What is Cloud Mining?
In cloud mining, participants remotely lease mining power from companies that own and manage real cryptocurrency mining hardware. They pay a fee for this “mining” service, and if the leased equipment successfully mines a block, both the participant and the company share the block reward.
The cloud mining company operates a robust network of computers in a mining center, dedicated to the mining of cryptocurrencies. Cryptocurrency mining typically occurs in Proof of Work (PoW) blockchains, with Bitcoin mining being the most prevalent due to its coin’s popularity.
Cryptocurrency enthusiasts often seek ways to start mining for free. However, establishing a computational center comes with significant costs. Mining and PoW demand substantial computational power and energy to solve cryptographic puzzles necessary for verifying Bitcoin transaction blocks and earning newly minted Bitcoin rewards.
In cloud mining, the cloud miner does not own any equipment but actively engages in mining cryptocurrencies on leased hardware.
Who Might Find it Intriguing?
Individuals residing in regions with high electricity costs and those lacking technical expertise to set up mining software.
How to start?
- Research our cloud mining service ratings and choose the one that suits you best.
- Purchase mining power from the selected service, which is operated in remote data centers.
Key Points:
- Cloud mining allows participants to engage in cryptocurrency mining without owning or managing mining equipment.
- Cloud miners pay a fee to rent mining power from a company that owns and operates physical mining equipment and the mining process.
- If the leased mining equipment successfully processes a block via proof of work, such as in the Bitcoin blockchain, the block reward is shared between the cloud miners and the cloud mining company.
Cryptocurrency platforms utilize cloud mining as an incentive for users to support blockchains. These vast virtual ledgers (blockchains) document all crypto transactions and require extensive maintenance to remain active and functional. Miners step in to help. They form a global network with decentralized computers, providing their computational power to verify transactions on the network and secure blockchains. In turn, to maintain the cryptocurrency blockchain, including Bitcoin, new coins are generated to reward miners.
Below, you’ll find some of the most reliable cloud mining platforms that you can try right now.
In the dynamic cryptocurrency landscape, cloud mining facilitates access to mining without hardware and technical complexities. Cloud mining offers vast opportunities, but caution is crucial when selecting reliable platforms with transparent fees and legal registration. We’ve tested numerous cloud mining platforms and compiled a ranking of the best platforms for you.
How its work?
Cloud mining works by renting computational power from specialized companies that manage mining hardware and infrastructure. Here’s how it works:
- Choosing a Package: Users select a cloud mining package or contract from the provider’s platform. This contract determines the amount of computational power available to the user and the duration of the rental term.
- Payment for Services: Users pay for the chosen cloud mining package. This can be a monthly fee, prepayment for a specific period, or a fee for using computational resources.
- Hardware Management: The cloud mining provider manages all infrastructure, including hardware and software. They monitor the operation of mining setups, provide updates, and maintenance.
- Cryptocurrency Mining: The hardware begins mining cryptocurrency using the provided computational resources. This involves solving complex mathematical tasks to verify and process transactions in the blockchain of the chosen cryptocurrency.
- Receiving Rewards: All mined coins or tokens are sent to the user’s wallet. The rewards depend on the mining efficiency, cryptocurrency value, and contract terms.
In this way, users gain access to mining power without the need to purchase and set up their own hardware, while the cloud mining provider handles management and support for a fee.
There are two main types of cloud mining:
- Hosting Mining: In hosting mining, participants rent entire mining equipment, typically ASIC devices, for mining. Essentially, you fund the operation of each device entirely. Participants can set their preferences for the mining device (ASIC), including its uptime and strategy. The operational mining device acts as a node in the blockchain and receives rewards, while the cloud mining company takes its share for servicing that device.
- Hash Power Rental: When using the hash power rental method of cloud mining, cloud miners rent a portion of the mining equipment’s computational power, known as hash power, from the cloud mining company. Cloud miners do not require you to maintain or participate in the rented hash power. Simply put, the more hash power you rent, the greater your share of the rewards from the operation of that mining device (ASIC). However, the fee for this method may be higher.
