With the growth of cryptocurrency technology and a new wave of investors looking for alternatives to traditional trading, cloud mining has become a popular phenomenon. But often with the good comes the bad. Ponzi schemes and scams have started surfacing on what appears to be legit cloud mining sites. Users too often invest their money into a cloud mining service they find online and out of the blue - the company vanishes. Instead of generating a steady stream of passive income, many find themselves losing thousands. Despite untrustworthy sites out there tarnishing the reputation of cloud mining, with the right company, cloud mining can be hugely profitable without users having to lift much of a finger.
If you are looking to dive into the world of cryptocurrency without having the technical experience or millions in your bank account, cloud mining is the way to go. Mining crypto no longer has to be a costly investment that bumps up your electricity bill and consumes every hour of your day. Instead, crypto mining has made crypto more accessible to all. The key is to pick reliable cloud mining solutions that fit your investment goals.
What is Cloud Mining?
Cloud mining is crypto mining through the cloud - instead of owning hardware that will increase your electricity bill and cost you an arm and a leg. Participants outsource computational work for crypto mining where they rent hash power from a company that mines crypto on their behalf. Cloud mining has many advantages such as not needing to deal with maintenance issues, high cost of equipment, equipment deprivation costs, and energy costs. It makes your life a lot easier. Before getting caught up in the nitty-gritty details, what is crypto mining? Mining is what keeps the cryptocurrency model intact, the process by which transactions are verified and new coins are released to the blockchain. This process involves computers solving unhuman-like equations known as hashes, the fastest correct answer gets a transaction to validate and therefore a reward of that crypto coin.
Through the cloud mining process, you outsource the equipment from a third party that solves these hashes through a cloud mining contract, without having to purchase your own expensive physical hardware. By renting cloud computing power, you do not need to install and run the hardware and software, allowing for hassle-free passive income.
So, how do you make money from cloud mining? Cloud mining companies allow people to open an account and participate in crypto mining through a pricing model, usually a commission. Users purchase a certain amount of hash power and profits are allocated in relation to the hash power purchased and the current price of the coin. Companies tend to have cloud mining profitability calculators to provide potential customers with clues on earnings expected for a given hashrate purchased.
How Does Cloud Mining Work?
Cloud Mining is where two worlds collide - cloud computing and cryptocurrency mining. Cloud computing is where users access the processing power and storage capabilities of huge computer systems that are maintained by the companies that own them. Think Dropbox, Gmail, and Facebook. Cryptocurrency mining is the process where computers crunch difficult numbers to solve hashes, creating new blocks on the blockchain. Even the most powerful computers find it complex to solve these hashes. A fast answer allows miners to validate transactions and release new coins. Mining is the backbone of the cryptocurrency model not only for the validation and release of coins but also because it maintains the blockchain's security.
The blockchain is a distributed ledger, a database that is shared and synchronized across multiple nodes, making it accessible to multiple people and allowing transactions to be visible to all. Cloud mining is the hybridization of these two concepts. Cloud mining companies will set up massive mining farms, larger than a single individual could manage and mine cryptocurrency using their systems.
Cloud mining sites will then offer contracts to potential customers who can purchase a percentage of the hash power for a period of time. Picture a warehouse with thousands of servers and rigs, cooling technology, and enormous power supplies, as well as experts maintaining the hardware. Remember that the more powerful and faster a computer is, the higher the likelihood of solving a hash and generating a block in a cryptocurrency’s blockchain. Users are essentially sharing their computational resources by renting out a powerful cloud mining service, increasing the probability of generating a block. If successful, they are rewarded with cryptocurrency, but the amount each receives is calculated through their purchased percentage of hash power.
Within cloud mining sites, there are two types of models - hosted mining and leased hash power. The hosted mining model is the most popular model for mining Bitcoin where customers purchase or lease mining hardware located on mining farms. The equipment is regularly maintained and replaced when necessary by the cloud mining service provider. Customers know that technical issues are taken care of at all times, whilst having direct control over their crypto.
