Cryptocurrency Cloud Mining – Best Services (Pros and Cons + Scams) 2019

Cryptocurrency Cloud Mining - Best Services (Pros and Cons + Scams)

Cloud cryptocurrency mining is a simplified, mining of bitcoins and altcoins, freeing the user from the cost of electricity, round-the-clock monitoring, software configuration and other difficulties associated with the classic mining option on its equipment. Cloud Mining is the best option for accumulating and increasing cryptocurrency assets for 2019.

Investments in cloud mining allow you to receive cryptocurrency due to computing power (hashrate), only without using your own equipment. With cloud mining, equipment is leased from companies that have powerful data centers with ASICs and GPU farms. These services offer the power (hashrate) of their equipment for cryptocurrency mining for a certain time period, usually 1-2 years. 

For 2019, the most popular and reliable cloud mining sites are :

  1. IQ Mining – the company has been operating since 2016. User-friendly interface, stability, fast payouts. The uniqueness of the service lies in the fact that the system monitors the performance of mining on different algorithms and automatically disables low-profit altcoins. Location data centers: Canada, Russia, Iceland, China. Editor’s Choice! 
  2. BitDeer – the platform appeared only at the end of 2018, but it has every chance to become one of the leaders in leasing computing power for bitcoin mining because the platform is supported by the largest producer of ASIC equipment for cryptocurrency mining – Bitmain and the leading BTC mining pools .com and Antpool.

Rating TOP-5 of the most reliable cloud mining sites, with current estimates for the summer of 2019:

ServiceRatingDetailed review
IQ Mining (Editor’s Choice!)9.8Read the review
Bitdeer7.6Read the review
Hashing247.5Read the review
Hashflare7.1Read the review
Genesis mining6.8Read the review

The criteria by which we are rated in our rating :

  • Profitability and profitability – we calculate the payback period, specify the reality of mining.
  • Prices and commissions – we take into account the validity of tariff plans, compare with competitors.
  • Input/output, discounts, reliability – we analyze reviews, test the correctness of charges and withdrawals.
  • The convenience of the platform and site – we evaluate the functionality, errors, and failures when working with the service.
  • Company features – unique services and useful services, the term of work in the market.
  • The final grade – the average number of points for all indicators, determines the place in the ranking.

What is cloud mining?

Cloud mining is the extraction of cryptocurrencies Bitcoin, Ethereum, Litecoin, Zcash, Dash (the full list of altcoins depends on the particular service) using special cloud services that accumulate capacities in their data centers and farms.

This is a new cryptocurrency earning model that creates groups (mining pools), with one goal: to get more income than conventional distributed mining, due to the management of equipment by a contractor who solves all issues of technical and software components.

The profitability of cloud contracts is due to the fact that the companies providing the service, as a rule, are producers of production equipment (ASIC) or purchase equipment directly from plants such as Bitmain with significant discounts and in the priority queue (until the network complexity is massively increased). This significantly reduces the costs and cost of mining, and the consolidation of ASIC data in large data centers reduces maintenance costs.

Thus, this model of work is beneficial to all participants, since it can significantly increase profitability and get a greater profit.

That is, in simple terms, a certain company produces or acquires mining equipment, and then sells its capacity to end customers, while maintaining the equipment, electricity costs, setting up and connecting to the Internet completely fall on the shoulders of the company.

Cloud service deprives customers of most of the problems and difficulties that accompany the mining process :

  • interruptions in the operation of the Internet and the electric network (there is no equipment downtime)
  • setting up and maintaining equipment in working condition (paid power is constant),
  • high level of noise and heat (there is no need to cool the room),
  • legal issues in the field of legislation and taxation (became relevant at the end of 2017).

Some companies charge a small commission for their work, which consists of electricity and equipment maintenance fees. But in any case, it is much more profitable for the end user than to keep the equipment at home or rent a separate room for it. Since farms and data centers of these companies are usually built in places with cheap electricity and heat dissipation.

