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Best Cloud Mining Sites 2024: A Beginners Guide

12 mins
Updated by Maria Petrova
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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? However, choosing the best cloud mining site is not so simple. We’ve rounded up the top contenders for 2024 so potential miners can feel confident in their investments.

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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 April 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 into the world of crypto mining.

Top 11 cloud mining sites

1. ECOS

Best for Free Trial
Availability
100+ countries
Mobile app
Android and iOS
Supported coins
BTC
Payout period
Daily

2. YouHodler

Best for free BTC daily rewards
Availability
E.U. and 100+ countries
Mobile app
Android and IOS
Supported coins
BTC
Payout period
Hourly

3. KuCoin

Best for Merged Mining
Availability
E.U. and 100+ countries
Mobile app
Android and iOS
Supported coins
BTC
Payout period
Daily

4. Binance

Best for Multiple Payment Models
Availability
E.U. and 100+ countries
Mobile App
Android and IOS
Supported coins
BTC, DASH, ZEC, and 4+ coins
Payout period
Daily

5. OKX

Best for futures
Availability
U.K. & 100+
Mobile app
Yes
Supported coins
BTC, LTC, & ETC
Payout period
Daily

6. Hashfrog

Best for Diverse Mining Contracts
Availability
100+ countries
Mobile app
No
Supported coins
BTC, KDA, and LTC
Payout period
Daily

7. BitFuFu

Best for NFT Mining
Availability
E.U. and 100+ countries
Mobile app
Android and IOS
Supported coins
Bitcoin
Payout period
Daily

8. StormGain

Best for Anti-fraud engine
Availability
Asia & Latam
Mobile app
Android and iOS
Supported coins
BTC
Payout period
Every 30-40 minutes

9. BeMine

Best for Minimal Learning Curve
Availablity
CIS and 100+ countries
Mobile app
Android and iOS
Supported coins
BTC, ZEC, and 4+ coins
Payout period
Daily

10. Nicehash

Best for 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

11. Hashing24

Best for Stable Hash Power
Availability
E.U. and 100+ countries
Mobile app
No
Supported coins
BTC
Payout period
Daily

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?

How do I start cloud mining for free?

What is the best cloud mining site in 2024?

Is StormGain real or fake?

Is ECOS mining legit?

Is binance cloud mining profitable?

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Xenia Soares
Xenia is a freelance writer and journalist in the web3 niche. Her work has appeared in major crypto publications around the world. She has been an investor in cryptocurrency since 2017 and believes digital currency will outpace our current economy in the future. Xenia has dabbled in trading and mining and now holds various coins. As showcased in her portfolio, she offers a multitude of writing services, including white papers, newsletters, and blog posts. Xenia regularly contributes to a...
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