Cloud mining in 2022: an overview of cryptocurrency mining on the cloud, reviews and recommendations

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Cloud Mining is the rent of computing power to mine cryptocurrency from online sites that provide their hardware without physically transferring it. This mining method has emerged recently and has gained popularity among crypto investors. Reason: easy and quick start of mining Bitcoin, Litecoin, Ethereum, Dash, Zcash and other altcoins. The algorithm of action is to find a reliable site for cloud mining, register, replenish the account and buy the required amount of power. Payments and credits of income are carried out every day.

Popular cloud mining sites in 2022 are:

  1. IQ Mining. Perpetual contracts available for 1, 2 or 5 years.
  2. ECOS. After registering on the mining.ecos.am website, they provide free 0.1 TH / s to get acquainted with the service. Cloud contracts – for 180, 360, 365, 720 and 729 days. You can mine Bitcoin cryptocurrency. Payments are made every day. It is easy to pay for contracts with a bank card or cryptocurrency Bitcoin, Ethereum, Ripple, Litecoin. Mining is carried out on hardware that has been confirmed.
  3. CryptoUniverse. The service provides cloud contracts for mining Bitcoin and Litecoin cryptocurrencies. Convenient ways to buy capacities: cards, payment systems, cryptocurrencies.
  4. Shamining. Bitcoin mining on the Sha-256 algorithm. The contracts are valid for 365 days. Payment with a Visa / MasterCard bank card or Bitcoin cryptocurrency.
  5. Bemine. You can buy a whole miner or any part of it for cloud mining. ASICs available: Bitmain Antminer S19, S19PRO or T17 + for Bitcoin mining on the Sha-256 algorithm; ASIC A9 ++ (mining Zcash on Equihash); Innosilicon A10 PRO for Ethereum Mining with Ethash Algorithm. Also provides services for the sale of ASICs and equipment placement in a mining hotel.
  6. Bitluck. The company offers cloud mining on real hardware. A live broadcast from the mining hosting has been organized. Offers cloud contracts for mining Bitcoin cryptocurrency (SHA-256 algorithm) for a period of 150, 240, 360 days or unlimited tariffs. There is a promotional contract for the purchase of 10 TH power and a duration of 10 days for $ 10. BitLuck is licensed by the European Union. You can pay for the contract using a bank card or transfer; electronic money; cryptocurrency. Payments every day to a Bitcoin wallet from a selected mining pool.
  7. Genesis Mining. The contracts are valid for 12 or 24 months.

Information about the services in the table (see the current conditions on the official websites):

NameOfficial siteMined cryptocurrencyMining algorithmDuration of contractsCost 1 TH / s per contract for 365 days (service charge not included) Input OutputCountry of registrationYear of foundation
ECOSmining.ecos.amBitcoin (BTC)SHA-256360; 365; 720; 729 daysfrom $ 17.4cards; cryptocurrencyArmenia2019
IQ Miningiqmining.comBitcoin (BTC), Ethereum (ETH)Sha-256; Ethashfor 1, 2, 3 years; 5 years; indefinitefrom $ 12.9 when buying from 30 TH / s; from $ 13.7 when buying from 3 TH / s; from 14.5 $ when buying from 500 TH / s cards; cryptocurrencies; Perfect moneySeychelles2016
Beminehttps://cloud.bemine.club/Bitcoin (BTC), Ethereum (ETH), Zcash (ZEC)Sha-256; Ethash; Equihashfor 6, 8, 12 monthsthe price depends on the minerVisa and Mastercard; Bitcoin; Advcash, Payeer, Webmoney, Perfect MoneyRussia2018
CryptoUniversecryptouniverse.ioBitcoin (BTC), Litecoin (LTC)Sha-256; Scryptfor 180, 36, 730, 1095 days; until 01.01.2025from $ 12.9cards; Bitcoin; PayeerEstonia2018
Hashmarthttps://hashmart.io/Bitcoin (BTC)SHA-256for 360 days; indefiniteVisa / Mastercard; Bitcoin; SepaCyprus2019
Bitluckbitluck.comBitcoin (BTC)Sha-256150, 240, 360 days; unlimitedfrom $ 16.5cards; Bitcoin; AdvCash; PayPal; bank transfer;Hungary2019
Genesis Miningwww.genesis-mining.ruBitcoin, Dash, Ethereum, Monero/Monero Classic, Zcash, LitecoinSHA-256, Ethash, X11, CryptoNight, Equihash; Scryptfrom 6 to 24 monthsfrom $ 37 (contract for 24 months)cards; cryptocurrencyVirgin Islands2013

