Here are the best cloud mining services:
If you can’t afford expensive mining hardware or don’t have the technical skill to set up a mining rig and mine with it, you may opt into cloud mining. Cloud mining is a newbie-friendly way of earning cryptocurrency. By cloud mining, you are utilizing a remote data center with shared processing power to mine cryptocurrency. In simplest terms, you are using a remote mining rig to mine cryptocurrency.
Today, there are so many cloud mining services to choose from. All these services provide similar services. You essentially buy a mining contract and start mining. The mining reward is sent to your wallet. Although the business model of every cloud mining service provider is essentially the same, some services are clearly better than others.
The majority of cloud mining services are scams. It is incredibly easy for anyone to create a website, claim they have mining equipment, entice customers to invest with unrealistic returns and steal their money. I personally know people that have lost thousands of dollars investing in these scams. Cloud mining scams operate similar to pyramid schemes. Customers get paid with other customers’ money. As soon as you invest a big amount, your account will be closed. Think about this: if cloud mining was so profitable to the customer, wouldn’t cloud mining services mine it themselves?. Lastly, if you ever come across a cloud mining service that gives away free hash power, chances are very high that it is a scam.
There are legit services that do actually provide cloud mining services. Legit does not mean profitable. When we say legit, we mean these services do actually own mining equipment and sell mining contracts. Now, if you are wondering if cloud mining is profitable, check out this article.
In this article we list out the best cloud mining services:
Genesis-mining is one of the oldest cloud mining services. Founded in 2013, this service is certainly one of the most well-known services in the crypto world. They have mining farms located in different countries like Iceland and Sweden.
Genesis-Mining offers 2-year mining contracts for various coins like Bitcoin, Ethereum, Dash, Litecoin, Zcash, and Monero. There are 2 types of plans at Genesis-Mining. One that has maintenance fees and others that don’t have maintenance fees. Of course, the plan with maintenance fees is expensive. Interestingly, they also allow you to create a custom plan.
The size of your mining payout is dependent on the amount of hash power you bought from them. The hash rate you mine cryptocurrency is constant throughout the order’s lifetime. The mining reward is sent to your account after deducting maintenance fees if fees apply to your plan. At any point, if mining becomes unprofitable, mining will be paused until it becomes profitable again.
Genesis-Mining supports automatic withdrawal to your cryptocurrency wallet once you reach a certain threshold. I have personally mined with them and I can confidently say this company is legit and they do actually pay customers. On a positive note, their support is quite fast and reliable.
Eobot is another cloud mining service that is well known in the crypto community. Located in the United States and operational since 2013. Unfortunately, the owners of Eobot have decided to stay anonymous so there are no office addresses on their homepage.
If you have a low budget, Eobot is the best place to cloud mine. You can buy cloud mining contracts for little as $10. As of now, Eobot supports 24-hour and 10-year contracts. What is interesting about Eobot is that they only sell SHA-256 mining contracts. As you know, SHA-256 is the algorithm used by Bitcoin. When you buy a contract from Eobot, you are essentially hashing SHA-256 but you can use this hash power to mine any cryptocurrency listed on the site. SHA-256 follows Bitcoin’s difficulty. Eobot clearly explains how mining works on their website. Their fee structure is clear and well explained as well. You can read about is here. Interestingly Eobot also offers a calculator to estimate your earnings.
Nicehash is a very different type of cloud mining service. Nicehash is essentially a marketplace to buy and sell hash power. This service has been operating since 2014 and has a huge customer base.
Unlike other cloud mining services, you get to buy hash power directly from rig owners. Nicehash is just the service that matches buyers and sellers. Yes! Nicehash does take a fee for the services they provide.
They support 30+ mining algorithms. This means you have a wide variety of coins to mine. Nicehash has two types of contracts when buying hash power – The fixed order and standard order. You can learn about them here.
If you are new to cloud mining, buying hash power from Nicehash can be technically challenging. You can check out our guide here.
Operating since 2014, MiningRigRentals is very similar to Nicehash. The major difference being at MiningRigRentals, you can specifically select which mining rig you want to rent. Owners of mining rigs list the rental price and the buyer can sort through the rigs and select the preferred one. If the mining rig you rented underperforms, the balance will be refunded.
MiningRigRentals supports almost any mining algorithm. The best thing about this service is that you can buy hash power for a very little amount of money.
Renting rigs on MiningRigRentals can be quite challenging if you are a newbie. You would need to have some knowledge about pools, mining algorithms, and hash power. You can check out our guide here.
Interestingly, MiningRigRentals has a rating system for all mining rigs and these rigs can be monitored live using the hash rate graph.
Other Cloud Mining Services
Cloud mining is not the fastest way to earn cryptocurrency. Cloud mining is still a viable way to earn cryptocurrency. It can be hard to distinguish a legit cloud mining service from a scam because of its business model. The services that operate for a long time are the real ones. Best cloud mining services are reliable and have a good reputation. Be safe, do your research and cloud mine.