Have you been thinking about cryptocurrency mining but you are not sure about spending a lot of money on a mining rig nor the massive quantity of electricity for mining? That is where cloud mining comes into play. It offers many advantages over physical mining rigs. In the list below, you will find verified platforms which offer cloud mining services.
Hashflare is one of the top and oldest cloud mining services and a proven legit company with high profitability. The service offers user-friendly interface, instant and automatic payouts for reasonable prices, as well as various types of unlimited contracts with the minimum cost of about $18 with 100 GH/S for 1 year.
The hash rate starts from as little as 10GH/s, so new clients do not need to invest a lot of funds to join the cloud mining business. This service offers to mine one of the 5 most popular cryptocurrencies.
CryptoUniverse is a relatively new, but already well-proven cloud mining service. It offers equipment, which has 6 degrees of auto-protection against high temperatures and overloads. You can mine cryptocurrencies such as Bitcoin and LiteCoin on the service. The platform offers favorable conditions and rather insignificant entrance threshold, which will allow you to get income even with minimal investment.
CryptoUniverse has a secure connection and an advanced system of protection against cyber attacks. It is possible to activate the online broadcast at any time and see how the miners operate.
Bitcoin Mining Plans
Minimum deposit amount – $50 (With our Promo Code price will be cheaper)
IQ Mining was founded in 2016 with the equipment in Canada, Iceland, China, Russia, Georgia, and Algeria. The uniqueness of the service is that the system monitors the performance of mining on different algorithms and automatically disables low-income altcoins.
The registration is simple and it’s possible to start mining with as few as $10. The service supports all basic payment methods. The expected income can be easily calculated using a convenient calculator on the website.
CCG Mining service launched its farms in 2017. The company operates in Russia, Poland, Great Britain, Czech Republic, and Austria. They use equipment from NVIDIA, AMD, Intel, ATI, BITMAIN and Canaan.
Cloud mining is available in 6 cryptocurrencies: Bitcoin, Ethereum, Dash, Litecoin, Monero, Zcash. The minimum investment is about $30 depending on the cryptocurrency. It is possible to mine different cryptocurrencies simultaneously. The contracts are offered for one year or for a lifetime.
Nuvoo Mining is a Canadian mining company that offers solutions for beginners and professionals. The company is aimed at offering cost-effective solutions to cryptocurrency miners.
Electricity for the uninterrupted operation of the equipment is generated from an environmentally friendly hydroelectric power station located near the facility. Thus, the server offers favorable prices. The minimum amount of investment is $100. Withdrawals are daily from 0.0015 BTC. Customers have access to 24-hour webcams and can monitor the operation of the equipment at any time.
GenesisMining is an ambitious crypto mining company launched in 2013. Their two main points are security and flexibility, providing their clients with the opportunity to choose their own terms for mining contract such as the duration of the contract and machines. The minimum contract duration is 2 years and the maximum one is 5 years.
Genesis Mining guarantees the rate – it won’t change for the period of rental. They offer different options in regards to the coins that the clients can mine starting from Bitcoin to Ethereum, Litecoin, Monero, Zcash and Dash.
What is Cloud Mining?
Cloud mining is the mining of cryptocurrency, using special cloud services that accumulate power in their data centers and farms. This is a new model of earnings, which creates mining pools to generate more income.
Cloud service deprives customers of most of the problems and difficulties accompanying the extraction process: interruptions in the work of the Internet and electrical network, setting up and maintaining equipment in working condition, high noise and heat generation, legal issues in the field of legislation and taxation.
How Does Cloud Mining Work?
The principle of functioning of cloud mining can be represented as follows:
- the company creating the service buys the equipment, mounts and configures it;
- a website is created with all the information about the company, its technical capabilities, prices for services and terms of contracts;
- a user who wants to purchase a part of the capacity registers on the site, selects the suitable conditions and rents these facilities for a certain fee;
- as a result of the transaction, the user receives a portion of the company’s profits in accordance with the investment.
What Cryptocurrencies to Mine in the Cloud?
Bitcoin Cloud Mining
Bitcoin is the first cryptocurrency created and operating on the Internet. Bitcoin is open source, its architecture is known worldwide, no one owns or controls it, but everyone can become members of the network. Bitcoin mining is the most successful investment to date, given the constant increase in the cost of cryptocurrency.
