Get a share of mining power in the data center and start bitcoin cloud mining. If you want to invest in bitcoin mining without the hassle of managing your hardware and software, this is an alternative. Cloud mining (also cloud hashing) is a new concept. It allows users to buy mining power of the hardware placed in remote data centers. It offers a unique option for mining with a very low cost of entry as well as minimal risk and expense. That is opposite to traditional models of mining that involve procurement, maintenance, and configuration of highly specialized hardware.
Bitcoin Cloud Mining List – Best Companies
- Genesis Mining – is offering hardware rental for mining purposes. They are world’s leading hashpower provider! Beside bitcoin you can also mine altcoins. Update: 18-month bitcoin mining is back in stock (limited offer) [august 25, 2019].
- 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. Update: out of stock [july 14, 2019].
- 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! Update: 3-year bitcoin mining is in presell [august 26, 2019].
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.
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. These costs are often already included in your expected profits. You 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 Profitability – March 24, 2020
- Because maintenance fee is usually fixed in US dollars, while the cost of Bitcoin has almost halved in recent months, most of the contracts are unprofitable at the moment.
- Daily profit calculation on most mining platforms is extremely simple: mining contract income in BTC – ( Maintenance fee in USD / BTC to USD rate ) = Profit or Loss in BTC.
Using this simple formula, you should understand that with the current Bitcoin exchange rate, mining income, unfortunately, does not cover the fixed maintenance cost.
Previously, we have already observed similar situations on the market, and yet, on the long-term idea of cryptocurrencies is a systemic increase in the value of fixed assets. That is why most of the platforms offer contracts with a minimum period of one year, which allows them to optimize risks and balance profitability with cryptocurrency fluctuations.
- Most of our cloud mining contracts are currently off. Mining does not cover electricity and maintenance costs, that is why cloud contracts are terminated or paused. We will make an update as soon as some coins start rolling in.
How to protect yourself from BTC price fluctuations?
You can buy USDT cloud mining contracts with fixed income up to 125% per annum at IQmining.com.
Bitcoin Cloud Mining List – Other Companies
- Miningcity.com is a project connected to the well known BTC.com mining pool – this gives them some credibility we guess, but that is all we know about them. Mining plans start at US$ 500.
- Bitcoin.com Pool – has partnered with the largest Bitcoin mining farm in North America, to source cloud mining hashrate at the best value. Update: 12-month ($69.99 per TH/s) contracts back in stock [may 23, 2019]. Becaus ethey like Bitcoin Cash, we do not like them too much.
- Nuvoo has a new approach in cloud mining purchase process. You can buy a 20-month bitcoin mining package for $54 per 1TH/s (pre-order for october 15 batch). Yes, you can do this with a credit card, Skrill, Neteller, cryptocurrencies and other payment options. We do not like their agressive MLM approach though and they look fishy. Our opinion might change soon if they do what they promise: “Our teams will be adding high definition cameras to show you live mining equipment in action 24 hours a day, 7 days a week, 365 days a year“.
- 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. newHigh performance AsicBoost mining has been available in ViaBTC since Oct, 2018.
- 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.
- BW – offers a variety of bitcoin mining services and investment opportunities including hashrate plans, mining pools and interest bearing accounts.
- 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.
- Btcpop – after a successful soft-launch Btcpop cloud mining is now available to everyone. They have for sale a new batch of lifetime 1 TH/s SHA-256 Mining contracts for $139 payable in BCH or BTC.
Bitcoin Cloud Mining Marketplaces
Buy, sell, rent hashpower!
- 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. You can enjoy free and instant withdrawals from NiceHash to your Coinbase wallet. Recommened for experienced users. Hacked on 12/2017, withdraw regularely.
- 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: 24 month contracts are back and available for sale! The price is more than attractive: only $68.40 per 1 TH/s [october 1, 2019]!
Pros of Cloud Mining Bitcoin
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.
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. This way, users also form groups (pools), where they mine more efficiently together compared to individual mining.
Cons of Cloud Mining Bitcoin
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 a mining contract, your provider will take care of all mining tasks, maintenance, and upkeep. You may 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. You have to stay profitable and 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 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. We do that 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. That gives an accelerated return on investment. You can also mine very popular Ethereum.
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.
Latest News from Cloud Mining
- Bitcoin’s Hashrate Hits New All-Time High: Bitcoin’s hashrate has hit a new all-time high this month, despite its price drop of over 12% last week after it was rejected at the $10,000 mark. Miners are adding hashrate to the network, likely in an attempt to reap as much BTC as possible from the current block rewards before these are cut in half. [2020-03-03, source].
- 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].
Warning: Possible Scams
Cloud Mining Scams Overview
We do not trust companies listed below at all. We suggest you stay away from them as they are likely going to disappear soon. Be careful with various promotions as some advertised companies are just scams. Some even appear on the first page of google searches or in Google advertisements, but in reality, they do not exist. We suggest you 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.
Bitcoin Cloud Mining Scams List
- CCG Mining – offers cloud mining contracts as well as whole mining rigs! Not sure if this company is legitimate or not.
- MiningSky – their offers are too good to be true. You get your investment back in 3 months with them, while average at the other companies is 2 years. They reappeared recently as Mineta, 100% scam!
Crypterrawas 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].
- IQmining.com: numerous users are asking us about this platform and website. We could not find any relevant information that this platform is a legitimate cloud mining business. In fact, with low prices and high returns, it looks too good to be true, so we urge our users to stay away from them. IQ Mining’s website, like most online scams, has no information about itself, its location, or its management team. We have a contract running with them to see how long they stay operational.
- Hashix looks problematic as their offers that are too good. Also 25% affiliate commissions in a referral program that goes 10 levels deep, makes us critical.
- MyCoinCloud – disappeared [2019-02-20].
Related to Bitcoin Cloud Mining
- Why are cloud mining providers selling mining contracts and not keep the profit for themselves? See this answer why.
- When signing-up to Miningcity.com you must provide a referrer information. If you do not have one, enter this information for Miningcity.com referrer: plusbitcoin or simply click here.
- 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.
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