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2021 Rankings

Best Cloud Mining Providers

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Want to delve into the world of cryptocurrency? Cloud mining is the way to go. You can mine any cryptocurrency without having to directly install and run the hardware and software. Choose a mining company that can help you mine at a basic cost without much effort!

Frequently Asked Questions on Cloud Mining Providers

How does cloud mining work?

To get started with cloud mining, you need to choose a reputable cloud mining website. Then, you can select the mining contract of your choice. Depending on the cloud mining service, it can provide you with mining one up to ten cryptocurrencies. You can also choose how much hash power you want to buy in exchange for the computing power for mining coins. Once you finalized your contract and you’re happy with the hashing power, you can pay through the company’s website, and they will confirm your contract. 

What is the difference between cloud mining and traditional hardware mining?

Cloud mining is more accessible to anyone anywhere in the world as long as you have internet and a personal computer. Regular mining requires you to have a mining rig or a separate device for you to mine.

What are the disadvantages of regular mining?

You probably think that regular mining is slightly cheaper than hosted mining. But in reality, there are several hidden costs when you purchase and maintain a mining rig.

Availability
If you’re going to search online about brand new mining rigs, they would often be marked as sold out. Or, if there are, they are already used and outdated. The worst thing that could happen is being sold a mining rig that is marked as new, but when it arrives, you’ll realize that it is used and worn down. That’s why you should be wary about buying these mining rigs because they are costly.

Shipping fees
Sellers of mining rigs are usually from a different country, and when you’re buying it directly from a company, the shipping fee is another factor for your equipment to cost more than what it really should be. Unless you bought it from a direct seller, you might be able to strike a deal. But most of the time, they will still charge you extra.

Value Added Tax
International deliveries require you to pay customs dues and VAT. Therefore, this is another cost that will top-up the total cost of your mining equipment.

Delivery Time
Once you pay for your mining rig, you’ll have to wait for it to be shipped. And since most of the machines are coming from another country, the possibility of it being held up in customs is inevitable. The waiting time for your mining rig to come makes you lose opportunity costs.

Additional Equipment Costs
When you buy your mining rig from large retailers, you often have to buy additional equipment that matches the electricity specification in your country. You also have to purchase cooling units and customized shelves for efficient storing. This adds significantly to the total amount of your mining equipment.

Setting up Your Mining Rig
Unless you are a pro at assembling mining rigs, you won’t have to worry. But even then, it could still take you some time to finish. If you are a beginner and you have no idea on how to assemble and configure your mining rig, it will take you a lot of time and effort to understand it before you complete the assembly. By this time, it would have cost your time and your lost mining opportunity.

Maintenance
This, by far, is the hardest part of owning a mining rig. There will be hardware failures, outages, and crashes that could lead to downtimes, which can last between seconds and weeks. But, if your unit breaks, you have to ship it back and start from zero. Imagine waiting for your mining rig and setting it up for months only for you to return it.

Electricity
This running cost is something most people would underestimate. They don’t realize it until the bill comes. Not only does it increase your electricity, but it also brings heat and noise to your home.

Are there any hidden fees in cloud mining?

Yes, but it is minimal. Cloud mining charges fees for the maintenance of their hardware—and their fees are based on the hashing power that you have purchased.

Is cloud mining profitable?

Compared with the cost of owning a mining rig, cloud mining is reasonably profitable. Take into consideration that getting more coins depends on how much hashing power you purchased. Right now, the cryptocurrency market is getting more and more competitive, so huge profits are unlikely. However, it’s still possible to make money over time, but don’t think of it as a get-rich-quick scheme and treat cloud mining as a low-income steady interest investment.

How long do mining contracts work?

It depends on the cloud mining service provider that you choose because they offer different lengths. Most providers usually offer contracts between 12 and 36 months. But, some companies provide lifetime contracts. Note that companies can terminate your contract once they don’t see the cryptocurrency market’s profitability.

Can I sell a cloud mining contract? 

It is possible, but it is difficult. Most cloud mining service providers don’t allow selling of contracts, and they would recommend getting your contract.

Is cloud mining regulated?

No, cloud mining is not regulated. Several countries show their concern when it comes to bitcoin mining, but most have been silent about regulating the industry.

Do I need a wallet before I start cloud mining?

No, because your cloud mining service provider stores your coins in your account. For safety, you can always have a separate wallet to move all of your earnings.

What are the risks of cloud mining?

Many risks come with cloud mining, so do your research and be careful. Scammers take advantage of the rise of bitcoin to the general public and offer price drops to entice miners and run away with their funds later. Only use reputable services that have positive reviews. Also, if bitcoin’s value falls, you most likely won’t get your money back, and your cloud mining service provider can terminate your contract.

Should I stick to cloud mining bitcoin?

There are other types of cryptocurrencies other than bitcoin cloud mining. There is even a much cheaper alternative to bitcoin, which is bitcoin cash. Bitcoin cash cloud mining has faster transfer times and can handle more transactions per second. Sticking to bitcoin mining cloud services will still depend on your personal preference. However, with the nature of bitcoin, it possibly still is a better choice as an investment to generate a steady income over time.

Can I cloud mine bitcoin for free?/Is there such a thing as free cloud mining?

There are several ways on how to get bitcoins for free without having to use a cloud mining service provider.

Online Shopping
You can earn bitcoin by using bitcoin cashback services when you do your online shopping. You only have to add a browser extension, and they will reward you blockchains for every purchase. Then, the browser extension will notify you if you qualified for the cash-back. Once the cash-back service provider verifies the purchase, you will have confirmed earnings. Every time you purchase, your crypto rewards will be added to your wallet. Once the merchant's reward locking period has expired and your balance reaches $15, you can withdraw your bitcoin from their built-in wallet to your own bitcoin wallet. With this, you incur minimal fees for the blockchain transfer. Another great feature about this browser extension is that if you refer your friends, the amount of bitcoin received per purchase grows.

Opening a Crypto Interest Account
When you earn your bitcoins, you usually store them in your wallet. But, you'll find out later on that there isn't much growth in your overall coins. But, if you store your cryptocurrency in an interest account, then your interest will build over time. It only takes a few minutes to sign up in an interest account, and you will let the cryptocurrency earn for you instead of having it stagnant in your wallet.

Taking Surveys
Several companies ask questions to help them with their market research. The surveys that will be offered to you will vary depending on which company is partnered to the website giving the survey. There is also a passive way to earn bitcoin, and this is by keeping a tab open on your computer. Then, the website will be able to mine cryptocurrency in the background while you go on with whatever you're working on at the moment. The maximum withdrawal of bitcoins is worth $10 per week. Like with the cash-back service, the website offers a referral program that pays you a percentage of each referral's account earnings.

Become an Affiliate Marketer
If you have a good amount of online following, you can give your followers a unique link meaning that you increase traffic on a merchant's website. For that, they will track your referral's purchase and reward you with bitcoins. There is no limit to how many people you can get to click your link. So, if you have a sizable amount of followers, this is another great way to earn bitcoin for free.

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