Ethereum Cloud Mining
Ethereum is considered the main Bitcoin competitor, it is one of the fastest growing cryptocurrencies next to Bitcoin. Ether offers to solve a huge number of tasks within its own network, built on the blockchain technology, and not just one specific problem, as is the case with Bitcoin. Ether has a significant advantage – unrestricted emission of ETH coins. Since the Ethereum network is an ecosystem with unlimited scalability, the number of settlement funds inside should not be limited.
Monero Cloud Mining
Monero is among the top ten cryptocurrencies with the highest market capitalization. It appeared in 2014 and is formerly known as BitMonero. The main feature of it is encrypted transactions, meaning that every transaction is not transparent compared to other cryptocurrencies that exist today. Although, like other cryptocurrencies, Monero is decentralized and it has no control over itself. It is based on the CryptoNote protocol using the ring signature technology.
Dash Cloud Mining
Dash is formerly known as Darkcoin and Xcoin. This cryptocurrency was first released in 2014 and is slowly making its way to the top list. Dash is much like Bitcoin and it is based on the same software as the latter. With Dash, you can remain anonymous while making transactions just like cash. It uses decentralized networks called Masternodes which masks all transactions using the cryptocurrency.
Scrypt Cloud Mining
Each cryptocurrency has its own encryption algorithm, which is used in creating new network registry blocks. The Scrypt algorithm is the second most popular, it is implemented on the Litecoin platform. This algorithm was created as an alternative to the classical encryption method SHA-256. The Scrypt algorithm can be found in such altcoins as Digitalcoin, Dogecoin, Bottlecaps, Franco, BitConnect, GameCredits, and many others.
ZCash Cloud Mining
ZCash is a relatively new, but very promising cryptocurrency, created by the Zerocoin Electric Coin Company. It has an open source code, payments are presented in the public blockchain. However, ZCash is an extremely secure cryptocurrency based on a proof protocol with zero disclosure. Mining of this cryptocurrency is carried out using the Equihash algorithm. The main advantage of ZCash is the slowly increasing difficulty of mining this cryptocurrency, making it easy to recoup the investment.
How to Start?
Many beginners, having decided to start mining, are lost. But how to start? First of all, it is necessary to decide what amount you are willing to invest, as well as how much time it is possible to devote to the process. Then, it is necessary to study cloud mining rankings and determine which one you want to go with. There are many cloud mining providers you can look for – choose the vendor that fulfills your requirements the best. Then, decide upon the desired cryptocurrency you wish to mine and the needed hash power. Based on this information, you have to determine which contract you want to go for and for what terms. To receive payouts, you need to open a crypto-wallet depending on the currency you choose. Today, there are dozens of crypto-wallet services, but make sure to choose a secure and reliable one. And – get paid.
Features to Look For
The features to look for when you start mining include the following:
- Cheap entry level.
- Fast and easy getting started.
- Instant and straightforward withdrawal opportunities.
- Partner programs.
- 24/7 secure access to your account.
- No hidden fees or additional commissions.
Pros and Cons
|Pros of Cloud Mining||Cons of Cloud Mining|
– Absence, or low maintenance cost
– No noise, dust and excessive heat
– No need to pay for electricity and maintain equipment
– You don’t have to wait for the hardware to be available – mining starts as soon as you purchase service
– The possibility of earning with minimal investment
– No hash rate fluctuations
– Income is higher than conventional mining
– You can forecast profit
– Ability to mine several cryptocurrencies at the same time
– You can try mining for free in test mode
– Ability to change mining capacity
– You can get rewarded for attracting new users
– Daily payouts
|– Some mining companies are scams
– Untrusted companies may suspend work or payments if the exchange rate falls
– Breakdowns in data centers
– The risk of hacking and fraud
Participating in cloud mining is a great way to earn some additional income. However, pay attention to where you sign up to cloud mining services as there are many scammers.
Despite the fact that the advantages of cloud mining are significantly greater, any cryptocurrency carries risks. Mining cryptocurrency does not guarantee a profit, but you can always try. Every time, there are risks when engaging in any type of crypto mining, but profit is possible if you make the right choices. The main thing is not to invest the last money.