What is cloud mining?
Cloud mining is a mechanism that uses rented cloud computing power to mine cryptocurrencies such as Bitcoin without the need to install and directly run hardware and related software. Cloud mining companies allow people to open accounts and participate in the cryptocurrency mining process remotely at a basic cost, making mining available to more people worldwide. Because this form of mining is done through the cloud, it reduces issues such as equipment maintenance or direct energy costs. Cloud miners become participants in the mining pool, and users purchase a certain amount of "hashrate". Each participant earns a proportional share of the profit based on the amount of arithmetic rented.
Key points of cloud mining
1. Cloud mining involves mining cryptocurrencies by renting or buying mining equipment from a third-party cloud provider that is responsible for maintaining the equipment.
2. Popular models of cloud mining include hosted mining and rented hash arithmetic.
3. The advantages of cloud mining are that they reduce the overall costs associated with mining and allow everyday investors who may lack sufficient technical knowledge to mine cryptocurrencies.
4. The disadvantage of cloud mining is that the practice concentrates mining on farms and profits are vulnerable to demand.
While cloud mining can reduce hardware investment and recurring costs, the industry is so full of scams that it is not how you do cloud mining that matters, but how you choose a quality partner who can make money.
Best cloud mining：
There are many companies that offer remote mining. For cloud mining in 2022, we have listed a few of the more established services that are more recommended.
Binance
Official website: https://accounts.binance.com/
Binance Mining Pool is a service platform launched to increase miners' revenue, reduce the difference between mining and trading, and create a one-stop mining ecology;
Features:
- The pool is integrated with the Cryptocurrency infrastructure, allowing users to easily transfer funds between the Cryptocurrency pool and other exchange platforms, including trading, lending and pledging.
- Transparency: real-time display of hashrate.
- The possibility of mining the top 5 tokens and researching PoW algorithms:
- Mining fees:0.5-3%, depending on the coin;
- Revenue stability:FPPS model is used to ensure instant settlement and avoid revenue fluctuations.
IQ Mining
Official website: https ://iqmining.com/
Best suited for automatic allocation of funds using smart contracts, IQ Mining is a bitcoin mining software that supports multiple payment methods, including credit cards and Yandex currency. It calculates profits based on the most efficient mining hardware and the lowest contract maintenance costs. It offers the option of automatic reinvestment.
Features:
- Year of discovery: 2016
- Supported currencies: Bitcoin, BCH, LTC, ETH, XRP, XMR, DASH, etc.
- Minimum investment: $50
- Minimum payout: depends on bitcoin price, hash rate and mining difficulty
- Mining Fee: Plan to start at $0.19 per 10 GH/S.
ECOS
Official website: https://mining.ecos.am/
The most suitable for its operating system, which has legal status.ECOS is the most trusted cloud mining provider in the industry. It was founded in 2017 in a free economic zone. It is the first cloud mining service provider to operate in a legal capacity.ECOS has over 200,000 users from all over the world. It is the first cryptocurrency investment platform with a full suite of digital asset products and tools.
Features:
- Year of discovery: 2017
- Supported coins: Bitcoin, Ether, Ripple, Bitcoin Cash, Tether, Litecoin
- Minimum investment: $100
- Minimum outlay: 0.001 BTC.
- Benefits: Three-day demo period and trial BTC monthly contracts available for first sign-up, special offers for contracts worth $5,000 or more.
Genesis Mining
Official website: https ://genesis-mining.com/
Offering a range of cloud mining products, Genesis Mining is a tool to enable cryptocurrency mining. The application provides users with a variety of mining-related solutions. cryptouniverse offers a total equipment capacity of 20 MW, with plans to expand the center to 60 MW. There are now over 7,000 ASIC miners in operation.
Features:
- Year of Discovery: 2013
- Supported Coins: Bitcoin, Darcycoin, Ether, Zcash, Litecoin, Monroe.
- Legitimacy: Presence of all necessary files.
