Quick Overview: Our Top 3 Picks for Best Cloud Mining Sites
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Are you interested in mining bitcoin but do not want to buy an expensive equipment, set it up and mine Bitcoin yourself? Then cloud mining is for you. With cloud mining or cloud hashing, you let others (data centers) mine Bitcoins for you by renting their equipment and paying them to make sure it runs smoothly (service fees).
I will list the best cloud mining sites and we will go through exactly what it is, why data centers rent them out instead of leveraging the equipment themselves.
Best Cloud Mining Providers 2021 (Bitcoin and Ethereum)
Hashing24 is a well-established cloud mining provider that started operations in 2012 and served thousands of customers. They use modern ASICs from Bitfury providing efficient mining and better profitability. They also guarantee 100% uptime, you will never have to lose sleep at night over downtime or errors, they don’t operate like that.
Their data centers are located in Georgia and Iceland. They make the calculations of expected ROI time-frame really easy by showing you all the numbers included beforehand. Keep in mind, though, as with all cloud mining companies, they cannot promise anything.
Hashing24 is a highly recommended service. The overall social sentimate is decent and users are happy with service and the associated fees.
Founded in late 2018, BeMine is a Bitcoin mining services provider based in Russia. The company operates over 85,500 TH/s of mining operations in Irkutsk, Moscow, Siberia, among others. As of now, BeMine boasts a customer base of 25,000.
With BeMine, you can purchase new ASIC-miners or buy cloud mining contracts. Currently, the company only provides Bitcoin mining.
BeMine uses popular miners like the Bitmain Antminer ASIC series, Ebang Ebit, and Innosilicon models for cloud mining. To start cloud mining with BeMine, you can buy up to 1/100 shares of an exact ASIC machine depending on your mining contract for 6, 8, 12 months. After that, pay for the mining equipment and electricity, that’s it. You will start earning daily mining rewards in your account.
BeMine has four pricing models for cloud mining contracts – Beginner, Standard, Professional, and Ultra. The deposit cost of the Beginner contract (12 months) is $392, which gives you a daily revenue of 0.000023 BTC. The high-end contract Ultra costs $98,000 for 12 months that earns you 0.005640 BTC every day.
These returns plus your deposit amount makes BeMine contracts a high ROI deal. However, the Beginner plan is an exception; it is not profitable as your deposit amount is not returned. Therefore, you end up losing money if you buy the Beginner plan. At the time of writing this, BeMine enjoys decent ratings on Trustpilot when compared to Hashing24 and Shamming, making it one of the most trusted mining sites.
You can pay for the mining contract using VISA, MasterCard, PM USD, Bitcoin, and altcoins. Don’t worry; you won’t be charged extra for adding funds to your account. Instead, your account will be credited with the amount you sent minus the typical commission of the Bitcoin network itself. Most importantly, you get 3 days of free cloud mining on one of the most popular miners – Antminer S19 as a sign-up bonus.
As for withdrawal, your mining rewards must be at least 0.005 BTC to withdraw your funds. Once you reach that limit, you can request a withdrawal to your Bitcoin wallet address. BeMine charges a 3%-7% commission depending on how much BTC you withdraw. Nonetheless, you may or may not be able to withdraw the deposited contract amount when your contract ends.
To conclude, BeMine offers flexible contracts. You can even buy 1/100 of an ASIC miner. This, when coupled with high returns (excluding the Beginner plan) and excellent customer reviews, makes BeMine worth considering.
SHAMINING is amongst the most popular mining services, and it is not difficult to see why. It is a UK-based company that has everything you would look for in a cloud mining service – higher returns, flexible and affordable plans, low withdrawal amount, excellent customer support, positive customer reviews, and a good sign-up bonus.
Currently, SHAMINING only offers BItcoin mining services. It has four distinct cloud mining plans – GPU Miners, CPU Miners, ASIC Miners, and an Individual plan. The GPU, CPU, GPU, and ASIC miners cost less than $0.013 per GH/s and give you a 143% profitability rate. The individual plan is a customizable plan where you can purchase based on your requirements.
