With the growth of cryptocurrency technology and a new wave of investors looking for alternatives to traditional trading, cloud mining has become a popular phenomenon. But often with the good comes the bad. Ponzi schemes and scams have started surfacing on what appears to be legit cloud mining sites. Users too often invest their money into a cloud mining service they find online and out of the blue – the company vanishes. Instead of generating a steady stream of passive income, many find themselves losing thousands. Despite untrustworthy sites out there tarnishing the reputation of cloud mining, with the right company, cloud mining can be hugely profitable without users having to lift much of a finger.
If you are looking to dive into the world of cryptocurrency without having the technical experience or millions in your bank account, cloud mining is the way to go. Mining crypto no longer has to be a costly investment that bumps up your electricity bill and consumes every hour of your day. Instead, crypto mining has made crypto more accessible to all. The key is to pick reliable cloud mining solutions that fit your investment goals.
What is Cloud Mining?
Cloud mining is crypto mining through the cloud – instead of owning hardware that will increase your electricity bill and cost you an arm and a leg. Participants outsource computational work for crypto mining where they rent hash power from a company that mines crypto on their behalf. Cloud mining has many advantages such as not needing to deal with maintenance issues, high cost of equipment, equipment deprivation costs, and energy costs. It makes your life a lot easier. Before getting caught up in the nitty-gritty details, what is crypto mining? Mining is what keeps the cryptocurrency model intact, the process by which transactions are verified and new coins are released to the blockchain. This process involves computers solving unhuman-like equations known as hashes, the fastest correct answer gets a transaction to validate and therefore a reward of that crypto coin.
Through the cloud mining process, you outsource the equipment from a third party that solves these hashes through a cloud mining contract, without having to purchase your own expensive physical hardware. By renting cloud computing power, you do not need to install and run the hardware and software, allowing for hassle-free passive income.
So, how do you make money from cloud mining? Cloud mining companies allow people to open an account and participate in crypto mining through a pricing model, usually a commission. Users purchase a certain amount of hash power and profits are allocated in relation to the hash power purchased and the current price of the coin. Companies tend to have cloud mining profitability calculators to provide potential customers with clues on earnings expected for a given hashrate purchased.
How Does Cloud Mining Work?
Cloud Mining is where two worlds collide – cloud computing and cryptocurrency mining. Cloud computing is where users access the processing power and storage capabilities of huge computer systems that are maintained by the companies that own them. Think Dropbox, Gmail, and Facebook. Cryptocurrency mining is the process where computers crunch difficult numbers to solve hashes, creating new blocks on the blockchain. Even the most powerful computers find it complex to solve these hashes. A fast answer allows miners to validate transactions and release new coins. Mining is the backbone of the cryptocurrency model not only for the validation and release of coins but also because it maintains the blockchain’s security.
is a distributed ledger, a database that is shared and synchronized across multiple nodes, making it accessible to multiple people and allowing transactions to be visible to all. Cloud mining is the hybridization of these two concepts. Cloud mining companies will set up massive mining farms, larger than a single individual could manage and mine cryptocurrency using their systems.
. Picture a warehouse with thousands of servers and rigs, cooling technology, and enormous power supplies, as well as experts maintaining the hardware. Remember that the more powerful and faster a computer is, the higher the likelihood of solving a hash and generating a block in a cryptocurrency’s blockchain. Users are essentially sharing their computational resources by renting out a powerful cloud mining service, increasing the probability of generating a block. If successful, they are rewarded with cryptocurrency, but the amount each receives is calculated through their purchased percentage of hash power.
Within cloud mining sites,
there are two types of models – hosted mining and leased hash power. The hosted mining model is the most popular model for mining Bitcoin where customers purchase or lease mining hardware located on mining farms. The equipment is regularly maintained and replaced when necessary by the cloud mining service provider. Customers know that technical issues are taken care of at all times, whilst having direct control over their crypto.
The second model of cloud mining on cloud mining platforms is leased hash power. This cloud mining model allows customers to lease computer power from a mining farm while getting a share of the farm’s overall profits from crypto. Instead of renting hardware, customers are leasing a fixed amount of hash power. This model is most popular for altcoins, all cryptocurrencies other than Bitcoin. All customers need to do is open an account on a cloud mining site with this model and select their preferences such as the hashing power and the time period of the mining contract. Read Camining.pro review and bt-miner review
Best cloud mining sites 2023
To start cloud mining, there are various top legit cloud mining sites that ensure the best security for your assets and provide a comprehensive list of features. The following are the best and top-rated Bitcoin cloud mining websites in the market.
AIPROFIT.US is one of the leading cloud mining platforms in 2023. It was established in 2020 by a group of professional miners. This platform intend to open a new secure and efficient economic system for its users.
Aiprofit.us as more than 34,000 users from more than 20 countries across the world.
However, Aiprofit.us is built with intuitive interface and well equipped rig. Offering bitcoin, ethereum and other coins mining hash rate to their users.