Advantages of Cloud Mining:
Cloud mining enables cryptocurrency enthusiasts to engage in mining activities and earn rewards without the need to invest in expensive equipment. Users can pay a subscription fee or rent mining equipment (ASIC) to participate in mining.
The absence of the need for expensive equipment, management, and maintenance reduces the costs and difficulties associated with mining. Cloud mining also does not require significant initial investments in equipment, technical knowledge, or a lot of time for management.
Reliable cloud mining companies provide modern equipment and expertise to optimize mining, ensure security, and solve problems.
Disadvantages of Cloud Mining:
There are risks, including fraudulent websites, increasing mining difficulty, cryptocurrency volatility, protocol changes, and a misunderstanding of contract terms.
Cloud mining participants need to consider service fees and cryptocurrency price volatility to calculate potential income.
The centralization of mining companies can affect the decentralization of the cryptocurrency network if they control a significant portion of the mining power.
Top 20 Cloud Mining Platforms
- INC Crypto
INC Crypto is one of the top cloud mining platforms, currently managing five mining farms with participants from over 150 countries and regions. Setting it apart, this platform offers a $50 registration bonus, allowing users to engage in cloud mining for free. As a result, it has amassed over 320,000 trusted users worldwide.
The INC Crypto platform conducts cloud mining operations using renewable energy sources such as solar and wind power. This approach significantly reduces mining costs and integrates surplus energy back into the grid. This means you can access significant mining power without the need to purchase expensive equipment or deal with the heat and noise at home. All that’s required to enter into a mining contract and receive payment is a computer or smartphone.
Cons:
During registration, you need to specify a password between 8 and 16 characters, otherwise, you won’t be able to access your profile. Limiting the password to <= 16 characters does not enhance the site’s security; it’s an unnecessary restriction.
- Minimum Investment: $50
- Website: inccrypto
- TEC Crypto
TEC Crypto stands out as one of the premier cloud mining service providers, offering users complimentary cloud mining features. With half a century of experience in the cryptocurrency mining industry, TEC Crypto delivers efficient services with reliable security measures. TEC Crypto utilizes advanced ASIC chip designs to mitigate environmental impact and promote the sustainability of the crypto industry. It distinguishes itself from other cloud mining platforms through its sophisticated mining technology and reduced energy consumption.
- Minimum Investment: $10
- Website: TEC Crypto
- ARK Mining
ARK Mining stands out among other cloud mining platforms as a leading player in the global computational power market. With extensive experience in mining system operations and cutting-edge technology in the field, ARK Mining’s arsenal of mining equipment is well-prepared.
Since 2017, ARK Mining has become a renowned global center for cloud cryptocurrency mining. The company revolutionized the industry by streamlining the process and creating a convenient market for users to easily acquire the necessary hash power.
ARK Mining was one of the first companies to offer cloud mining services. After years of development, ARK Mining now operates five mining farms worldwide, serving tenants from over 195 countries and regions, with the trust of over 650,000 users worldwide. ARK Mining believes that everyone should benefit from cloud mining and have access to cutting-edge technologies and major industrial data processing centers from their laptop or mobile phone.
ARK Mining employs renewable energy sources such as solar and wind power for cloud mining, significantly reducing mining costs and integrating surplus electricity into the grid. This means you can access significant mining power without expensive equipment and without dealing with the noise and heat at home. All you need is your computer or mobile phone to purchase a mining contract and receive rewards.
Cloud mining is one such feature that doesn’t require extensive cryptocurrency knowledge but generates passive income. ARK Mining’s cloud mining offers a platform with high security levels and comprehensive mining services. Income on the platform can be configured for you to earn daily with minimal hassle.
ARK Mining is a globally recognized mining company and a reliable cloud mining platform. It offers various bitcoin mining packages, allowing you to passively earn bitcoins to achieve your investment goals.
