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Bitcoin mining is one of the most competitive aspects of cryptocurrency. Groups of miners publicly traded companies, and an array of other players compete against each other to mine Bitcoin.
With so much competition and capital behind these mining groups, it can be nearly impossible for an individual to profitably mine Bitcoin or any other digital asset that can be mined such as Litecoin and Dogecoin. This is why cloud mining has become one of the most popular ways to mine cryptocurrency.
Cloud mining has one big drawback: scammers. With that being the case, we have assembled a list of 3 cloud mining providers that you can trust:
But first, we will explain cloud mining.
Cloud mining is like outsourcing the work involved in Bitcoin mining. The hardware, electricity, and maintenance of the mining rigs are all taken care of by the cloud mining provider. In exchange for doing this role, the cloud mining provider is paid a fee by you and everyone else using their service. You’re essentially renting a portion of a large pool of computational power. By being a part of a large pool, you give yourself an advantage over any person or group of people trying to mine with less computing power.
Cloud mining can be profitable, but there are upfront costs involved. You have to pay for the service in advance, and the service also often takes a percentage of your profit. Ideally, the company improves its hardware frequently to continuously improve profitability. Despite the upfront costs, you are certain to be more profitable using a reputable cloud mining service than trying to mine solo, barring an enormous investment in equipment and electricity.
Cloud mining scams are the main risk with cloud mining. You are essentially trusting that the service is doing what they claim they are, without ever being able to physically see their setups. Some services can even just take your money and act as though you didn’t make a profit.
Avoid services that promise unrealistic returns, fake-looking testimonials, poorly written sites, or ones with no apparent company information or address. It’s important to pick a reputable cloud mining service, such as the ones listed here, to avoid getting scammed.
Here’s a quick look at three of the best cloud mining sites based on reliability, ease of use, and performance:
ECOS is an ecosystem for crypto investments, which contains the most necessary tools for working with digital assets. ECOS offers cloud mining as their main product, but also sells mining equipment that is then set up by ECOS and connected to their pool. For basic cloud mining, you simply buy a contract for some time, with costs as low as USD 25. There is a minimum deposit of USD 100 to the platform. ASIC mining equipment purchases start at USD 10k.
ECOS has attracted more than 200,000 users since its inception in 2017 and has grown into a large ecosystem. They also offer wallet and exchange services through their app, but cloud mining is still the company’s most sought-after service. Below we have highlighted some of ECOS’ advantages:
1. ECOS is giving away a one-month free cloud mining contract for new users registering on the platform
2. Cloud mining profitability calculator can be used before purchasing a contract
3. Daily payments and transaction history
4. Withdrawal of funds once 0.001 BTC minimum has been accumulated
5. Mobile app available for Android and iOS
6. Multilingual platform and fast support
7. Supported coins: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Tether, Litecoin, and more
8. Fraud risk: Extremely low
Minedollars is another cloud mining provider. It entered the market in 2020 and allows beginners to mine cryptocurrency without technical knowledge. The company has several data centers in different parts of the world where the cost of electricity is ideally low. This allows them to charge minimal commissions on their services. Minedollars users can mine a wide array of crypto assets. Minedollars users can withdraw money after the end of the contract and the minimum deposit is $100.
While the minimum deposit is $100, the cheapest Bitcoin cloud mining option costs USD 3,000 for a 30-day contract. Unlike ECOS, Minedollars offers no mobile app or cheap Bitcoin mining option. The minimum withdrawal amount is USD 100 equivalent, rather than an amount of BTC. There is also a withdrawal fee of 0.0004 for BTC.
Benefits of Minedollars:
1. The platform only accepts crypto deposits
2. A beginner-friendly platform
3. Making an account and signing up takes less than a minute
4. Guaranteed returns
5. No maintenance or deposit fees
6. A straightforward approach to investment
7. Supported coins: Bitcoin, Bitcoin SV, Bitcoin Cash, Litecoin, Tether, Ethereum, Dash, Ripple, and USDC
8. Fraud risk: Low
BeMine is a Bitcoin cloud mining service provider founded in 2018. Like ECOS and Minedollars, BeMine allows users to mine cryptocurrencies online without direct ownership of any equipment. The platform will also accept your already owned mining agreement under a custody agreement. You then ship them your miner, and they add it to their data centers where the cost of electricity is low. They also sell mining equipment that can be delivered to your door.
With BeMine users can also purchase up to 1/100 of a share of a specific ASIC at a reasonable price, as low as USD 100. This can be a very cost-efficient way to start mining coins without having to spend a large amount upfront, especially when compared to the lowest cost of Bitcoin mining on Minedollars.
Benefits of BeMine:
1. Profitability calculator
2. Bitcoin cloud mining from $100
3. Mobile app for Android
4. Withdrawal of funds once 0.005 BTC is accumulated
5. No deposit fees
6. Only supports Bitcoin mining
7. New users get 3 days of free mining
8. Frequently upgrading their equipment
9. Fraud risk: Low
Voskcoin Cloud Mining is one of the leading hash power providers within the world, offering cryptocurrency mining capacities in every range - for newcomers, interested home miners, also as large-scale investors.
The mission is to form acquiring cryptocurrencies easy and fast for everybody. The company's solutions for Cryptocurrency mining offer the highest level of Technology and Infrastructure in the Cloud.
They are engaged in providing their cryptocurrency mining infrastructure to cryptocurrency miners worldwide. Customers receive the computing capacity for a monthly, annual, or one-time payment.
This approach gives mining accessibility to those who cannot afford to locate equipment on their premises. There is no need to pay large electricity bills or hear noise from coolers at home.
Benefits of Voskcoins:
1. Worldwide Coverage
2. Trustworthy Company
3. State-Of-The-Art Mining Hardware
4. Insurance Fund
5. Smart And Unique Solution
6. High Mining Performance
7. Real Company With Real People
8. Regular Promotions
9. Simple Pricing
10. Pleasant Experience
You should research all of these providers yourself to choose the service that best suits your needs.
This can be related to costs, location, and potential profit. based on our reviews of each platform ECOS is the leader in our rating of the best cloud mining providers, with BeMine trailing closely.
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