Most often, such companies are engaged in Bitcoin (BTC) and Litecoin (LTC) cloud mining, using the so-called ASIC equipment developed for cryptocurrency mining for the extraction of cryptocurrency (there is a different one for each algorithm).

Due to the disappearance of inexpensive video cards and ASICs from the market, cloud mining services are now gaining immense popularity and many contracts are redeemed just a few days after the appearance (commissioning of new capacity). The most reliable of them are IQ Mining, HashFlare and Genesis Mining. Judging by their long history, these services will not burst like bubbles of other hype projects that work for several months, collect the necessary amount of money, and turn off, and users lose their investments.

Specifically, our editorial team uses the IQ Mining service (95% of the total capacity), for more than two years of working with it, there were no problems or delays in payments.

If you decide to start investing in mining now, when video cards and ASICs are too expensive for a private buyer, the easiest and most effective way to profit from investing in cryptocurrency mining is cloud mining. Since if you buy a small batch of equipment yourself, it will essentially cost two to three times more than cloud service contracts for similar capacity.

Why has cloud mining become more popular than classic?

The secret of the popularity of cloud mining can be described by identifying its strengths, which confidently outweighed the scales in the direction of mining using leased facilities. Namely:

  • benefit – greater profitability with less investment;
  • simplicity – there is no need to buy your equipment and monitor it, solve constantly arising technical and software problems;
  • efficiency – a higher total power of computing equipment increases the chances of a successful mining result and getting more rewards;
  • reliability – legally registered status of companies, transparent legal norms, conclusion of an official contract;
  • accessibility – a large number of reliable cloud mining services that have access to all the equipment necessary for efficient mining;

These are not all the advantages of cloud mining, but even they are more than enough to understand why users began to use third-party services, feeling the higher financial attractiveness of such a mining model compared to the classical one.

We will analyze the mining of cryptocurrency in a cloudy manner for its strengths and weaknesses, because, as you know, each coin always has two sides.

Benefitsdisadvantages
+ there is no need to spend money on your own equipment, which is expensive and tends to wear out during use, and is also not insured against breakage;– there are a lot of scammers and non-transparent mechanisms of work of many companies, choose only proven and reliable services;
+ lack of electricity and internet bills;– the huge level of profit promised by the platforms can be misleading (sometimes there are figures of 400% profitability per year), which is impossible in practice and ends in disappointment for a miner who was counting on the declared level of profit;
+ remote use of equipment that is installed somewhere, and not in your home, therefore does not occupy your living space;– the susceptibility of services to hacker attacks and hacking of user online wallets, in which the user loses all funds not withdrawn from the resource (therefore, services with a long payback period are best avoided);
+ there is no need for round-the-clock monitoring of equipment operation, as well as solving technical problems and difficulties with connection, settings, etc.– as a result of the production and launch of a significant amount of computing equipment, the network complexity may unexpectedly change (more relevant for less popular cryptocurrencies), which will negatively affect the value of the hashrate;
+ there is no discomfort from the high noise level of the equipment, there is no need to worry about its proper cooling and air conditioning;– if the cryptocurrency rate drops, work or payments may be suspended by the management of the cloud service;
+ gives the opportunity for passive earnings: you do not think about the process, but you earn on the machine, the ability to simultaneously do something else;– the price of the mined cryptocurrency can fall, but the user needs to wait for the end of the paid time to withdraw funds (with classic mining, you can rebuild your farm under a different coin).
+ high level of profitability, a large profit from invested funds, reaching 200% per year; 
+ Popular cloud mining services are located mainly in Europe, have a legally registered status, which guarantees the reliability of working with them; 
+ the ability to earn more: the total capacity of the leased equipment is much higher, which affects the amount of remuneration (cloud contracts, even taking into account expenses, have a high level of profitability) 
+ the ability to predict profits due to a fixed amount of remuneration and well-known indicators of complexity of calculations; 
+ diversification of investments: the same cloud mining service allows you to conclude contracts for the extraction of various cryptocurrencies, which will protect the invested assets in the event of a depreciation of one of the coins and minimize damage; 
+ There are no restrictions on the use of services: you can mine cryptocurrency on a machine on several platforms at the same time; 
+ referral program allows you to earn extra money by attracting new users to the service and receive% of each purchase made by your referral; 
+ the ability to quickly and easily scale computing power without additional expenses, which usually involves scaling when mining on your own equipment; 
+ protection from problems associated with interruption of the Internet connection, when the mining process is interrupted completely, regardless of what stage you were at. 
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As you can see, the advantages of cloud mining are much greater, which once again proves the feasibility and benefit of this model of earning on cryptocurrency, and also explains the growing popularity of cloud contracts among network users.

