- Immediate payouts if hashpower is purchased from bitcoin
- Unlimited contract length
- Maintenance fees for litecoin and bitcoin
- In case of wire transfers they charge a commission fee
- P2P rigs can be rented from miners
- Free pool selection
- High fees
- No fancy design
New York, USA
- Interesting side projects Cloud SETI and medical researches
- Immediate payouts
- High maintenance fees
- Basic website
- Mining farms are spread across various locations for security reasons
- Custom mining plans are available
- Maintenance fee on the SHA256 contracts
- Slow and unhelpful customer support
- High paying referral program
- Low fees
- Lack of information on the company
- Clients are unable to select mining pools
- Free 50Gh/s hashrate upon signup
- Unlimited lifetime service
- High risk of scam due to unlimited upside potential
- Virtual mining, not bitcoin mining
Chiang Mai, Thailand
- 14 different altcoins are available in their mining pool
- Transparent pricing structure
- Withdrawals are available from 0.01 coins, including bitcoins too
- Only bitcoin cloud mining is available
- Option to trade hashpower
- Possibility to mine multiple altcoins in the pool
- Complex product structure is technical, not for newbies
- Only bitcoin payment option is available
- Low cloud mining price and maintenance fee
- Possibility to trade hashpower
- Multiple cloud mining providers belongs to the same company
- Only bitcoin and litecoin is accepted as payment methods
- Possibility to trade hashrates
- Possibility to buy mining rigs
- Most of the website requires registration with BitMain passport
- PACMiC contracts and payouts are complex and might be difficult to understand
- Straightforward pricing structure
- No maintenance fee
- Lack of information on services and owners
- No wallet
- Vault paying interest
- Google Play app
- High fraud risk
- Maintenance fee
- Low maintenance fee
- Easy to use website
- Bitcoin is not available to mine in the cloud
- No social media presence
- Bring your own device program
- Credit card payment and wire transfer is available
- Client must ship the mining equipment on own cost
- No co-hosting option
WHAT IS CLOUD MINING?
Bitcoin mining is a process which new bitcoins were created while the blockchain transactions are confirmed by miners. Mining machines solve complex mathematical issues to determine the validity of a transaction that requires a GPU, CPU, or ASIC processor to run continuously.
If someone wants to join the mining industry of crypto-currency, but it does not necessarily have to deal with the noise and heat caused by the mining equipment. If they want to forget about the maintenance of the mining platform, cloud mining is the best chance to enjoy the benefits of taking part in mining. During the cloud mining operations, customers can buy hash power from suppliers in exchange for some daily or monthly costs. Upon the commencement of the contract, the mining revenues, which are carried out on the mining platforms of the cloud mining operator, get benefited directly from the client’s account.
About cloud mining companies
There is lots of cloud mining providers on the market that offer a wide range of services. Potential buyers, however, must be very careful when selecting the right service provider because there are several thieves in the market whose sole purpose is to build a ponzy system or steal bitcoins directly.
When looking for potential cloud mining providers, it is always advisable to check the “about” section of the website. This site can tell a lot about the company, especially if there is no data on the site. If one tries to hide from the public in a market where trust is one of the main principles of the industry, it should be a sign that the company may not provide legitimate services. Many vendors list only general mission statements and nothing specific to a business context, such as owners, founders, or executives. It is also worthwhile to do a quick search to find out if the names of the mining companies are in the making, and the forums as dissatisfied customers are usually very loud in terms of complaints.
The mining facility is the heart of the company for cloud mining. This is where they a client’s trust can be bought or lose it forever. For security reasons, cloud processing providers never reveal the exact location of farms to protect equipment from damage and theft. However, if the company does not provide a city with drills, it should be a red flag, that the hardware, which should provide a hash power cloud, does not exist.