ARK Mining’s mission is to demystify cloud cryptocurrency mining, making it accessible and understandable to everyone.
With the ARK Mining platform, you can start your journey into cloud mining easily, with just a few clicks!
- Minimum Investment: $50
- Website: ARK Mining
- Cloudminer
Cloudminer is a serious technological platform for cloud mining. It’s a dynamic company with a simple goal: to provide the tools and services necessary for success in the world of digital assets. This company offers top-notch equipment with high hash power and assistance in cloud mining investment. Cloudminer aims to make your cryptocurrency dealings easy and profitable. With Cloudminer, you’ll find a sincere approach to work and a professional level of service.
- Minimum Investment: $100
- Website: Cloudminer
- DeMi
Another excellent option in cloud mining platforms is DeMi. It’s a tokenized mining platform that allows users to receive rewards in BTC using the DEMI token. With the DeMi platform, you don’t need to purchase specialized equipment to start mining and earning. Simply buy DEMI tokens, stake them, and receive daily BTC rewards.
The reward amount is calculated proportionally to your share of the total mining pool’s power. The equipment is already purchased, set up, and tokenized. The DeMi token is designed for convenient use within the DeMi service as part of mining power. The token was developed using the BEP-20 standard and is available on the Binance Smart Chain (BSC). The token ticker is DeMi.
DeMi utilizes over 300 ASICs, with the mining pool being ViaBTC, and the pool’s hash rate exceeding 36,000 Th/s. DeMi employs cheap electricity, costing $0.05 per kWh.
- Minimum Investment: $1
- Website: DeMi
- Hashmart
Since its launch in 2018, Hashmart has positioned itself as an outstanding cloud mining platform specializing in cryptocurrency mining, registered in Cyprus, with a focus on Bitcoin mining. Offering both 12-month contracts and open-ended options, Hashmart provides flexibility for investors with varying preferences.
- Minimum Investment: $52.40
- Website: Hashmart
- F2Hash
Launched in 2021, F2Hash quickly became a prominent player in the Cloud Mining arena, offering tailored plans for both large and small investors. With diverse options such as the Flash Enterprise Plan, Pro Flash Plan, and Beginner Explorer Plan, F2Hash aims to cater to a wide range of investment preferences.
- Minimum Investment: $50
- KYC: Phone number required.
- Website: F2Hash
- Ecos
Founded in 2017, Ecos became the first cloud mining provider to attain legal status, establishing itself as one of the most trustworthy platforms in the industry. With over 250,000 users, Ecos offers a reliable and lawful ecosystem for cryptocurrency mining, eliminating the need for self-maintenance of equipment. Beginners can benefit from a variety of cryptocurrency mining contracts, investment tools, and easy withdrawal options.
- Minimum Investment: $99
- KYC: Phone number required.
- Website: ecos
- BitFuFu
BitFuFu is a leading cloud mining service with a rapidly growing business in digital asset mining. Bitmain, the world’s leading manufacturer of cryptocurrency mining equipment, has invested in BitFuFu and is its sole strategic partner in cloud mining. BitFuFu aims to develop a secure, legal, and open blockchain infrastructure and offers a range of reliable and thoughtful hashrate servicing solutions to clients worldwide. Leveraging a growing network of mining enterprises worldwide and a strategic alliance with Bitmain, BitFuFu enables institutional clients and enthusiasts to efficiently mine digital assets. With a hosting capacity of over 300 MW, BitFuFu offers one-click cloud mining service.
- Minimum Investment: $44
- KYC: Yes
- Website: bitfufu
- NGS Crypto
NGS Crypto offers a variety of cryptocurrency mining packages with fixed annual returns ranging from 6 to 16%. The Australian company is highly regarded worldwide. At the end of the agreed subscription period, they return 100% of participants’ initial investments without charging any management fees. Within the blockchain network, NGS Crypto provides services for mining digital assets such as Bitcoin and other cryptocurrencies, paying out profits to participants every day.
