Quick Overview: Our Top 3 Bitcoin Cloud Mining
|SHAMINING||GET STARTED →|
|ECOS||GET STARTED →|
|BeMine||GET STARTED →|
Are you interested in mining bitcoin but do not want to buy 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 crypto cloud mining sites and we will go through exactly what it is, what to look for before buying one, and some frequently asked questions.
Note: Most cloud mining services are referred to as scams. This could be because of misunderstanding the product offerings or the company doesn’t really run could mining operations. We have tried our best to research based on factors like overall trust, profitability, and support.
Top 5 Crypto Cloud Mining Services 2022
1. Best Cloud Mining Interface: ECOS
ECOS has the best interface when compared to all other mining sites in this list. They only offer bitcoin cloud mining contracts as of now. The price of the contracts depends on factors such as mining power and contract duration. At the time of reviewing ECOS, the cheapest mining contract was $149 for a hash rate of 1.38TH/s and a duration of 12 months. A 10% discount is provided to all first-time users, please make use our link to avail this offer.
Once you buy a bitcoin cloud contract, the mining rig is connected to a mining pool on BTC.com which ensures effective use of mining power. You can pay for the contracts with a credit card or cryptocurrency. There are a couple of videos on Youtube which give us a sneak peek of the data centers. The Google street view of the address provided does show an establishment – all these are signs of a legit bitcoin mining company.
ECOS is much more than a mining company, they have an eco-system that allows investors to participate in cryptocurrencies through products like – portfolio investing, savings, exchange, and wallets for storage. They also have an app for both iOS and Android phones for quick access. Bemine, Shamining, and other mining providers do not have an app version.
It scores well for both user reviews and social activity, their Twitter community is pretty active. On the cons side, the minimum withdrawal is on the higher side and the ‘commission fee’ is not clearly mentioned. The platform currently supports only bitcoin mining so it is not suited for someone looking for other crypto cloud mining.
Minimum Withdrawal: 0.001BTC
Available Coins: Bitcoin
Withdrawal Fees: Commission fee based on the network.
3. Best Bitcoin Cloud Mining: BeMine
Founded in late 2018, BeMine is a Bitcoin mining provider based in Russia. The company operates over 86,000 TH/s of mining operations in Irkutsk, Moscow, Siberia, among others. As of now, BeMine boasts a customer base of 36,000.
With BeMine, you can purchase new ASIC-miners or buy cloud mining contracts. 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. Most importantly, you get 3 days of free cloud mining on one of the most popular miners – Antminer S19 as a sign-up bonus if you use our link.
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.
However, the site is not easy to use and it can be daunting for a beginner to understand the product offerings. There is an FAQ section for every product which is not that comprehensive. They provide support through Telegram, we dropped a message and didn’t get a response till now.
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.
Minimum Withdrawal: 0.005 BTC
Available Coins: Bitcoin
Withdrawal Fees: Up to 0.05 BTC — 3% , From 0.01 to 0.05 — 5% , Under 0.01 — 7%
4. Best Affordable Cloud Mining: Hashing24
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.
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 before you sign up.
Keep in mind, though, as with all cloud mining companies, the returns are subjective and depends on multiple factors. Hashing24 can be considered as a legit bitcoin mining company as they have partnerships with complaint exchanges like Switchere.
On the cons side, the user ratings are average on Trustpilot and they have a twitter account which is not updated often. However, when compared with Bemine and other mining providers, Hashing24 has a more active presence. The withdrawal fee is 0.0005 on all withdrawals which is an added cost and can eat into your profits if you withdraw often.
Minimum Withdrawal: 0.0007 BTC
Available Coins: Bitcoin
Withdrawal Fees: 0.0005 BTC
5. Best Litecoin Cloud Mining: Hashshiny
Hashshiny is among the few platforms that provides crypto cloud mining not limited to BTC. You can buy mining contracts for other alt coins like ETH, ZEC, DCR, DOGE, DASH and LTC. The sign up process is easy, you only need an email to make an account. Unlike ECOS mining, you do not need a phone number to sign up for the cloud mining service.
We really liked the dashboard, it is well organized with all products mentioned on the left handside and super easy to navigate(refer image below).
If you want to buy a litecoin cloud mining contract or any other available contract, choose a suitable hashing power. The price will be locked based on the hashing power and you will start receiving mining rewards daily. We really liked that they have a detailed step by step guide showing how to buy hash power on Hashshiny. You can connect to some of the best mining pools like antpool, f2pool, poolin, viabtc and even allocate % of hash rate to multiple pools.
