Best Cloud Mining Sites 2023: A Beginners Guide

7 mins
17 January 2023, 15:08 GMT+0000
Updated by Ryan Glenn
7 March 2023, 16:37 GMT+0000

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.

Top 9 cloud mining sites

1. BeMine

With BeMine, users can mine crypto online while bypassing the equipment’s owners. The cloud mining service pioneer originated in 2018 and has since grown rapidly. BeMine offers an innovative flagship service, bringing together data centers and equipment owners. The result is a streamlined and accessible mining process with an efficient, secure approach to energy use. 

Users can also purchase up to 0.1% share of an Application-specific Integrated Circuit (ASIC). This allows prospective miners to begin mining coins without buying expensive equipment upfront. 

BeMine also supports its own multi-functionality utility token, Pawā. With Pawā, users can access discounts on purchasing both equipment and mining services. Any purchase with a Pawā token lowers the cost of equipment and maintenance by up to 45%. 

In merging cloud mining with DeFi, BeMine aims to disrupt and improve the security and transparency of the cloud mining industry. 

Pros 

  • Provides simple and easy access for investors to mine cryptocurrency 
  • Minimal learning curve: suitable for beginner miners
  • Native token Pawā offers enticing discounts and a bullish roadmap for DeFi and cloud mining convergence 
  • Users can purchase part of ASIC miners
  • Minimizes electricity usage in mining 
  • Profitability calculator 
  • No deposit fees
  • Offers analytics and support via Telegram

Cons

  • Other mining services rank higher for customer service.

2. StormGain

Best cloud mining sites: stormgain mining
Stormgain: Mining

This platform offers a simple and intuitive, user-friendly dashboard. StormGain performs all the operations of normal BTC mining hardware, so it doesn’t use up your mobile or computer battery. Users can monitor assets rising or falling straight from the platform’s interface. In addition, StormGain offers powerful charting tools to track price trends. Founded in 2019, the platform is available in various languages and boasts a simple sign-up process. One of the best features is its smart anti-fraud engine. Moreover, mining rewards are distributed equally every 30 to 40 minutes.

Pros

  • Legitimate, reliable service
  • Anti-fraud engine
  • stable payments
  • Good customer service
  • Gives up to 20% bonus on every deposit

Cons

  • Difficult to calculate the withdrawal amount
  • No in-built bot to automate trading

3. Ecos

Ecos cloud mining
Ecos: mining calculator

One of the crypto industry’s most trusted cloud mining sites and DeFi platforms, Ecos was founded in 2017. It was the first cloud mining platform to operate legally. Located in the Free Economic Zone of Armenia, the company established an agreement with one of Armenia’s leading electricity suppliers. With over 100 thousand users worldwide, the DeFi platform supports major coins, including bitcoin, ripple, ethereum, litecoin, tether, and bitcoin cash. However, mining functions only support bitcoin.

In addition to providing cloud mining services, Ecos offers a multicurrency wallet and a range of digital asset portfolios with various risk/return ratio indicators. Ecos cloud mining is simple to set up and can be downloaded on Apple’s app store or Google Play. The minimum investment is just $150, making it the perfect platform for beginner miners.

Pros

  • Customized contract purchasing
  • Daily payments
  • Low minimum withdrawal
  • Low fraud risk

Cons

  • Only supports bitcoin mining

4. Hashing24

Hashing 24 Mining Calculator
Hashing 24: Mining calculator

Founded in 2015, Hashing24 is best for investors who wish to focus solely on bitcoin. The platform boasts a solid ten years in the bitcoin cloud mining market, with over 1000 coins mined and withdrawn by users. The minimum deposit amount is $72.30 for the 12-month plan, which gives miners 1 TH/s. Similar to Ecos, the platform only supports bitcoin mining at present.

Hashing24 utilizes industry leader Bitfury for its mining data centers. Bitfury Group is the world’s leading blockchain technology company and is committed to providing the industry’s best infrastructures for mining bitcoin. It has deployed several data centers in six countries, with four actively mining. Hashing24 offers a free demo directly from the site, so users can simulate how much profit they would make with any given hash input.

Pros

  • Stable hash power
  • 24/7 customer support
  • Daily payout
  • Weekly promotions and auctions
  • Free demo to simulate profits

Cons

  • Only supports bitcoin mining

5. KuCoin

Kucoin: cloud mining
Kucoin: cloud mining

This world-renowned cryptocurrency exchange debuted in September 2017. Currently, it offers lending, staking, P2P trading, futures and spot trading. The global exchange is known for its easy-to-use platform. In addition, KuCoin is extremely diverse, in the products it offers and the populations that it serves. KuCoin is available in over 200 hundred countries, and supports more than 600 cryptocurrencies.

