Crypto mining doesn’t have to cost an arm and a leg to get going. Plug your computer into the best cloud mining data centers and share their processing power to onboard the Bitcoin train.
In This Article:
- How does cloud mining work?
- Is cloud mining profitable?
- Cloud mining vs. Hardware mining
- Top cloud mining services
- 1. StormGain
- 2. ScryptCube Cloud Mining
- 3. Genesis cloud mining
- 4. Nicehash cloud mining
- 5. Hashnest
- 6. Hashing24
- 7. CCG Mining
- 8. ECOS Cloud Mining
What is cloud mining?
Although China’s cheap coal makes it the primary landing destination for mining Bitcoin, governmental crackdowns are likely to dethrone China as the crypto mining leader.
It is quite clear that China’s trajectory regarding Bitcoin is headed in the negative direction, following the large province of Inner Mongolia banning crypto mining operations. However, this provides an opportunity for novel forms of mining.
As the world’s largest cryptocurrency, Bitcoin holds the greatest number of miners as well. This results in stiff competition, rendering individual mining with your own CPUs or GPUs far less profitable than it was before.
Under pressure from both governments and more streamlined miners, an alternative solution comes into play — cloud mining. It allows people to mine cryptocurrencies without having to own the necessary hardware. More importantly, it allows them to participate in mining regardless of how much or how little they can contribute.
If you are averse to risk or heavy initial investments, cloud mining provides a superior crypto engagement than trading cryptocurrencies, as there is little risk of experiencing great loss.
Is cloud mining profitable?
An evolution of mining pools, cloud mining means that you rent a data center’s hash power. Given that this emerging crypto mining niche is riddled with bad actors, choosing the right one is key. With that in mind, cutting out the initial investment for buying a mining rig makes it profitable alone.
Likewise, one could free up time needed for navigating through technical hurdles of mining. Cloud mining eliminates that too. Most importantly, those who live in regions of the world with high electricity costs can finally partake in crypto mining with a simple cloud account.
Top cloud mining services
We cannot stress enough how important it is to only work with reputable cloud mining companies. If you are interested in a specific firm, do your research and background check, as the number of scams in the crypto industry is sky-high, and it is all too easy to lose your money.
Luckily, there are still plenty of real, reputable mining firms, such as:
StormGain cloud mining performs all operations of BTC mining hardware without using the battery of your mobile or computer. Mining speed is limited by the number of users participating in the mining process at any time.
- Every 30–40 minutes, mining rewards are distributed equally.
- You can withdraw your rewards after reaching a threshold of 10 USDT in BTC.
- StormGain’s has a smart anti-fraud engine that may temporarily block or limit payment.
- Mining rewards will land on your USDT trading account, which can be used as you wish on the StormGain exchange.
Pros of StormGain:
- A credible service for cloud mining
- Use reliable equipment
- It has an anti-fraud engine
- It offers good customer service
- Stable payments
Cons of StormGain:
- It can only mine BTC
- It is difficult to calculate the amount you get when withdrawing
ScryptCube is a UK-based company that has made it all the way up to the second spot in our best cloud mining services in 2021 rankings owing to its affordability and ease of use. The platform claims to have state-of-the-art data centers hosting hundreds of high-efficiency and reasonably-priced miners.
- Two cloud mining plans:
1) Bitcoin Mining 1 — Year at $4.9
2) Bitcoin Mining — 2 Years at $7.5
Both the plans are for 100GH/s.
- Straightforward registration and payment methods in the form of VISA, MasterCard, and Bitcoin (BTC)
- Customizable mining plans based on budget and preference
- Easy to evaluate the service before committing fully
- Streamlined dashboard so everyone can understand the service
Pros of ScryptCube
- You can generate revenue 24/7 from a profitable plan.
- Mining plans are affordable and highly customizable, which makes ScryptCube’s cloud mining accessible to a wide range of users.
- The newly mined coins are deposited into your account daily.
- There are no hidden fees or commissions.
- The dashboard is info-packed, yet very easy and intuitive for users with all levels of technical expertise.
- You have real-time access to all mining- and account-related statistics.
Cons of ScryptCube
- ScryptCube only supports Bitcoin mining.
Genesis Bitcoin cloud mining is third on our list, and one of the few truly reliable cloud mining companies out there. This is an example of a legitimate firm that has actually purchased and set up mining hardware to mine cryptocurrencies on behalf of their users.
Iceland-based Genesis mining has been around ever since mining on your own started becoming difficult, being among the first companies to provide an alternative. This was all the way back in 2013, which makes it one of the oldest ones today.
There are four different mining plan types, each of which has four contracts with different prices;
- Bitcoin Radiant Classic (6 months runtime)
- Bitcoin Radiant Classic (24 months runtime)
- Bitcoin Radiant Zero (6 months runtime)
- Bitcoin Radiant Zero (24 months runtime)
As for the contracts themselves, you can choose between:
In total, there are 16 combinations, each of which offers a different price, TH/s, length, and more. At press time, it only offers Ethereum cloud mining.
