Cloud mining is the easiest way for newbies to get into cryptocurrency mining, without having to purchase any of the expensive equipment or deal with the high associated costs, from the likes of energy bills etc. As you know, mining profitability for the likes of Bitcoin is down at the moment, through with this in mind, it’s still clear the cloud mining is a services that is very much sought after.
Tech Radar have carried out some extensive research that discusses the top cloud mining providers of this year, Tech Radar state:
“We explore five of the most reputable cloud mining companies. As there are many scam outfits posing as miners, where possible we’ve chosen cloud miners who can prove that their data centers exist or are endorsed by a reputable firm. Take some time to do your own research before investing at your own risk, of course – ultimately this is your money.”
Remember, research is the key to success.
The first platform discussed by Tech Radar is Genesis Mining, one of the longest serving cloud mining platforms. They are a well established firm with data that can be cross verified, meaning their operations are fully legitimate. A drawback to Genesis is that it’s often hard to access their mining service as they are very often ‘sold out’, this is of course sentiment to their service, it’s very popular and therefore, sometimes it is difficult to get on board. According to Tech Radar:
“Genesis currently charges $0.14 per TH/s per day for mining Bitcoin. The price of other cryptocurrencies may vary so we encourage you to make your own enquiries. The website has a Payouts section which you can use to monitor how much you’ve mined. Due to high transaction fees on the network, your mined coins may need to meet a minimum threshold before the funds are actually transferred to your wallet.”
A Bitmain backed service with a great reputation. Hashnest have farms based globally meaning the Hashnest service is available in many countries and is not tied down to specific local regulations. If mining is made illegal in one country for example, Hashnest can still continue to operate in many others.
Another Tech Radar recommendation. Hashflare allows users to mine a range of cryptocurrencies and is not just specific to Bitcoin. Therefore, Litecoin, Ethereum and ZCash are all available through Hashflare, giving users access to a versatile range of cryptocurrencies. Importantly, Hashflare are very clear about their fees, meaning users are not at risk of hidden charges, a way that many other mining services operate, according to Tech Radar:
“Hashflare is open about its maintenance fees: they are $0.0035 for every 10 GH/s of SHA-256 coins and $0.005 for every 1 MH/s of Scrypt coins a day. Ethereum, ZCash and Dash contracts are not subject to any maintenance fees. Your total pay-out will depend on the mining pool you’ve chosen and how much hash power you’ve allocated to it.”
Hashing24 have been around since 2012 and partner up with other firms such as BitFury to provide large scale cloud mining operations. Interestingly (and this is great for new users), Hashing24 use a demo service to allow new users to experiment and see how much crypto they could mine through their service. It’s a try before you buy if you like. As it stands though, one drawback to Hashing24 is that the service only provides users access to Bitcoin mining.
The last recommendation from Tech Radar and a platform that offers users a choice of 24 mining contracts, or ten year mining contracts, meaning you can be as committed to the mining service as you like (ultra committed if you opt for the ten year option). According to Tech Radar:
“Maintenance fees are currently set at $0.00021/GH/s/day. Unlike other cloud mining websites we’ve reviewed, Eobot also offers an easy to understand explanation of how maintenance fees work. Contracts are available for a wide range of cryptocurrencies.”
There is however one slight drawback:
“Due to the owner’s desire for anonymity and in order to stay within the law, direct deposit of funds by bank transfer isn’t supported. You can, however, buy contracts with Bitcoin and via a USD credit card using Epay.”
Remember, just because Tech Radar are recommending these services, it doesn’t mean they are flawless. Cloud mining is as risky as crypto investment and if you’re not careful, this is something you could lose a lot of money on. Be careful, do your research however and things could very much go your way. Profitability is down at the moment, but soon enough, cloud mining could become a lucrative business once more.