How to start cryptocurrency cloud mining?

You have already learned a lot about cloud mining cryptocurrencies to understand that this is a great way to invest money. It’s time to move from theory to practice.

So, in order to independently start cloud mining, you need to perform several actions:

Before choosing a service for cloud mining, you need to determine how long you want to rent equipment. Most often, companies offer to conclude a cloud contract for 1-2 years. But, there are those who offer their equipment indefinitely.

In the case of new altcoins, it is better to consider short-term and medium-term rental options, for example, six months. For top cryptocurrencies, it is more possible to buy long-term contracts.

Choosing a cloud mining service

When choosing four main options:

  • publicity – photos, blogs, videos with equipment and employees;
  • time – the mining market is quite young, and the lifetime of the company here means much more than in more established niches;
  • capacity – the total amount of capacity available to the company and as a result the number of service users
  • multicurrency is the ability to mine various cryptocurrencies within the framework of one service, it is important because the rates can change dramatically. But in most cases it is more reliable to invest in bitcoin mining (SHA-256 algorithm), this is why this criterion is not fundamental.

We have prepared detailed reviews for you on the three most reliable and time-tested cloud mining services. In addition to favorable tariffs, they have the most scarce quality of cloud services – publicity (confirmation of the actual availability of equipment) and payment stability, verified by more than one year of stable operation.

We recommend stopping at them : 

A more extended list of companies providing this service will be lower. But it is worth noting the fact that other services cannot yet boast such a rich history and capacity.

TOP 8 most reliable and large sites

In the list below you will find the most trusted services providing cloud mining services for bitcoin and altcoins in the form of contracts for a certain period. The contract provides a cloud of the power that you yourself choose, and the mining income from this cloud will be your daily profit in the form of the cryptocurrency that your algorithm extracts.

We advise you to register on the sites of the first three , since the reliability and credibility of these services is much higher than all the others on the market.

  1. IQ Mining – was founded at the end of 2016 by a team of experts in the development of the blockchain and IT field. The uniqueness of the service lies in the fact that the algorithm monitors mining performance and automatically disables low-profit altcoins. We have been working with this service for more than two years, during this time no complaints have arisen – the hashrate is stable, payments without delays. Promo code for 10% discount – IQ10MPT . 
    The SHA-256 PRO algorithm in the IQ Mining service automatically conducts mining on 100+ altcoins simultaneously, with the subsequent resale of the extracted crypto coins on several exchanges, which allows you to earn up to 130% per annum.
  2. BitDeer – the platform appeared only in 2018, but it has every chance to become a leading provider of computing power for bitcoin mining, because the platform is supported by the largest producer of cryptocurrency mining equipment – Bitmain and the leading mining pools BTC.com and Antpool.
  3. Hashing24 is a popular service that provides the opportunity for cloud mining of cryptocurrency. It has been operating since 2015, the company has representative offices in Ireland and in Ukraine. The service is notable for the fact that from the very start, the team did not focus on promoting the brand, as many specialized companies do, but on creating reliable partnerships with market leaders. Its data centers are located in Georgia and Iceland. This service provides its customers with world-class data centers. The main feature of the service is a partnership with one of the leaders in the production of mining equipment (ASIC), BitFury, a confirmation of this can be obtained on the official website of the manufacturer. The resource is available in 9 languages, including Russian.
  4. Hashflare is one of the best cloud mining pools with a long history. Most importantly, Hashflare has an impeccable reputation, and trust is almost the main requirement for a cloud mining service, since the profit is quite high on all services, but not everyone can boast of reliability. In our opinion, Hashflare, as well as IQ Mining, is one of the most reliable and profitable services as of 2019.
  5. Genesis Mining – the service allows you to mine Bitcoin and 5 other top cryptocurrencies, namely: ether, lightcoin, dash, zikesh and monero. The company started with small data centers in Bosnia and China, but now the main facilities are concentrated in Iceland. 3% Discount Promo Code – YeyRLA
  6. AlienCloud is a platform that combines cloud mining, a cryptocurrency exchange and a wallet for storing user funds. You can mine – Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Bitcoin Gold, Zcash, Monero, Dash, Litecoin.
  7. Nuvoo Mining  – based in Montreal (Canada), it is an ideal climate that can save on energy costs. Mining is available for the three most popular cryptocurrencies: Bitcoin, Litecoin, Ethereum.
  8. CCG Mining – founded in 2016 in Poland. Owns two data centers specifically designed for cryptocurrency mining, data centers provide optimal working conditions for equipment, are under constant protection and have an insurance policy.
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At the moment, Cloud mining is the only working way to get cryptocurrency and minimize its risks with such an investment. This is a modern solution for users who are confident in the stability of the chosen means of payment and are not going to engage in farm assembly and maintenance of a noisy installation.

