Best cloud mining providers of 2018 | Bitcoin & Crypto Mining Comparison

Bitcoin & Crypto Mining Comparison

Explore the best cloud-based outfits for earning your cryptocurrency

Cloud mining is the process of buying CPU power from dedicated data centers who use their own equipment to mine cryptocurrencies such as Bitcoin (BTC) on your behalf.

The main advantage of this approach is that you don't need to have in-depth knowledge of mining hardware, nor buy expensive and hard-to-obtain devices. Renting 'hash power' (usually measured in Gigahertz per second or GH/s) also means you don't have to deal with the heat and noise that comes with a DIY mining project.

Many of these companies either source their own equipment or build it cheaply and have placed their data centers in countries like Iceland and China where electricity is cheap, passing the savings on to you.

In this guide, we will explore five of the most reputable cloud mining companies. As there are many scam outfits posing as miners, where possible we've chosen cloud miners who can prove that their data centers exist or are endorsed by a reputable firm. Take some time to do your own research before investing at your own risk, of course – ultimately this is your money.

If you are interested in cryptocurrencies but don't feel happy with the idea of mining, you can also simply purchase Bitcoin as an investment (see our guide on how to buy Bitcoins with Bitstamp). Without further ado, let’s move on to our selections for the best cloud mining providers.

1. Genesis Mining

A well-established and highly popular cloud mining firm

• Well-established with verifiable data centers
• Mining contracts for many cryptocurrencies

As one of the oldest (it dates back to 2013) and largest cloud mining centers, there seems to be no better place to begin than with Genesis.

Its website offers a live feed of some of the data centers which are based in Iceland, a country where cheap geothermal electricity is readily available.

Mining contracts are technically available for all major cryptocurrencies and you can visit your online dashboard at any time to reallocate your purchased 'hash power' (so, for example, you could go 60% Bitcoin and 40% Litecoin).

In terms of fees, Genesis currently charges $0.00028 per GH/s for mining Bitcoin. The price of other cryptocurrencies may vary so we encourage you to make your own enquiries. The website has a Payouts section which you can use to monitor how much you've mined. Due to high transaction fees on the network, your mined coins may need to meet a minimum threshold before the funds are actually transferred to your wallet.

The simple interface combined with Genesis Mining's solid reputation has meant that at times the company cannot keep up with demand for mining contracts (which tells a story of its own). At the time of writing only Monero mining contracts were available for purchase, although this will likely change later in the year.

Sign up for Genesis here

2. Hashflare

You’ve got plenty of cryptocurrency options with this provider

• Buy hash power for multiple cryptocurrencies
• Limited mining contracts
• Current issues with BTC withdrawals

Hashflare is a subsidiary of Hashcoins, another manufacturer of Bitcoin mining equipment which has been around since 2013. Its website gives a detailed rundown of the firm’s data center including pictures.

Hashflare offers you the chance to purchase hashpower for a variety of SHA-256 and Scrypt coins such as Bitcoin and Litecoin as well as Ethereum and ZCash. You're also free to choose your own mining pool.

Hashflare is open about its maintenance fees: they are $0.0035 for every 10 GH/s of SHA-256 coins and $0.005 for every 1 MH/s of Scrypt coins a day. Ethereum contracts are not subject to any maintenance fees. Your total pay-out will depend on the mining pool you've chosen and how much hash power you've allocated to it.

Currently Hashflare only offers a guaranteed Hashrate for Bitcoin and Litecoin mining for 12 months – previously, mining contracts were unlimited. This may make it harder for you to make a profit on your original investment.

As of January 2018, Hashflare has also temporarily suspended new Bitcoin withdrawals due to a large number of unconfirmed transactions. The company plans to resume withdrawals once this is resolved.

Sign up for Hashflare here

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