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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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. 2b1af7f3a8