In fact, cloud mining services are similar to investing in stocks, but with much higher returns and favorable forecasts regarding their prices. Given the general trends in the Bitcoin market, your contract is very likely to be very profitable, according to statistics over the past year, the profit in relation to investments was 300-800% (depending on the contract and algorithm).

Now at the beginning of 2019, this rate of return is approximately 150% -200%, also depending on the contract and when you purchased it. the cost of each subsequent batch of contracts (capacity) is more expensive.

Methods of depositing and withdrawing funds

Information on the replenishment of the balance sheet, conditions for receiving earned funds, terms and commissions. On the example of Hashflare, as the most popular service on the market:

Deposit of funds (purchase of capacity) :

  • BTC transfer;
  • Bank transaction;
  • by credit card
  • debit bank card;
  • Payeer

Withdrawal of funds (income generation) :

  • withdrawal commission – 0.0006 BTC (regardless of the amount!);
  • withdrawal to wallets within 24 hours, but in fact, funds arrive in 30-40 minutes;
  • restriction on the frequency of withdrawal – once a day;
  • for security, confirmation of the withdrawal by e-mail is required (as well as for changing the wallet). Additionally, you can enable two-factor authentication to enter your personal account.

The advantages of cloud mining compared to classic mining on your equipment

  • No need to pick up and configure iron.
  • Without downloading and configuring the miner.
  • There is no need to look for a good pool, a set of pools is already available in the cloud service.
  • Accuracy of calculations.
  • You can buy power at any time for the money that you have already earned in the service (reinvestment).
  • You can buy power both for fiat currencies (rubles, dollars, euros), and from your crypto wallets. By renting more powerful equipment, you will start to earn real money.
  • Low minimum withdrawal amount and fast payouts.

Advantages and disadvantages of cloud mining

The main advantages of cloud mining :