The second model of cloud mining on cloud mining platforms is leased hash power. This cloud mining model allows customers to lease computer power from a mining farm while getting a share of the farm’s overall profits from crypto. Instead of renting hardware, customers are leasing a fixed amount of hash power. This model is most popular for altcoins, all cryptocurrencies other than Bitcoin. All customers need to do is open an account on a cloud mining site with this model and select their preferences such as the hashing power and the time period of the mining contract.
Best Cloud Mining Services In 2022
While cloud mining can be hugely profitable, the risk lies in betting on the wrong cloud mining companies. The key to achieving financial independence through cloud mining solutions is finding the right home for your money to minimize risk. The following list includes the best cloud mining sites on the market in 2022 that you can trust to generate reliable passive income.
1. Shamining
A top-rated cloud mining company, Shamining launched in the United Kingdom in 2018 and has cloud mining farms in London, Cape Town, and California. Along with Bitcoin cloud mining, users can access other crypto mining such as Ethereum mining. The cloud mining platform has been built to cater to cloud mining newbies, making it suitable for miners who are just getting started. The interface is like no other - it almost feels like a game making the mining process intuitive. The cloud mining company features customer service available at all times, as well as an investment calculator so that customers can have a clue about their potential profits. Along with a high level of computing and profitability, Shamining’s mining farms feature wind turbines and solar panels.
Anyone can start mining with a minimum deposit of $500 and investments above $100,000 are possible if you contact the platform. Users can withdraw a minimum of $0.001 BTC and instant payouts are available 24/7. Shamiming’s service costs are already included in the GH/s (Giga hashes per second) price.
There are four different types of mining contracts on the cloud mining platform - CPU, ASIC, GPU, and individual contracts. Each offers a distinct hash power and pricing, as well as different rates of profitability. The CPU Miners contract provides the power of 23 580 GH/s for $0.0120 per GS/s. The GPU Miners contract offers the power of 94 340 GH/s for $0.0113 per GH/s. The ASIC Miners contract offers the power of 235 849 GH/s for $0.0109 per GH/s. All three of these contracts offer profitability starting from 143%. An individual contract offers the power of 235 849 to 943 400 GH/s for $0.0106 per GS/s.
2. GMiners
Committed to making crypto more accessible to all with affordable pricing, GMiners is a cloud mining platform based in London. An eco-friendly cloud mining site, GMiners uses renewable energy to power its mining farms across Europe and Asia. The cloud mining site has incredible features such as a personal manager for each member that helps guide users through the platform. The best part - GMiners is a regulated mining company meaning income is securely protected. The interface is easy to navigate, featuring a dashboard with access to real-time profits and data so that users are in control of their investments. GMINERS also offers round-the-clock customer service to its 3000+ customers. Users can also join an affiliate program for extra passive income from Bitcoin cloud mining.
The minimum investment is $500 and users can withdraw funds quickly. The price per 1 GH/s is $0.0120 for all plans. GMINERS offers four types of 1-year mining contracts: Start, Professional, Smart, and VIP. The Start contract offers the power of 90 000 GH/s at $0.0120 per GH/s, with a 143% profitability. The Professional contract offers the power of 450 000 GH/s at $0.0120 per GH/s, with a 149% profitability. The Smart contract offers the power of 2 000 000 GH/s at $0.0120 per GH/s, with a 156% profitability. The VIP contract offers the power of infinite GH/s at $0.0120 per GH/s, with a 170% profitability.
3. Minedollars (Inactive)
Servicing over 320,000 customers from over 100 countries, Minedollars offers users the opportunity to mine various tokens at a competitive cost. If you are looking to go beyond Bitcoin and mine cryptocurrencies such as Ethereum and Dogecoin, Minedollars is one o the best cloud mining sites to do so. From experienced miners to beginners, Minedollars’ crypto mining capacity is suitable for all, with over 1 million transactions since it was founded. The platform features a profitability calculator to calculate the potential profit of hash power purchases. The cloud mining service’s system is also secured and protected using DDos protection and SSL. Moreover, Minedollars offers a referral system where you can receive a 3% commission on your referrals’ purchases.
Minedollars has no minimum deposit requirement or maintenance fees. Users can easily withdraw funds (minimum $100), paying no fees on the first withdrawal. The platform features 9 investment packages at the moment. The Ethereum 5-day contract costs $600, with a fixed return of $600 + $69 (93% profitability). The Dogecoin 60-day contract costs $5,800, with a fixed return of $5,000 + $8,700 (44% profitability).
