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Cloud Mining - TOP Trusted Websites 2018, Free Cloud Mining Sites with No Deposit Necessary Skip to content →

Cloud Mining: Pros and Cons | Top Trusted Websites in 2017-2018

Cloud-MiningInvesting in cryptocurrency cloud mining is the wisest move one can make to save and multiply his or her cryptocurrency assets at the beginning of 2018. In a nutshell, it is a simplified mining of Bitcoins and altcoins that relieves you of expenses on electricity, obviates the need for 24-hour monitoring, the configuration of software and other complexities, associated with the classic way of mining on your own equipment.

Cloud mining is not different from the conventional way of earning Bitcoins and altcoins by virtue of computing power, except for the absence of necessity to use your own equipment. When cloud mining the coins, you are renting the equipment from the services (companies) that have the powerful data centers with crypto mining farms at their disposal.

In 2017-1018, the following cloud mining websites were considered the most popular and trusted:

1. HashFlare – the best option for cloud mining that combines reliability, proved by the years of stable work, and the largest available capacity. The data centers are located in Europe on the territory of Estonia and Iceland. Editor’s choice!

The cloud mining contract prices at HasFlare (the best offer on the market as of January 2018):

  • Bitcoin (SHA-256 algorithm) – $2.2 for 10 GH/s (the most remunerable contract offer as of 1/1/2018)
  • Litecoin (SCRYPT algorithm) – $7.5 for 1 MH/s
  • Ethereum (ETHASH algorithm) – $2.2 for 100 KH/s
  • Zcash (EQUIHASH algorithm) – $2 for 1 H/s
  • Dash (X11 algorithm) – $3.2 for 1 MH/s (the least remunerable contract offer, we suggest to choose other contract options)

2. Genesis Mining – one of the oldest and the most popular services that never had any troubles with payments and withdrawals; however, it is slightly inferior to HashFlare by the number of parameters (contract prices, capacity, interface). The company is located in Iceland. You will receive a promo-code for 3% discount when renting the YeyRLA hashing power.

Article navigation:

  1. What is cloud mining?
  2. Pros and cons of cloud mining.
  3. How to choose a cloud mining service
  4. The TOP 9 biggest and most reliable websites
  5. Cloud mining without investing money concerns a totally different type of services
  6. The blacklist of cloud mining projects (be aware)

What is cloud mining?

what is cloud mining

Cloud mining is the method of mining Bitcoin, Litecoin, Zcash, Dash, Ethereum and other cryptocurrencies (more than 1400 altcoins in total) using special cloud services that accumulate hashing power at their data centers and farms. It is an innovative way of earning cryptocurrencies that allows the creation of groups (mining pools) with a single purpose of getting bigger profits compared to the conventional distributed mining. The contractor carries out non-stop supervision of the equipment and resolves all technical and software-related issues.

The profitability of cloud contracts is underpinned by the fact that the companies which provide the given service are also the manufacturers of mining equipment (ASIC). This leads to the significant reduction of the expenses as well as the cost of mining, while the consolidation of data from ASICs into the large data centers allows reducing the maintenance costs.

Therefore, the given model is beneficial for all participants, because it provides means for significant profitability boost which leads to bigger profits.

To put it simply, a certain company produces or buys mining equipment and then sells its hashing power to the end-use consumer while conducting the maintenance of the equipment, covering the electricity costs; all issues regarding the Internet connection and configuration also falls on the company’s shoulders.

The cloud service relieves customers of the majority of problems and difficulties associated with the mining process. 

  • Malfunctions of the Internet and electrical networks (no idle time in the equipment operation);
  • Set up and maintenance of the equipment in operational condition (stable provision of the purchased hashing power);
  • High level of noise and heat generation (no need to organize the room cooling);
  • Legal issues concerning the fields of legislation and taxation (this issue became relevant at the end of 2017).

Some companies charge a small commission for their services which covers the costs of electricity and equipment maintenance. In any case, this type of mining is much more beneficial for the end-user than keeping the equipment at home or at the separate rented space, because all farms and data centers that belong to the given companies are usually built in regions with low costs of electricity and heat abstraction. Most of the time, the companies that offer services related to the cloud mining of Bitcoins and altcoins use the so-called ASICs, the equipment that was designed specifically for the purposes of cryptocurrency mining.