All online services have been operating for more than one year and have established themselves as reliable cloud mining platforms. Among the methods of replenishment and withdrawal there are bank cards, which means that the online cryptocurrency mining service is available in most countries of the world.

Important. When buying power for mining on the cloud, you need to carefully read the rules for the provision of services and other important information.

Earning on the “cloud” refers to passive investments, since there is no need to participate in the process itself. The purchase and configuration of equipment, payment for electricity, rental of premises, cooling, noise reduction and other issues fall on the shoulders of representatives of the cloud mining service. The money earned can be withdrawn every day. But is everything as simple as it seems at first glance? The editorial staff of Profinvestment.com will analyze in detail all the questions, nuances and important points that relate to mining on the cloud, note the advantages and disadvantages of investing.

What is cloud mining

The unprecedented excitement around crypto projects, constantly fueled by the media, attracts more and more neophytes to the caste of miners – ordinary people who want to improve their financial situation through passive income, which, in fact, is the “digging” of Bitcoin and other alternative virtual coins.

However, any enterprise that promises profit in the future requires capital investment. Mining is no exception. You need to purchase special computing equipment (starting price – from 2 thousand US dollars), “flash” it, update the electrical network of your own apartment or premises for a mining farm, including a switchboard, etc. It is the size of the start-up capital that scares off the vast majority of potential ” miners “, since few people know a way to” get around “the problem of lack of money – cloud mining, which we will discuss in more detail in this section.

Cloud Mining is a variant of mining bitcoin and other crypto-coins (more than 1400 tokens) without connecting your own computing power (CPU, GPU, ASIC), carrying out constant monitoring, setting up equipment, and implementing a number of actions traditional for this process. A virtual “prospector” rents the necessary hardware on special online services with a one-time or periodic payment and subsequently receives the expected dividends.

Cloud mining operation algorithm

First, a little history: from the moment when the “cue ball” became possible to mine, the reward for the generated block was 50 BTC, and the complexity of the process (for the reader to understand) an average mathematician could calculate on a piece of paper. However, the Bitcoin protocol implies the complication of the “digging” process with a parallel drop in reward – at the moment, the block bonus is 12 BTC. At the same time, the complexity of hashing is such that without ASIC chips, you can not even start mining Bitcoin. With the complication of mining “cue ball”, “mining” of a digital coin began to bring a loss – and not only for the “miners” – lonely, but also for the pools, as well as the owners of “farms” of industrial scale. It was the latter who came up with the idea of ​​creating cloud mining, which was adopted by enterprising companies.

The Cloud Mining functioning algorithm consists of several stages:

✅  Purchase of the appropriate equipment with subsequent “firmware”, adjustment, if the purchase of graphics processors (video cards) is implied, since ASIC chips are initially “sharpened” for the mining of one or another crypto-coin.

✅  Creation of a resource on the World Wide Web offering potential “miners” to conclude a contract for a specific period of time, involving the lease of the necessary computing power for mining “bitcoin” or altcoins.

✅  The user acquires the allocated capacity for cryptocurrency or fiat by registering on a web resource. There are variants with domestic currency, but they are not popular.

Cloud mining brings real profit to the owners of “farms” and tenants who receive passive income with the participation of first-class equipment.

