Best Cloud Mining Providers

If you want to earn through cryptocurrency, cloud mining is the way to go. Cloud mining is a cryptocurrency mining process that allows users to acquire cryptocurrencies without managing the hardware. In layman’s terms, cloud mining is the easier and more accessible version of its physical counterpart, which will benefit you in many ways.

Cloud mining provides the best alternative to this traditional form of mining. It allows you to invest in cryptocurrencies without having to purchase specialized hardware for your mining activities. Other than this, here are also some reasons why many prefer cloud mining:

Small Initial Investments

You have the choice of whichever type of cloud mining you want, depending on your need. Different cloud mining service providers offer different features. This means that you don’t have to own an expensive device to start mining. Thus, making it easier and cheaper for you to mine coins. Also, you won’t have to worry about setting up and maintaining a machine, which could prove to be more expensive in the long run.

Instant Purchase and Withdrawal

With a legitimate cloud mining service provider, you can start mining immediately and get your first payout 24 hours later. Your coins will then be automatically transferred to your virtual wallet, and you should be able to withdraw your money immediately after receiving your coins.

Pool Allocation

You will be able to choose which pool you want your hash to mine in, and that will allow you to find the most profitable combination. The greater the number of pools that your hash can mine in, the better your chance is of getting cryptocurrencies. Therefore, it is important to choose a cloud mining service provider that has a good pool allocation.

Fixed Fees

Cloud mining service providers usually have fixed fees that will not blindside customers and will provide the transparency the miners are looking for. That’s why customers tend to use service providers that are transparent with their fees because they are at ease with how their money is being utilized. Also, you won’t have to worry about unnecessary and additional fees being charged to you.

Easy-To-Understand Interface

The whole crypto world is complicated on its own, but with a cloud mining service, you will have an interface that is designed for easy operation. It will also include all the data you need to know, which is available to you whenever you need it. For example, you should be able to see your current hashing power, the pool you’re using to mine, and how many coins you have earned so far. Also, this is beneficial for beginners.

Safe and Private

When you sign up at a cloud mining service provider's website, the data that they get from you should be kept at a minimum. They are required to ask for information that is only needed from a regulatory perspective. It is common knowledge that cryptocurrencies are encrypted; that's why many people are interested in them. What makes it even better is that cloud mining service providers have end-to-end encryption on their websites as well, which makes cloud mining safe and secured altogether.

Quick Return on Investment

The number of hash power determines how many coins you’re going to mine and how quickly you get your coins. With the present system, you can earn your return on investment within a year. With luck, if the value of bitcoin rises, then you will get extra income from that.

High Profitability

Most miners who have entered into a cloud mining contract have the benefit of receiving as much as sixty percent of their revenue for the year. However, miners should consider which cryptocurrencies they are investing in because this will determine whether or not they’re going to have a high profit. To know which cryptocurrencies have high profitability, look at cryptocurrencies that have above $30M market caps. It is important to note that the higher the cap, the safer your investment is.

General Convenience

Traditional mining with a rig at home would be uncomfortable for anyone who is living there due to the heat and sound. Whenever you think of having mining rigs at your home, you would have to do a lot of customization and modifications to your electricity to make it work. While if you do cloud mining, none of what is mentioned above is your concern as the only requirement for it is a laptop and internet connection.

Easy Setup and Maintenance

To set up a mining farm, you will be required to have six GTX1080 graphic cards. The cost of these graphic cards can fluctuate substantially from $630 to $1260. But with cloud mining, your cloud service providers maintain their mining rigs, and you’re only asked for a minimal maintenance fee in your contract. With this, you can sit in the comfort of your own home and enjoy earning coins without the hassle of setting up your mining rig.

Reliable

You can check if your service providers are trusted cloud mining sites if they have a legally registered status. Most of them are in geolocations with transparent legal standards. They are also usually found in colder regions because of the low energy costs and natural cooling climate needed for the maintenance of a mining rig.

When you’re looking for the best cloud mining service provider to get started on bitcoin cloud mining, there will surely be a lot of websites available. However, it would be easy to choose a worthy service provider if you check the features they offer. The following features are the ones you must seek:

Blockchain Explorer

A blockchain explorer is a browser that displays the contents of individual bitcoin blocks and bitcoin addresses. This feature is mainly aimed at advanced users who want more information on their cryptocurrencies’ status. With this, monitoring your progress won't be difficult.

Calculator

In this context, there are two types of calculators: the generation calculator and the profitability calculator. The generation calculator shows you an estimate on the amount of time you will need to do mining at the specific hash rate before earning bitcoins. The profitability calculator shows the estimate of how much profit you can make at the current network and market conditions. Using this feature will make all your calculations convenient.

Pool Stats

Pool stats show a user which pool is most profitable to mine in. It also shows the history of how a cryptocurrency is doing. With this, the user can determine which mining pool best suits their needs for the specific cryptocurrency they are mining.

