How to choose a cloud mining provider?

Recently cloud mining is getting more and more popular. Alternative to buying mining farms and solving numerous problems concerning their installation, electricity supply and service, is cloud mining.
Editorial staff of Computer magazine has compared TOP 3 of best cloud providers and is ready to share the results of their work.
What are requirements to the perfect service? Let’s have a look:


Low Cost

The price you pay for hash power is very important as it has a strong influence on speed of investment return.

Provider Reliability

The most important requirement. There exist numerous fraud companies which take people’s money and then disappear without paying them back.

Real Mining Facilities

The provider can guarantee that your money will be paid back only if it actually owns hardware.

Convenience

The service provides various additional options which help you to increase profits and enhanсe it for comfort and ease of use.

How Cloud Mining Works?

Step 1 : Registration

You need to create an account at the chosen cloud mining service and, after that, you can have access to your personal cabinet.

Step 2 : Purchasing hashing power

You buy certain amount of hashing power either for cryptocurrency or the U.S. dollars. The hashing power you bought starts to benefit you immediately.

Step 3 : Storing

Every day, cryptocurrency which you have mined, is charged on your account. You can reinvest it by buying additional hashing power or, simply, accumulate.

Step 4 : Money Withdrawal

When a certain sum of money is accumulated on your account, you can withdraw it to your personal crypto-wallet.

Step 5 : Currency exchange

You can change cryptocurrency for real money with the help of one of stock exchanges.


TOP 3 Best Cloud Mining Providers

Editorial staff of Computer magazine has compared TOP 3 of best cloud providers and is ready to share the results of their work.


  • Hashflare

  • Genesis Mining

  • OXbtc

Hashflare is a division of a famous company HashCoins, which produces ASIC mining devises. They use hardware of their own production. From April 19, 2018 Hashflare temporarily reduced the prices for BTC mining (SHA-256) by 2 times. The Hashrate to buy at a low price is limited. Hurry up!You can get 22% discount on hash rate using code HF18PIZZADAY22. Hurry up, codes sell like hotcakes and it's a real bargain

hashflare

Cost

Currently: BTC 0.6$ for 10 GH/s (1 year); ETH 1.8$ for 100 KH/s (1 year); ZEC 2,0$ for 1 H/s (1 year).

Service reliability

This service belongs to a famous big company and has a huge amount of users.

Real Mining facilities

This provider has real data-centers which use hardware of their own production.

Convenience

This service has additional functions of reinvestment and referral program.

Hashflare

Genesis Mining was founded in the end of 2013 and is based on multiple algorithms. Now they offer discount promo-code 3% - L3xAu5.

Genesis Mining

Cost

Currently: BTC 35.8$ for 200 GH/s (infinitely); ETH 38$ for 1 MH/s (2 years).

Service reliability

Service has been working for a long time and has many clients.

Real Mining facilities

Service has real data-centers in Iceland.

Convenience

Service has a referral program.

Genesis Mining

OXbtc has been in the mining industry since 2013. The main hashing power provider is a company BitFury, which is the largest producer of mining hardware.

oxbtc

Cost

Currently: BTC 149$ for 1 TH/s (infinitely). ETH 15$ for 1 MH/s (3 years).

Service reliability

Service has been working for a long time and is an official BitFury partner.

Real Mining facilities

Service has real data-centers in China.

Convenience

Service has a referral program.

OXbtc
Hashflare Genesis Mining oxbtc

Measuring profitability

To estimate profit, which cloud mining investment can give you, let’s calculate how much one can earn per 1 year with the initial investment of 1000$. We will measure profitability for the two currencies which are currently the most popular: Bitcoin and Ethereum.

Bitcoin

Investment
Cost of Hashpower
Service Charges
Mining Power
Profit per day*
Profit per year*
Profit**
1000$
0.6$

for 10 GH/s

0.0035$

for 10 GH/s

16667 GH/s
0.55 mBTC
0.2 BTC
5062$
1000$
35.8$

for 200 GH/s

0.00028$

for 1 GH/s

5587 GH/s
0.23 mBTC
0.09 BTC
2127$
1000$
149$

for 1 TH/s

0.0002278$

for 1 GH/s + 5% of profit

6711 GH/s
0.24 mBTC
0.09 BTC
2205$


* Approximate income calculation is given as of February 2019 regardless of increase in the mining complexity.
** Profit calculation is based on predictable Bitcoin rate.
*** Currently hashpower selling is suspended because of expansion.

Ethereum

Investment
Cost of Hashpower
Service Charges
Mining Power
Profit per day*
Profit per year*
Profit**
1000$
1.8$

for 100 KH/s

No
56 MH/s
4.16 mETH
1.52 ETH
2128$
1000$
38$

for 1 MH/s

No
26 MH/s
1.97 mETH
0.72 ETH
1008$
1000$
15$

for 1 MH/s

0.0148$

for 1 MH/s + 5% of profit

67 MH/s
2.78 mETH
1.01 ETH
1418$


* Approximate income calculation is given as of February 2019 regardless of increase in the mining complexity.
** Profit calculation is based on predictable Ethereum rate.
*** Currently hashpower selling is suspended because of expansion.

Cloud Mining Services Reviews

These cloud mining services reviews were taken from open, reliable sources.

FAQ

What is profit for the service?
Can such services be trusted?
Why cloud mining is better than original mining?
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What equipment do these services use?