Since ASICs and graphic cards are disappearing from the market, cloud mining services are gaining huge popularity and a lot of contracts are purchased literally over the course of few days after their emergence (the launch of the new hashing power). HashFlare and Genesis Mining are the most reliable among other similar services. You can rest assured that they will not blow up like bubbles which are the hype projects that operate for several months, allocate the necessary amount of money and then suddenly shut down their operations, leaving the investors with a whole lot of nothing. Our editorial staff uses the HashFlare service (approximately 80 – 85% of overall hashing power) and in the course of more than a year of our cooperation with the service, we have never experienced any issues or delays with payments or withdrawals.

If you decide to invest in mining right now, when it is rather difficult to buy graphics cards and ASICs (and even if you find them, you would have to pay a hefty sum of money), consider the fact that the cloud mining is the easiest and the most efficient way of making profits from cryptocurrency mining. We suppose that you would agree that purchasing your own mining equipment is not only two or even three times more expensive but also just irrational.

Pros and cons of cloud mining

Main pros of cloud mining:

  • The user is relieved from all negative attributes of independent mining, such as the need to monitor the process of cloud mining, configure the equipment and the cost of electricity.
  • Relatively high profitability as the services allow users to obtain from 200 to 400% of annual profit which, considering the constant growth of cryptocurrency prices, turn this service into a very attractive option.
  • Companies have the formalized legal status; they are also located in the countries that have transparent legal norms regarding cryptocurrencies (mainly European countries) and have proven to be quite reliable.
  • The total capacity of the separate data center will always be greater than the capacity of an independent farm; therefore, when deciding between gathering your own farm or renting the hashing power “elsewhere”, keep in mind that the indicators of profitability will always differ since each type of automatic cryptocurrency mining has its own balance of expenses and profits. At the same time, such difference will always be in favor of cloud mining, even when taking into consideration the profits allocated by the service, the overall profitability for the user will be higher.
  • Predictability of profits. Investments in the cloud mining contracts have nothing in common with the purchase of shares on the stock exchange, where the price can fall because of the decrease in demand, because the cryptocurrency mining is protected from any force majeures due to the averaged complexity of network and exchange rate. The usage of this service will definitely bring you money while the fixed reward and the generally known indicators of computation complexity allow you to easily forecast the profitability and use cloud mining of Bitcoin (SHA-256) or any other coin.
  • You can buy contracts that allow mining different cryptocurrencies at the same time and be secure from the unforeseen drops in the currency rates that happen from time to time. The competent distribution of invested capital between different coins may lower the expected overall profit, though it will also minimize the losses. From the standpoint of security, such diversification between two or three of the most profitable algorithms is the most efficient mining strategy.
  • The possibility to auto-mine Bitcoins on multiple resources simultaneously while looking for the most profitable contracts without any limitations. However, be careful with new services, the biggest share of your investments must be allocated on trusted platforms (HashFlare and Genesis Mining).
  • Referral programs. You get the fixed amount of money or an additional small percentage of profits from contracts that were bought by the users you have invited. By doing this, the developers of the mining platform stimulate the demand for their services in order to make the cloud mining of cryptocurrency more popular and accessible. It should be considered not as a source of income but rather as a small bonus.
  • Fast and easy scaling! It is an extremely important aspect that can be insignificant at the initial stage but is crucial for the long-term mining. Unlike the classic mining of cryptocurrency, cloud mining provides you with the opportunity to scale your hashing power in a matter of minutes without additional expenditures (those who mined on their own equipment are more than aware of the scaling issues).