Pros of Genesis Bitcoin:
- A long-standing, credible service for cloud miningUses reliable equipment
- Uses reliable equipment
- Offers good customer support
- Stable payments
Cons of Genesis Bitcoin:
- No exchange for sale of the hashrates
Nicehash miners can decide on how much hash they wish to purchase, and they get to set the terms. This can include the amount, the length of time during which they will need the hash power, and how much they are willing to pay. Then, the sellers get to decide whether the conditions are acceptable and if they are interested in making a deal.
The entire economy of this specific marketplace is Bitcoin-powered, regardless of which cryptocurrency you wish to mine. It all gets converted into BTC.
- NiceHash itself doesn’t have any mining hardware.
- They connect the buyer and the seller to make things happen.
- The company has servers on all continents.
Pros of Nicehash:
- Simple to use
- Pays out in BTC
- The mining software is excellent
- Has super-fast Lightning Network node
- It can sometimes pay higher than the mining rate
Cons of Nicehash:
- Fees are higher than at other pools
- Payout rate is slow
- Not the most friendly when it comes to smaller coins
Hashnest is a cloud mining service that has quite a prominent backer — the crypto mining hardware maker, Bitmain. Like Bitmain itself, this service is also China-based, although it has its people and offices all around the world. A decent option for cloud mining that has been around since before Ethereum launched.
- It directs all miners to Antpool by default.
- Antpool is a part of Bitmain Corporation, owner of mining farms not only in China, but in Iceland as well.
- Most of the pools cannot be reviewed as they are hidden to protect the customers and maintain security.
- Has a nifty mobile app, making mining simple.
- Getting an account also gets you a wallet.
Pros of Hashnest:
- Between 20 and 120 payouts each day
- No withdrawal penalties
- Lets you redeem your hash for hardware
- If you buy your hash, you immediately get payout increase
- Buy and sell hash power on an open market
Cons of Hashnest:
- Not that easy to use
- Hash must be bought with only selected coins
- Market prices can get extremely overheated
- Close ties to Bitmain, which is controversial
Hashing24 is a service that operates from offices around the world, including Ukraine, the UK, and even Thailand. Meanwhile, its mining devices are located in Iceland and Georgia.
The service has been around since 2016, with close ties to a chip-making and blockchain firm, BitFury. In fact, this is where the majority of its hashing power comes from, giving the mining platform a constant supply of hashing power to sell.
- Bitcoin is the only supported coin.
- Hashing24 offers lifetime mining contracts for a one-time-pay.
- Expensive but reliable and competent.
- Solid customer support.
- Clean, user-friendly interface and a straightforward registration process.
Pros of Hashing24:
- Very simple to use
- Payouts are based on the hashrate
- Excellent uptime
- Offers a demo to test the product before committing
- It can act as a Bitcoin wallet account
- Quick withdrawals
- You can withdraw at any time
Cons of Hashing24:
- It’s hard to calculate the amount you get when withdrawing
- No short-term contracts
- It only has one algorithm
7. CCG Mining
Next, there is CCG Mining, launched in 2016, right when crypto mania started to heat up. Based in Europe, it spread out through five countries — Russia, Austria, Poland, Latvia, and the UK. As of 2021, it has over 850 business clients, as well as 45,000 private clients.
- Offers the highest computing hashing power in Europe.
- Provides B2B (Business to Business) and B2C (Business to Consumer) services for clients, simplifying the experience.
- CCG Mining offers three inroads to profits: Cloud Mining Contracts, Mining Rigs, and Affiliate program.
- It supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), and Zcash (ZEC).
- Three standard contracts available: Mini, Starter, and Pro, on top of the custom one.
- Per contract price and duration depends on the picked coin for mining.
CCG Mining pros:
- Excellent mining rigs
- Good support systems
- Excellent loyalty program
- Very good prices
CCG Mining cons:
- The firm relies too much on live communication for technical details
Finally, there is ECOS Mining, a large infrastructure project of its own industrial mining centres based in Armenia and established by the order of the Armenian Government.
It formed out of the Free Economic Zone in Armenia to encourage high tech AI and Blockchain startups to set-up in Armenia . The economic zone offers zero income and property tax rates for 25 years. ECOS provides daily, automatic payouts to clients so revenues aren’t stored.
ECOS allows you to mine from real equipment or rent their equipment and use it to generate mining profits. Equipment repairs, electricity supply and maintenance activities are handled by ECOS staff as they’re included in the service charge.
ECOS mining contracts also offer protection against illegal transactions and account blocking. Through its integrated data centre, all transactions and data storage are handled safely and securely.
CCG Mining pros:
- Flexible plans
- Technical support available 24/7
- Easy to sign-up
- Affordable pricing structures
- Establish infrastructures
CCG Mining cons:
- Only offers Bitcoin cloud mining
- Profits can be difficult to calculate
By just viewing these cloud mining options, it gives you a pretty good idea of how it works and what to expect. While all of them are legitimate and profitable, StormGain’s approach to cloud mining seems to be the most streamlined. And when you are done, you can seamlessly use the platforms’ own wallet and exchange.
If you find other cloud mining services, make sure to vet them thoroughly, including not solely relying on user reviews, as those too could be faked. If you play your cards right and choose the right combination of contracts, you can start seeing profits in only a few months.
Disclaimer: All the information in this article is published for general information purpose only. Any action you take upon the information you find on this website is strictly at your own risk. We encourage you to do your own research and take extra care to protect yourself from scammers.