4. Hashlists (Inactive)
Created in London, Hashlists has around 240,000 users with an average profit rate of 150%. This user-friendly cloud mining website allows users to mine Bitcoin, Litecoin, Ethereum, Dash, Dogecoin, and Filecoin with no maintenance costs required. The platform also allows you to mine stable coins, USDC and USDT. With quality customer service and an accessible platform, Hashlists unites experienced investors and newcomers. Hashlists even features a free mining option called the Daily Free Experience Plan. When you first register, you get $8 for free so that you can start making passive income. This one-time 1-day contract costs $8 with a fixed return of $8 + $0.8 (90% profitability).
The minimum deposit and withdrawal amount is $100 and there are transaction fees when withdrawing that are paid to the blockchain being used. Withdrawals are sent to the wallet of your choice within 30 minutes. Hashlists offers 8 investment contracts such as ETC Mining and BTC Mining. The ETH Mining 7 day contract costs $540, with a fixed return of $540 + $75.6 (34% profitability). The BTC Mining 20 day contract costs $1,800, with a fixed return of $1,800 + $700.2 (97% profitability).
5. Genesis Mining
Over 2,000,000 people have chosen Genesis Mining for mining Bitcoin, as well as Monero, Zcash, and others. With mining farms or servers in countries such as Greenland, Iceland, and the United Kingdom, as well as over 100 million crypto transactions, Genesis Mining is one of the best cloud mining companies out there. Founded in 2013, Genesis Mining also built the first mining farm in Eastern Europe due to their strong belief in the future of digital currencies. The cloud mining site features flexible payment and withdrawal through different mediums, as well as 24/7 customer service. Moreover, the cloud mining website features an auto-allocation feature that allows you to configure the hash power in relation to your specifications for mining multiple coins.
Withdrawals are available when reaching a minimum depending on the cryptocurrency. For Bitcoin, this stands at 0.0015 BTC. There are also daily maintenance fees for some coins that are deducted from your profit. The minimum investment is only $16, the price of their cheapest package. Some mining contracts can go up to around $7,000. The Radiant Large Professional Ethereum mining contract runs for 24 months and costs $4,999. There are zero maintenance fees, your only cost is what you pay for the hash power.
6. ScryptCube
ScryptCube’s data centers house tens of thousands of high-efficient computing equipment, taking on the hard work to set up and operate the mining system. The cloud mining website's goal is to make crypto mining accessible, allowing users to generate regular passive income without needing in-depth technical knowledge. Along with quality customer service and an intuitive interface, the cloud mining service offers an attractive referral program, where you can earn 3% for every purchase made by one of your referrals.
With a minimum investment of $1.90, ScryptCube is a suitable option for cloud mining newbies. ScryptCube provides three types of mining contracts that you can purchase without restriction - Bitcoin mining (1 year), Ethereum mining (1 year), and ETH staking (coming soon). For Bitcoin mining, prices start at $4.9 per 100 GH/s for 1 year and $7.5 per 100 GH/s for 2 years. There are no maintenance fees and contracts can be bought via BTC, visa, and MasterCard. You can withdraw immediately from day one of mining.
7. Hashnest
Founded in 2013 in China by Bitmain Technologies, Hashnest is one of the earliest cloud mining sites. In 2014, the company acquired Snowball.io, a cloud mining platform. With over 400,000 users all over the globe, the company hosts multiple brands of miners such as Antiminer S17. This is one of the best cloud mining sites for those looking to mine long-term, as their cloud mining contracts can last a lifetime. The site also provides a distinctive feature as customers can buy and sell hashrates freely on the Hashnest market. Featuring leading Bitcoin mining equipment, manufactured by Bitmain, the platform allows you to mine Bitcoin, Litecoin, Zcash, and Dash.
Hashnest only accepts Bitcoin as a payment method and uses PACMiC so that users have to pay no costs at all. Contract prices are not available at the moment.