KuCoin Pool, its mining service, is a high-performance mining pool that supports assets such as Bitcoin (BTC) and Bitcoin Cash (BCH). It is a relatively new service, aiming to become one of the largest mining pools contributing to multiple blockchains. Some of the features that Kucoin pool leverages are:

  • Merged mining and FPPS settlement guarantees mining income
  • Accurate Hashrate Data
  • One-on-One Customer Service

Pros of KuCoin

  • No fees for revenue from mining
  • Trusted platform
  • KuCoin is not a regulated exchange under any financial regulatory agency

Cons of Kucoin

  • Can not withdraw fiat
  • US users have limited features
  • Can only mine BTC and BCH

6. Nicehash

Nicehash marketplace
Nicehash: Marketplace

The Nicehash platform provides both mining hosting services as well as a marketplace. Here, miners have more freedom in customizing their mining terms. For example, users can choose the exact amount of hash they want to purchase, the duration, and how much they are willing to pay. Customers can also connect their miners and sell hashrates to others on the platform by attaching their GPU.

The economic landscape on Nicehash is centered around bitcoin. So, everything eventually gets converted to bitcoin regardless of which coin is being mined. In contrast to other trusted cloud mining sites, Nicehash does not own any mining hardware. Users connect their PCs or mining rigs to other members in the hash-power marketplace and rent out the computing power of their own machines.

Pros

  • Fiat withdrawals
  • Remote mining management
  • Peer-to-peer hashrate trading
  • Fast Lightning Network mode

Cons

  • More expensive than most cloud mining options
  • Slow payout rate

7. Bitdeer

Bitdeer mining
Bitdeer: Bitdeer mining

This versatile cryptocurrency platform offers an array of services. Apart from providing cloud mining, the platform serves as a multi-brand hashrate market. This market allows investors to buy and sell hashrates with one another. The project focuses on partnering with the world’s largest mining pools and the best mining equipment manufacturers.

Powerful ASIC and GPU miners take care of the mining. To begin mining, users must make a minimum investment of $542, which covers 50TH/s for bitcoin cloud mining. In addition, they provide cloud contracts in over 200 countries, and all contract types are 180 days in length. The project has successfully launched five fully compliant data centers around the world.

Pros

  • Hashrate market
  • Cloud hosting of miners
  • iOS and Android app integration
  • Charts of cryptocurrencies in real-time

Cons

  • High minimum investment

8. Genesis Mining

The Genesis cloud mining provider offers more than ten mineable cryptocurrencies and is among the highest-rated platforms. Based in Hong Kong, the company serves over 200 thousand users in more than 100 countries. The mining programs are suitable for investors of all levels. The platform provides multiple mining plan types ranging from six to 24 months, each with four contracts with different prices. Contracts are sold in Gold, Platinum, Diamond, and Custom.

Moreover, Genesis Mining charges zero maintenance costs, saving investors considerable cash. The minimum investment to get started is $500.

Pros

  • Long-standing credible services
  • Reliable equipment
  • 24/7 customer support
  • Stable payments
  • Versatile payment/withdrawal methods, including credit cards

Cons

  • No exchange for hashrate sells

9. Hashshiny

Best cloud mining services hashiny
Hashshiny: Contracts

This bitcoin cloud mining software allows users to find the best profitable pools easily. Founded in 2016, Hashshiny utilizes the newest ASIC miner and GU rigs for its mining protocols. And users can control the mining process by selecting Switch on or Switch off with full control permissions. In addition, the platform offers a graph with hashrates that provides live data.

Hashshiny is also super convenient because users can access the software via Android and iOS devices. Moreover, payments can be made using PayPal and crypto wallets. The minimum investment to start is only $10, making it attractive to a wider range of investors.

Pros

  • Real-time mining hashrate within the application
  • Low minimum investment
  • Daily payout
  • Low maintenance fees
  • Mobile app

Cons

  • Can be quite expensive in comparison with other platforms

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

Genesis Mining | Start mining

Minimum of $500 investment

BTC, DASH, LTC, XMR, ZEC

Low

Daily

No

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

Choose the best cloud mining site for your needs

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. In general, 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?

Profit from cloud mining depends on the coin, the service provider, and the mining plan you purchase. Plans come in different hashrates which can affect rewards. Ideally, the coin you mine should relatively be gaining more value with time. Just keep in mind that you will be competing with thousands of other miners and mining pools, and sometimes a successful mining operation comes down to chance.

Is cloud mining risky?

Bitcoin and any other form of cryptocurrency investing are risky. This is due to its volatile market swings. The price of the coin you are mining can fall so low that it makes it difficult to make a profit. However, that’s not to say you can’t earn from it. You should always practice risk management when dealing with crypto.

How can I start cloud mining?

To get started with cloud mining, choose a trusted cloud mining site and the cryptocurrency you wish to mine. Next, register with the company and pay for the hashing power you want to lease. Then simply sit back and wait for the mining pool to generate profits.

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