Main cons of cloud mining

  • There is a high probability of the rapid drop in Bitcoin rate, similar to the two “bubbles” that happened in 2011 and 2013. Some analysts find the signs of occurrence of yet another bubble as of the period of publication of this article (January 2018). In order to mitigate this disadvantage, we would recommend refraining from converting the acquired cryptocurrency straight to fiat money and wait for a better exchange rate. You could also transfer coins to the crypto exchange and place the high limit order to sell. That way, the assets will be sold only upon reaching a certain price point during the upward trend.
  • The possibility of coming across a dishonest provider of mining contracts. The high demand for cloud mining has led to the increasing activity of scammers who offer the non-existent mining facilities and exploit the interest towards Bitcoin. Cloud mining turned out to be a real goldmine for such people. You should only use verified services with multiple recommendations instead of “buying” into false promises of exorbitant profits and investing into the first available Bitcoin cloud service. In most cases, the profitability of over 300% does not exist even in theory. The best and the most reliable cloud mining services can’t possibly generate such numbers.
  • The website itself, along with the online wallet, is subject to various cyber-attacks and hacks. Even the cloud mining services are not fully protected from such maleficent acts. If something like that happens to the website where you have decided to mine cryptocurrency, the non-withdrawn coins would disappear without a trace. In this regard, you should be watchful of services that have high withdrawal periods or prohibit from the immediate withdrawal of mined coins to your personal account.
  • A sharp increase in the complexity of mining of the given cryptocurrency which, in turn, can lead to the decrease of the number of mined coins for the purchased hashing power (hash rate). However, such situation does not pose a great risk for assets with large net capacity, such as Bitcoin, Ethereum, Litecoin, since it is physically impossible to produce and run enough new mining devices to significantly amend the network complexity.

Choosing the cloud mining service

Take into account these four parameters when choosing the cloud mining service:

  • Public exposure: photos, blogs, videos of staff and mining equipment;
  • Time: the mining market is relatively young, so the period of operation of the company is of great importance compared to other well-established niches;
  • Power: the company’s total hashing capacity which consequently signifies the number of users.
  • Support of multiple currencies: the possibility of mining different cryptocurrencies within the framework of a single cloud service is more than relevant because the exchange rates of such currencies are constantly changing. However, in most cases, it is safer to invest in Bitcoin mining (the SHA-256 algorithm), so this criterion is not of vital importance.

We have prepared the detailed review of the two most reliable and time-tested cloud mining services. Apart from attractive rates, they have the rarest feature among other cloud services: the public exposure (confirmation of the actual availability of mining equipment) and undisrupted payments, confirmed by many years of stable operations.

We suggest you use the following two services:

You can find the more detailed list of companies that provide this service below. It should be noted that other services cannot boast such rich history and hashing capacity.

TOP 9 biggest and most trusted websites

cloud miningThe following list features only verified cloud mining services in the form of contracts that allow you to mine Bitcoin and altcoins. Under the purchased contract, you will be provided with the cloud with hashing power of your choosing, and the profits from mining within this cloud will be your everyday income from cryptocurrencies generated by your algorithm.

We advise you to register only on the first four websites because their authority and level of security is much higher compared to other services available on the market.