The best part is that SHAMINING has one of the lowest deposit amounts. At BeMine, the entry-level contract costs $392. In contrast, you can start with SHAMINING for only $150. Not to mention, SHAMINING offers at least 143% ROI under cloud mining contracts. To top this off, you get a 37% bonus on your first investment with SHAMINING.
As for payments, mining rewards are credited daily to your account. And once you reach a minimum withdrawal limit of 0.001 BTC, you can transfer your funds to your Bitcoin wallet. Did you notice that the withdrawal limit is significantly lower than BeMine? This implies you don’t need to wait too long to withdraw your funds.
Another major reason why crypto investors prefer SHAMINING is their easy-to-use interface. This, when coupled with their animated cloud mining process, makes the UI even more interesting. Moreover, SHAMINING provides 24/7 customer support, plus, you also get a personal management service. Plus, you can control your mining operations from any device, be it a desktop or a smartphone.
Considering all this, here’s our verdict – SHAMINING is an affordable cloud mining service with decent returns.
The pros of this are that you can cancel at any time without a cancellation fee (you’re not locked into a contract) and that the rates can be a bit cheaper here when compared to alternatives like Hashing24 and Genesis. The con of NiceHash is that you can only pay and get paid in Bitcoin or fiat as of now.
5. Genesis Mining
With a simple-to-use interface and an easy way to get started mining Bitcoins, Genesis Mining is a great contestant as the best cloud mining provider. Genesis Mining is one of the oldest cloud mining providers and thus they have a lot of experience in the field. They are also the largest cloud bitcoin mining company which proves that they can handle a lot of volumes and still do it well.
You can allocate the hashpower you own to mine different coins at the same time. You can, therefore, use one instance to a variety of cryptocurrencies. This is not only fun and extremely easy to accomplish, it also diversifies the risk of the investment.
Genesis Mining offers different pricing packages based on what coin(s) you’re interested in mining as well as the amount of hashpower you want. They are a bit more expensive when compared to Hashing24, but their support and expertise justifies the premium cost.
6. CCG Mining
CCG Mining was founded in 2016. They have offices in Poland, Great Britain, Russia, Latvia, Austria, and the Czech Republic.
The company offers cloud mining contracts for Ethereum, bitcoin, Monero, ZCash, Bitcoin Cash, and Litecoin. All these contracts are divided into four plans – Mini, Starter, Pro, and Custom. Each of these contracts has different pricing. As for the Bitcoin cloud mining contract, the Mini plan costs $10.99+0.00017BTC maintenance fees.
Also, unlike other cloud mining services, CCG mining doesn’t push earnings every day. Instead, you get your rewards credited into your balance every 15th and 16th day of the month, and the minimum withdrawal amount is 0.002 BTC.
The company claims to have a customer base of 45,000 private clients and over 850 business clients. This seems too good to be true, considering their official Twitter page doesn’t have any announcements about their business clients. Talking about their Twitter page, it has had no tweets since August 2018. Not to mention, the company has poor reviews on Trustpilot.
Founded in late 2016, IQMining is a legitimate cloud mining service with centers in Canada, China, Russia, Georgia, and Algeria.
Hands down, IQMining is one of the most versatile cloud mining services on our list. Its cloud mining contracts offer alt coin mining, such as 10 major cryptocurrencies and 100-150 altcoins. To top this off, they offer payouts in BTC, ETH, BCH, and USDT. In short, IQMining has a rich collection of cryptocurrencies you can mine.
IQMining offers cloud mining contracts for 1 year, 2 years, 5 years, and a Lifetime plan. These contracts are further divided into 4-5 sub-types depending on the payouts. For example, the SHA-256, SHA-256 Pro contracts pay in BTC, SHA-256 BCH pays in BCH, USDT contract gives payments in USDT, and the Ethereum contract pays out in ETH. So, if you do the math, IQMining offers 17 separate cloud mining contracts. This is massive.
Talking about contract price, it ranges from $1.043 per 10 GH/s to up to $6.888 per 10 GH/s (as of writing this article). As for potential income, it goes from 125% to more than 195% per contract period. The best part is that you receive payouts regularly, and the minimum withdrawal limit is just $10.