Types of cloud mining

Cloud Mining can be conditionally divided into several types:

  1. With attachments (paid).
  2. Free offers (no attachments).

With the first option, everything is clear and transparent. The second type is HYIP projects. The defining task is to collect finances and “evaporate”. They first offer services for free, then for a “ridiculous” cost, but they function until they gain a “critical weight” of capital. Such projects, for example, include Cloud-Mine, which allows “mining” the Doge cryptocurrency. Judging by the feedback from users, while he makes payments and conducts various lottery draws, where the reward is USD and Doge.

By the duration of the contracts:

  1. Perpetual.
  2. Limited.

Pros and cons of Cloud Mining

One of the positive characteristics of cloud mining is the ability to invest any amount in an enterprise: from a few dollars to finances hundreds, thousands of times more. According to many “miners”, this is the main advantage of the cloud. Among other advantages of cloud mining, we highlight the following:

✅  There is no need to spend “crazy” money on “hardware”, specialists who will configure it, other “delights” that are typical of mining.

✅  There is no need to pay monthly bills for electricity, internet, rent of premises for a “farm”.

✅  Those living in states where crypto mining is a criminal offense have the opportunity to safely “dig” tokens (in Bangladesh, for example, for this “freedom” you can get 12 years in prison).

Cloud Mining also has negative sides: first of all, you can run into scammers – give your hard-earned money for non-existent capacities. In addition, the resources offering this service do not have a fixed rental rate – it can be a symbolic amount that will grow over time due to the costs of landlords for current equipment repairs, or an unaffordable price for many: as a rule, this feature is different authoritative platforms. The sudden “drain” of the resource is also a significant disadvantage of the cloud: investors who have invested significant capital can lose it irretrievably.

Best cloud mining sites in 2022

We bring to your attention a table with the most authoritative sites that implement Cloud Mining as a service:

NameWebsiteCryptocurrencyAlgorithmDuration of contracts
ECOShttps://mining.ecos.am/BitcoinSHA-256by 365; 720; 729 days
IQ Miningiqmining.comBitcoin, EthereumSha-256; Ethashfor 1, 2, 3 years; 5 years; indefinite
CryptoUniversecryptouniverse.ioBitcoin, LitecoinSha-256; Scryptfor 180, 36, 730, 1095 days; until 01.01.2025
HashmartHashmart.ioBitcoinSHA-256by 365; indefinite
Bitluckbitluck.comBitcoinSha-256; Scrypt30, 150, 240, 360 days
Genesis Miningwww.genesis-mining.ruBitcoin, Dash, Ethereum, Monero / Monero Classic, Zcash, LitecoinSHA-256, Ethash, X11, CryptoNight, Equihash;Scryptfrom 1 to 2 years

ECOS

ECOS company is registered in Armenia, in FEZ (Free Economic Zone). Includes a number of different IT-related solutions, including the ECOS Cloud Mining cloud mining service. So far, the resource allows you to purchase contracts only for Bitcoin and mine using the SHA-256 algorithm. If you wish, you can purchase mining equipment for yourself. Although geographically it is located in the FEZ of Armenia, it will work for the buyer.

Supported payment methods: VISA, MasterCard, cryptocurrency. In the presence of contracts lasting from 180 days to 2 years and capacity from 1 TH / s to 120 TH / s.

IQ mining

One of the most effective cloud mining services today is IQ mining. After a quick registration and purchase of a contract, it allows you to receive the first payments within 24 hours. You can mine Ethereum, Litecoin, Monero, Dash, USDT and Zcash cryptocurrencies. Contracts are available for 1, 2, 5 years and perpetual.

They have a cost of $ 0.098 for 1 GH / s. You can choose the power at your discretion, but in some tariffs the minimum power is 10 GH / s or 0.1 MH / s. Almost all popular payment methods for purchases are supported: from cryptocurrency to bank cards and payment systems. IQ Mining Corp is registered in the Seychelles.

