mining through transactions of hashrates and the profits are instantly deposited in the BitMain Wallet. Participants can simply download the Mobile App and use it anywhere and anytime. PACMiC (Payout Accelerate Cloud Mining Contract) is another feature offered by HashNest. Here you don’t have to pay any costs after mining as BitMain already pays for you.
How to use HashNest: Users first have to register for a HashNest account and will simultaneously get a HashNest wallet. Then they have to deposit bitcoins into the wallet and buy hashrates and the cloud mining starts. The amount paid on HashNest is based on PPLNS or Pay Per Last N Shares method. There is a 2FA or two-factor authentication process for HashNest users for optimum security.
HashFlare Bitcoin Mining
Hashflare is a Europe based bitcoin cloud mining company. The company was founded in July 2013 and started its cloud mining service in April 2015. Hashflare is a part of HashCoins that creates ASIC bitcoin miners. Similar to Genesis mining, Hashflare also offers lifetime bitcoin mining contracts ( remember as long as profitable), Ethereum cloud mining, Zcash cloud mining, Dash cloud mining and Scrypt cloud mining.
Similar to Genesis it is one of the two most reputed cloud mining providers with a large number of users. It offers daily payouts and available payment methods are Bitcoin, Credit card, Webmoney, Payeer, Wire transfer, and EMC.
Genesis Cloud Mining
There are only a few reliable cloud mining companies who actually set up mining hardware and mine crypto-coins for you and one of them is Genesis Mining. Genesis mining was started in 2013 an is one of the oldest companies around. Genesis has established a publicly known mining farm in Iceland.
Currently, they are offering mining powers for Bitcoin, Ether, Zcash, Monero, Dash, and Litecoin. You can start mining within minutes. Available payment options are Credit cards and some crypto coins.
CryptoUniverse.io is a cloud mining farm that dates back to 2017 when they launched its first-ever test mining farm with an initial aim of introducing more people to the idea of blockchain mining and cryptocurrency.
The company has been offering BTC and LTC cloud mining contracts at different budget rates since 2017 and since then there has been no looking back. Furthermore, the farm has its very own data center with a total power capacity of 20 Megawatt and has 12000 miners operating round-the-clock in the station.
The company also accepts distribution mining contracts from companies like Bitmain, Ebang, Innosilicon, and Canaan. Prospective clients can buy contracts starting at a price of $23.9 for 1 Th/s. In addition to that, you can pay very low maintenance fees in advance to benefit an added discount of 4%. For promo offers and current discount rates follow the latest news on the social media platform of CryptoUniverse.io.
The CryptoUniverse platform also offers referral programs through which clients can now earn up to 10% of the contract price by following the referral link. The platform offers a variety of mining contracts available at affordable budgets. Another unique feature of the CryptoUniverse platform is that the contract prices change according to the market values which keeps you updated with the changing market variables of the crypto world.
How do I Choose a Cloud Mining Site
Choosing which platform to use in your quest to profit off of cloud mining is the most difficult part of the process. This is because the industry operates in an unregulated manner, so your money is never 100% safe.
Nevertheless, we’ve listed some of the main factors that you need to look out for prior to joining a new cloud mining site.
Reputation and Track Record
Although cloud mining platforms are not regulated, you still have a plethora of information available to you in the public domain. Firstly, check to see when the cloud mining site was launched. The longer it’s been operational – the better.
You should then explore websites like Reddit to assess public perception of the cloud mining provider. If there are consistent complaints from past investors of the site, you should probably avoid it.
You also need to consider the type of cryptocurrency that you wish to fund your cloud mining account with. If the platform doesn’t support a coin that you currently hold, this means that you will need to go and buy it.
This is likely to increase the cost of your investment when you factor in exchange fees, so assess what coins are supported before opening an account.
Cloud mining platforms are required to have a fully-fledged mining rig set-up that is able to consistently win block rewards. If it doesn’t, you won’t stand a chance of making any money. At the forefront of this is the hardware devices that the platform owns.
As we noted earlier, miners are often required to constantly upgrade hardware devices as and when the blockchain difficulty level increases. As such, explore the set-up of the cloud mining site in question and crucially – what hardware it owns.
The location of the cloud mining platform should also play an important role in your decision-making process. For example, you’ll want to choose a mining operation that is based in a country with cheap energy prices. This is to ensure your yield is not eaten into by ever-growing electricity consumption.
Similarly, you’ll want to choose a cloud mining site that is based in a crypto-friendly location. If it isn’t, there is always the chance that the operation is closed down by local authorities.
It is important to assess the minimum contract that your investment will be tied to. For example, if the cloud mining site requires all investors to commit to a one-year contract, this means that your principal investment won’t be paid back until the year concludes. This could be problematic if you experienced a short-term cash-flow crisis and need to cash out your investment.
Cloud mining companies are in the business of making money. As such, you will need to have a firm grasp of the underlying fee structure. In some cases, you might get charged a variable fee based on the amount of electricity that is consumed. In other cases, the cloud mining site might take a percentage of the amount you receive in gains. For example, the platform might take 10% of your 0.0001 BTC mining reward.
Moreover, you need to assess whether or not the cloud mining platform shares both the block reward and block transaction fees, or just the reward. In a lot of cases, platforms will keep the transaction fees that they collected when they won the block reward, meaning you are missing out on additional yield.
If you’ve read our guide on Bitcoin cloud mining from start to finish, it is hoped that you now have a firm understanding of how this space works. This should include the factors you need to consider in choosing a cloud mining site, as well as assessing which cryptocurrency to mine.
Most importantly, you are also aware of the many risks of investing in a cloud mining site – such as being locked into an unprofitable contract or operating in a bearish cryptocurrency marketplace.
With that said, cloud mining does offer the potential to make small, albeit consistent, profits. There is no requirement to purchase any expensive hardware devices, nor do you need to worry about electricity consumption. Instead, you simply need to decide which coin you want to mine, how much you want to invest, and that’s it.