Best Cloud Mining Sites 2023: A Beginners Guide

For many people in the crypto market, mining coins in return for earning passive income is an attractive prospect. But mining, in the traditional sense, requires expensive hardware and significant power. Increasingly, people are turning to cloud mining instead. With cloud mining, users simply choose a provider, invest upfront, and wait for the mining platform to generate profits. Sounds easy, right? But choosing the best cloud mining site is not so simple. We’ve rounded up the top contenders for 2023, so potential miners can feel confident in their investments.

What is cloud mining?

Cloud mining is the process of mining cryptocurrency by renting computational power from another source, such as a cloud mining service provider. Traditional means of mining crypto often require expensive computers, which use up a lot of electricity. This also leads to difficulty in sustaining and making a profit.

By utilizing a remote data center that shares its processing power with its renters, cloud miners don’t have to worry about managing complicated hardware equipment. This is especially useful for beginners. When you use a cloud mining service, what you’re actually renting out are hashrates — a metric used to assess a network’s processing power. Users must register with a mining company and purchase a mining contract that acts as their “share.”

Most people are familiar with bitcoin, so bitcoin cloud mining is still the most common form of crypto mining. However, you can mine any crypto that uses the proof-of-work consensus mechanism. When there’s a requirement to invest upfront, choosing a trusted cloud mining site with good reviews is essential. Here are the best seven cloud mining sites on the market right now.

Best seven cloud mining sites

StormGain

StormGain offers a simple and intuitive, user-friendly dashboard. It performs all the operations of normal BTC mining hardware, so it doesn’t use up your mobile or computer battery. Users can monitor assets rising or falling straight from the platform’s interface. In addition, StormGain offers powerful charting tools to track price trends. Founded in 2019, the platform is available in various languages and boasts a simple sign-up process. One of the best features is its smart anti-fraud engine. Moreover, mining rewards are distributed equally every 30 to 40 minutes.

• Legitimate, reliable service
• Anti-fraud engine
• stable payments
• Good customer service
• Gives up to 20% bonus on every deposit

• Difficult to calculate the withdrawal amount
• No in-built bot to automate trading

Ecos is one of the crypto industry’s most trusted cloud mining sites and platforms. It was founded in 2017 and was the first cloud mining platform to operate legally. Located in the Free Economic Zone of Armenia, the company established an agreement with one of Armenia’s leading electricity suppliers. With over 100 thousand users worldwide, the platform supports major coins, including bitcoin, ripple, ethereum, litecoin, , and bitcoin cash. However, mining functions only support bitcoin.

In addition to providing cloud mining services, Ecos offers a multicurrency and a range of digital asset portfolios with various risk/return ratio indicators. Ecos cloud mining is simple to set up and can be downloaded on Apple’s app store or Google Play. The minimum investment is just $150, making it the perfect platform for beginner miners.

• Customized contract purchasing
• Daily payments
• Low minimum withdrawal
• Low fraud risk

• Only supports bitcoin mining

Hashing24

Founded in 2015, Hashing24 is best for investors who wish to focus solely on bitcoin. The platform boasts a solid ten years in the bitcoin cloud mining market, with over 1000 coins mined and withdrawn by users. The minimum deposit amount is $72.30 for the 12-month plan, which gives miners 1 TH/s. Similar to Ecos, the platform only supports bitcoin mining at present.

Hashing24 utilizes industry leader Bitfury for its mining data centers. Bitfury Group is the world’s leading blockchain technology company and is committed to providing the industry’s best infrastructures for mining bitcoin. It has deployed several data centers in six countries, with four actively mining. Hashing24 offers a free demo directly from the site, so users can simulate how much profit they would make with any given hash input.

• Stable hash power
• 24/7 customer support
• Daily payout
• Weekly promotions and auctions
• Free demo to simulate profits

• Only supports bitcoin mining

KuCoin is a world renown cryptocurrency exchange that debuted in September 2017. Currently, it offers lending, staking, P2P trading, futures and spot trading. The global exchange is known for its easy-to-use platform. In addition, KUCOIN is extremely diverse, in the products it offers and the populations that it serves. KuCoin is available in over 200 hundred countries, and supports more than 600 cryptocurrencies.

