The rise in the popularity of Bitcoin has led to increased attention being paid to cryptocurrency markets in general as well as giving birth to new coins in the process.
While Bitcoin’s value has risen and fallen quite spectacularly, it is still well above its origins and is easily the most valuable cryptocurrency in the world. One of the most lucrative aspects of cryptocurrency is mining it which is both rewarding financially and involved technically.
You may have heard of cryptocurrency mining in the press but you might not know what it is or, if you do, you’re wondering how you can get in on the action. After all, with more and more coins on offer and more options to trade for goods and services why wouldn’t you want to build up a reserve of cryptocurrency?
Basically cryptocurrency mining unlocks new coins for users that “find” them, but the process is anything but free and often requires expensive technical equipment. This is where Bitcoin cloud mining services step into the picture.
Bitcoin cloud mining servers use their combined computing power to solve mathematical algorithms which are not only taxing for advanced systems but also energy intensive as well. Because it is so intensive it often generates a ton of heat in the process.
As anyone who knows anything about computers can tell you, computers have to be kept cool in order to work efficiently so even more energy needs to be expended to keep these units cool. In short, it is an expensive process.
The Bitcoin cloud mining services often employ advanced Graphic Processing Unit (GPU) or an ASIC (Application Specific Integrated Circuit) to mine for new coins. Though an individual can purchase these things himself, the prices often associated with them are considerably high and it requires to have a certain level of technical expertise in this area. This is why Bitcoin cloud mining services represent a great option for people who want to mine for Bitcoin but don’t have the technical know-how or capital outlay for that type of project.
Outsourcing your mining operations for Bitcoin or other cryptocurrencies can help you keep upfront investment costs at an expected minimum while giving you access to potential maximum returns.
Typically Bitcoin or Cryptocurrency cloud mining services offer people term-limited contracts that lease you an amount of hashing power. When you considered the combined cost of equipment, electricity, and the Bitcoin itself, Bitcoin cloud mining services not only make sense economically but are perhaps the most convenient route available to people wanting to mine their own bitcoins and cyptocurrency.
In this article we’re going to tell you about our top 5 picks of Bitcoin & cryptocurrency cloud mining services to help you find one perfect for your needs.
Genesis Mining
Probably one of the biggest draws for consumers to Genesis Mining is the ability to create a customized plan with this service. Many Bitcoin cloud mining services come with fixed contracts and inflexible terms but Genesis Mining offers miners the ability to come to the field on their own terms. Perhaps that is why it is the biggest Bitcoin cloud mining service available.
With offices in Europe, Asia, and North America as well as support for mining most of the major cryptocurrencies, Genesis Mining is a competitive option in a crowded segment. A history of excellence as well as a large community of dedicated users has put the company on top of most satisfaction surveys but has also led to a limited availability for its equipment.
Often bogged down with a lengthy waitlist, Genesis Mining may not be available to most consumers who would inquire to use it and that’s its biggest drawback. At the same time it is quite a testament to the quality of their services as a company.
Hashing24
As the company name implies, Hashing24 is working on your behalf 24/7 mining cryptocurrencies and delivering you the goods in the sum. A service that has been with us practically since the beginning, Hashing24 is also competitively priced and typically available to most consumers. Offering robust support and extensive backup, Hashing24’s only drawback is that it specializes in Bitcoin and Bitcoin only - hence its ultra-competitive pricing structure.
The tradeoff you make for not being able to mine other cryptocurrencies is more than made up for the amount of money you save with Hashing24 but this limited scope might not be for everyone. That said, Bitcoin is the hot thing on the market and Hashing24 knows this all too well. Capitalizing on the world’s most popular cryptocurrency is not a bad idea on any day of the week and Hashing24 might help you get started on mining just that.
Hashflare
Offering instant payouts for mining Bitcoin, Ethereum, Litecoin, ZCash and Dash, Hashflare is hugely popular and this is probably in part because of its fee-light structure. Based in Scotland, Hashflare isn’t as large as the other two services mentioned on this list but they have customer satisfaction numbers that tell the tale of the tape.
A rising power in the world of Bitcoin cloud mining services, Hashflare is great for people that don’t know what they want to mine but know they want to get in on it and see some return in the process. When reading user reviews, the instant payouts tend to be a key feature that makes Hashflare stand out among the competition as an exceptional service.
EoBot
With the ability to set contracts as short as 24 hours or as long as 10 years, E0Bot offers users a lot of flexibility in how they mine their cryptocurrency. It offers support for Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, Ripple, Dash, Golem, Cardano, CureCoin, NEM, Monero, Zcash, Factom, Bytecoin, STEEM, Lisk, EOS, USD, Gridcoin, and Ethereum Classic, making it especially appealing for serious miners. The fees structure is not complex and middle of the road in terms of pricing.
Plan-C
This jack-of-all-trades service gives users access to cloud mining, cryptocurrency trading, as well as investment opportunities into altcoins. In terms of cryptocurrencies that users can mine, Plan-C allows for Bitcoin, DASH, Litecoin, and Ethereum with a pricing structure that is unique in the industry and allows for varied investment structures.