  1. HashFlare. As of the beginning of 2018, it is undoubtedly the best cloud mining pool. It has the highest profitability rate of more than 200% from the price of the mining contract. HashFlare most important trait is its impeccable reputation because trust is basically the requirement for the cloud mining service. The profit rate is rather high on most services while not all of them can be called reliable and secure. In our opinion, this service is the most secure and profitable, as of January 2018.
  2. Genesis Mining. A popular service that offers cloud mining of Bitcoin and other leading cryptocurrencies (currently there are five coins available). The special trustworthiness of this service is based on the good feedback from miners, daily payments as well as numerous photo and video material proving that the company possesses large data centers. The daily payment system is the most significant feature of this service because no one can steal or somehow take the mined Bitcoins from you.
  3. Shansis. For the past four years, the company called ShansiS Systems has been lending hashing power for cryptocurrency mining. The founders chose the Shansi province as the main location of their data center due to the extremely low electricity costs. That is the reason why the company can offer its customers great contractual terms.
  4. IQ Mining. The company was founded in late 2016 by the team of experts in the field of IT and blockchain development. The uniqueness of this service lies in the fact that it uses the algorithm that monitors the mining output and automatically stops mining low-profit altcoins.
  5. Hashing24. This service is less preferred than the above-mentioned services since it aggregates hashing power of third-party data centers, though it also works very stably. It can be regularly found in the various lists of the best website for cryptocurrency mining.
  6. BitMiner. The company owns few data centers with ASIC devices. Like the majority of serious cloud mining services, they sell not only the capacities for mining Bitcoin but also other cryptocurrencies. Their website has the extensive list of mining algorithms. The purchased hashing power can be sold on the exchange at any time. It is less profitable than the previous four services, which explains its lesser popularity.
  7. OXBtc. Offers good contracts at a reasonable price but has terrible interface and support service. Sells cloud mining of Bitcoin and Ethereum as well as mining equipment (ASIC) which can be used for independent mining. There are two kinds of deposits: the current and the fixed ones. Constant switching between these two deposits will allow you to return your investments much faster. Sometimes they offer coupons with discounts on hashing power and other bonuses.
  8. EOBot. You can use this service to successfully mine not only Bitcoin but many other cryptocurrencies. The service offers its own software that can be installed onto your computer. There is also a faucet that gives away decent amounts of satoshi and other cryptocurrencies. In general, this is not an entirely trusted service, because there are no real proofs that they possess their own mining facilities.
  9. Cryptomonitor. Started working in late 2016. The contract will be closed only upon getting 200% return on investments which is similar to other cloud mining services. We have never worked with this service, therefore we cannot recommend it.

As of now, cloud mining is the only feasible way of acquiring cryptocurrency and minimizing investment risks. It is a modern solution for the users who are certain in the stability of the chosen payment method and who do not want to assemble the farm and deal with the maintenance of a noisy mining unit.

In fact, investing in the cloud mining services is similar to investing in stocks; the only difference is that this kind of investment has higher profitability rate and has better price forecasts. Taking into account the general tendencies on the Bitcoin market, there is a high probability that your contract will turn out to be very profitable. According to the last year’s statistics, the return on the investments was estimated at 300-800% (depending on the contract and the algorithm).

Deposit and withdrawal methods

Information regarding the ways to replenish the balance, conditions of withdrawal of earned funds, terms and commissions. Based on the example of HashFlare since it is the most in-demand service on the market.

Deposits (purchase of hashing power)

  • BTC transfer;
  • Bank transfer;
  • Credit card;
  • Debit card;
  • Payeer.

Withdrawal (profit acquisition)

  • Withdrawal commission – 0.0006 BTC (regardless of the amount!);
  • The funds can be withdrawn to the validated crypto wallets. The withdrawal process takes up to 24 hours but in most cases, the funds arrive within 30-40 minutes;
  • Limits on withdrawal frequency – once per day;
  • For the additional safety, the email confirmation is required (also required when changing the wallet). Additionally, you can also turn on the 2-factor authentication when entering your personal profile.

Pros of cloud mining compared to the classic mining on your own equipment

  1. No need for choosing and configuring mining devices.
  2. You don’t have to download and configure the mining software.
  3. You don’t have to search for a good mining pool since the cloud service already features the list of pools.
  4. Accuracy of calculations.
  5. You can purchase additional hashing power at any moment using money that you have earned by using the service (reinvestment).
  6. Purchasing the hashing power using fiat money (Rubles, US dollars, Euros) as well as cryptocurrency from your personal wallets. By renting the powerful equipment, you will be able to earn really good income.
  7. Low minimal withdrawal amounts and fast payments.

Cloud mining without investments is a whole other category of services

In the table below, we have gathered the cloud mining services that allow you to earn income without investments! Such services usually offer a small registration bonus which comes in the form of the hashing power which you can immediately invest in the project and start earning income.

It should be noted that you will not make great profits on such websites, though they are quite suitable for the acquaintance and initial mining of cryptocurrencies. Especially if you register on all websites from the given table.

However, if you plan on investing real money, we would not recommend doing that on any of the websites from the table. For your personal investments, use only secure and trusted services which we have reviewed at the beginning of the article.

Unfortunately, there aren’t many services that offer cloud mining without investments because no one likes to give away money. We have chosen only the most reliable and established (as much as it is possible in that particular niche) and excluded all suspicious projects, so you wouldn’t waste your time and have a guaranteed profit.