- Minimum Investment: $0
- KYC: Yes
- Website: NGS Crypto
- GlobaleCrypto
As the name suggests, the GlobaleCrypto platform is truly global, providing users with a unified access point for trading any cryptocurrency anytime, anywhere. GlobaleCrypto offers an advanced cryptocurrency mining system. All platform tokens are stored in cold wallets following security recommendations, the trading system is securely regulated, and tokens held on the exchange are safe. To rid clients of the hassle associated with “acquiring, delivering, hosting, and maintaining” equipment, GlobaleCrypto aims to create a secure, compatible, and transparent blockchain infrastructure. To achieve this goal, the company provides various stable and intelligent solutions for servicing computational power for a global client base.
- Minimum Investment: $0
- Website: GlobaleCrypto
- Kelyminer
Kelyminer is one of the leading cloud mining platforms, offering mining services at low electricity prices. It provides a maximum hash rate of 335 TH/s, with mining contracts starting from $89. To assist users with any issues, Kelyminer offers round-the-clock customer support to its global clientele.
Overall, Kelyminer is the best cloud mining service provider if you’re looking for opportunities for small investments and earning daily mining rewards. This company also allows you to withdraw mining rewards in your preferred cryptocurrency.
Drawbacks:
The “Starter” mining service package for $30 can only be purchased once, which is unfortunate.
- Minimum Investment: $89
- Website: Kelyminer
- Binance
Binance is a global company that boasts being the largest cryptocurrency exchange by daily trading volume. The platform is incredibly popular, with around 90 million users worldwide. One of the reasons for its popularity is the ability to mine directly from connected devices, including mobile phones, computers, and tablets. Joining is seamless, and mining power can be increased through the platform’s customer loyalty program, with potential payouts at the end of each eight-hour mining session.
- Minimum Investment: $0
- KYC: Required
- Website: Binance
- KuCoin
KuCoin Pool aims to create the world’s largest PoW mining pool and enhance the security of Bitcoin and Litecoin chains. For users, the site provides a comprehensive service platform, strong technical capabilities in research and development, accurate hash rate data, and high mining returns.
- KYC: Required
- Website: KuCoin
- Top Hash
Top Hash possesses extensive expertise in managing mining systems and advanced mining technologies. Several carefully curated plans at reasonable prices have been created based on common cloud mining requirements. They utilize GPU-based mining setups, which represent the latest ASIC technology. Additionally, they have comprehensive knowledge in cloud mining and competing mining technologies. The most appealing aspect of Top Hash is its unparalleled security, with the vast majority of funds securely stored in offline cold wallets.
- Minimum Investment: $5
- Website: Top Hash
- BeMine
BeMine is another cloud mining platform for Bitcoin, aiming to provide users with a convenient interface, security, transparency, and the best mining equipment to maximize profits. Account registration is quick, and new members receive 5 days of free equipment usage when purchasing their first contract. Users can also partner with mining departments to earn more without directly working with any equipment.
- Minimum Investment: $159
- Website: BeMine
- BitDeer
BitDeer, headquartered in Singapore, is a versatile cloud service and mining platform. The company aims to make cryptocurrency mining as transparent, secure, and user-friendly as possible. Both experts and beginners can focus on expanding their crypto portfolios while the platform takes care of all the tedious, repetitive processes on their behalf.
- Minimum Investment: $3
- KYC: Phone number required.
- Website: BitDeer
- Slo Mining
The Slo Mining platform has quickly become one of the top cloud mining platforms in a short period of time. With over 300,000 users utilizing the platform’s cloud mining services worldwide. Its intuitive interface provides convenience in purchasing mining contracts on the platform for both beginners and experienced users. Slo Mining utilizes a sustainable solar energy production system to reduce environmental impact. It is one of the safe and reliable cloud mining platforms, ensuring stable daily payouts.