Another major highlight is their intuitive user interface and their customer service. Not to mention, their average email response time is 3 minutes.
Major cryptocurrencies for mining, 17 cloud mining contracts, affordable rates, easy-to-use UI, low withdrawal limit, and excellent customer support- all this makes IQMining a promising cloud mining service. Nonetheless, it has mixed reviews on Trustpilot.
Well, IQMining is more than a cloud mining service. The company also offers crypto trading and Forex CFDs with an earning potential of up to 95% for options. And guess what, you can copy trading strategies from the best traders.
Freemining calls itself the best cloud mining and passive income site providing industrial Bitcoin mining services.
The company offers five yearly Bitcoin cloud mining contract plans –
- Basic – Plan price is 0.02 BTC. It offers 0.00006 BTC per day payouts.
- Starter – The plan costs 0.015 BTC and yields 0.0005 BTC each day.
- Standard – This package is priced at 0.05 BTC. Here, the daily payout is 0.00175 BTC.
- Enterprise – Enterprise plan costs 0.15 BTC, and it gives 0.00675 BTC of mining rewards per day.
- Professional – This costs 0.35 BTC. The daily earning of this plan is 0.0175 BTC per day.
Once you purchase a plan, you can immediately start mining. The company only accepts BTC for payments. After accumulating a minimum of 0.002 BTC, you can instantly withdraw your funds to your Bitcoin wallet address. Well, Freemining doesn’t allow you to change your wallet address. So, make sure you enter a permanent wallet address while you sign up.
To be honest, Freemining has negative reviews on Trustpilot, questioning its credibility. Moreover, their website itself has no reliable information. They don’t mention which miners they use or highlight the hash rates for particular plans. Further, their website hasn’t listed any social media handles.
Nonetheless, their website has a live display of the payouts distributed to the miners. This transparency contradicts the lack of information on their website.
Minergate not only offers cloud mining but also mining software so that you easily can mine cryptocurrencies using your computer. As with the previously mentioned services Minergate also clearly shows you all included costs and potential profit calculations.
With 20,000 happy users and a clean UI (user interface), Minergate is a great choice for a beginner. You can easily set the amount you want to invest per day and voilá, you’ve entered the world of crypto mining. They allow you to mine Bitcoin, Ethereum, and Monero.
However, there have been reports of users unable to withdraw funds and subdued earnings report. Starting small as a test might be the best approach for this platform.
Operated by Bitmain, the ones behind the Antminer line, Hashnet offers excellent cloud mining contracts. Currently, they have over 600 Antminer S7s to rent out, and since it is owned by Bitmain, they can re-stock quickly in case of them running out of stock.
They have a special contract called PACMiC V5. PACMiC stands for “payback accelerated cloud mining contract”, which means that it aims to cut down the payback time-frame a lot. We highly recommend using it since you will see a return on investment quicker using PACMIC V5 than traditional cloud mining contracts.
What are the Advantages of Cloud Mining
- No stress of upkeep, electricity costs, software installations or expensive hardware
- You don’t need to listen to humming fans running wild all day long
- You can quit at any time if/when Bitcoin mining becomes unprofitable
- No ventilation needed for the hot equipment
- No need to wait to get started mining bitcoin
- No out-of-stock equipment to wait on to be re-stocked
The Disadvantages of Cloud Mining
- Many scams: Many companies that have popped up that exploit newbies, making it hard to find a trustable provider
- Your hands are tied to the decisions of the provider. You cannot upgrade the gear yourself.
- Lower profits long-term
- You rely on a cloud mining provider that can close down anytime in case of too low of a price on Bitcoin
These are some of the pros and cons of the cloud hashing, you can use them to make your mind on which method is the best. Although, for most people that aren’t that tech-savvy or have money to put down on expensive hardware, cloud mining contracts is the best choice.
Now that you know why they are operating and the advantages/disadvantages of cloud mining, it is time to make sure we pick the right contract. Here are some guidelines we would recommend you to follow when picking a provider.
What to look out for When Choosing a Cloud Mining Service?