8. Bitdeer
A subsidiary of Bitdeer Group, Bitdeer was founded by Celine Lu in 2018 and is committed to providing comprehensive cloud mining solutions. The platform features flexible plans, direct payouts from pools, and traceable miners. The cloud mining company has served customers from over 200 countries, attracting 3,000,000 views to the site each month. Bitdeer mining farms have been created across Europe and North Africa, with over 100,000 miner units. Users can mine Bitcoin, Ethereum, Litecoin, and several other cryptocurrencies on the website. Bitdeer also features an app available on Android and iOS that allows users to manage earnings and contact 24/7 customer support easily.
The minimum investment on Bitdeer is $1,833.50 for Bitcoin cloud mining and contract prices vary depending on the cryptocurrency. The BTC Antiminer S17+Plan costs $2,146 for a 270-day contract, with a hashrate of 70 TH/s and a static revenue rate of 7.97%.
9. IQ Cloud Mining
mining centers across continents in Canada, Russia, Iceland, Georgia, Algeria, China, and more. IQ Cloud Mining has a wide selection of cloud mining contracts with popular cryptocurrencies and 100+ altcoins. With customer service available 24/7 based in the United Kingdom and Russia, the platform responds in under 2 minutes to any queries.
The cloud mining site offers daily payouts without any withdrawal commission. IQ Cloud Mining also offers a pro contract with 20% interest per year. The minimum investment is $250. The company offers 1 year, 2 years, 5 years, and lifetime cloud mining contracts. The SHA-256 contract for mining 10 major coins has a minimum hashrate of 10 GH/s with a contract price of $0.066 per 10 GH/s and has a potential income of up to 125%.
10. BeMine
BeMine was established in 2018 in Russia and CIS countries, operating cloud mining equipment in Siberia, Kazakhstan, and more. Users can purchase an ASIC-miner and store their equipment in partnered data centers, without having to be present for transportation, maintenance, etc. However, instead of buying a whole ASIC, you can also buy a share of the equipment, as BeMine sells up to 1/100 of ASIC. The cloud mining company also features a crypto exchange where you can purchase and sell digital currencies, as well as manage investments on the site.
The minimum investment is $61. The minimum withdrawal amount is 0.005 BTC and an electricity fee is charged at $0.054 kW/h. There is also a commission-based withdrawal fee - 3% for up to 0.05 BTC and 7% for under 0.01 BTC.
11. Freemining
Freemining is a secure and high-speed Bitcoin mining platform that uses the latest technology and mining equipment to deliver results. With over 50,000 customers, the company prides itself in delivering a fully transparent cloud mining solution. Founded in 2018, the company has set up data centers all over the globe with the latest ASICs chips and mining rigs. Freemining offers a quality referral program where you get a 20% bonus when inviting a friend to the platform. Customers can access round-the-clock customer service by high-skilled engineers. Offering innovative cloud mining solutions, customers purchase investment plans and get paid in an amount of Bitcoin per day, rather than buying hashrates or renting equipment.
The minimum investment is 0.002 BTC. Customers can access their payments within 24 hours if they reach a minimum of 0.005 BTC. There is also a fixed transaction fee of 0.001 BTC. There are a few different packages such as the Basic package at 0.002 BTC, Starter package at 0.015 BTC, and more for 1-year contracts.
12. ChickenFast
Founded in 2015, ChickenFast is a Bitcoin cloud mining site that has been around for a while, committed to simplifying the cloud mining process for customers, making it newbie-friendly. This is one of the best cloud mining solutions for Bitcoin miners who are just getting started. The platform utilizes a unique AI algorithm that shifts computer power to the most profitable digital currency at the time, ensuring real passive income. Customer service is personalized - a personal manager is assigned to each customer so that every user feels supported.
The Bitcoin mining platform requires a minimum investment of $400. There are no hidden fees and payouts can be made daily in Bitcoin when a minimum of 0.0003 BTC is reached. Withdrawals are processed only after 24 hours. ChickenFast has five contracts with differing computer power - Classic, Gold, Platinum, Boss, and Bronze, starting from $400 to $50,000.
