If you want to invest in bitcoin mining without the hassle of managing your hardware and software, there is an alternative. Cloud mining (also cloud hashing) is a new concept, which allows users to buy mining power of the hardware placed in remote data centers. Cloud mining offers a unique option for mining with a very low cost of entry as well as minimal risk and expense, which is opposite to traditional models of mining that involve procurement, maintenance, and configuration of highly specialized hardware.
Bitcoin cloud mining providers list – top 3
- HashFlare – this company offers a new range of cloud-mining services brought to you by cryptomining experts. You can mine bitcoins via SHA-256 or Scrypt protocol. If you buy over 1000$, you can use our promo code for a discount.
- Genesis Mining – is offering hardware rental for mining purposes. They are world’s leading hashpower provider! Beside bitcoin you can also mine altcoins.
Update: out of stock [2010-01-25].
- Bitcoin.com Pool – has partnered with the largest Bitcoin mining farm in North America, to source cloud mining hashrate at the best value.
Is bitcoin cloud mining profitable?
Mining profitability depends on many different factors. In order to find out bitcoin mining profitability calculators were invented. They take into account various parameters such as the cost of your hardware, electricity cost and other network related variables that you can’t control.
- Our cloud mining plan at HashFlare has 100 TH/s mining power (protocol SHA-256) and gives us approx 164 US$ cloud mining revenue daily (current Bitcoin price is approx 13.250$). We need to pay 35$ for electricity and maintenance (0.35$ for 1 TH flat fee) and this gives us a profit of 129$. The same plan currently costs 22.000$, meaning that you will get your investment back in less than 6 months. As mining contract lasts one year, everything after this period is your profit. Some other sources report 4 months payback period, but these are our up-to-date numbers.
- With special deals that they regularly have, your payback will be even sooner.
However, the web services offered to calculate profitability are designed to work with your hardware parameters, not cloud-mining settings, but you can still use them. If you rent your equipment with a cloud mining provider, you usually do not need to worry about electricity cost and other parameters, as this is often already included in your in expected profits. You usually just need to compare how much you pay to rent the hardware and how much coins you get in return.
Calculators give you an estimate of your projected profit. However, they can not 100% predict the future, especially not the future bitcoin price. So, these are only estimates. Try this calculator for cloud mining in general. Some cloud mining providers already give you an estimate of return on investment with their pricing and costs data already filled in.
Bitcoin cloud mining providers list – other providers
- HashNest – is operated by Bitmain, chinese producer of the Antminer line of Bitcoin miners, world’s most power-efficient bitcoin miner.
- ViaBTC – they offer mining pools for major competing coins and cloud mining products. Entry to cloud mining with them is higher then with other providers.
- Eobot – one of the first to offer cloud mining with PayPal payments for hardware renting. Their prices are not as competitive recently as they were before.
- OXBTC – owns 3 of China’s largest mining farms with low-cost electricity. It provides stable and profitable cloud mining services. It has been providing reliable cloud mining services for global customers for a few years now! Cloud mining contract is on a lifetime term as long as it is profitable!
- BW – offers a variety of bitcoin mining services and investment opportunities including hashrate plans, mining pools and interest bearing accounts.
- NiceHash – is hashpower marketplace. Buy or sell hashing power without contracts on pay-as-you-go basis directly from many providers. Minimum order price is just 0.01 bitcoin. Recommened for experienced users. Update: recently hacked, so be careful [2017-12-16]!
- MinerGate – they provide true bitcoin mining which is executed at the data centers supplied with innovative hardware. Payouts come directly from newly unlocked blocks and it can be traced on the blockchain.
- MyCoinCloud – they offer lifetime BTC mining contracts; mine until its profitable. Update: additional limited quantities on pre-order, for this batch they acceptg both Bank Wire and Bitcoin payments [2018-02-20].
- Pow8 – another chinese company involved in bitcoin cloud mining.
- Hashing24 – they offer turnkey renting solutions from the largest bitcoin mining data centers as they buy hashing power directly from a hardware producer Bitfury. Recently they also launched the contracts marketplace: you can put the contracts up for sale or buy them from other customers. Update: out of stock [2017-12-20]!
All bitcoin mining is done in the cloud, without any offline hassle, such as dealing with electricity, hosting, software or installation trouble. Everybody can earn extra revenue with little to no risk and frequent payouts. We believe cloud mining is the best option to generate bitcoins if you do not own a lot of hardware or free electricity. It allows users to form groups (pools), where their joint efforts are rewarded with more significant income, compared to individual mining.
Pros of cloud mining
Why you might want to consider cloud mining instead of mining on your own:
- no added electricity costs,
- quiet and cooler home – no constantly humming fans,
- no equipment to sell when mining is unprofitable,
- reduced chance of being let down by mining equipment suppliers.
Cons of cloud mining
Why you might want to mine on your own instead in the cloud:
- avoid risk of fraud,
- lower profits – the operators cut their share,
- lack of control and flexibility.