  • The user gets rid of all the disadvantages of mining: monitoring cloud mining, setting up equipment, paying electricity bills.
  • Rather high profitability – services allow you to get from 200% to 400% of income per year on invested funds, which, coupled with the constant growth of the cryptocurrency rate, makes this very interesting.
  • Companies have legally registered status, are located in geolocations with transparent legal norms (mainly Europe) and are quite reliable.
  • The total capacity of the hotel data center will always be greater, therefore, when collecting your farm and renting power “on the side”, the reward indicators will differ – each cryptocurrency mining on the machine has its own balance of costs and profits. In this case, the difference will be in favor of cloud mining contracts – even taking into account the profit pledged by the service, the profitability for the user will be higher.
  • Profit can be predicted: an investment in cloud mining contracts has nothing to do with buying shares on the stock exchange – there the price may fall due to lower demand, and cryptocurrency mining is protected from such force majeure due to the average complexity of the network and the exchange rate. Using this service in any case brings you money, and a fixed amount of compensation and well-known indicators of computational complexity make it easy to predict profitability and use Bitcoin cloud mining (SHA-256) or another coin.
  • On the same service, you can simultaneously purchase contracts for different cryptocurrencies, which will help to protect yourself from sometimes falling one of them. Proper distribution of investments between them, may reduce the total expected profit, but also minimize damage – in this regard, from a security point of view, diversification according to the two or three most profitable algorithms will be the best strategy for mining.
  • The ability to carry out auto mining of bitcoins on a large number of resources at the same time, searching for the most profitable contracts without any restrictions. But be careful with the new services, the bulk of the investment should be on proven platforms (IQ Mining, HashFlare and Genesis Mining).
  • Referral programs – for inviting a user you may be entitled to a fixed amount or a small additional percentage of the profit on his contracts. So, the creators stimulate the demand for their services, so that cryptocurrency cloud mining becomes more popular and affordable. This is not a significant income, but nonetheless a small bonus.
  • Fast and easy scaling! This is an extremely important aspect, which is not fundamental at the first stage, but is critical for further development. Unlike classic cryptocurrency mining, in cloud mining, we always have the opportunity to scale our capacities in just a few minutes and at no additional cost (those who were engaged in mining on their equipment are well acquainted with the problems of scaling).

The main disadvantages of cloud mining :

  • There is a possibility of a drop in the rate of Bitcoin itself: two “soap bubbles” were observed in 2011 and 2013, and some analysts also find its signs at the time of writing (early 2019). In order to level this disadvantage, we recommend not to display the received cryptocurrency immediately in fiat, but to wait for the most favorable rate. You can also withdraw coins to the exchange and place inflated sales orders, so the assets will be sold only when a certain mark is reached when the rate rises.
  • The likelihood that the seller of the contracts will be dishonest. The great demand for cloud mining has intensified a number of scammers offering non-existent production capacities and exploiting interest in BTC – cloud mining was just a find for them. It’s worth using only proven services with numerous recommendations and don’t “peck” at the promise of sky-high percentages, putting yourself in the first bitcoin cloud that comes across. For the most part, numbers above 300% yield (per year) cannot exist in theory – the best and most reliable cloud mining sites cannot give such numbers.
  • The company’s website with an online wallet itself is subject to hacker attacks and hacking – cloud mining services are not completely protected from this. If such an event happens precisely with the site you have chosen, the money that has not been withdrawn will flow irrevocably to an unknown destination. In this regard, you should beware of services with too long a payback period or conditions that prevent you from immediately transferring profit to your account.
  • A sharp increase in the difficulty of mining the selected cryptocurrency, which in turn will entail fewer coins for the leased capacity (hashrate). However, for assets with a large total network capacity, such as Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), this is not a big risk, since it is physically impossible to produce and run a significant amount of equipment that will significantly change the complexity of the network.
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Cloud mining without investments is a separate category of services

In the table below, we have collected cloud mining services, which you can earn income without investments! Typically, such services give a small bonus in the form of capacity for production for registration, which you can immediately invest in the project and start making a profit.

We’ll emphasize right away that you won’t be able to get a significant income from such sites, but they are not bad for dating and getting started with cryptocurrency mining. Especially if you register immediately in all sites from the table below.

Unfortunately, cloud mining services without investments are not enough because no one likes to give out money just like that. But we specifically selected only the most reliable and reputable (as much as possible in such a niche), filtering out all dubious projects so that you would not waste time in the empty, but would get your income guaranteed.

Please note: on these services there is a minimum withdrawal threshold, which is reached extremely long at the starting bonus power.

