What is Bitcoin Cloud Mining?
Cloud mining or cloud hashing enables users to purchase mining capacity that of hardware in data centres. Two operators, Hashflare and Genesis Mining, have been offering contracts for several years. Bitcoin cloud mining enables people to earn Bitcoins without bitcoin mining hardware, bitcoin mining software, electricity, bandwidth or other offline issues. Bitcoin cloud mining, sometimes called cloud hashing, enables users to buy the output of Bitcoin mining power from Bitcoin mining hardware placed in remote data centres. Then all Bitcoin mining is done remotely in the cloud. This enables the owners to not deal with any of the hassles usually encountered when mining bitcoins such as electricity, hosting issues, heat, installation or upkeep trouble.
Best Bitcoin Cloud Hashing Services
Being listed in this section is NOT an endorsement of these services and is to serve merely as a Bitcoin cloud mining comparison. There have been a tremendous amount of Bitcoin cloud mining scams.
Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.
Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more. Minergate Review: Offers both pool and merged mining and cloud mining services for Bitcoin.
Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.
Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.
Hashnest Review: Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnest's website. At the time of writing one Antminer S7's hash rate can be rented for $1,200.
What are Bitcoin Cloud Mining Advantages?
- No ventilation problems with hot equipment
- No bitcoin mining equipment to sell when bitcoin mining is no longer profitable
- No electricity costs
- No preordered bitcoin mining hardware that may not be delivered on time by bitcoin mining equipment suppliers
- Quiet because of no constantly humming fans
- No excess heat to deal with
What are Bitcoin Cloud Mining Disadvantages?
- Lower profits – Bitcoin cloud mining services or mining company will have expenses
- Unverifiable or otherwise shady Bitcoin cloud mining operations
- Lack of ability to change the Bitcoin mining software
- No fun! If you like building your own Bitcoin hashing systems.
- Lack of possession of the Bitcoin mining hardware
- Bitcoin mining contracts may have the ability to cease operations or payouts in the contracts if the Bitcoin price is too low