Cloud Mining We consider cloud mining cryptocurrency – what is this method, how it works, what are its features, the best services that provide this service, pros and cons.
Today, mining cryptocurrency on its equipment is a very expensive pleasure. It is necessary to spend money on the assembly of farms, the purchase of Asikov, arrangement of premises and electrical wiring. Also in the process of mining you will have to pay substantial electricity bills, which reduces profitability and slows down equipment payback. We add here the instability of the cryptocurrency world and come to a not very pleasant conclusion – it’s not only expensive to engage in mining, but also risky, because if the rate drops, the equipment will not pay off.
Fortunately, there is a more attractive alternative – cloud mining. In the proposed review, we thoroughly consider this method of extraction of crypto money, analyze its features, strengths and weaknesses.
Cloud mining (Cloud mining) – mining of cryptocurrency through a remote processing center, providing network members with a lease of computing power.
Globally, cloud mining cryptocurrency is no different from the classical method. It also uses computing equipment (trusses from video cards or ASICs), which take part in the search for hash for new crypto-network blocks, for which the award is accrued. The key difference is that each user does not use their own equipment. He leases the power of a large company, the equipment of which extracts the crypt, and the tenant receives a commission for this. That is, the miner is required only to purchase power according to the tariff. The company providing cloud mining services is responsible for everything itself:
The only thing left to do for an ordinary user is to choose the optimal tariff plan.
Cloud mining itself can be of 2 types:
All cloud mining companies exist due to 3 sources of income:
Capacity rental is the most popular form of cloud mining, requiring only payment at a rate from a person. A kind of alternative is the virtual hosting format, in which the user rents a virtual server, but uses his software.
So, we figured out how cloud mining works. Now let’s talk about a number of nuances that should be considered if you want to try out this method of mining cryptocurrency.
In order not to “burn out” on cryptocurrency cloud mining, you need to study a number of issues. Here is what you need to do first:
It is extremely difficult for many users (especially beginners) to navigate a huge number of sites offering cloud mining. We will facilitate your task. Below are the top five services that provide this service and, most importantly, pay their customers.
Genesis mining platform home
genesis-mining.ru is one of the most popular platforms today. The site has been operating since November 2014 and during this time he managed to earn a good reputation. As of 10.25.2018, 3 main cryptocurrencies can be mined at the site: Bitcoin, Ethereum and Desh. The purchase of tariffs for Lightcoin, Monero and ZCash is not yet available. The site offers long-term mining tariff plans:
To purchase a tariff plan, you need to transfer from a dollar card. The resulting capacity can be allocated for mining other digital assets. That is, you can buy 1 Th / s and extract Bitcoin with it, as well as Ether, Desh, Bitcoin Gold, Bitcoin Cash, Lightcoin, Dogogin and Zikesh. The power purchased for the Desh mining can be allocated to the production of Monero.
Payments are made directly to the wallet. The minimum amount to withdraw Bitcoins is 0.0025 BTC. Ether can be output if the sum is 0.04 ETH. To withdraw Desh need to collect on the balance of at least 100,000 dashtoshi.
In general, this is a very good site with a user-friendly interface and Russian-language localization. True, he has his drawbacks. First of all, the site does not have its own mining profitability calculator, so for rendering we will have to use third-party resources (for example, nicehash.com/profitability-calculator). In addition, sometimes there are delays in payments due to network overload, but these problems are quickly resolved.
Crypto-cash interface
crypto-cash.cash is a relatively young resource, functioning since May 2018. On the site you can get Bitcoin, Dogykoin, Dash and Lightcoin. The platform provides internal wallets to store earned cryptocurrency. Available recharge in dollars, rubles and euros. The purchase of contracts is made through the internal asset CryptoCash voucher or CCV (as of 10.25.2018, this is exactly 1 dollar).
Initially, the user is invited to buy a two-week demo contract for 8 CCV. After it is over, the purchase of full-fledged tariff plans will be available. The site has a convenient interface. Powered support service. Moreover, the resource is constantly being upgraded. Unfortunately, delays in payments still occur, but in the end, the money still reaches the addressee. For all cryptocurrencies set the minimum thresholds for the withdrawal. For Dogikinov – 10 coins, for the rest of the cryptocurrencies – 0.01 BTC / LTC / DASH.
