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A Beginner’s Guide to Bitcoin Cloud Mining

By: Ofir Beigel | Last updated: 11/13/19

Cloud mining is a general term given for sites that charge a monthly fee in exchange for mining cryptocurrency for you. In this post I’ll cover what cloud mining is in detail and expose the truth about its profitability.

Cloud Mining Summary

Cloud mining is a term describing companies that allow you to rent mining hardware they operate and maintain in exchange for a fixed fee and a share of the revenue you’ll make. It basically means that you can mine remotely without the need for buying expensive mining hardware.

Most, if not all, cloud mining companies today are either plain scams or work through an ineffective business model. By ineffective I mean that you will either lose money or earn less than you would have by just buying and holding Bitcoins.

That’s cloud mining in a nutshell. If you want a more detailed review about cloud mining and a specific profitability analysis, keep on reading. Here’s what I’ll cover:

1. How Does Cloud Mining Work?

Since mining Bitcoins at home is so incredibly expensive many people are looking for cheaper solutions that don’t involve buying hardware that eats up electricity and will quickly become outdated.

In light of this, cloud mining seems like the perfect solution: You “rent” hash power from miners that are located in a remote, cool location. The cloud mining company takes care of maintaining the miners and you share the revenues of the operation.

If you google the term “cloud mining” you’ll find endless possibilities to jump on board. Most of these website will show you tons of confusing numbers (especially if you’re a newbie) and promise that cloud mining is “the easiest and most efficient way to earn Bitcoins”.

So everything looks OK, except you can’t always rely on these companies to deliver on their promise.

2. Best Cloud Mining Services

It’s hard to recommend a specific cloud mining company since these companies are more often than not complete scams. However, there are some legit options out there.

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Legit cloud mining companies

When I say legit, I don’t mean profitable or reputable, I’m only referring to the fact that they actually own hardware and mine Bitcoins.

Three known examples are Genesis Mining, Bitclub Network and Hashflare. However, I’ve taken a deeper look at all of these companies and in each one there are huge red flags that come up.

Lose Lose Situation

The main model legit cloud mining companies use is a “lose lose” paradigm. If Bitcoin goes up in price you’ll earn less than if you just bought it. If it goes down – you won’t earn anything and you’ll probably lose the money you’ve invested.

I’ve written about it extensively here in the past but here’s how it works in a nutshell:

Aside from the cloud mining contract payment which is usually a fixed sum, companies charge a maintenance fee. The maintenance fee is the cost of running the mining hardware, cooling it, storing it, etc. The maintenance fee is usually calculated in USD per mining power unit (e.g. $0.14/TH).

Since mining revenue is accumulated in Bitcoin and maintenance fees are paid in fiat, if Bitcoin’s price falls the revenue might not be enough to cover the ongoing maintenance. In that case, the company will just terminate your mining contract without any refund.

Here’s an exact quote from Genesis mining:

In the event of a contract becoming unprofitable (i.e. the payout can’t cover the maintenance fee), the resulting daily payout will be zero. After that, the contract will continue to mine for 60 days….If the contract does not return to profitability in this period it will be terminated….

On the other hand, if Bitcoin’s price shoots to the moon, the mining difficulty usually goes up as well, making your miners less profitable. To sum it up, in both cases you’re probably better off just buying and holding Bitcoins. You’ll either lose less or earn more.

If you do a quick search online or even read my own reviews about these companies, you’ll find a large amount of testimonials from people who got their contracts terminated during the long crypto winter that started in 2020.

Scam cloud mining companies

Aside from legit cloud mining companies, we also have complete scams. When Bitcoin started to gain momentum, a lot of ponzi schemes came to play, with the most famous ones being Bitcoin Savings and Trust, Bitconnect and OneCoin.

Another name for Ponzi is “Pyramid Scheme”. It’s a type of investment scheme where you need to invest money in order to participate. The people who came in first get paid by the ones that came after. Eventually the payouts stop for some reason and the people at the bottom of the pyramid are left with nothing.

In my opinion (and in the opinion of respected others as well) most of the cloud mining companies are plain Ponzi schemes. Meaning these companies don’t actually have any mining rigs set out in a remote location and the money that you pay is used for paying out older customers and the company itself.