13. HashShiny
Offering 1.5% of the world’s BTC hashrate, HashShiny emerged in 2017 and has mining centers in Myanmar and Kazakhstan that use hydropower and wind power. The company features a top-quality team with expertise in the blockchain industry, as well as an R&D division. Customers can mine several cryptocurrencies including Bitcoin, Ethereum, Zcash, Litecoin, and more. You can also make a 10% referral commission bonus for every purchase made by someone you refer onto the site. A fully functioning mobile app is available, with better usability than the website featuring a quality mobile cloud mining software.
HashShiny states they have the lowest price on electricity ($0.05/kWh) and purchasing costs in the industry. The maintenance fee for Bitcoin cloud mining is $0.0015 / 10 GH/s / day. Payouts happen once a day. The company offers seven cloud mining contracts. The Dogecoin Cloud Mining 2-year contract costs $1.20 per 1 MH/s with a maintenance fee of $0.0016 /1 MH/s /day.
14. Hashing24
Founded in 2015, Hashing24 partners with the world’s leading full-service blockchain technology company called Bitfury to produce its hash power. Hashing24 is the one and only official partner with Bitfury for crypto mining. The Bitfury Group has data centers in Canada, Georgia, Norway, and Iceland with innovative infrastructure such as high-tech immersion cooling systems. With over 200,00 users, Hashing24 has sold out 35 000 PH/s hashrate capacities, and over 1000 BTC has been mined and withdrawn by customers.
Investment starts at $8.58, one of the lowest out there. The minimum withdrawal amount is 0.0007 BTC and customers can withdraw at any time. The company offers various Bitcoin mining contracts that can be customized to your needs.
Frequently Asked Questions
What are the types of Cloud Mining?
There are two types of cloud mining on cloud mining sites - hosted mining and leased hash power. Hosted mining is where customers purchase or lease mining hardware located on mining farms, while not having to worry about maintenance. Leased hash power allows customers to lease computer power. Instead of renting hardware, customers are leasing a fixed amount of hash power. This model is most popular for altcoins, all cryptocurrencies other than Bitcoin.
What are the advantages of Cloud Mining?
Outsourcing your crypto mining to cloud mining sites has various advantages. You do not need to deal with maintenance issues, the high cost of equipment, equipment deprivation costs, and energy costs. The air around you will not overheat and you do not need to deal with the noise of running a cloud mining farm - not fun. The best cloud mining sites also allow you to find the most profitable contract for your goals, as well as make use of referral programs that increase your passive income.
What are the steps on how to get started with Cloud Mining?
Research the options available
The most important step when getting started with cloud mining is ensuring you have done your research to avoid scams. Look for the best cloud mining sites with brand recognition, thousands of users, and positive reviews. Make sure to go through the contracts available as cloud mining sites offer a diverse range of investment packages to fit your passive income goals.
Register with a cloud mining service
Once you have found the best cloud mining service for your budget and investment requirements, all you have to do is register online. This is an easy process - just fill in your details like your email and phone number and you are ready to get started.
Fund your cloud mining contract
Pick out the investment contract that best suits you, many cloud mining sites allow you to personalize contracts to fit your needs at the time. Reputable companies such as Shamining require a $500 minimum investment so go ahead and fund your cloud mining contract.
Initiate cloud mining operations
This is the easiest part - start cloud mining with no worries about maintenance and high electricity bills.
Get cloud mining profits
Depending on the platform, you will receive newly mined coins every day and can withdraw your funds.
What is the best Cloud Mining service?
The best cloud mining service out there is Shamining, a company from the UK providing a high level of computing and profitability. Users can access Bitcoin cloud mining, as well as altcoins. Shamining has cloud mining farms all over the globe powered by wind turbines and solar panels, making the crypto mining process more eco-friendly. There are four attractive mining contracts on the cloud mining platform - CPU, ASIC, GPU, and individual contracts. Each offers a distinct hash power and pricing, as well as different rates of profitability.
Is Cloud Mining legit?
While many cloud mining sites out there are scams, our favorite cloud mining companies offer fair pricing, premium mining equipment, and promising profitability rates. Cloud mining can be a profitable investment, guaranteeing you passive income with minimal work. While owning your mining equipment is costly and time-consuming, outsourcing computational power to quality cloud mining sites ensures you a lower risk without needing large amounts of capital.
