Everyone wants to join the cryptocurrency bandwagon, and a huge proportion of cryptocurrency enthusiasts are interested in mining and earning profits through it. However, the fact that it requires some technical knowledge, constant upgrading of hardware and software, and looking for newer and better ways to manage the process discourages a lot of people.
If you belong to this category but want to earn profits through mining anyway, then cloud mining is an option worth looking into. Cloud mining companies rent out mining capabilities to companies. You don’t have to pay for the hardware, software, electricity, cooling, space, etc. All you do is rent the service for a fee and get a steady flow of bitcoins in your wallet. But it is a minefield full of fraudsters, so you have to tread carefully.
Best Cloud Mining Companies
Started in 2013 by a team of mathematicians and engineers, Genesis mining is the largest scale multi-algorithm cloud mining service. It allows you to choose from a variety of contracts which can help you earn cryptocurrency coins regularly. Genesis doesn’t let you purchase an exact quantity of GH/s. Instead, it offers packages that include particular quantities of GH/s for a fixed price. There are also discounts and promotions from time to time to allow you to get better deals on your contracts. The maintenance fee comes up to about $0.00028 per GH/s per day.
Eobot is one of the best and cheapest cloud mining services you will find on the internet. They offer a service that allows you to earn bitcoins at minimal cost. If you want, you can also use their own mining software on your system for free, although it isn’t quite as likely to earn you a decent amount of bitcoins. Nevertheless, Eobot offers a service that is pocket-friendly, efficient, reliable, and flexible. Contracts can be of any duration from 24 hours to 5 years. Eobot has a maintenance fee of $0.00021 per GH/s per day.
Hashflare is another top cloud mining company. It not only provides a cheap service but also frees users from contract duration limits. You can choose the length of your contract yourself. There is no limit to it. A maintenance fee of $0.00035 per 10 GH/s per day and a quick setup allow you to start seeing coins in your wallet in as little as the first 24 hours.
While most cloud mining companies help users start small, Hashing 24 allows you to start off in the fourth-gear and aim for the stars from the word go. The cost of contracts are slightly higher, but you get much more GH/s than other cloud mining companies. There is also a restriction on the minimum GH/s you can buy, with a minimum threshold of 100. The 100 GH/s costs you around $18.68 along with a maintenance fee of $0.00033 per GH/s per day. Contracts with Hashing 24 partners are canceled whenever the mining service cannot cover the daily running cost for three days on the trot. This helps you partner with able people all the time, allowing you to get profits from the money you spent sooner.
MingerGate is another cloud mining service which you can use. While it is more popular for its mining pool and GUI, the cloud mining service isn’t as efficient as you would think. The minimum number of GH/s you have to buy is 20, and you can only pay through Bitcoin. Their cloud mining service is in partnership with Hashing 24, but it cannot match the level of competence and efficiency that Hashing 24 provides to its users. Just like Hashing 24, contracts are canceled if the mining service cannot cover running cost for three consecutive days.
Cloud mining services are attractive for those who wish to earn bitcoins regularly but don’t have knowledge of mining and its technical aspects and don’t want to spend time learning it either. There is a great danger of falling for a fraudulent company in this business. You should also always look for hidden costs like maintenance fees which many services don’t mention up front. If you are not too careful, you might end up paying for the bitcoins you get in your account rather than earn profits.