The table of the best websites that offer free registration bonuses

WormMinerFixed registration bonus and 80-200% annual profit.The peculiar thing about this service is that you buy servers not the hashing power. Each server has its own level of profitability which requires the different amount of electricity.Pays
CryptoMiningFarm30-200% annual profit.Unusual service with various contracts. Operates for more than a year.Pays

Pays – the server works in normal mode and the payment from the given service was received not long time ago.

Uncertain status – we did not make any deposits and did not monitor this service. It is most likely that this service in unattractive and unpromising.

If you have decided to invest your own money or cryptocurrency into the cloud mining service, we suggest using HashFlare because it is the best option in terms of stability and profitability of mining plans.

The blacklist of cloud mining projects (be aware)

coud mining scam

Fflakmining.comSCAMDoes not pay
Desmine.ccSCAMDoes not pay
HashCoin.ioSCAMDoes not pay
Vixice.comSCAMDoes not pay
Shreemine.comSCAMDoes not pay
Faxtar.comSCAMDoes not pay
SplititMining.comSCAMDoes not pay
GigaHash.orgSCAMDoes not pay
HugeHash.comSCAMDoes not pay
HashSecure.comSCAMDoes not pay
OverHash.comSCAMDoes not pay
CryptoFly.netSCAMDoes not pay
Eco-Hash.comSCAMDoes not pay
Biteer.bizSCAMDoes not pay
Metizer.comSCAMDoes not pay
BitsRapidSCAMDoes not pay
CoinMarkSCAMDoes not pay
BitcoinWorldSCAMDoes not pay
TwoMineSCAMDoes not pay
BlackCloudSCAMDoes not pay
OneHasherSCAMDoes not pay
Mining-SmartSCAMDoes not pay
HasheerSCAMDoes not pay
SidCashSCAMDoes not pay
RainvisSCAMDoes not pay
NatroLimitedSCAMDoes not pay
CryptoBitSCAMDoes not pay
FromtMinerSCAMDoes not pay
FireBitSCAMDoes not pay
5MinerSCAMDoes not pay
BitMineSCAMDoes not pay
AromineSCAMDoes not pay
XmineSCAMDoes not pay
Bit-LiteSCAMDoes not pay
390HashSCAMDoes not pay
Hash-CapitalSCAMDoes not pay
ScurmrrSCAMDoes not pay
BitMinisterSCAMDoes not pay
Sky-HashSCAMDoes not pay
HashOceanSCAMDoes not pay
FixHashSCAMDoes not pay
OtiisSCAMDoes not pay
TopMineSCAMDoes not pay
Crypto-UnionSCAMDoes not pay
AhashSCAMDoes not pay
SV-MinerSCAMDoes not pay
CLDmineSCAMDoes not pay
Hot-coinSCAMDoes not pay
CoindigSCAMDoes not pay
7clySCAMDoes not pay
Cld-miningSCAMDoes not pay
In-cryptoSCAMDoes not pay
ScryptSCAMDoes not pay
Sea-miningSCAMDoes not pay
Bdminer24SCAMDoes not pay
CoinminersSCAMDoes not pay
Crypto-mineSCAMDoes not pay
My-HashSCAMDoes not pay
RDPmainSCAMDoes not pay
CloudminingSCAMDoes not pay
ScryptsySCAMDoes not pay
СloudminrSCAMDoes not pay
HexhashSCAMDoes not pay
EarningsTodaySCAMDoes not pay
AprilCoinSCAMDoes not pay
Bitcoin-incomeSCAMDoes not pay
EmicoinSCAMDoes not pay
PbminingSCAMDoes not pay
BtccloudminingSCAMDoes not pay
EarntomorrowSCAMDoes not pay
CloudmySCAMDoes not pay
TelcominerSCAMDoes not pay
Micro-btcSCAMDoes not pay
ElitmaningSCAMDoes not pay
CryptomanyngfarmSCAMDoes not pay
Navvi.ccSCAMDoes not pay
UltronSCAMDoes not pay
Cloud-MineSCAMDoes not pay
EliteminingclubSCAMDoes not pay