KuCoin Pool, its mining service, is a high-performance mining pool that supports assets such as (BTC) and Bitcoin Cash (BCH). It is a relatively new service, aiming to become one of the largest mining pools contributing to multiple blockchains. Some of the features that Kucoin pool leverages are:

• Merged mining and FPPS settlement guarantees mining income
• Accurate Hashrate Data
• One-on-One Customer Service

Pros of KuCoin

• No fees for revenue from mining
• Trusted platform
• KuCoin is not a regulated exchange under any financial regulatory agency

Cons of Kucoin

• Can not withdraw fiat
• US users have limited features
• Can only mine BTC and BCH

Nicehash

The Nicehash platform provides both mining hosting services as well as a marketplace. Here, miners have more freedom in customizing their mining terms. For example, users can choose the exact amount of hash they want to purchase, the duration, and how much they are willing to pay. Customers can also connect their miners and sell hashrates to others on the platform by attaching their GPU

The economic landscape on Nicehash is centered around bitcoin. So, everything eventually gets converted to bitcoin regardless of which coin is being mined. In contrast to other trusted cloud mining sites, Nicehash does not own any mining hardware. Users connect their PCs or mining rigs to other members in the hash-power marketplace and rent out the computing power of their own machines.

• Fiat withdrawals
• Remote mining management
• Peer-to-peer hashrate trading
• Lightning Network

• More expensive than most cloud mining options
• Slow payout rate

Bitdeer is a versatile cryptocurrency platform offering an array of services. Apart from providing cloud mining, Bitdeer serves as a multi-brand hashrate market. This market allows investors to buy and sell hashrates with one another. The project focuses on partnering with the world’s largest mining pools and the best mining equipment manufacturers.

Powerful ASIC and GPU miners take care of the mining. To begin mining, users must make a minimum investment of $542, which covers 50TH/s for bitcoin cloud mining. In addition, they provide cloud contracts in over 200 countries, and all contract types are 180 days in length. The project has successfully launched five fully compliant data centers around the world.

• Hashrate market
• Cloud hosting of miners
• iOS and Android app integration
• Charts of cryptocurrencies in real-time

• High minimum investment

Genesis Mining

The Genesis cloud mining provider offers more than ten mineable cryptocurrencies and is among the highest-rated platforms. Based in Hong Kong, the company serves over 200 thousand users in more than 100 countries. The mining programs are suitable for investors of all levels. The platform provides multiple mining plan types ranging from six to 24 months, each with four contracts with different prices. Contracts are sold in Gold, Platinum, Diamond, and Custom.

Moreover, Genesis Mining charges zero maintenance costs, saving investors considerable cash. The minimum investment to get started is $500.

• Long-standing credible services
• Reliable equipment
• 24/7 customer support
• Stable payments
• Versatile payment/withdrawal methods, including credit cards

• No exchange for hashrate sells

Hashshiny

Hashshiny is a bitcoin cloud mining software that allows users to find the best profitable pools easily. Founded in 2016, Hashshiny utilizes the newest ASIC miner and GU rigs for its mining protocols. And users can control the mining process by selecting Switch on or Switch off with full control permissions. In addition, the platform offers a graph with hashrates that provides live data

Hashshiny is also super convenient because users can access the software via Android and iOS devices. Moreover, payments can be made using PayPal and crypto wallets. The minimum investment to start is only $10, making it attractive to a wider range of investors.

• Real-time mining hashrate within the application
• Low minimum investment
• Daily payout
• Low maintenance fees
• Mobile app

• Can be quite expensive in comparison with other platforms

Choose the best cloud mining site for your needs

Always do your research before choosing the right platform for your needs. Keep in mind that the best cloud mining sites are those that have a proven track record of successful payouts and customer reviews. In general, many cloud mining platforms are It is crucial to find one that pays you consistently and is transparent with its hashrates. Cloud mining can be rewarding if you practice good risk management, choose a reputable company, and only invest money you’re comfortable losing.

Frequently asked questions