4 Most Popular Cloud Mining Sites
Mining for Bitcoin and other cryptocurrencies can best be described as the process of taking all of the recent transactions of one cryptocurrency and mashing them into a new block within the blockchain while referring back to the block immediately preceding it. All of this must be done while “solving” complex equations by hashing long alphanumeric strings of characters using an encryption algorithm. In the case of Bitcoin, the most efficient miner at hashing a single block gets the reward. That, in a very tight nutshell, is mining.
If this sounds complex to you — that’s because it is. If it sounds like it would require large amounts of computing power — it is because it does. You may, therefore, be asking, “if it is technically complex and resource intensive, why get into mining at all?” The answer is simple — to profit.
Fortunately, there is an effective way for the “little guy” to get into the mining of cryptocurrency without dealing first hand with the complexities of operating a mining rig directly. This is through cloud mining.
Instead of having to purchase, operate, and maintain their own mining rigs, a cloud mining service allows individual users to pay for (“rent”) specific amounts of mining power. This is normally represented in terms of “hash rate” or GH/S (gigahashes per second).
Provided you select a reputable and efficient cloud mining service, it is possible to obtain a positive return on investment using cloud mining. Four of the best cloud mining sites are listed below.
— Genesis —
Genesis has been in operation since 2014. In terms of public notoriety and transparency, it is one of the best. Genesis maintains a high profile in Bitcoin conferences throughout the world. The company focuses on keeping its operation at the technical vanguard of innovation in order to provide optimum hash power to their clients. They also sustain a strong and deep level of involvement with the mining community. Genesis is keen on helping to foster the industry and justify the trust that their customers have placed in the Genesis platform.
As with the other cloud mining sites that we are covering, it is important to keep in mind that pricing models can change for each company. Current pricing for Genesis is composed of a setup fee that varies depending on the cryptocurrency to be mined and the hash rate desired. This setup cost, however, covers an unlimited contract — it does not need to be constantly renewed. This is a key advantage that users of Genesis can exploit if they look at mining in the long-term.
As mining difficulty increases along the blockchain over time, the lower the hash rate cost that has been locked in, the more profitable your mining operation can be. Think of it as having the ability to “lock in” your costs for mining for gold knowing that as it becomes scarcer its value will in all probability appreciate.
Genesis charges maintenance fees separately from the setup fee. This roughly equates to $0.045/GHS/month for Bitcoin mining. If you compare to what it would cost you to run your own mining rig at home, the cost is comparable and therefore reasonable.
Of course, whether you’re mining cryptocurrency, physical gold or drilling for oil — when you get paid is extremely important. Genesis sends out daily payments.
Currently, the cryptocurrencies that can be mined on Genesis include Bitcoin, Ether, Litecoin, Dash, Monero, and ZCash.
Visit GENESIS Now— Hashflare —
Hashflare started operation in 2014 as a platform dedicated to hosting mining contracts. In 2015, it moved into the cloud mining space.
Bitcoin and Altcoins can be mined through Hashflare. In terms of price, their mining contract offers their users a rate of roughly 0.0018 BTC/GHS. Similar to Genesis, when compared to other cloud mining sites, this pricing structure might be seen as high. However, Hashflare does offer a discount program to incentivize those who mine intensively. These discounts can range from 5 to 20 percent. This makes Hashflare a good value proposition the more you mine.
In terms of maintenance fees, Hashflare comes in relatively low compared to other cloud mining outfits. Maintenance fees are approximately $0.03/GH/per month.
Hashflare offers on-demand payouts. All withdrawals are processed and entered into the blockchain immediately upon receiving the request. This results in payments arriving in your wallet usually within 15 minutes.
Visit HASHFLARE Now— Hashing 24 —
Hashing 24 is a cloud mining site that has partnered with BitFury — one of the best-known companies involved in the development of technologies using the blockchain for the private sector as well as governments.
As of early 2018, Hashing 24 can only be used for Bitcoin mining. It structures its pricing model by charging customers a one-time setup fee per host that will process 100/GHS. Customers can set up as many hosts as they want. A single host costs $68.50.
Beyond the one-time setup fee, Hashing 24 also charges a daily maintenance fee. This is approximately $0.00033 per GHS per day. For many individuals, this type of billing structure simplifies the process of calculating and tracking their mining expense.
By partnering with a blockchain technology company like BitFury, Hashing 24 is also able to offer a 100 percent uptime guarantee.
Payouts can be requested at any time. Newly mined Bitcoin is credited to your account the following day.
— CCGMining —
Founded in Poland in 2016, CCG Mining currently has physical offices in the United Kingdom, Latvia, Russia, the Czech Republic, and Austria in addition to its home country. It serves over 10,000 clients worldwide providing cloud mining solutions. One of its biggest advantages is the large selection of cryptocurrencies that can be mined on their platform. In addition to Bitcoin, they include Ethereum, ZCash, Monero, Dash, and LTC.
CCG Mining structures its pricing in the form of packages. This consists of a setup fee and a maintenance fee that is assessed daily. In this sense, its pricing is structured similarly to Hashing 24. The type of cryptocurrency you wish to mine will determine the price and range of packages that are available.
As an example, to mine Bitcoin the setup fees range from $13.50 for 50 GHS to $2,169.99 for 15,000 GHS. Additionally, the maintenance fee is 0,00034 USD for GHS per day.
It should be noted that the other cryptocurrencies that can be mined on CCG Mining only require the yearly setup fee — there are no maintenance fees involved.
Overall, the range of currencies that can be mined and the pricing can be attractive to those who are new to cloud mining. The range of packages definitely makes the barrier to entry affordable for most newbies. A potential downside that should be considered, however, revolves around the fact that the contract periods offered are set at either one or two years depending on the cryptocurrency involved. The inability to have a locked in cost may be seen as detrimental to those seeking long-term return on investment opportunities.
Visit CCGMINING Now— Summary —
Different people will have different strategies. For those seeking a cloud mining site more suited for long-term plays, Genesis might be the best choice. For those basing their strategies on volume, Hashflare has strong merit. Those seeking ease of entry might choose either CCG Mining or Hashing 24.
All four of the platforms offer the fundamentals in terms of security and reputation. Which one you choose becomes a matter of determining what your mining strategy will be.