Additionally, this platform is easy to use. And readily accessible to users from across the world. When you purchase a contract, you start earning immediately. And you your daily profits can be withdrawn immediately.
Furthermore, this platform is secure. And has a 24/7 live chat support system. Ready to meet the needs of their customers respectively. The good thing about aiprofit.us is that you can invest in good investment, crypto, Agriculture, stock investment, forex trading etc this company is the best crypto mining company in the world.
Therefore, users should feel free to purchase contract from this platform. Read Top 5 best bitcoin mining sites 2022 reviews
Hashshiny is a mining platform for mining Bitcoin (BTC), which is safer to use and works faster. It was developed in the year 2017, and since that time, it is working in the industry, offering cloud mining services for cryptocurrencies, including the world’s biggest cryptocurrency, Bitcoin. The developers of HashShiny claim to have developed the top cloud mining platform of the world integrated with up-to-date deployment technology.
It is one of the top cryptocurrency cloud mining platforms present out there. It offers around 1.5 percent of the Bitcoin (BTC) hash rate of the world.
Hashshiny.io is currently supporting various major cryptocurrencies, including the leading digital currency bitcoin (BTC), the second-ranked cryptocurrency Ethereum (ETH), Zcash (ZEC), Litecoin (LTC), Dash (DASH), and Decred (DCR).
If you want to start mining with HashShiny.io, then the company has a package for new users. It offers new users a free 5TH/S SHA-256 (BTC) hash rate.
How To Start Cloud Mining With HashShiny.io
In order for you to begin cloud mining with HashShiny.io, you are required to follow only three simple steps:
Step 1: The first thing that you have to do is to create an account with HashShiny.io and register yourself. In order to register an account, you need to fill in a sign-up form present on the official website by providing personal data such as your first name, last, email address, etc.
Step 2: The next step that you have to follow is to pick a plan. There are six cloud mining plans for six different digital currencies. You have the opportunity to choose any one of them.
These six plans include SHA-256 CLOUD MINING (for BTC cloud mining, ETHASH CLOUD MINING (for ETH cloud mining), SCRYPT CLOUD MINING (LTC cloud mining), X11 HASH CLOUD MINING (for DASH cloud mining), BLAKE256R14 CLOUD MINING (for DCR cloud mining), and EQUIHASH CLOUD MINING (for ZEC cloud mining).
Step 3: In the third step, you have to pay for the plan you choose, and then you are ready to begin your cloud mining with HashShiny.io.
Moreover, the main features offered by HashShiny are pool allocation, service of an expert team, security, daily payouts, mobile application, mining switch, and low maintenance fee.
Hashing24 is the most common Bitcoin cryptocurrency platform that provides legal cloud mining services. The organization has been running since 2016, and its research team has been focusing on the demand for cryptocurrencies since 2012.
Hashing24 is officially based in the United Kingdom, Thailand, and Ukraine. In comparison to other platforms, hashing24 provides unlimited contracts for its users to invest in.
On hashing24, there are no fixed contracts. The customers select the hashing power and the method of payments by themselves. They can choose their desired plan depending on the forecast profit. Bitcoin is the only currency that they support in their available cryptocurrencies. The company pays its customers without any delay.
4. Crypto Universe
The platform mainly provides its services in the Russian federation. The electricity rate is low in the northern region and it’s a big advantage for the crypto universe. There are 3 different plans are available named standard, VIP, and the tariff 2025 for long-term benefits.
The users can mine through 2 types of contracts “Cloud Miners” and ‘BTC Mining”. The platform lets its users buy equipment for mining. The users can resell the equipment to miners and can take their funds back at the end of the contract.
As the crypto market is booming, the value of mining equipment is increased and it can give users an extra margin on profit. The interface of the website is quite user-friendly. There are a bunch of plans available with low investments and no hidden charges. There are numerous crypto affiliate programs available through which customers can earn.
ECOS is a company you may trust as it is one of the first cloud mining providers operating with legal status. Considered one of the top cloud mining providers, ECOS offers its clients cloud mining services for only one digital currency: Bitcoin, the world’s largest cryptocurrency in terms of market capitalization. Currently, the company is offering its services to over 90,000 users from across the entire world.
The company offers a wide variety of mining contracts to users. The minimum price for a mining contract is $149. This contract remains active for a period of twelve to fifty months. Additionally, there are different options available for you that you can use for deposits or withdrawals. These include Credit Cards and cryptocurrencies such as BTC, ETH, XRP, and LTC.
There are a lot of advantages that you can get while mining with ECOS. One of the advantages of mining with ECOS is that new users will get a one-month free promo contract. Other advantages include daily payments, clear transactions history, modern equipment, and a wide range of contracts.
Established in early 2018, BeMine provides its services in Russia and CIS countries. They were pioneers of cloud sharing of ASIC-miners, making the opposite thing compare to selling mining contracts. BeMine operates more than ~70,000Th/s placed in Irkutsk, Moscow, and Chelyabinsk region, in Siberia, even in Almaty, Kazakhstan and they keep scaling.
