Ethereum Cloud mining is a business concept that gives users an opportunity to buy a share of the mining power of the hardware placed in remote data centers. Everybody can earn extra revenue with frequent payouts. Ether as a currency is the “fuel” for the Ethereum project and therefore an essential part of this smart-contracts platform. If you want to invest in Ethereum mining without the hassle of managing your hardware and software, cloud mining is the best and the only option. It offers a unique opportunity for mining with a low cost of entry as well as minimal risk and expense, which is opposite to traditional models of mining that involve maintenance and configuration of specialized hardware. Of course, you can also just buy Ethereum on an exchange instead of mining it and thus avoid all mining processes.
Best Ethereum Cloud Mining Providers
- HashFlare has been involved in cryptocurrencies since the inception of Bitcoin and has years of experience in the field of mining cryptocurrencies. In a short time they became one of the largest providers of computational power for mining Bitcoin, Litecoin, Ethereum, and other cryptocurrencies.
This is now a UK company (though owners and mining power is located in Estonia). Due to market conditions, they are at the moment offering only Ethereum mining plans. All mining plans have no maintenance fees and the minimum order amount is very low (100 KH/s of the hash rate with the price of $1.4 per year), so you can start with low investment and see how it goes.
- Genesis Mining is the largest and most trusted Bitcoin cloud mining provider in the world. They provide all the information about their services, they are actively involved in the community and they even have a live stream of their mining farms.
They were running Ethereum mining plans in the past, but these plans are out of stock at the moment. You can mine Bitcoin with them and exchange it to Ethereum on an exchange if you like (use discount code zKcyxP for immediate 3% discount). We suggest you to create a free account with them since they notify registered users in advance when mining power is available, they also send out promotional emails with regular discounts.
- OXbtc – owns 3 of China’s largest mining farms with low-cost electricity. It provides stable and profitable cloud mining services. Ethereum mining is done with PandaMiner B3 Plus, they offer 2-year contracts. We do not like the fact that their business plan is more complicated – they have maintenance fees (5%) and electricity fees. They have regular promotions for signed-up users (2-5% off) and since they are sold out, you should sign-up to get early info about a new batch of miners.
We have mining contracts with all three mining companies (and others too) and as long as they are on this list above, they pay every day and are reliable! Scroll down to see a few more or less reliable companies.
Is Ethereum Cloud Mining Profitable?
Mining profitability depends on a few different factors, related to cloud mining the most important are Ethereum market price, mining difficulty, and of course cloud mining price. In general, you just need to compare how much you pay to rent the hardware and how much coins you get in return.
Various calculators give you an estimate of your projected profit. However, they can not predict the future, especially not the Ether price. Some cloud mining providers already give you an estimate of return on investment with their pricing and costs data already filled in, so please check individual providers’ websites while you are logged on your personal page.
Update on Ethereum cloud mining profitability
March 24, 2020
- Because maintenance fee is usually fixed in US dollars, while the cost of Ethereum 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 ETH – ( Maintenance fee in USD / ETH to USD rate ) = Profit or Loss in ETH.
Using this simple formula, you should understand that with the current Ethereum 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 ETH price fluctuations?
You can buy USDT cloud mining contracts with fixed income up to 125% per annum at IQmining.com.
How to Start Ethereum Cloud Mining?
First, join the cloud mining pool by simply buying power online. You need to choose a plan, pay for it and you will start mining immediately after purchase. By signing the Ethereum 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 coins.
With Ethereum cloud mining services, there is no need for your own computer, no need for high electricity bills. You will not be dealing with software and installation and no mining knowledge is required. Cloud mining provider takes care of all this for you. You will receive daily or weekly payouts to your Ethereum wallet address (it depends on the plan, but usually payouts are done daily).
You need to pay in advance for hashing power and contracts often come in the form of a 1-year contract or unlimited (until mining with rented hardware is profitable). The only thing to keep eyes on is the current Ethereum price, so that you stay in profit and that you do not pay more for hashing power than you get out of Ethereum production.
If you do not own a lot of hardware, we believe cloud mining is the best option to generate Ethereum as a digital currency. Cloud mining providers also form pools where their joint efforts are rewarded with greater income, compared to mining with individual hardware.