- Price: Plans start at $499 for 12.50 MH/s
Nicehash
Official website: https://www.nicehash.com/
It is the most complete site of our collection of all pools/services. It brings together a hash rate marketplace, a cryptocurrency mining utility and a cryptocurrency exchange portal. So his site can easily overwhelm newbie miners. NiceHash cloud mining works as an exchange and allows you to use cryptocurrencies in two directions: selling or buying hashrate;
Features:
- When selling the hashrate of your PC, server, ASIC, workstation or mining farm, the service guarantees 1 recurring payment per day and payment in bitcoins;
- For sellers, there is no need to register on the site and you can track important data in your personal account;
- Pay-as-you-go" payment model when purchasing capacity, giving buyers the flexibility to bid in real time without having to sign long-term contracts;
- Free choice of pools; compatible with many pools such as F2Pool, SlushPool, 2Miners, Hash2Coins and many others
- Cancellation of orders at any time without commission;
- Buyers must be registered in the system.
Hashing24
Official Website: https ://hashing24.com/
This user-friendly bitcoin cloud mining software offers 24/7 customer support. The software allows you to mine cryptocurrencies without purchasing any equipment. It provides access to real-world data centers. It can automatically deposit your mined coins to your balance.
The company's data centers are located in Iceland and Georgia. 100 GH/s costs $12.50, which is the minimum contract value. The contract is for an unlimited period of time. Maintenance is paid automatically from the daily mining volume of $0.00017 per GH/s per day.
Features:
Year of discovery: 2015
Supported coins: ZCash, Dash, Ether (ETH), Litecoin (LTC), Bitcoin (BTC)
Minimum investment: 0.0001 BTC
Minimum payment: 0.0007 BTC.
1)12 month plan: $72.30/1TH/s.
2) 2) 18-month plan: $108.40/1TH/s.
3) 24-month plan: $144.60/1TH/s
Hashflare
Official website: https ://hashflare.io/
Hashflare is one of the largest players in this market and is a subsidiary of HashCoins, a company that develops software for cloud mining services. The unique feature is that mining is done on the company's multiple collective mining pools, where users can independently choose the most profitable pools to mine on a daily basis and independently allocate capacity between them. Data centers are located in Estonia and Iceland.
Features:
- A lucrative membership program with substantial bonuses for each invited participant.
- Ability to reinvest mined coins in new contracts without withdrawals and re-payments.
How to start using cloud mining services:
1.Choose a reliable service that offers transparent and preferential terms of cooperation.
2. Registering and accessing your personal account on the official website.
3.Top up your personal account.
4.Choosing the cryptocurrency you want to mine and the tariff.
5.Signing a cloud contract defining the assets to be withdrawn and the time you plan to rent the equipment (terms of the contract - duration and hash rate).
6. Get a personal crypto wallet to use with this coin.
7.Start mining in the cloud and withdraw the profits to your personal wallet.
Payment for the selected contract can be made by:
1.Bank transfer in legal tender.
2.Credit and debit cards.
3.By Advcash, Payeer, Yandex Money and Qiwi wallets transfers.
4.By transferring cryptocurrency (usually BTC) to the service wallet.
Final summary
Cloud mining is a promising direction to invest in cryptocurrencies, allowing you to save money on purchasing and setting up equipment. If you research the problem correctly, you can get a stable income in the shortest possible time. Choose a service carefully, make sure that there are no problems during the work, and then it will provide you with income.
When choosing where to invest, give preference to a reliable cloud mining site. In this article, we have listed proven services. If you wish, you can find other valuable options.
Mining in the "cloud" is currently as unpredictable as the entire cryptocurrency market.
It has its own ebbs and flows, all-time highs and loud crashes. You need to be prepared for any outcome of the event, but minimize risk and only work with others you trust. In any case, be vigilant, any investment is a financial risk and don't trust offers that are too tempting. Keep in mind that cryptocurrency mining without investment is not possible. No customer on the Internet is willing to offer their hashrate for free.
Finally, it is best not to use cloud mining to invest your straight money without being prepared to invest it. For your own investment, choose a highly reliable and verified service to minimize the risk and protect yourself from the intruders, which are encountered by many people in the context of the cryptocurrency boom.
Post time: Sep-25-2022