Best Cloud Mining

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Best Cloud Mining

In this article, we go over what makes the best cloud mining platform in terms of payouts, fees, and contracts. Ultimately, we are looking for to present you the method with which you can analyze ROI & profit. Due to the fluctuations in terms of difficulty and cryptocurrencies’ value, all data gathered can change in the future.

Thus, we provide you with tools on how to investigate broader that just payout, through sites’ reputation, and history. Stay tuned as we present you the best companies for cloud mining, concluding with scams and communities.

How to select the best cloud mining

How to choose the best cloud mining

There are numerous platforms that offer cloud mining services, with many of them being very similar in terms of service. There are also many Ponzi schemes and scams, mudding the otherwise attractive industry. Thus, there are several indicators that you should look for when deciding where and when to start cloud mining. These indicators are:

– does company has its own mining farms?

– what are available plans and payment methods?

– payout and fee rates

Cloud Mining Farms

Genesis Mining, as a leader in cloud mining market, offered pictures of this mining farms as a proof of where they get volumes. This is crucial as it shows that service is not a Ponzi scheme and mining really exists. You can check out their operations in the Genesis Mining snapshot.

Without farms, the supply would not be stable and would depend on trading capabilities of the company. Also, trading to get volumes automatically kills the idea of cloud mining. Hence the importance of the mining farm size, since larger volumes would generate a bigger number of available contracts.

Cloud mining farm picture
Hashflare available plans

Available Plans and Payment Methods

Most cloud mining platforms have several plans to choose from. Genesis Mining, for example, has 3 types of contracts for 6 cryptocurrencies, while Hashflare has overall 5 programs to choose from. These contracts vary in terms of hash power and price per GH/s. It is up to you to choose the needed power according to your funds. You can see Hashflare example in the snapshot. 

It is important to note that large platforms offer fiat payments, apart from cryptos. Smaller platforms wish to fund their operations through cryptocurrencies, ending in most cases as Ponzi schemes. Thus, it is important for a company to have a credit card/bank account deposit options available.

Payouts and Fees

You should account for the level of payouts and stated maintenance fees. Fees are easier to locate, as they should be visible while purchasing the contracts. Payouts are murkier, as many platforms choose not to show past payments done. That is why communities are as important as previous investors would post daily payouts that can be benchmarked against actual difficulty.

Profit Calculation and ROI

At this point, although Genesis Mining offers security, Hashflare tries to go for ROI and profit. After a quick investigation of the market’s difficulty and BTC price, we came to a conclusion that a negative ROI of negative -7.7% is definitely not worthy of purchase. That is why it is important to use correct calculators, which we present below.

We start with mining difficulty found in Blockchain website, though there are numerous others if you type bitcoin mining difficulty in the search engine. You add contract values in terms of maintenance fees and program’s cost for a length of the contract. Then, you simply see how much daily you can mine for wanted hash power and pout the selling value to it from Bitfinex.

You deduct revenues from initial costs and maintenance fees and voila! You have the result, which in our case is negative.

 

Cloud Mining Risks

There are several risks that you should be aware of, even if you find the best-paid offer on the market:

– the default of the provider: over the years, with large fluctuations, the provider might experience heavy financial losses. Thus, bankruptcy would end not only a company but your payouts as well.

mining difficulty increase and the fallout of the price: difficulty for many coins continues to increase while price varies. If the coin falls in terms of value but increases in difficulty, it would render your cloud mining profits negative.

frauds and scams: even old players in the market can turn out to be scammed at any point. Thus, it is important to track not only when the company was found, but also what it did to improve so far.

hacking incidents: platform can be hacked by cybercriminals, ending in all your coins stolen, much like what happened with Nicehash.

Security Features

With hacking incidents increasing in numbers, it is important that cloud mining provider offers security functions. Cold storage, two-factor authentication (2FA) and other tools are necessary to protect your funds. Without these, even if the company is legit, you might lose your assets at any point in time.

Available Cloud Mining

Here is a list of cloud mining platforms that we deem as legit and, potentially, profitable:

Genesis Mining: largest in terms of available contracts and user base. The company has its mining operations in Iceland and offers 6 cryptos for cloud mining, each having three separate programs. Available coins are bitcoins, Ethereum, Litecoin, DASH, Monero, and Zcash. Contract length stands at 2 years.

Hashflare: offers 4 cryptocurrencies (bitcoin, Ethereum, Zcash, and DASH) for cloud mining, with 5 contracts available (BTC has two). You get to choose your own hash power and contracts last for a year.

MiningRigRentals: a peer-to-peer (P2P) market where you can purchase programs from miners directly. You open a pool account specified by the seller, download mining programs, and join the group. Prices vary according to the market, so keep the calculator close to you to get the best deal.

There are numerous others as well, some of them being Nicehash, Hashing24, Hashnest and many more.

Conclusion

In this article, we provided you with tools on how to choose the best cloud mining platform. Use our calculator for profit and make sure you investigate properly the company. Its mining farms, reputation, and history are vital for you to avoid scams. Consult communities for past payouts to avoid frauds and always keep an eye on mining difficulty and price fluctuations for your chosen coin.

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