Most people won’t press charges when a few hundred dollars are stolen from them, so when the company goes bankrupt or just plain vanishes, all that is left are a bunch of angry people. Hey, it happened to me as well…

4. Do Your Own Research

If you’re still not convinced and want to go down the road of cloud mining, make sure to conduct ample research before pulling out your wallet. Here’s what I suggest:

look for References

For almost every fraudulent website on the web there’s someone who already posted about it. Either search BitcoinTalk for information about that company or go to BadBitocin for a list of the well known scams.

If you’ve already been scammed and couldn’t find any reference, I advise posting on one of these sites to help other users out.

Don’t Invest More Than You Can Afford to Lose

Probably the most important tip – if you’re going to get into cloud mining, do it little by little, and NEVER (and I mean NEVER) invest more than you can afford to lose. The way most of these companies work is that they lure you in, little by little, and once you get the big money in they close down without any notice.

The Bitcoin Scam Test

I’ve developed our own methodology for inspecting different Bitcoin related sites. It’s a series of questions that will eventually give you a pretty good idea if the site you’re looking at is a scam or not. You can take the test here.

5. Conclusion – Is Cloud Mining Profitable?

If you want my advice – stay away from cloud mining. There are too many question marks around this area to make it legit.

I think that if you’re serious about investing in Bitcoin then you’re better off buying Bitcoin and holding rather than mining it.

If you’ve had your own experience with cloud mining I’d love to hear about it in the comments section below.

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Legit Mining Inc isn’t a simple mining firm, it’s not a system that only works in ideal conditions. No, Legit Mining Inc is a multi-dimensional approach to mining in Cryptocurrencies that will deliver you a constant profit.

Our customer say about our company work

The story of Legit mining started at the end of 2020.LegitMining Pool is trusted online Bitcoin Cloud Mining Company that provides Free BTC Mining/Hashing service.We developed the idea of this mining as a service and built the first mining in Europe. Ever since our founding, we have grown tremendously and also a lot has happened. We are all strong believers in the future of cryptocurrency and we love being part of the developing community.

I am a technology enthusiast and have been doing internet business for more than ten years. Bitcoin is certainly a great currency and its mining is definitely profitable, I’ve chosen to mine with Legit Mining and I am completely satisfied.

Best Cloud Mining Companies

Cloud mining is a method of earning various cryptocurrencies using special services on the Internet. Those who wish to earn a cryptocurrency have this opportunity by virtually buying or renting the hashing power from owners of data centers and farms. For that, it is necessary to register on the website of such mining service and to invest money according to the plan chosen.

This opportunity is called cloud mining by analogy with cloud technologies when the whole mining process is going on third-party servers in different country. On the other hand, it can also be said that this is a simplified method for mining Bitcoins and other cryptocurrencies, which relieves clients from expenses for computer equipment, electricity, software, and so on. Today, investing in this business with the purpose of preserving and increasing assets in cryptocurrency has become popular.

TOP 5 Cryptocurrency Cloud Mining Sites

Name Rating Hashrate
CCG Mining 9.5 see here
Genesis Mining 9.0 3% discount
Hashing24 8.8 see here
HashFlare 8.5 see here
NuVoo Mining 8.0 see here

The present rating of cloud mining companies (10 points as maximum) is done on the base of customers’ feedbacks. It can be a godsend for those who want to find the best company for investments in cryptocurrencies. After all, you can save time. You do not need to study all the services separately before taking a decision. All the basic information is given on several pages here.

HashFlare

This is one of the best and oldest cloud mining services and a proven legit company with high profitability. The main activity of this US company is the development of computer equipment, creation of powerful hosting services, and 24/7 technical support for its clients. Here, customers can make a minimal investment (from $ 1.2) and get a passive income in proportion to the rented hash power.

The company has started working in 2020 and has data centers in Iceland and Estonia. A large amount of working capital about $ 400,000 is composed of company own resources and investors’ funds. The profitability is announced at the level of 130 percent per annum. The minimum cost of a contract for 1 year is about $ 18 with 100 GH/S.

The main goal of HashFlare is to open a free access for all customers to cloud mining. The company is now offering interesting options to earn cryptocurrencies even to those who do not have any related experience. Most customers prefer the Scrypt miner offers. This algorithm allows mining Litecoins and some other virtual currencies. But at the moment, the most profitable algorithm with minimum risk is SHA256.