Do note that all contracts are locked for 2 years meaning you cannot ask for termination before that. You can choose to re-invest the profits to buy more hash power. You can deposit BTC, ETH and USDC to participate in liquidity mining with their partners like – UNISWAP, AAVW, YEAR Finance etc. Do not opt for this if you don’t understand the risks associated with liquidity mining.
On the cons side, we couldn’t find a chat or Telegram support on the website. The only way to reach out to the support was through email which I think is not ideal. Other services like SHAMINING and ECOS had instant chat or telegram support. The maintaince fee is not clrealy defined and this might eat into your daily profits.
Considering the pros and cons, we beleive Hashshiny to be a legit cloud mining platform with an easy to use interface, multiple investmemt options for the long term.
Minimum Withdrawal: 0.005 BTC, 0.15 ETH, 0.5 ZEC, 1.0 DCR, 0.4 DASH, 0.6 LTC, 350 DOGE
Available Coins: Bitcoin, ETH, ZEC, DCR, DOGE, DASH, LTC
Withdrawal Fees: Commission fee based on the network.
6. Biggest Cloud Mining Site: 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.
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.
However, they currently do not have any miners and have been showing an ‘out of stock’ status for a very long time. This makes it unpredictable for an investor and hence we advise you to stay away from Genesis until the miners are back in stock.
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
- Do not need techincal knowledge to get started with Bitcoin cloud mining
- 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 in the short term, only ideal for the long term
- Cloud mining is not regulated, meaning the companies can close down anytime and there is nothing you can do about it.
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?
It would be an understatement to say that most cloud mining companies turn out be a scam. Nine out of ten companies truned out to be scams during our research. As this space is not regulated, it becomes easy for fraudsters to put up a website, accept payments and then default people when they try to withdraw funds.
It is very important you check for valid proof of data centers for the companies in question. Checking for user reviews on trustpilot and social media sentiment regarding the brand on reddit and twitter also helps. We have tried our best and presented top cloud mining bitcoin sites after checking for the aforementioned factors.
Having said that, we advise caution and suggest you to allocate a small portion of your overall investment into online mining services. Afterall, anything asscociated with bitcoin and crypto is considered to be high risk.
Cost of Equipment and Fees
Most services have a one time contract which is locked for 12-24 months. The price of the contract depends on the hash power you choose. Higher the hash power, more will be the price and better daily profits. Do note that no one can promise you the exact profit you can make because it depends on many factors like mining difficult, uptime, electricity cost etc.
In additon to this, you’d have to sometimes pay maintainance cost and withdrawal fees. Some services tend to have higher withdrawal limits which is not ideal for a short term investor. Ensure you keep tab of the contract pricing and addtional fees before choosing a provider. We have made it easier my highlighting this under every review.
Coins Available for Mining
Not all providers support Ethereum cloud mining, Litecoin mining or other proof of work crypto mining. Infact, we found one legit provider offering all these coins and the others mostly supported BTC cloud mining. Based on the coin you are keen on mining, look into the FAQ section of the mining site to check if they provide that. Irrespective of the coin, the profitability depends on the mining difficulity, please keep this factor in mind.
Cloud mining is an easy way to get started with mining for someone with little to no technical knowledge. However, that doesn’t mean that you will not run into issues. As most of it is platform driven, there can be bugs and issues related to updating your assets and purchases. Having access to a reliable customer support becomes crucial. In our reviews, we shrared our support experience with the specifc platforms.
Frequently Asked Questions on Cloud Mining
How does Cloud Mining Work?
In simple terms, cloud mining services offer to maintain the mining equipment so that you can rent and get a share of the overall profits. Almost all cloud mining sites work in a similar way – users can choose mining contracts based on the desired hash power. On purchase of contracts, it will be assigned to the buyer and maintained by the company. Profits will be credited to the account daily based on mining difficulty and other factors. Users have to pay maintenance fees in addition to the contract cost.
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. 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 good storage space).
Is Cloud Mining Legit?
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. We have checked for user reviews and social media sentiment and found ECOS and SHAMINING to be legit.
Are there Free Cloud Mining Trials?
No. Any company offering free trials is 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. However, most services provide a signup bonus of 10-15%.
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.
How do Cloud Mining Companies Make Money?
There are many ways in which mining companies make money. All companies take a percentage cut on the mining contract. They also charge maintenance fees and withdrawal fees. Many companies provide add-on services like staking, investment portfolio, exchanging cryptos, and making revenue from these activities.
Is Cloud Mining Safe?
Cloud mining as an activity is viable and safe, but since you are depending on a third party to manage the equipment and payout the daily profits, it depends on how trustworthy the platform is. The funds are in their custody which makes them susceptible to hacks and fraud. Ensure you make use of all security features like 2FA, whitelisting of address to safeguard your funds in case of a hack.