- Minimum Investment: $300
- Website: Slo Mining
- StormGain
StormGain is a giant among cryptocurrency mining sites. Operating in over 230 countries, the platform offers features to more than five million users, suitable for both beginners and experts, and is popular among participants investing in cryptocurrency for the long term. Overall, the site provides convenient conditions for serious cryptocurrency miners who need all the advantages and trading tools.
Cons
The platform does not work with citizens residing in the following countries: link to AML policy. However, this can be bypassed using a VPN, especially since the platform sometimes incorrectly detects the country.
- Minimum Investment: $0
- KYC: Phone number required.
- Website: StormGain
- VosMining
VosMining is a cutting-edge platform for Bitcoin mining and cryptocurrency investments.
VosMining is a crypto investment platform that will help you start earning bitcoins, litecoins, and dogecoins!
The VosMining platform offers BTC, LiteCoin, and Doge mining contracts for a duration of 24 months, promising significant profits compared to initial investments.
VosMining provides the most essential tools for working with digital assets:
- Bitcoin cloud mining,
- Purchase of high-hash-power equipment,
- Cryptocurrency wallet and exchange.
- VosMining is the metaverse of crypto investments, accessible to everyone.
- Minimum Investment: $55
- Website: VosMining
Conclusion:
Cloud mining platforms offer an alternative approach to cryptocurrency mining, allowing users to participate in Bitcoin and other cryptocurrency mining without the need to purchase expensive equipment, technical expertise, or deal with the hassles of setting up home mining rigs.
These platforms leverage advanced technologies, renewable energy sources, and user-friendly interfaces to make mining accessible to a wider audience.
While cloud mining platforms offer advantages such as stable profits, daily payouts, and environmentally friendly mining methods, potential investors should carefully evaluate the features, professionalism, and drawbacks of each platform before participating in cloud mining. We have compiled this ranking of the best cloud mining platforms to help you make informed decisions that align with your financial goals while considering potential risks.
Frequently Asked Questions (FAQ)
- What is cloud mining?
- Cloud mining is a process where participants remotely lease mining power from companies that own and manage real cryptocurrency mining hardware. They pay a fee for this service, and if the leased equipment successfully mines a block, both the participant and the company share the block reward.
- How does cloud mining work?
- Cloud mining works by renting computational power from specialized companies that manage mining hardware and infrastructure. Users choose a package, pay for the chosen cloud mining package, and the cloud mining provider manages all hardware and software operations. The hardware begins mining cryptocurrency using the provided computational resources, and all mined coins or tokens are sent to the user’s wallet.
- What are the advantages of cloud mining?
- Cloud mining enables cryptocurrency enthusiasts to engage in mining activities and earn rewards without the need to invest in expensive equipment. It also eliminates the need for management and maintenance, reduces costs associated with mining, and does not require significant initial investments in equipment or technical knowledge.
- What are the disadvantages of cloud mining?
- Some risks associated with cloud mining include fraudulent websites, increasing mining difficulty, cryptocurrency volatility, protocol changes, and a misunderstanding of contract terms. Participants also need to consider service fees and cryptocurrency price volatility to calculate potential income accurately.
- What are the different types of cloud mining?
- There are two main types of cloud mining: hosting mining and hash power rental. Hosting mining involves renting entire mining equipment, while hash power rental involves renting a portion of the mining equipment’s computational power.
- How do I get started with cloud mining?
- To get started with cloud mining, research different cloud mining service ratings and choose the one that suits you best. Then, purchase mining power from the selected service, which is operated in remote data centers.
- Are there any risks associated with cloud mining?
- Yes, there are risks such as fraudulent websites, increasing mining difficulty, cryptocurrency volatility, protocol changes, and a misunderstanding of contract terms. It’s essential to carefully evaluate each cloud mining platform and consider potential risks before participating.
- How do I choose the best cloud mining platform?
- When choosing a cloud mining platform, consider factors such as reputation, reliability, transparency of fees, legal registration, customer support, and user reviews. Researching and comparing multiple platforms can help you make an informed decision.