CryptoUniverse

CryptoUniverse Cloud Mining has been operating since 2018 and offers over 20 different contracts for any business strategy. For mining, equipment from leading manufacturers is used, purchased from them under contracts – Bitmain, Ebang, Canaan, Innosilicon. The service allows you to mine Bitcoin and Litecoin. There are contracts for sale from a month to 5 years.

The minimum contract value is $11.90 for 1 TH / s, the maximum is $ 2700 for 200 TH / s (limited amount). Payment is made to choose from cryptocurrency, bank cards or transfers, through the Payeer payment service. The company is officially registered in two countries: Great Britain and Estonia.

Genesis mining

Genesis Mining is one of the longest running cloud mining sites since 2014. Differs in simplicity, versatility, multilingualism. It makes it possible to mine cryptocurrencies Bitcoin, Dash, Ethereum, Monero / Monero Classic, Zcash, Litecoin using SHA-256, Ethash, X11, CryptoNight, Equihash and Scrypt algorithms. The contracts are valid for 12-24 months.

Currently, only Bitcoin mining contracts are available with a capacity from 5 TH / s to 130 TH / s, and their offer is limited. The rest of the tariff plans are sold out. You can pay for the purchase with cryptocurrency or through a bank card. The organization is registered in the British Virgin Islands.

Cloud mining on BitLuck

Bitluck is a cloud mining service that allows you to purchase contracts for periods ranging from 30 to 360 days with a capacity of 10 to 100 Th / s. The only mined cryptocurrency is Bitcoin. Differs in the loyal cost of contracts and the ability to customize them before purchasing.

The service operates under a European license. The maximum profitability that can be achieved with the bitcoin rate of $ 7100 is 12.7% per year if you buy a contract of maximum power and duration. Payment methods for contracts – bank cards and transfers, AdvCash, PayPal, BTC.

How to choose a reliable cloud for mining

In order to minimize the above risks associated with cloud mining, when choosing a platform, you need to pay attention to the following parameters:

✅   Public availability (publicity). Simply put, priority should be given to a service that is transparent: uploads photos of equipment, employees, blogs, etc.

✅   The operating time of the cloud service. Everything is simple here: the longer, the better.

✅   Production capacity. It is necessary to establish (if the service is public, it will not be difficult) what computing power the company has, the number of active users.

✅   Multicurrency. Due to the volatility of token rates, it is advisable to use the power of the platform that does not work on one SHA-256, but is capable of “digging” coins on other hashing algorithms. In the event of a decrease in quotations, you can always switch within the framework of one service to mining another digital coin.

✅   Methods for depositing and withdrawing funds to the balance.

✅   The duration of the contracts. Better to buy perpetual contracts.

✅   User reviews. It is imperative to study this before concluding a contract.

✅   Service fee.

✅   Payback time of contracts.

Pros and cons of cloud mining

Pros: ✅   

✅ No need to buy equipment, study its intricacies, worry about technical support and updates.

✅ No technical knowledge required.

✅ No noise and heat. There is no need to worry about the organization of the cooling system and the allocation of a separate room, changing the electrical wiring.

Cons:

❌  There are many fraudulent services.

❌  Low earnings with a low cryptocurrency rate. Part of the income is retained by the service as a commission. The profitability of cloud mining depends on the rate of the mined cryptocurrency, the complexity of the network, and the price for electricity.

❌  The method contributes to the centralization of the network. This is important for those who care not only about economic returns, but also about the global future of cryptocurrencies.

❌  The choice of currencies for mining is limited to those offered by this or that service.

Feedback

To summarize: if financial capabilities do not dispose to purchase expensive equipment for mining virtual coins, do not despair. Cloud mining of cryptocurrencies will always come to the rescue, which realizes the desire of the average person to join the caste of miners with all the ensuing earnings. It is preliminarily recommended to comprehend at least the basics of mining: what is hashrate, ASIC chips, SHA-256, Ethash, X11 algorithms, etc. The rules for choosing the “cloud” described above will help to minimize the risks. The main thing to learn is that mining with cloud resources is a long-term investment.

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