Table of the best sites with free bonuses at registration

ServiceProfitabilityDescriptionStatus
Iq miningA free 7-day period for any contract worth $ 100 and an additional bonus of $ 20.IQ Mining conducts a constant analysis of the cryptocurrency market and mines the most promising crypto coins and resells the mined coins through a specially developed API channel on several cryptocurrency exchanges.At the moment, an advanced smart mining algorithm allows you to manage to profit by 70% more compared to conventional mining contracts.Pays
BitdeerFree power 2 TH / S for a trial periodThe company appeared at the end of 2018, in order to popularize its service in the first stage, it provides all new users with a free trial period with a hash rate of 2 TH / S for bitcoin mining.Pays
WormminerFixed bonus after registration. 80% -200% per annumOne of the features of working with the service is that it does not buy mining capacities, but the server. Each server has its own profitability and each server requires a different amount of electricity.Do not pay(since September 2018)
CryptoMiningfarmFixed bonus after registration.30% -200% per annumCustom service with several different contracts. It has been working for more than a year.Do not pay(since the end of 2018)

If you decide to invest your own funds or the cryptocurrency already received in the cloud service, IQ Mining will be the best option in terms of stability and profitability of tariff plans .

Black list of cloud projects (be careful)

SITEDESCRIPTIONSTATUS
CryptominingfarmScamDo not pay
AlphaminingScamDo not pay
WormminerScamDo not pay
ShansisScamDo not pay
Dayrex.ccScamDo not pay
Minecloud.ioScamDo not pay
Cryptomining.ccScamDo not pay
Fflakmining.comScamDo not pay
Wizory.ccScamDo not pay
Hash-x.ioScamDo not pay
Glxmining.ccScamDo not pay
Desmine.ccScamDo not pay
HashCoin.ioScamDo not pay
Vixice.comScamDo not pay
Shreemine.comScamDo not pay
Faxtar.comScamDo not pay
SplititMining.comScamDo not pay
Gigahash.orgScamDo not pay
HugeHash.comScamDo not pay
HashSecure.comScamDo not pay
Overhash.comScamDo not pay
CryptoFly.netScamDo not pay
Eco-Hash.comScamDo not pay
Biteer.bizScamDo not pay
Metizer.comScamDo not pay
BitsapidScamDo not pay
CoinmarkScamDo not pay
BitcoinworldScamDo not pay
TwomineScamDo not pay
BlackcloudScamDo not pay
OnehasherScamDo not pay
Mining-smartScamDo not pay
HasheerScamDo not pay
SidcashScamDo not pay
RainvisScamDo not pay
NatroLimitedScamDo not pay
CryptobitScamDo not pay
FromtminerScamDo not pay
FirebitScamDo not pay
5minerScamDo not pay
BitmineScamDo not pay
AromineScamDo not pay
XmineScamDo not pay
Bit liteScamDo not pay
390HashScamDo not pay
Hash-capitalScamDo not pay
ScurmrrScamDo not pay
BitministerScamDo not pay
Sky hashScamDo not pay
Hash oceanScamDo not pay
FixhashScamDo not pay
OtiisScamDo not pay
TopmineScamDo not pay
Crypto-unionScamDo not pay
AhashScamDo not pay
Sv-minerScamDo not pay
CLDmineScamDo not pay
Hot-coinScamDo not pay
CoindigScamDo not pay
7clyScamDo not pay
Cld-miningScamDo not pay
In-cryptoScamDo not pay
ScryptScamDo not pay
Sea miningScamDo not pay
Bdminer24ScamDo not pay
CoinminersScamDo not pay
Crypto-mineScamDo not pay
My hashScamDo not pay
RdpmainScamDo not pay
CloudminingScamDo not pay
ScryptsyScamDo not pay
CloudminrScamDo not pay
HexhashScamDo not pay
EarningsTodayScamDo not pay
AprilCoinScamDo not pay
Bitcoin-incomeScamDo not pay
EmicoinScamDo not pay
PbminingScamDo not pay
BtccloudminingScamDo not pay
EarntomorrowScamDo not pay
CloudmyScamDo not pay
TelcominerScamDo not pay
Micro-btcScamDo not pay
ElitmaningScamDo not pay
CryptomanyngfarmScamDo not pay
Navvi.ccScamDo not pay
UltronScamDo not pay
Cloud mineScamDo not pay
EliteminingclubScamDo not pay

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