How to start cloud mining?
First, join the cloud mining pool by simply buying shares or GHS online. You need to choose a plan, pay for it and you will start mining right after purchase. By signing mining contract, your provider will take care of all mining tasks, maintenance, and upkeep while you just sit back and receive your share of mined bitcoins.
You will receive daily or weekly BTC payouts to your bitcoin wallet address (depends on the plan). You need to pay in advance for hashing power and contracts usually come in the form of a 1-year contract, 5-years or unlimited (until mining with rented hardware is profitable).
Sounds simple? Well, it is, the only thing to keep eyes on is the current bitcoin value, so that you stay profitable and that you do not pay more for hashing power than you get out of bitcoin production. You can also sell your hashing power if you do not want to keep the plan or if profitability drops at some cloud mining providers.
We suggest cloud-based bitcoin mining and hashing for those who are inexperienced in hardware and software maintenance. Everybody can earn extra revenue with little risk and frequent payouts with bitcoin cloud hashing.
We recommend Genesis Mining
You are probably aware that bitcoin cloud mining had a few issues in the past. There were a lot of companies that were deceptive at best, scams at worst. These pretended to have mining facilities somewhere in Northern Europe, often taking photos from other providers and claiming them as their own, but in reality, they do not own anything, and they just take your money. Cloud mining providers often disappear with your bitcoins. We were already scammed a few times when testing various bitcoin cloud mining providers for our users, so we recommend you to stick to our frequently updated list above.
At Genesis mining, you can also mine other crypto-coins. For example, their X11 mining algorithm will produce the most profitable coins at the time and convert them to bitcoin automatically (like DASH) which gives an accelerated return on investment. You can also mine very popular Ethereum.
Some other cloud mining offers
Eobot has an offer where you can buy cloud mining just for a day. Good if you want to try it out. You can start with just 10$.
Mining bitcoin on your own
If you can buy hardware and install software, you can start mining bitcoins on your own. Here are a few links to help you start. But as computers around the world mine for coins by competing with each other, mining on your own can be unefficient.
- If you want an easy start, MinerGate has user-friendly software that you can put on your laptop/desktop to mine bitcoins.
- You can also buy ready-made bitcoin mining computer on Amazon – click here for The 21 Bitcoin Computer but you will not generate much coins this way.
- If you are serious about bitcoin mining and consider buying your own hardware, one place to look for is BitFury. Whether you’re a hobbyist home miner or want to run a large scale mining operation, you will benefit from the performance boost that their chip delivers. Higher performance per chip translates to lower cost, less space and quieter operation.
- Why are cloud mining providers selling mining contracts and not keep the profit for themselves? See this answer why.
- Indirectly you can invest in bitcoin mining by putting your bitcoins into bitcoin savings account. This way your coins will be used by various Chinese mining companies to fund their operations. You get interest in exchange.
- Find the latest news on cloud mining industry at Reddit
- Interested in cloud mining altcoins? Try Bitcoin Cash, Zcash, Ethereum or Ethereum Classic.
- Be careful with various promotions as some advertised companies are just scams, some even apper on the first page of google searches or in google advertisements. We suggest you to stick to our list. If you want to try some other provider, be sure to read this advice on how to spot a problematic company. We have mining contracts with all companies listed on this page, but we recommend those in the top-3 section.
- Some believe, that Hashing24 is a scam (source). We list them as they are linked and endorsed from well known hardware producer Bitfury.
- Crypterra – new company, offering mostly 2-year proftable cloud mining contracts. They also offer Ethereum, Zcash and Litecoin mining plans. Update on Crypterra: Looks like they are a scam, the website disappeared and SSL certificate was revoked. We were paid the last time on january 20, 2018. Discussion here. Before adding them to our website we did a lot of emailing with them and somehow they convinced us that they are a legit company. We also received regular payments. For more detalis you can contact us [2018-01-25].
- Bitmain is to receive a $50 million investment from a number of venture capital firms. It is reported to be raising funds from participants including Sequoia Capital, ING Capital, and several other undisclosed investors. The firm intends to expand the production of chips for artificial intelligence and set up mining farms in the U.S. [2017-09-08, source].
- Hashflare introduced new Scrypt multipool that will make HashFlare mining even more profitable. Pool’s algorithm will automatically allocate hashing power to mine a variety of currencies, focusing on the most profitable at the moment of mining. Second, the restructuring of contracts, which happened in August, allowed them to reduce some of the costs. Along with the new multipool, Scrypt maintenance fee will be cut down in half [2017-10-20, source: email].
- NiceHash: More than $70 million stolen in bitcoin hack. NiceHash, which describes itself as the largest marketplace for mining digital currencies, said that it was suspending its operations for at least 24 hours because of the security breach. Roughly 4,700 bitcoins were stolen from the site’s account, the CEO said. They were worth roughly $75 million at the time of a hack. [2017-12-16, source].