  • The registration is very quick and easy. As soon as you topped up your account, the company hardware immediately starts to mine one of the 5 most popular cryptocurrencies.
  • The withdrawal of the earned amount is done without delay and hidden commissions.
  • In your account, you can see detailed statistics about how the hardware works.
  • With some knowledge, you can independently distribute power over the pools to experiment and find the most advantageous option for yourself.
  • You get detailed reports on all transactions done concerning your expenses and profits.

HashFlare has some shortcomings that seem generally insignificant. After monitoring the reviews, only 2 comments were selected: the absence of automatic payouts and some slowness of the service. The Hashflare customer service commented more than once that the company operates payouts manually because automatic payments threaten the security of the website.

Genesis Mining

Genesis Mining was founded in late 2020. The computing power of this service is located in Iceland. Cold climate to cool hardware and affordable prices for electricity reduce expenses for hashing power. Accordingly, Genesis Mining keeps the most profitable fees for its service.

Genesis Mining is a company with a transparent management system. The company has the most reliable website for cloud mining Bitcoins and many other cryptocurrencies. For each cryptocurrency, the company offers 4 plans. They differ from each other in terms of cost and hashing power. If any of the plans did not suit you, an individual plan can be created with your own settings. The cost of the cheapest contract with 100 GH/S is only $ 26.

The possibility to monitor the mining process significantly increases the level of customer confidence. The company has put the customer at the center of its development.

  • No need to spend a lot of time to make the hash power work for you. The company data centers are ready working for you after several clicks.
  • Mining of any cryptocurrency available in the directory.
  • The uptime is 100% guaranteed. With possible system failures, all power bought will be redirected to other pools. Despite some difficulties, you do not lose a second.
  • You can mine several cryptocurrencies (e.g. Zcash) at the same time. Note that the auto option will be used for some algorithms if BTC cannot be mined directly. To do this, such cryptocurrencies are marked respectively.

Among the shortcomings, some experts consider a high threshold of Genesis Mining for investments (about $ 30). Also, it is impossible to invest by bank cards.

Hashing24

This cloud-mining service works since 2020, while the company team has been involved in this business since 2020. The representative offices are in Great Britain, Ukraine, and Thailand. The data centers are in Iceland and Georgia.

Hashing24 features automatic payouts and 100% guarantee for an uninterrupted work of the computer equipment. Hashing 24 is a profitable cloud mining service with favorable terms. You just buy the power from the main hardware supplier and earn an income in Bitcoins. This project gives to even newcomers an opportunity to gain access to efficient mining.

The potential profitability of investments varies from 120 to 160% per annum, which is one of the best indicators on the market. The cost of the contract depends on the rented power for mining. In addition, a fee is charged for the maintenance of the computer equipment. The minimum withdrawal amount is 0.001 BTC. The minimum investment is about $ 35. All contracts are unlimited in time.

  • Hashing24 offers a reliable service based on modern computer equipment. Each customer can get the necessary power for mining virtual coins.
  • The partner of Hashing24 is BitFury Company, which is one of the most reliable and professional providing company.
  • You can invest in the contract chosen by bank cards or online payment systems. On the official website, you can calculate in advance the profit expected. All payouts are done automatically.

To date, the service offers operations with Bitcoins and two algorithms only.

IQ Mining

IQ Mining was founded in 2020 by a team of IT experts in the development of blockchain. The company is registered in Seychelles Islands. The company placed its computer equipment in many countries: Canada, Russia, Iceland, China, Georgia, and Algeria.
A sharp increase of the turnover to 200,000 per month speaks of a strong advertising company. Among permanent visitors are citizens of Nigeria, Russia, India, and Israel. US citizens cannot be registered on this website.

The registration is simple and it is possible to start mining with as few as $ 10. Judging by the icons on the website, all major cryptocurrencies and virtual coins are available to operate. Topping up and paying back are done without commissions, which is a plus.

• The profits are expected to be high. The company managers offer a really good income up to 50% a month, which some larger competitors cannot offer.
• The service supports all basic payment methods. You can buy contracts for computing power using bank cards and cryptocurrency wallet (in Bitcoin, Litecoin, Ethereum, Monero, Zcash or Dash). This is enough for all users to get the opportunity to work with the service.
• A convenient calculator is on the website to easily calculate the profit. Data is available for each algorithm separately with the possibility of specifying the desired investment.
• The withdrawal is easy and trouble-free within 24 hours. The minimum withdrawal of funds is 0.001 BTC.