Site Menu SelenTrade
for-biz.com.The site, of course, an amateur. It has an extremely simple interface and rather curious terms of cooperation – the contract lasts as long as its yield does not reach 150% (that is, there are no specific time limits). However, the site has been operating since May 2017 and all the time it regularly pays for the established conditions. You can buy a contract for SelenCoin coins (they are on the Exmo listing), via Payeer or AdvCash. After the acquisition on a third-party services, the coins must be transferred to the internal purse of the site (its address can be found in the appropriate section). The minimum deposit amount is 0.01 SEL. However, such transfers are unlikely to be made. The fact is that the cost of one contract is 3.8808 SEL and it corresponds to a power of 1 Mh / s. It means,
There is another fun part. By default, the service is extracted by Dash, but more recently payments are made in Dogykoins (this was chosen by the customers themselves). That is, you will be outputting this cryptocurrency from the site. The minimum threshold for withdrawal is only 11 coins. In addition to wallets for SelenCoin and Dogecoin, the site has repositories for Dash, Bitcoin and Litecoin. You can trade internally by swapping one digital asset for another. By itself, the site is quite convenient, although the pages are loaded long.
In addition, from the mined cryptocurrency the user receives only 80%, the remaining 20 are spent on supporting the service and its development.
Flymining Start Page
flymining.cloud is probably one of the best sites for domestic users. It has been operating since January 2017 and offers its customers very good conditions for cooperation. Bitcoin and Ethereum can be mined on the platform. As of 10/25/2018, the price per 1 TH / s (mining BTC) is 17,500 rubles. The contract is for 1 or 5 years. For the production of Ethereum, 1 Mh / s only needs to pay 490 rubles, although the contract here is only for a year. You can replenish the ruble balance through PayPal and Yandex.Money.
The withdrawal of mined coins can be ordered at any time. There are no restrictions on withdrawal per se, but the commission must be taken into account. The standard Bitcoin transfer commission will be 5,000 Satoshi; for the standard translation of Ether, the system will hold 50,000 gwei. You will have to pay 0.0005 BTC and 0.005 ETH for the priority transaction, respectively.
Profile menu on Agiocrypto website
mining.agiocrypto.com is an incredibly convenient service for those who want to mine Ethereum, Bitcoin or Lightcoin through cloud mining. If we talk about Aether, then for the power of 1 Mh / s here you need to pay 8.4 dollars. A more solid hashrate, say, 125 Mh / s, will cost the user 1050 USD.
Normal power for mining Bitcoin (for example, 25 Th / s) costs exactly one thousand dollars. For 848 Mh / s for mining Lightcoin will have to pay the same amount. In the profile menu you can order the purchase of almost any capacity. The main thing is that you have enough money for it and that the site has the necessary hashrate margin. Yes, there is one significant disadvantage – the power reserve is limited. But there is an impressive plus – all contracts are for life. That is, paid 1 time and use. However, there is one condition on the website under which the tariff plan will cease to operate – if the fees exceed the income during the week.
The balance is displayed only in dollars and euros, but it can be replenished in rubles (money is automatically exchanged at the current exchange rate). You can recharge through QIWI, Yandex.Money, VISA and WORLD cards. Please note that the platform has restrictions on minimum and maximum deposits. They depend on the method of replenishment. And finally, another pleasant fact – the site has its own income calculator. You just need to choose power, and the system will automatically give you your potential income (minimum and maximum) for a month, 3 months, half a year and a year.
Separately, we note the fact that all the described sites (except the last) provide referral programs. That is, you will be able to receive a commission not only from cloud mining, but also from the income of the participants invited by you.
Cloud mining cryptocurrency has its strengths and weaknesses. You can read about them below:
Benefits | disadvantages |
Low entry threshold. To start doing cloud mining, you do not need to spend large sums of money. A few hundred dollars is enough to start. | There are a lot of fraudulent sites online that take money from customers and disappear after a while. |
The absence of problems that occur in classical mining. No need to spend money on the purchase of equipment, equip a room for it, think through the cooling system, pay for the light and so on.All these costs are borne by the cloud service. | Many platforms have long-term contracts (for 2–5 years), and you pay the money immediately. Even if the resource is honest, there is no guarantee of a favorable outcome, because over the course of several years, a cryptocurrency mined can simply be devalued. |
Cloud Mining is a great way to invest for the future. For a small fee, you can slowly accumulate cryptocurrency, and after a few years, if it is appreciably more expensive, you can sell it with the maximum profit for yourself. | Most of the time, your coins are stored on cloud service balances, that is, online. This means that they are vulnerable to hacker attacks. |
With cloud mining, you can mine several digital assets using different algorithms. | On some sites you need to pay not only for power, but also for equipment maintenance, which reduces the overall profit. |
Many resources that provide such services have referral programs, through which you can increase your income. |
Well, we fully understood what cloud mining means, what are its nuances and what online sites are best to use. As you can see, this method of extraction of crypto money also has its own risks, but with the right approach, you can ensure a good income with minimal investment.
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