BeMine unites Russian data-centers, as well as miners and individuals who want to participate in cryptocurrency around the world. Miners are invited to store their equipment in partnered data-centers, while users can purchase and store mining equipment, without the need for personal presence during the purchase, transportation, installation, configuration, and maintenance of ASIC.
If you don’t want to purchase the whole ASIC-miner, you can also try with its shares. BeMine can sell up to 1/100 share of exact ASIC for a reasonable price, which may become a very useful way to start a coin mining experience without the necessity of purchasing a whole expensive machine itself. But if you have the whole one, you can also purchase door-to-door delivery of ASIC.
Stake popular cryptocurrency coins in 2021 read our guide Best Proof of Stake (POS) Coins 2022
7. Genesis Mining(scam)
Genesis mining is one of the largest cloud mining company that offers bitcoin mining projects. Founded in 2013, the company held its reputation in the market by providing smart and easy investment solutions.
The company has over 2 million customers from around the world. When it comes to hash power, genesis mining is the largest hash power provider for altcoins and bitcoin.
The platform offers mining in both bitcoin and altcoins. You can mine different coins at the same time using the hash power that you owned. For instance, you can use different cryptos to diversify the risk of your investments. The company takes care of the miners and maintenance to get rid of the hassle.
Genesis Mining provides numerous pricing packages based on your hash power and the type of coin that you are interested in mining. In comparison to other cloud mining platforms, they are a bit expensive but they provide excellent experience and support.
8. Hashflare (Exit Scam)
Hashflare is a service that offers cloud mining contracts. The users can mine five different cryptocurrencies via this platform i.e. ZCASH, DASH, Ethereum (ETH), Litecoin (LTC), and Bitcoin (BTC). The platform offers different pool mining solutions. You can decide your own customize pool based on your preferences and Hashrate.
The profit is distributed to all customers based on the Hashrate. The best thing about Hashflare is that you don’t need big investments to start. The payouts are very transparent with different payment methods. It offers real-time mining statistics so that you can easily track how much profit you have made. here is our guide to the best places to buy bitcoin in 2022
9. IQ Mining (Not Working)
In late 2016, IQ mining started to provide its services. There are quite positive feedback from the customers these days.
The company provides remote equipment enabling users to rent them out to join cloud mining. Within a limited time, IQ Mining has grabbed almost 50,000 users. There are three different packages available depending on your wishes and investments.
There are many cryptocurrencies available from which you can choose for mining. The registration is free with no subscription fee. There are smart contracts available to reduce the risks.
IQ Mining has a very soft and user-friendly interface. As it is based in Europe, the platforms provide four major languages (French, Spanish, Russian, and English). The profit forecasts are quite high compared to investments which are not understandable. The platform is suitable for small investments until it gains more acknowledgment from customers.
Can i get scammed?
The short answer is ‘YES‘. Cloud mining is a risky business and companies usually pay as long as they get good returns from mining. We have few cases of scam exits like Hashflare (was one of the top mining company before exit). TrustCloudMining(same story, not working any more). Please do your own research before investing into any of the company listed above.
How to select a bitcoin cloud mining website?
When it comes to selecting the best mining website, the process is very smooth and pretty straightforward. You only have to pick a plan to see how the service works.
Perhaps the most complicated part is finding the right host. Always check the background of the company, look at their websites, and read their reviews. Double-check if they have the statistics of their previous work
Cloud mining is recently becoming the top trend in crypto and bitcoin. The reason is very simple. Cloud mining makes mining more easy and convenient. By using the cloud, you can avoid the hassle and stress of using hardware at your own pace. In this regard cloud mining is more profitable then the mining you do with your hardware.
Moreover, although cloud mining can have some drawbacks, it does have advantages. It allows cryptocurrency and bitcoin more accessible to the public. Cloud mining has a bright scope in the future but there is an issue about the legitimacy of whether it is legit or not.
Many of the companies offering cloud mining services are scam or they use ineffective business models. By ineffective I mean, if your purchase or hold bitcoins, you either would risk your money or gain less than you should.
We would love to hear how your experience with the cloud was mining. Let us know in the comment section below if you need any help.
What is the best cloud Mining website in 2022?
choosing the best mining service is not an easy task as the market is full of scammers. HashShiny, Genesis Mining, and IQ Mining (not working) are the far the best cloud mining providers. These are the most reliable and legit sites that are offering cloud mining solutions. But Make sure to search and figure out everything before Investing.
Which cloud mining is profitable?
It totally depends upon the company you choose. Some companies give leverage to its users in monthly fees while other companies charge hefty amounts for the sake of registration fees. You should also focus on the mining profitability to know which company is more profitable in terms of contracts. Last but not least is the quality of service they are providing. There are so many drawbacks which hare totally neglected while choosing so make sure to research all these aspects in order to reach on bottom lines.
Does cloud mining pay off?
It depends on whether the platform is legitimate or not. Mostly there are Ponzi schemes and they usually charge form newcomers pay it to their old customers and themselves and mostly the company disappears for the record. So, you must check the authentic information before diving in.