As evidence, providers often publish photographs of the institution, and images deserve careful consideration. Images can tell a lot about the environment of the farm as if heating is regularly adjusted and enough power is supplied. They can likewise give data on the general size of the cloud mining business movement and in addition the more machines they have the more hashing power they can offer over the cloud. On the off chance that the platforms are not sorted out and cables hang all around, there is no assurance that the seller can ensure 100% availability. As when the mining rig turns sour, it can set aside a long opportunity to repair if the stage isn’t even available.Caution: The word “cloud mining company” is often misused by Bitcoin High Yield investment programs, which are nothing more than fraudulent websites. These website interfaces make serious investment companies believe that they will make money by using cloud or encryption. But this is usually not true because Ponzi systems depend only on user accounts and only when new users create new repositories. Old customers can get some of these new deposits. These Bitcoin HYIP websites usually only last for a few weeks until they are reused. Here are the reviews of these investment websites that are being displayed. So stay away from them – they’re not the right operators in the cloud mining business.
Services provided by cloud mining companies
Cloud mining providers are usually referred to as bitcoin mining under the SHA256 algorithm. However, there is a market company offering services for other skrypted altcoins and X11 algorithms as well.Depending on whether the provider has its own pool, it can limit the free choice of mining pools only to their own pool. This can significantly reduce the profit of mining activity in case their pool is not profitable enough. Pooling fees range from 1 to 2%, and payments can be based on the share (PPS) or pay per share based on N shares (PPLNS).The same applies to checking the platform security level because a substantial amount of money can be stored on the site in terms of coinage. Using CloudFlare to protect Web sites from DDoS attacks is minimal. It is advisable when it is possible to use two-factor authentication and try to reduce the amount of mined coins in the wallet on the platform. Keep them in cold bitcoin wallets. The registration process gives the first impression of site security measures. If the captcha is not searched and email confirmation contains the specified password, there are strong signs that the service provider probably does not care about security and safety.Apart from cloud mining on some platforms, users can also sign up for special features
- Eobot offers a SETI cloud program to power the computer for finding aliens in the universe.
- Genesis Mining and Minergate launch the automation option, meaning that miners are automatically tuned to make the most profitable altcoin available to maximize profits.
- In Nicehash, buyers can buy and sell hashpowers.
- In Gigahash, you can buy old mining platforms for business.
- OxBTC and Bitminers give interest on any Bitcoin deposited.
Fees and pricelist
Prices for cloud exploration contracts include two elements. One is normal charging for a cloud management service. These charges might be one-time expenses or paid routinely. The second tariff element is a maintenance fee that should take care of the expense of power and cooling of mining facilities and be denied every day from the gains. Hashnest and Bitsrapid have chosen to evacuate upkeep costs and incorporate them in contract costs.
The cloud mining price range is very wide.
The least expensive bitcoin mining contract on the market costs $ 0.99 for every GH/s at OxBTC. The normal contract cost is around $ 5-15 for every GH/s. A few merchants offer a superior unit cost if more hash control is obtained, others make greater arrangements than little ones.It is important to realize that higher prices do not necessarily mean better service, so potential customers should always look carefully at the services of all suppliers, not just their prices. Also, you should look at other options to get your cryptographic currency – you can simply buy it online or you can exchange bitcoin and other cryptocurrencies.
Get a better understanding of the bitcoin mining process can be a difficult job due to the technical nature of the process. However, vendors can help make the decisions of potential customers by providing detailed guidance on their services.Many vendors do not reveal the cost of the contract before registering on the landing page. In the event that users do not want to sign up immediately, it is worth checking the FAQ section and the Terms and Conditions section to see if there is any price or fee information.A transparent, simple platform builds trust and directs many prospective clients to cloud mining providers.
A general conclusion
Participating in cloud mining is a great way to earn secondary income, as well as a fun way to get a cryptocurrency. However, potential clients should pay attention to the place they are applying for cloud services because there are many thief systems and Ponzi online. For those who want to invest in hyip or ponzi systems: Think twice, if it’s worth the risk, all hyips/ ponzis are scams where only the first adopters win and everyone else loses. If you like enthusiasm, try the Bitcoin brokers and check your trading skills.
How do you decide for a cloud mining company?
We collected cloud mining based on the most important criteria.