We Recommend Hashflare
We want to give you a few more details about Hashflare Ethereum mining plans (ETHASH).
This is a real Ether mining plan, the fuel for the Ethereum project. Al contracts last a year, and there are no maintenance fees. You can purchase Ethereum mining contract by Bitcoin, wire transfer, credit card, and alternative payment methods such as Webmoney and Payeer.
They also have regular promotions, where their customers receive automatic upgrades or promo codes to have percentages added to their hash power, or to have percentages off of their contract price.
Bitcoin Cloud Mining Issues
You are probably aware that Bitcoin cloud mining had a few issues in the past. There were a lot of companies that were deceptive. They pretended to have mining facilities, often taking photos from other providers and claiming them as their own, but in reality, they did not own anything, and they just took your money. Cloud mining providers often disappeared with your Bitcoins (we already lost some money when we tested various cloud mining providers for our readers).
Since Ethereum is newer, there are fewer providers on the market and the Ethereum mining market is more transparent compared to Bitcoin’s. However, be cautious since scamming companies are already here.
Other ETH Cloud Mining Providers
Some are untested, please use at your own risk.
- Sesterce – some claim that this is currently the only ETH cloud mining platform that is legit and currently profitable. The french-based company offers one and two-year mining plans. Two-year mining plan pays back in less than one year, however, we are unable to confirm this since they are out of stock at the moment.
- Eobot supports mining for Ethereum and advertises itself as the easiest, cheapest, and best way to mine it. You can mine and hash cryptocurrency with cloud mining, or you can use any CPU or GPU for any coin, SHA-256 or scrypt with immediate mining results. The good thing about Eobot is that sometimes you can pay with PayPal, but you will have to wait longer for your coins to arrive if you pay this way.
- NiceHash – hashpower marketplace to buy or sell hashing power without contracts. It uses an order-book to match mining contract buyers (miners) and sellers (hardware providers). The minimum amount of hashing power you can order is what you can get for $5. It is more difficult to use and is recommended for advanced users only. It was also hacked not long ago.
Dubious Mining Providers
- CCG Mining – offers cloud mining contracts as well as whole mining rigs! 2 year ETH contract with 1 MH/s costs $27.99. Probably not legitimate. We have a contract here but we did not reach a minimum payment amount yet. When we withdraw, we will update this info.
- Hashgains – two year mining plan costs 25$ per 1MS/s. Don’t get misled by an American hotline number flashing on the top of the website, this is an Indian company that has data centers located in India and China. They claim that they use renewable energy sources, such as solar and wind energy. They have some negative reviews on Trustpilot.
- IQmining – numerous users are asking us about IQ Mining 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 looked too good to be true in the past. We created an account there for Bitcoin mining, but the maintenance fees were always so high, that we did not receive a single cent back from our investment. The website, like most online scams, has no information about itself, its location, or its management team. The website states that data centers are located in Canada, Russia, Iceland, Georgia, Algeria, and China. The central office of the company is registered in Seychelles, obviously done for tax avoidance. They also force you to create an account in some particular exchange to withdraw, which is crazy stupid.
Ethereum Cloud Mining Scam List
MyCoinCloud– they offer Ethereum lifetime contracts with weekly payouts. They own two data centers build up especially for the purpose of cryptocurrency mining. And since the year 2015, they are offering mining contracts with a guaranteed return on investment. We always raise eyebrows when we hear “guaranteed return on investment”, especially in the crypto mining business.
- Want to mine on your own, but not with your hardware? Guide to Ethereum mining with Amazon cloud Web services. And if you are serious about Ethereum mining, you should often visit official forum.
- Some providers offer lifetime contract. That means that the duration of the contracts are not fixed, the contract will be active until it is profitable to mine, and will be canceled when it cannot pay it’s own electricity costs in continuation of some period, usually 14 days.
- You may ask yourself why are cloud mining providers selling mining contracts and not keep the profit for themselves. See some answers.
- We also have a guide for Ethereum Classic cloud mining if you are interested in the first version of Ethereum.
- Again, caution should be taken when making purchases and although the information provided gives you some indication of trustworthiness, ultimately we do not and cannot provide 100% assurance that the company is legitimate and should be trusted.