Despite the fact that there are already positive reviews about the website, they are still not enough to fully trust this company. Then, the service does not give a possibility of obtaining profit on some algorithms. Some presented algorithms, for example, X11, do not allow even to recoup the invested funds. In the future, the situation with them may change.

CCG Mining

This is a team of professionals who are working with the slogan “We make it easy for you”. CCG Mining works every day and creates innovative products to meet your biggest and most complex requirements by offering the most flexible and competitive solutions. CCG Mining service launched its farms to mine Bitcoins in 2020.

CCG Mining is an international company that operates in 6 countries and has tons of video cards and farms. It also sells farms for mining cryptocurrencies on order.
The CCG Mining definitely evokes the sympathy for its strong development of the website. Such projects usually do not appear for a short time and can work long enough to give customers a good profit.

The minimum investment is about $ 30, depending on the cryptocurrency. In your personal account, you can specify up to 7 cryptocurrencies and there are investment offers for each of them. In total, the profit approximately from 0.007% to 0.6% per day is promised, which makes about 15% per month for the main cryptocurrencies. The contracts are for one year or for a lifetime.

  • It is possible to mine different cryptocurrencies simultaneously. CCG Mining does not focus on only one virtual coin. Every day, the company expands its commercial offers. Each client is able to simultaneously obtain different cryptocurrencies, using different cloud mining contracts.
  • CCG Mining offers very competitive prices with a high quality of service. The service optimizes all possible processes when creating, debugging and managing miners so that the final price satisfies the maximum number of potential customers.
  • Pricing and calculations are transparent. The company does not use hidden costs and additional fees. When choosing CCG Mining, you can be sure to get a product that exactly corresponds to descriptions and the specified prices.

There are some inaccuracies on the website. Also, investments by bank cards are not allowed.

AlienCloud

AlienCloud is not just a cloud-based mining service, but a full-fledged platform for working with cryptocurrencies. The company operates since 2020. This service is one of the most popular of the kind. It is planned to launch a mining pool soon. Users with high-performance computer equipment can make requests for access to it even now. The project regularly adds contracts for mining new virtual coins and develops the website in every possible way.

The cost of renting a minimum hashing power varies from $ 2 to $ 34. The minimum hashing rate ranges from 1 to 100 GH/S, and the minimum investment is from $ 11 to $ 37. The contracts are not limited in time. The withdrawal up to $ 3,000 is possible without identity verification. For it, a commission is charged depending on each cryptocurrency.

An exchanger and an online wallet for storing assets are available on the website. The exchanger operates using P2P technology and offers small fees for transactions. In addition, there are convenient trading charts. There is an opportunity to contact technical support directly using the Telegram messenger. Customer support is available in English, Russian, and Chinese.

  • The use of computing power offered on the website is not limited in time, except for cases when mining becomes unprofitable. However, even under such circumstances, the company administration is simply transferring contracts to a more profitable direction.
  • This is a platform for full-fledged work with cryptocurrencies. The service not only offers full-scale mining in the clouds, but it also provides an ecosystem for interaction with cryptocurrencies. Beginners do not have to use several different services because everything is collected in this project.
  • The reinvestment is possible. There are no hidden commissions and fees.
  • The company is known on the market. The platform is relatively popular and trustworthy.

The calculator is absent on the website. Despite the fact that the accuracy of such a calculator would be low, its availability would allow estimating a possible profit. The contract prices are not low, but nevertheless, they are quite competitive.

Cryptotek

Cryptotek is an unusual project, which really surprises by its quality of preparation. Cryptotek is a company with official registration in the US, which has been working since January 2020. It is developing fast and offering a good profit. The company is engaged in mining, trading, and plans to create its own crypto exchange.

Customers are invited to earn using 7 cryptocurrencies. Since mining is done according to different algorithms, the company management adopted its own virtual currency (CRT), which can be spent for purchasing the hashing power. The more CRT users have, the faster the mining process and the greater the amount of income from mining will be.

The company promises to get profit from 15% to 17.5% per month. The minimum investment starts from $ 10. With this project, you can raise solid amounts. The main thing is to find start-up capital and learn how to invest.

  • Investing in Cryptotek is a real opportunity to steadily obtain financial benefits and be part of the rapidly developing crypto platform.
  • The company works in more than 191 countries around the world.
  • Customers can get a real-time profit and monitor it regularly. It is possible to make an exchange for any other currency in the internal exchanger.
  • You can order the payout in different currencies. If it’s USD, the service deals with several popular payment systems. You can also receive payments in those cryptocurrencies that are available for mining. Payments are made on a weekly basis, and you can withdraw money within 2 or 3 days.

