What is Cloud Mining?
— You buy an amount of hashing power (Hashrate) from a cloud mining company and they will mine for you. Which means, that you don’t need to own a physical or virtual mining machine (miner).
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' 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.
How to choose a cloud mining coampany?
— Cloud mining is very risky investment. When engaging in any type of cryptocurrency mining there are risks, but profitability is possible if you make the right choices.
In your test calculations, you will likely see that some cloud mining services will be profitable for a few months, but, as the difficulty level of bitcoin increases, you would probably start to make a loss in four to six months and beyond.
A possible remedy to this situation is to reinvest what you have made into maintaining a competitive hashing rate, but this is highly speculative.
As mentioned above, the risk of fraud and mismanagement is all too common in the cloud mining space. Investors should only invest in cloud mining if they are comfortable with these risks – as the saying goes, never invest more than you are willing to lose.
Investigate social media channels, speak with former customers and ask pointed questions of operators prior to investing. Ultimately, you should practice the same kind of due diligence that you would for any investment.
We will review the most popular cloud mining service providers.
Genesis Mining is a Hong Kong based well-established and highly popular cloud mining firm which is found in 2013. Altogether, Genesis has farms in Iceland, USA, and Canada.
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.
We can see the Starter price is $179 / 1T, but out of stock for a long time. Use promotion code fYzC91 for 3% discount.
MinerGate is a mining pool created by a group of cryptocoin enthusiasts. It is the first pool which provides service for merged mining. This means that while mining on our pool you can mine different coins simultaniously without decrease of hashrate for major coin.
1T daily maintenance fee is 0.33 USD, and the price of 1T is 0.01884BTC (about 145.3 USD).
Suanlitou was founded in July 2017, and opened overseas service in Mar 2018. They provide a high cost performance hashrate contract and miner colocation service. The Bitcoin contract current price is $80.2 ( BTC) per 1 TH/s, charge 6% management fee, and electricity is 0.071 USD/kW·h. Open-ended contract, payout everyday in Suanlitou BTC wallet, withdraw anytime(minimum 0.01).
They upload the daily mining revenue report on their facebook, which show the 1T hashrate output and profit last day. It's very transparent and convincing.
There is another thing worth mentioning, if your hashrate reach a miner's rated hashrate, you will own the miner. So you can withdraw the miner when termination of the contract.
Use promotion code 5942ZBTQ for 1% discount.
https://www.suanlitou.com/user/register?agent=5942ZBTQ
HashFlare is a European Bitcoin cloud mining company based in Tallinn, Estonia. The company was formed in July 2013 and has been operating cloud minining since April 2015.
Maintenance fee is $0.035 per 1T 24hours, 1T price is $80, but only one year.
Use my promotion code: D55AB701.