Cloud mining or cloud hashing allows users to buy mining power that of hardware in data centers build by mining companies. There are number of players offer cloud mining in terms of renting their hardware for a fixed period of time. These companies returns the mined results with the users and cut their profit form that results. In this article we will discuss some best trusted cloud mining platform for bitcoin and altcoins.
Choosing which mining service to use is not an easy task because this business is full of scammers. More than 99% of cloud mining providers are fraud. Instead of actually mining any crypto currency, they built an attractive website and start scamming users on the name of cloud mining.
I invested in some of the cloud mining platforms out of them two operators, Hashflare Mining and Genesis Mining, are most reliable and trusted brands offering contracts for several years. Cloud mining is done remotely in the cloud data centers. This enables the users to not bother with any of the hassles such as electricity, hosting issues, heat, maintenance, installation or upkeep trouble.
What are Advantages of Cloud Mining?
Let’s take a look on the advantages of the cloud mining:
- Higher Profits – because mining providers optimize everything for you, it yields out higher returns.
- Tranquil and cooler home – no more sound and heat.
- Less electricity – the consumption of electricity will get a lot lower.
- ‘No’ equipment maintenance – no need to sell the hardware, when they stop being profitable. No tension of configuration of the hardware.
- Simple and Ready to use: Signup with these provides and start with in minutes.
What are Disadvantages of Cloud Mining?
And now have a look at the counterpart list:
- Scam Risk – It always involves a risk of being scammed by a cloud mining fraud.
- Cost of Mining Operations – users have to pay for the hardware management cost.
- Unpredictable profit: Profit depends upon various factors. If the value of coin goes down it may become non profitable also.
Is it Profitable?
Always keep in mind that returns are not guaranteed and depend for a part on coin value and mining difficulty, both of which are unpredictable for the future. The lower the coin value, the higher the impact of that fee on mining returns, and the higher the mining difficulty, the less coins the same amount of hashrate will return, and vice versa. If we take an example of Ether mining it was less profitable as price of the Ether was much lower then the current price. If you believe that the value of a crypto coin is going to be very high in 1 or 2 years then it will be much profitable.
My Experience Summary:
I purchased mining contract from 3 different companies. So let me share my personal view on them.
Geneseis Mining: I am very happy with the results I am getting with Genesis Mining. I got Ether and Bitcoin mining with them and getting my payout everyday. As per the current scenario it is profitable and I believe that In future value of Bitcoin and ether are going to be very high. You may find some article on the bogs saying its less profitable. It was the case when value of the coin was much lower when compare with current price. So before making any decision with those article always check when that article was published and what was the value of the cryto coin that time. Calculate accordingly.
Hashflare: Like Genesis mining, Hashflare also providing very good result. It is my recommendation if you want to invest in cloud mining never think of any other option then these two cloud mining providers. These are well established and oldest players in the market.
Hashing24: I have also done my research on hashing24 mining service and it also seems like a reliable service which is not a scam. Still I have not invested with them so can’t comment on it.
I will also keep you updated about other cloud mining services listed in this article in next few months. After getting my first payout.
Best Trusted Cloud Mining:
There are many websites offering cloud mining. I picked only few of them, thoose are reliable, trusted and well known players of the market. Now lets take a brief idea about recommended cloud mining services:
There is only 1% of companies who actually setup mining hardware and mine crypto coins for you and one of them is Genesis Mining. Genesis mining was started in 2013 an is one of the oldest companies around. Genesis has established a publicly known mining farm in Iceland.
Currently they are offering mining powers for Bitcoin, Ether, Zcash, Monero, Dash and Litecoin. You can start mining within minutes. Available payment options are Credit card and some crypto coins.
Discount Coupon: Copy and paste this code (as shown in image below) at the time of payment to get 3 to 5% discount on your purchase: 1yelG5
Hashflare is a Europe based bitcoin cloud mining company. The company was founded in July 2013 and started its cloud mining service in April 2015. Hashflare is a part of HashCoins that creates ASIC bitcoin miners. Similar to Genesis mining, Hashflare also offers lifetime bitcoin mining contracts ( remember as long as profitable), Ethereum cloud mining, Zcash cloud mining, Dash cloud mining and Scrypt cloud mining.