Service Monitor

The service monitor is a monitoring system that includes the cryptocurrency, availability to mine, balance confirmation, transfers, withdrawals, and rewards. This is important because users will not be worried about why their cryptocurrencies are offline. Also, by the time they reach customer service, they can point out their main concern, making it more efficient to resolve their problem.

Crypto Wallet

Most cloud mining service providers have wallets for where the coins are going to be stored. However, not all of them offer a mobile wallet application. It is better if a user can access their wallet at any time and still get the full functionality of the website through an app.

Customer Support

Your cloud mining service provider should offer chat support and excellent customer service. That way, you won’t worry if you encounter any problems while you’re using their site.

Multiple Payment Options

People use cloud mining because they don’t want to use their cash to earn from cryptocurrencies. Cloud mining providers give users different payment options, such as debit and credit. With this, investing will be seamless.

Before engaging in cloud mining, it’s best to know its different types first. That way, you’d know which one would suit you best. Each of them has its pros and cons, so here’s a list of the various kinds of cloud mining for you for your convenience:

Hosted Mining

Hosted mining is when a user leases or rents their cryptocurrency mining equipment from a third-party provider. The setup and maintenance required for mining are taken care of by the provider. In this type of cloud mining, users have full control over their equipment remotely. This greatly reduces any risk of fraud or theft from the provider because the user solely controls cryptocurrency.

Virtual Hosted Mining

Virtual hosted mining is when you rent a virtual computer to run your mining applications on. It also falls under the category of cloud computing, which means that instead of owning and maintaining physical equipment and services, everything is accessible through a cloud provider.

Leased Hashing Power

With leased hashing power, users can rent hashing power of multiple, high-powered Application-Specific Integrated Circuit (ASIC) machines offered by cloud mining service providers. The hashing rate will depend on the contract chosen by the users. Whichever the chosen agreement would be, it’s the user’s responsibility to check the volatility of the crypto market.

Digital Nomads

The number of digital nomads in this generation is growing, which explains why the world of cryptocurrency is growing big as well. If you are comfortable earning online, then considering cloud mining is recommended. As a digital nomad, you can work and earn from cryptocurrencies with ease since mining your earnings is as easy as ABC with the use of cloud mining. It also saves both your time and energy.

Employees

If you are a corporate employee, then you would know how hard it is to save just by relying on your salary. Employees would usually want to earn from another source of income, and cloud mining is a great way to earn passive income. However, you have to remember that cryptocurrency investment is not considered to be a "high-risk, high-reward" investment.

Self-Employed Individuals

Some self-employed individuals have a lot of time in their hands and always try to find profitable investments other than their businesses. That’s why it’s ideal for them to try cloud bitcoin mining if they want to generate passive income, and with regular employees alike, take note that cryptocurrency investments are not high-yielding investments.

Students

Even students can earn free bitcoin from cloud mining without signing up and paying by using cloud mining sites. Many students also need additional money for their school and personal expenses, which means cloud mining can be a great help. It’s convenient and won’t take their time for studying just to mine coins. Students can do this by installing extensions on their browsers as it quietly mines in the background.

Step 1: Educate yourself about the crypto market and cryptocurrency.

Although you don’t have to have technical knowledge of operating a traditional mining rig, you should have basic know-how about the crypto market. It will not be difficult because cloud mining service providers have easy-to-understand features that teach you what you need to know about cloud mining before you begin.

Step 2: Register to a cloud mining service provider’s website.

After educating yourself on how cloud mining works, you’re now ready to commit to your cloud mining service provider of choice. Then, you’re going to choose a contract that is suitable for your designated fund and hash power needs.

Step 3: Pay for your contract.

Cloud mining providers offer several contract types, but there is also an option to customize the amount of hash rate and how long you want your contract to last. Once you’ve finalized which contract suits you best, you’ll have to pay for it either through a debit or credit card.

Step 4: Start cloud mining.

You will have to wait for a confirmatory email from your cloud mining service provider before the mining begins. This usually takes up to at least 24-48 hours. But you’ll know that your purchase is successful when the mining begins automatically.

Step 5: Receive newly mined coins every day.

The amount of coins that will be distributed to each user depends on your contract’s hash rate. You don’t need to have bitcoin cloud mining payment proof as the coins will be directly placed in your wallet until you decide to withdraw them. This process occurs every day until the end of the user’s contract.

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 finalize your contract and are happy with the hashing power, you can pay through the company’s website, and they will confirm your contract.

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

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 them 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 storage. 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 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.

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.

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.

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.

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

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.

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.

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.

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.

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 with blockchains for every purchase. Then, the browser extension will notify you if you qualify for the cashback. Once the cashback service provider verifies the purchase, you will have confirmed earnings. Every time you purchase, your crypto rewards will be added to your wallet.

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 with 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.

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.