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Best Cloud Mining Sites 2023: A Beginners Guide

10 mins
Updated by Maria Petrova

For many people in the crypto market, mining coins in return for earning passive income is an attractive prospect. But mining, in the traditional sense, requires expensive hardware and significant power. Increasingly, people are turning to cloud mining instead.

With cloud mining, users simply choose a provider, invest upfront, and wait for the mining platform to generate profits. Sounds easy, right? But choosing the best cloud mining site is not so simple. We’ve rounded up the top contenders for 2023, so potential miners can feel confident in their investments.

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What is cloud mining?

What is cloud mining?

Cloud mining is the process of mining cryptocurrency by renting computational power from another source, such as a cloud mining service provider. Traditional means of mining crypto often require expensive computers, which use up a lot of electricity. This also leads to difficulty in sustaining and making a profit.

By utilizing a remote data center that shares its processing power with its renters, cloud miners don’t have to worry about managing complicated hardware equipment. This is especially useful for beginners. When you use a cloud mining service, what you’re actually renting out are hashrates — a metric used to assess a network’s processing power. Users must register with a mining company and purchase a mining contract that acts as their “share.”

Most people are familiar with bitcoin, so bitcoin cloud mining is still the most common form of crypto mining. However, you can mine any crypto that uses the proof-of-work consensus mechanism. When there’s a requirement to invest upfront, choosing a trusted cloud mining site with good reviews is essential. Here are the best cloud mining sites on the market right now.

Importance of cloud mining

bitcoin mining costs
Bitcoin mining costs: macromicro.me

Every 210,000 blocks (roughly every four years), block rewards for mining bitcoin are cut in half. This means that in 2024, the current reward of 6.25 BTC will be reduced to 3.125 BTC.

Bitcoin mining generated $3.39/ TH per second at its peak in 2017. It was closer to $0.104/ TH per second by the end of Fall 2022. When you take into account these factors, bitcoin mining will have periods of diminished returns.

Traditional mining is expensive, and miners must pay for electricity costs, even if returns take a hit. Many people take out loans to buy equipment and start mining operations. As such, when these companies or individuals cannot repay their debt, they go bankrupt and stop mining. Cloud mining is a great way for miners to continue contributing to the security of the network without an initially large investment.

It is also less risky for those who want to earn passive income but do not have the start-up capital to begin mining. Cloud mining is also a good option for the less technically savvy. In all, it lowers the threshold for entry to the world of crypto mining.

Top 8 cloud mining sites

BeMine

Cloud mining platform
Minimal learning curve
Minimal learning curve
Availablity
CIS and 100+ countries
Mobile app
Android and iOS
Supported coins
BTC, ZEC, and 4+ coins
Payout period
Daily

Stormgain

CEX Exchange
Ant-fraud engine
Ant-fraud engine
Availability
U.K., E.U., and 100+ countries
Mobile app
Android and iOS
Supported coins
BTC
Payout period
Every 30-40 minutes

Hashing24

Cloud mining platform
Stable hash power
Stable hash power
Availability
E.U. and 100+ countries
Mobile app
No
Supported coins
BTC
Payout period
Daily

KuCoin

CEX Exchange
Merged mining
Merged mining
Availability
E.U. and 100+ countries
Mobile app
Android and iOS
Supported coins
BTC
Payout period
Daily

ECOS

Cloud mining platform
Low fraud risk
Low fraud risk
Availability
100+ countries
Mobile app
Android and iOS
Supported coins
BTC
Payout period
Daily

Nicehash

Cloud mining platform
Fast Lightning Network mode
Availability
E.U. and 100+ countries
Mobile app
Android and iOS
Supported coins
BTC, LTC, and 32+ coins
Payout period
Every 4 hours or once a week

Bitdeer

Cloud mining platform
Hash rate market
Hash rate market
Availability
U.S., E.U., and 100+ countries
Mobile app
Android and iOS
Supported coins
BTC, FIL, and 3+ coins
Payout period
Daily after threshold is reached

Hashshiny

Cloud mining platform
Low maintenance fees
Low maintenance fees
Availability
100+ countries
Mobile app
Android and iOS
Supported coins
BTC, ETC, and 5+ coins
Payout period
Daily

Name

Price

Supported Coins

Fraud Risk

Payout Period

Mobile App

BeMine | Start Mining

Pricing starts  at $44.22, the cost of electricity is $0.057 kW/h, security and service is free

Supports Bitcoin and coins using the Ethash and Scrypt algorithms

Low

Daily

Yes

StormGain | Start Mining

Free

BTC

Low

Every 30-40 minutes

Yes

ECOS | Start mining

$150 minimum

BTC

Low

Daily

Yes

Hashing24 | Start mining

0.00192480 BTC /12 months
0.00288721 BTC /18 months
0.00384961 BTC /24 months

BTC

Low

Daily

No

Kucoin | Start mining

2%

BTC and BCH

Low

Daily

Yes

Nicehash | Start mining

2% — Big mining farms are entitled to a progressive fee structure,

The mining fee can decrease from 2% down to 0.5% depending on contributed hashrate

Bitcoin, Beam, Raven, and other Cryptocurrencies

Low

Every 4 hours

Yes

Bitdeer | Start mining

Minimum investment of $542, which covers 50TH/s

BTC, BCH, FIL, ZEC, CKB, HNS, DOGE and more

Low

When the plan’s revenue balance reaches the minimum threshold value of the pool, the pool will pay the next day (within 24 hours)

Yes

Hashshiny | Start mining

Minimum $10 investment, maintenance fee of $0.15-0.95 per (GH/ TH/ KH)/s depending on the hashing algorithm

BTC, LTC, ETC, DASH, DCR, ZEC, DOGE

Low

Daily

Yes

How to choose the best cloud mining site for you

Always do your research before choosing the right platform for your needs. Keep in mind that the best cloud mining sites are those that have a proven track record of successful payouts and customer reviews. Be aware that many cloud mining platforms are scams. It is crucial to find one that pays you consistently and is transparent with its hashrates. Cloud mining can be rewarding if you practice good risk management, choose a reputable company, and only invest money you’re comfortable losing.

Frequently asked questions

Is cloud mining profitable?

Is cloud mining risky?

How can I start cloud mining?

Disclaimer

In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk.

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