Similar to Genesis it is one of the two most reputed cloud mining provider with a large number of users. It offers daily payouts and available payment methods are Bitcoin, Credit card, Webmoney, Payeer, Wire transfer and EMC.
Discount: Click on the button below and signup for a account to avail discount on your purchase.
Another cloud mining service provider that helps you to mine bitcoins and Altcoins in the best possible and easiest way. Its parent company is Cyfuture which is serving for more than 15 years in the Data Centre Industry. Based on State-of-the-Art technology, HashGains uses the best ASIC (Application Specific Integrated Circuit) and GPU services available. The platform supports multiple cryptocurrencies and has a 99.9% uptime. There is 24/7 technical support and it also provides legit mining where all the coins are new. HashGains also have multiple Data Centres in India, China and U.S. It also promises to give high ROI on investments made.
How to use HashGains: First you need to register in the platform. Then you need to choose your preferred plan and make the payment. After that you can just start collecting bitcoins. HashGains can be used in three methods.
- Pay per share method where it uses the ASIC mining method, which is one of the basic mining methods used in cloud mining.
- Proportional Method where miners earn shares until there is a block in pool sharing. After that they earn a fixed number of shares.
- Bitcoin Pooled Mining method where newer shares are given much more preference than older shares.
MyCoinCloud is a product of Mint SH JSC, which is providing cloud mining services since 2015. Based on state-of-the-art technology, MyCoinCloud token MCC is used to buy shares and after you have done your payment, the subsequent dividends will be accredited automatically to your account. Another unique feature of MyCoinCloud is that by buying shares participants can be co-owners and can earn 8.5% monthly ROI as well.
How to use MyCoinCloud: You first need to register for an account. Purchase your preferred mining contract and start earning immediately. You can track all your transactions regularly and also do not have to worry about the technical details.
Hashing24 was developed mainly for individuals who can easily access the bitcoin mining technology without getting into the intricacies and technical complications of cloud mining. The interface is very easy to use and it provides 24-hour customer support by a highly proficient team.
How to use Hashing24: Users have to first register which takes only about 2 minutes and then choose hashpower, which boosts the bitcoin mining process. Then you have to pay for your contract and the order is placed in the largest mining centre BitFury. The mining process starts automatically and you will start receiving bitcoins, which can be withdrawn on the same day. Hashing24 is one of the most stable futuristic cloud mining platforms with a very efficient technical support.
Launched in 2014, HashNest is one of the biggest cloud mining companies today. BitMain Technologies is the Parent company of HashNest and its headquarter is in Beijing, China. HashNest allows its users to participate in bitcoin mining through transactions of hashrates and the profits are instantly deposited in the BitMain Wallet. Participants can simply download the Mobile App and use it anywhere and anytime. PACMiC (Payout Accelerate Cloud Mining Contract) is another feature offered by HashNest. Here you don’t have to pay any costs after mining as BitMain already pays for you.
How to use HashNest: Users first have to register for a HashNest account and will simultaneously get a HashNest wallet. Then they have to deposit bitcoins into the wallet and buy hashrates and the cloud mining starts. The amount paid on HashNest is based on PPLNS or Pay Per Last N Shares method. There is a 2FA or two-factor authentication process for HashNest users for optimum security.
In IQMining founded by IQMining.com, the return on investments is very high. Here users are expected to earn a daily payout of $100 on an investment of just $500. The platform also claims that they will deliver 100% profits to users every 5 days. Another unique feature is that there are no maintenance fees for this platform and it is 100% free. Investors don’t feel any risk involved and IQ Mining itself does the mining job for you and you don’t need any expertise for this.
How to use IQ Mining: There are different investment packages. For e.g. if you buy the Silver package, you will get 10% bonus above your payouts. In Gold package it is 20% bonus.
- If you invest 0.01 to 0.1 BTC you will get Bronze package.
- For investments between 0.1 to 1 BTC you will get Silver package.
- Between 1 to 10 BTC you will get Gold package.
Hope you enjoyed this article and it will be useful for the user to find-out Best Trusted Cloud Mining 2018 services. It is my advised that never go for any other cloud mining service as most of them are scam. Please share your feedback and experience with us in the comment section below and Let us know if you need any help. Happy Mining!!!