The company is young enough to fully estimate it. Despite all strength points listed and popularity in the US, the project is not very demanding among users outside the US.

NuVoo Mining

Nuvoo Mining is a Canadian mining company that offers the best solutions for both newbies and professionals. The company does not hide the location of its facilities from the public, which inspires trust among current and potential customers. The Nuvoo Mining data farm, located in Quebec, Canada, is available to participants around the clock, seven days a week, and technical support is also constantly available in both English and French.

The company has begun its work in 2020. To ensure the uninterrupted operation of the equipment, the constant access to electricity and cooling is required. Electricity is generated from an environmentally friendly hydroelectric power station located near the facility. Thus, the server offers favorable prices. The HVAC cooling system has been specially developed for the cryptocurrency mining equipment. It is very economical and environmentally friendly.

The company offers cloud mining, dedicated hosting, and colocation mining services. The minimum amount of investment is $ 100. Withdrawals are daily from 0.0015 BTC.

  • The system offers solutions for experts and large-scale entrepreneurs to expand a single farm to a multi-level one.
  • There are no fees for electricity or maintenance charges. All contracts are open. This means that users can earn a cryptocurrency with this company as long as their plans remain profitable.
  • Customers have access to 24-hour webcams and can monitor the operation of the equipment at any time. This demonstrates the honesty of the company and ensures the trust of customers.
  • NuVoo Mining also has a profit calculator on its website. It gives customers an opportunity to predict how much money they will earn with each plan.
  • NuVoo Mining also offers multicurrency mining. The service allows switching between different virtual coins, depending on their profitability. In practice, a special algorithm checks the complexity of mining a cryptocurrency and determines the most profitable virtual coins.
  • In addition, the platform uses an advanced mechanism to effectively exchange the mined virtual coins into any target cryptocurrency, for example, Bitcoins.

Cons:
Among the disadvantages can be identified the absence of online wallet for customers. Also, the service offers 3 cryptos for mining – Bitcoin, Litecoin, and Ethereum only. The navigation on the website is not very convenient. The company does not have official news and blogs

World Mining

The World-Mining.net project has started in November 2020. Since that time, the British Company World Mining is engaged in mining the Bitcoin cryptocurrency and other well-known virtual coins. The company has powerful computer equipment and excellent conditions for effective mining. Recently, World Mining has been also engaged in handing out data servers with a various power for rent.

Here you can start with $ 15, and recoup your investments for 3 months. The project offers 5 investment plans according to which, theoretically, you can get a profit from 0.9% to 1.5% daily (27% -45% per month). The return on investments is from 280 to 360 days. Purchase of the hash power is carried out at the rate of 1 GH/S = $ 0.15. Payouts can be ordered every Monday and Thursday. The minimum investment is $ 15. The maximum withdrawal by one transaction is 10,000 USD. The website is translated into 18 languages.

  • The website looks great and has high-quality content.
  • The company has its own software for mining.
  • Free 30 GH/S are given to new clients after registration.
  • The total hash power of the company equipment is more than 67 PH/S.
  • The profit is paid daily.
  • The company offers a special mining program for advanced users, which makes possible to earn a cryptocurrency in a passive way.

The company does not exist so long, so there is a few customer feedback to evaluate its work properly.

What is cloud mining?

This is mining of a cryptocurrency, in which computer equipment for mining is rented at a distance. The clients order mining operations on the outside hardware and pay for its use.

What are the outlooks for cloud mining in 2020?

To be engaged in cloud mining business is actually profitable. The complexity of mining cryptocurrencies is increasing and it requires common efforts. To create an own mining farm, you need a lot of money.

Therefore, cloud mining is a great option for users with a small start-up capital. The popularity of this business is growing every day.

To May 2020, cloud mining does not give up its position and there are all possibilities for this business to grow in the future.

What are the requirements for an ideal mining service?

There are several points to take into account when selecting a service. First, the cost of hashing power to rent is very important, since it strongly affects the rate of return on investment.

Secondly, the reliability of service is the most important requirement for the service. There are many fictitious services that can disappear with your money. Thirdly, the cloud-mining company must have real data centers and farms.

The service can guarantee payouts only if it has its own computer equipment for mining. Fourthly, the website should have various useful options and be convenient.

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