Cloud mining has been one of the most innovative advancements in the crypto industry in the last few years. While mining is a speculative investment, it is also one of the cheapest ways possible to own a cryptocurrency. Various cloud mining sites have emerged which have made mining Bitcoin and other cryptocurrencies easier for a growing number of crypto traders around the world.
Explaining Cloud Mining and Its Advantages
Cloud mining is a new and innovative method for mining cryptos by harnessing the power of cloud computing. To start this process, the miner simply has to register and buy mining contracts or shares to get started. The mining company owns all the mining rigs in its own facility.
Cloud mining in general eliminates the requirement of up-front investment generally needed for purchasing and setting up complex mining rigs. It instead allows the user to outsource the process through a cloud system. This way, not only can they access it on the go but they can also save a substantial sum of money in regard to initial costs and maintenance.
These cloud mining platforms have the required security protocols in place to minimise any concerns with privacy. It also provides higher levels of revenue which is not possible with other mining methods. The need for managing the infrastructure needed for mining is eliminated thanks to cloud mining.
How Does Cloud Mining Work?
The cloud mining process is simple and begins when the user signs up with a cloud mining provider. Once the user has chosen a provider, they will need to sign up and purchase hash power (i.e. computing power). The amount of hash power a user purchases determines how much cryptocurrency they can mine.
The cloud mining provider will allocate a portion of their mining hardware to the user based on the hash power they purchased. The provider will take care of all the maintenance, repairs, and upgrades for the hardware. This depends on several factors, including the difficulty of the cryptocurrency, the amount of hash power the user purchased, and the fees charged by the cloud mining provider.
Once the user has accumulated a certain amount of cryptocurrency, they can withdraw their earnings from the cloud mining provider as they wish.
Cloud mining platforms allow users to rent computing power from remote data centres to mine cryptocurrencies. Fancy Crypto, Ebot, Genesis Mining are the best cloud mining platforms:
Here is a list of the best cloud mining sites with the most profitability in 2023.
- Fancy Crypto
- Genesis Mining
Fancy Crypto is a newly launched one-stop solution for cloud mining. It is one of the pioneering cloud mining entities which have already gathered 360,000 users worldwide. It eliminates the need for owning any mining hardware/software and does not require the miner to possess any technical expertise.
Fancy Crypto also provides a special referral program that assigns a unique and shareable referral link. By simply sharing the link, the user can earn 3% on every referral. Additionally, every new user signed will also become a referrer for life, allowing the original user to earn a commission every time they make investments in the future.
There is no official app, as the platform is completely browser-based. This means users aren’t required to download any app. Overall Fancy Crypto aims to become the leader in this sector with a proven track record, lucrative referrals and well-designed mining packages designed for all classes of traders and investors.
- The platform is built by experts in the fields of crypto mining, blockchain technology, Fintech and data security.
- Accepts several cryptos as payments including Bitcoin, Tether, Ethereum and Litecoin.
- Users do not require any downloads or installation to use the platform as it is browser-based.
- Several lucrative and risk-free packages for cloud mining are available.
Why we chose it
Fancy Crypto aims to become one of the world’s largest crypto mining platforms in existence. Users prefer it due to its advanced deployment technology and cost-effective mining packages. While it delivers all of the advantages associated with other cloud mining platforms, it goes one step further by ensuring 24/7 uptime and fast connectivity.
It is also one of the easiest to use among all the mining platforms in this list. Users must simply register on the platform and choose from the appropriate packages from the list. Fancy Crypto provides the following packages:
- Free cloud mining, the contract is for a duration of 1 day and has a contract price of $10, with a fixed return of $10.15
- Experienced project cloud mining, 2 days contract, the contract price of $100, with a fixed return of $105
- Ethereum cloud mining, 5 days contract, contract price of $300, with a fixed return of $324
- Litecoin cloud mining, 10 days contract, contract price of $800, with a fixed return of $944
- Dogecoin cloud mining, 15 days contract, contract price of $1500, with a fixed return of $1938.75
- Ethereum classic cloud mining, 30 days contract, contract price of $3000, with a fixed return of $4806
- Bitcoin cloud mining, 60 days contract, the contract price of $5000, with a fixed return of $11580
Overall Fancy Crypto ensures accessibility to its cloud mining capabilities at a very low cost. It is poised to become one of the leading cloud mining platforms in the near future.
