Before you continue reading, please note that we do not offer cloud mining service but/and only providing you with the information about cloud mining from our experience and tested and trusted so far platforms. For further information, we have written a detailed article that we suggest you to read after this article:


How to choose a cloud mining service?

Since the rise of the Cryptocurrency, the cloud mining got more and more popular in recent days. An alternative to buying mining farms and solving numerous problems concerning their installation, electricity supply and service, is cloud mining. Although you could do it at home but we think it is more profitable to use Cloud Service.
We have compared the top 3 of best cloud mining providers and ready to share the results of their work.
What are the requirements for the perfect service? Let’s have a look:

Low Cost

The price you pay for hash power is very important as it has a strong influence on the speed of investment return.

Provider Reliability

The most important requirement. There exist numerous fraud companies which take people’s money and then disappear without paying them back.

Real Mining Facilities

The provider can guarantee that your money will be paid back only if it actually owns the hardware.

Convenience

The service provides various additional options which help you to increase profits and enhanсe it for comfort and ease of use.

How Cloud Mining Works?

Step 1 : Registration

You need to create an account at the chosen cloud mining service and, after that, you can have access to your personal cabinet.

Step 2 : Purchasing hashing power

You can buy a certain amount of hashing power either for cryptocurrency or the U.S. dollars. The hashing power you bought starts to benefit you immediately.

Step 3 : Storing

Every day, cryptocurrency which you have mined, is charged on your account. You can reinvest it by buying additional hashing power or, simply, accumulate.

Step 4 : Money Withdrawal

When a certain sum of money is accumulated on your account, you can withdraw it to your personal crypto-wallet.

Step 5 : Currency exchange or ATM

You can change cryptocurrency for real money with the help of one of the stock online exchange websites or an ATM.

TOP 3 Best Cloud Mining Providers

We compared TOP 3 of best cloud providers and is ready to share the results of their work. (Apologies for low-quality logos.)

Hashflare is a division of a famous company HashCoins, which produces ASIC mining devises. They use hardware of their own production.

Cost

Currently: BTC 1.5$ for 10 GH/s (1 year); ETH 2.2$ for 100 KH/s (1 year); ZEC 2,0$ for 1 H/s (1 year).

Service reliability

This service belongs to a famous big company and has a huge amount of users.

Real Mining facilities

This provider has real data-centres which use hardware of their own production.

Convenience

This service has additional functions of reinvestment and referral program.

Genesis Mining was founded in the end of 2013 and is based on multiple algorithms. Works and have factory similarly as Hashflare but with slightly higher prices for hashes.

Cost

Currently: BTC 35.8$ for 200 GH/s (infinitely); ETH 29.99$ for 1 MH/s (2 years).

Service reliability

Service has been working for a long time and has many clients.

Real Mining facilities

Service has real data-centres in Iceland.

Convenience

Service has a referral program.

Hashing24 has been in the mining industry since 2012. The main hashing power provider is a company BitFury, which is the largest producer of mining hardware.

Cost

Currently: BTC 34$ for 100 GH/s (infinitely).

Service reliability

Service has been working for a long time and is an official BitFury partner.

Real Mining facilities

Service has real data-centers in Iceland and Georgia.

Convenience

Service has a referral program.

Measuring profitability

To estimate profit, which cloud mining investment can give you, let’s calculate how much one can earn per 1 year with the initial investment of 1000$. We will measure profitability for the two currencies which are currently the most popular: Bitcoin and Ethereum.

Bitcoin

Investment
Cost of Hashpower
Service Charges
Mining Power
Profit per day*
Profit per year*
Profit**

Hashflare

1000$
1.5$

for 10 GH/s

0.0035$

for 10 GH/s

6667 GH/s
1.02 mBTC
0.37 BTC
4838$

Genesis Mining***

1000$
35.8$

for 200 GH/s

0.00028$

for 1 GH/s

5587 GH/s
0.9 mBTC
0.33 BTC
4263$

Hashing24***

1000$
34$

for 100 GH/s

0.00028$

for 1 GH/s

2941 GH/s
0.46 mBTC
0.17 BTC
2166$

 

* Approximate income calculation is given as of September 2017 regardless of increase in the mining complexity.
** Profit calculation is based on projected Bitcoin rate by September 2018.
*** Currently hashpower selling is suspended because of expansion.

Ethereum

Investment

Cost of Hashpower

Mining Power

Profit per day*

Profit per year*

Profit**

Hashflare

1000$
2.2$

for 100 KH/s

45 MH/s
8.59 mETH
3.14 ETH
4391.35$

Genesis Mining

1000$
29.99$

for 1 MH/s

33 MH/s
6.3 mETH
2.3 ETH
3221.4$

 

* Approximate income calculation is given as of September 2017 regardless of increase in the mining complexity.
** Profit calculation is based on projected Ethereum rate by September 2018.

Cloud Mining Services Reviews

These cloud mining services reviews were taken from open, reliable sources.

Personally, I know this service since October 2016. Since then, I’ve had a long and productive relationship with this provider. All their promises were kept, and the project started bringing me permanent passive income. It really works.

HashFlare
Freedman.club

HashFlare.io — is a reliable service. People invest in it without worry. It has its own data-center with hardware. You can even see a photo of this data-center. This project has been working for years and it’s considered to be one of the most reliable. You can see it by statistics of site visits and search engines queries.

Hashflare
2investor

Hashing powers are given for an unlimited time. Guys from Hashflare predict that, in all circumstances, if the BTC to dollar rate stays the same, the service will bring 200% income, i.e. it will completely cover hashrate expenses, bring 100%, and you can continue using hashrate if mining difficulty won’t increase too much.

Hashflare
Geektimes

I can firmly say that is one of a handful of mining providers which always pays out and without any problems. By the way, I started mining at this resource when BTC cost 200$, now it’s price is 2000$. All my investments were paid off with good interest and I still have good coin of it!

FAQ

What is profit for the service?

One of the most frequently asked questions is “What is the profit for the service to give hashing powers if the company can do mining itself?” The thing is that the period of investment return is about 8-12 months. And, by selling a part of their hashing capacities, companies can significantly reduce this period and constantly buy new hashing power capacities.

Can such services be trusted?

Out of hundreds of cloud mining services, we have chosen three that look trustworthy, firstly, because they have their own data-centers with mining equipment.

Why cloud mining is better than original mining?

If you buy original miners, you should be ready to solve the following problems:
1. Installation. Miners are quite noisy, and if you install them in accommodation, it can bring many inconveniences.
2. Cooling. Due to 24 hour work, miners need good cooling, which can significantly prolong their service period.
3. Electricity supply. One mining farm has power consumption of about 1,4 kWh, which demands high quality of wires in the placement. If you install more than three miners, you have to create a separate electrical line, because standard housing lines are not designed for electrical power more than 4-6 kW.
4. Service. Miners can periodically have system jam, so they must be configured to maximum operating speed and you must make time for them.
5. Breakage. Most of the mining farms are not covered by the guarantee, therefore, the breakdown of the farm may lead to collapse.
Cloud mining deprives you of all these inconveniences.

How to get your money? / How to withdraw/en-cash bitcoin?

  1. You can withdraw the received profit to your cryptocurrency wallet, and then change them to real currency.
  2. If your country has already installed Bitcoin ATM, you can easily withdraw it. Today there are over 1600 Bitcoin ATMs (BTMs) worldwide. The United States just surpassed 1000 total BTMs. Here are some interesting stats from CoinATMRadar or Coinatmradar

What equipment do these services use?

Often they use special devices for mining, which are called ASIC. In addition, for Altcoin mining, people usually install miners based on video cards.