The reputation of a cloud mining contract is important. You need to make sure that the operations are done without any hassle and that the company is not trying to exploit the “bitcoin boom” and essentially is ripping you off.
We recommend you to always read reviews from different sources to make an educated decision. Don’t worry though, after this section, we will list all the best Bitcoin cloud hashing contracts so that you don’t have to do the extensive research yourself.
The price of operations is important. Most companies say that you’ll break-even by a certain month. You can pick which machine you would like to rent, and how many, so you can really put in as much money as you want into this – the minimum is usually around $10-20 per month.
Why do data centers rent out mining equipment?
The answer is simple, really. While their business model in one way relies on Bitcoin, they are not building their whole business model on the price of Bitcoin, since the price is highly volatile. They are basically providing shovels and picks in a gold rush. It’s a Pick-And-Shovel Play. This is something that was done during the California gold rush and is done now, with Bitcoin.
They get their return on investment without relying too much on the price of Bitcoin. If Bitcoin were to crash to $0, their capital if they had mined Bitcoin and kept it themselves, would be worth $0. It’s a more secure way of doing business by renting out the equipment, as of now at least.
However, since the price of Bitcoin keeps rising, their users make more and more profit from their service. So it’s a win-win situation; the user doesn’t need to invest in bitcoin mining hardware and pay for the electricity (the price of a miner can be $3000 , and electricity bills can add up quickly). And the data center does not rely fully on the price of Bitcoin.
Is Cloud Mining Profitable?
Yes, it currently is. The current mining hardware makes it profitable after a certain amount of time. We’ve included how fast each company claims that you will break-even (and after that, it is all profit), but somewhere along the lines of 12-16 months is usually the standard. This might seem like a long time but if you think about it – any business that breaks even within a time-frame of 12 months is doing something right.
It also highly depends on the price of Bitcoin. If the price of Bitcoin goes up, so will our total revenue do. The thing with cloud mining is also that you will need to invest a bit of money to really see some returns, the more you are able to invest on a monthly basis, the more money you will get back. Even though you will get the same ROI with $10/month as with $100/month, the latter will result in 10x the amount of money. However, you’ve invested way more using the latter.
For the majority of people, buying Bitcoin and trading it with other altcoins, or just hodling, will be way more lucrative than mining (unless you have free access to electricity and a good storage space).
Bitcoin Cloud Mining Scams History
Unfortunately, there are a lot of scams in the Bitcoin cloud mining industry. How come you may ask, well, it’s quite simple to set up a website nowadays and claim that the users will get X, Y, and Z. In reality, they might not have a facility or any hardware whatsoever.
Two big cases of cloud mining scams are HashOcean and Bitcoin Cloud Services, which got accused of running a $500,000 Bitcoin Mining Ponzi-scheme and have since shut down.
Are there Free Cloud Mining Trials?
No. Any company offering free trials are most certainly trying to scam you. Nobody is willing to just hand you some free cash in return for nothing, especially not a business. We would recommend everyone and their mother to stay away from cloud hashing companies offering free trials.
Cloud Mining Viruses
There are quite a bit of virus going around that infect computers and mines Bitcoin from that device. If you fear that this has happened to you if you have downloaded unsafe programs or Torrents, then please run a virus scan on your computer. The mining could be done in the background and unable to be found on the front-end of the computer. The mining will not only make your computer slower (using a lot of CPU) but also will cost you a lot due to high electricity bills.
Make sure to weekly or monthly run a virus scan to ensure that you are not affected by a virus. This is also important if you have an online wallet and don’t want to run under the risk of being hacked.
Cloud mining is definitely on the rage because of the price appreciation of bitcoin and some cloud mining providers have optimized their setups to deliver decent profitability. However, please ensure that you check the credentials of the cloud mining provider before signing. Checking on forums should give you an idea regarding the service.
Hektor was first introduced to Bitcoin back in 2017 when one of his clients paid him in Bitcoin. This got him curious and he started exploring services and products related to Blockchain and Cryptocurrencies. He started Bitcongress so that he could share his findings through in-depth guides on the platforms.