Eobot is a cloud-based mining service that is around for quite a while. Founded in 2013, it provides users with a vast network of mining equipment, allowing them to rent the computing power of these machines for mining different cryptocurrencies. It also lets anyone get started with cloud mining for as little as $10. It is capable of mining more than 8 PHS of SHA-256.
- It is a cost-effective and hassle-free service.
- Access to high-quality mining equipment.
- It has a low entry barrier for users.
Why we chose it
Eobot provides some useful features which make it a sought-after option. It shows users detailed metrics on daily profit compared to the hash power purchased from the platform. It also allows anyone to purchase cloud-based mining contracts using a credit card (USD), Bitcoin and e-pay.
BeMine is a recently launched cloud mining platform that also provides a host of other services. It consists of four data centres capable of delivering more than 70 mW/h. It allows users to purchase up to 1/100 of an ASIC’s share. Founded in 2018, BeMine brings together owners of mining hotels and data centres for a joint effort on crypto mining. It unites owners of mining hotels as well as equipment owners under one roof.
- BeMine provides a mining calculator to calculate expected profits.
- Provides advisory from company reps.
- It covers e-commerce and financial projects in addition to cloud mining.
Why we chose it
As a young cloud mining project, it offers diverse services such as placing individual farms in a mining hotel and the purchase/sale of digital currencies. Apart from its cloud mining services, the platform also provides legal consulting services on things such as business registration, ICO projects and E-commerce sites.
ECOS is one of the best cloud mining platforms which were established in Armenia back in 2017. It provides a convenient mobile app along with a calculator which acts as the perfect tool for choosing mining contracts. ECOS also ensures daily payments and provides detailed transaction history.
ECOS has several data centres that are capable of hosting a multitude of high-performance mining rigs with associated mining infrastructure. It has also inked a partnership with Antminer, which is the world’s largest mining rig manufacturer. Antminer provides the equipment for ECOS.
- Lower costs compared to a lot of its peers.
- Access to the latest mining hardware.
- The platform uses renewable energy sources to power mining operations.
Why we chose it
ECOS claims to use the latest mining hardware to ensure maximum efficiency and profitability for its clients. Cloud mining eliminates the need for you to buy and maintain your own mining hardware. Instead, ECOS cloud mining manages the hardware for you and you simply receive a portion of the profits. ECOS also claims to use renewable energy sources to power their mining operations, which can be a more environmentally friendly option compared to traditional mining methods.
Genesis Mining is a reputed cloud mining company that provides mining capabilities for cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Dash and several other cryptocurrencies. Founded in 2013, Genesis Mining has become one of the largest mining entities in the world. The platform allows users to purchase “hash power” to mine cryptos. As a result, users do not have to purchase or rent any equipment to take part in the process.
- Genesis Mining provides an easy setup for users.
- It provides a cost-effective way to access cloud mining.
- It provides prompt customer support.
Why we chose it
Genesis Mining allows anyone with little or no technical expertise to easily set up their mining account. It also eliminates the cost of electricity, cooling and hardware repairs. Genesis Mining also makes use of the latest mining software at a fraction of the cost. They are also pretty transparent about their mining process and the fees they charge.
Cloud mining platforms allow users to rent computing power from remote data centres to mine cryptocurrencies.
Cloud mining has emerged as a cheaper alternative for people to participate in cryptocurrency mining. It has eliminated the need for engaging in the traditional crypto-mining process by investing in expensive equipment.
Instead, crypto miners are choosing cloud mining because of its cost-effectiveness. They let experts handle the complex mining process. However, miners should always conduct their own independent research before choosing or investing in a particular cloud mining process.