Cloud mining is a simple way to mine Ethereum. List of best Ethereum cloud mining services which they already have a mining rig for you.
Finding the best Ethereum cloud mining services?
I have shown some good cloud mining services which you can use. Make sure you should know everything about cloud mining before investing in it.
I have done lots of research and came up with the 5 best cloud mining
Table of Contents
What is Cloud Mining?
Lately, with bitcoin prices rising many new people are buying cryptocurrency, so many people are also finding alternative ways to make money.
To make money from different ways one is mining, Miners buy expensive GPU & ASIC to mine different coins. It requires lots of energy and some technical knowledge to do this. So to avoid all these things some companies come up with cloud mining, so what is cloud mining.
First, you should know the meaning of mining, in this case, I will talk about Ethereum mining.
Ethereum mining is a process in which transactions are verified and added to a public ledger which is known as the blockchain, it requires specific mining hardware. It compiles recent transactions into blocks and tries to solve a computationally difficult puzzle. By solving puzzles miners get rewarded with Ethereum.
So now let’s talk about cloud mining.
Ethereum cloud mining is a process in which you buy some computational power called Hashrates. This type of mining helps us to mine Ethereum and alternate cryptocurrencies without having physical hardware.
Cloud mining is a service so there is generally some cost and this can result in lower returns, basically, you buy mining contracts from them and they will pay you monthly, quarterly, or yearly.
5 Best Ethereum Cloud Mining
Here is the list of cloud mining service:
- Genesis Mining
- HashFlare (Maintenance)
- IQ Mining
- HashGains
- Hashshiny
Genesis Mining
Genesis mining is one of the famous cloud mining services which started in 2013. They have built the first mining farm in Eastern Europe. Genesis Mining offers 10 cryptocurrency mining services with 6 mining algorithms. You have to purchase Hashrate so from this you can get paid. With Genesis mining, you can cloud mine Ethereum, Bitcoin, Bitcoin, Zcash, Monero, Dash. There are mining farms located in Iceland & Sweden.
HashFlare
This Hashflare is started by cryptocurrency experts which provide a good amount of range for cloud mining. Here they are trying their best to reward their customers with bitcoin and ether. If you have less amount of investment then you can use Hashflare. Currently, they are located in North European. The company is trying to provide Ethereum plans without any maintenance fees.
Currency there mining service is on maintenance.
IQ Mining
IQ mining has a wide range of contracts in which you can cloud mine different cryptocurrencies. It has 100 plus cryptocurrencies and you can also get a fixed amount of payment in USDT. It offers mining contracts for Bitcoin, Litecoin, Bitcoin (BCH), Ethereum (ETH), Zcash (ZCH), Dash, GRIN, AEON, BEAM, DOGECOIN (DOGE), and more cryptocurrency. IQ mining provides daily payouts also. It has been around 2016.
HashGains
HashGains has strong Hashrates. With this, you can cloud mine these cryptocurrencies like Bitcoin, Ethereum, Zcash, Litecoin, Monero, Ripple. It provides instant Coins Deposit To Your Account. HashGains is using the world’s best ASIC (Application-specific integrated circuit) and GPU (Graphics processing unit) machines to generate the best returns with high efficiencies.
Hashshiny
Hashiny was founded in 2017, a cloud mining platform that provides users the opportunity to make money from mining bitcoin and altcoins. The platform mines multiple cryptocurrencies including BTC, LTC, DASH, DCR, ETH, ZEC, also provide rewards for new users with a signup bonus.
Free Ethereum Cloud Mining
You can find some good free Ethereum cloud mining. In this free term, you don’t have to pay host fees for some months. After a particular time is over you have to pay some fees to hosts.
Cloud Mining Calculator
You can make use of a Bitcoin mining calculator and input the information, such as electricity cost and mining hardware. Doing so will give you a rough estimate of mining returns. This is for a normal mining calculator
For cloud mining you just have to enter the Hashrates you are going to buy and select the country and fiat currency.
Check Mining Calculator: Click Here
FAQ
Is Ethereum cloud mining profitable?
In general, renting out a server like AWS, Azure, etc is not profitable or not worth it. The companies that set this up all for you as an entire sector are filled with Ponzi schemes and scams. Even DIY Mining in general is not lucrative. The cost of entry is pretty high. You have to buy expensive and possibly over-priced equipment. You are then taking a pretty serious risk that mining profits don’t drop so you can make your money back. Any company that factors all that is going to charge a lot.
ANY mining needs to account for difficulty increases every 2 weeks. Google this, it’s a known factor and there’s plenty of info out there.
Is Cloud Mining worth it in 2022?
In 2022, it’s not worth it to do cloud mining. In a bull run, it gives profit, and when bear markets start cloud mining is not profitable. I think in the future it will be worth it to do cloud mining but for now, I will say stay out of it.
Does cloud mining pay off?
It will take lots of months to get pay off in cloud mining. One of my cloud contract companies changed my contract literally the day after I bought it, from “lifetime” to “2 years”. A big difference, and they never even bothered replying to any contacts about that. Certainly, there was no possibility of a refund.
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