Compare Bitcoin Cloud Mining

The top bitcoin cloud mining providers.

With crypto cloud mining you can add more bitcoin to your wallet without the stress of buying, setting up, or running the hardware. We've compared all the options to get you the best deal.

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What should I look for when cloud mining bitcoin?

You'll want to make sure you're using a company you can trust, and that your investment is going to make a steady return. We've compared all the options to help you find your ideal cryptocurrency cloud mining service.

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The biggest names in BTC cloud mining.


We've compared all the biggest names in Bitcoin cloud mining to help you get the best deal. Have a look below and find the right provider for you.

1
Low
BTC
ETH
  • Instantly connect
  • Fixed fees
  • Pool allocation
2
Mid
BTC
ETH
LTC
  • Altcoins are available
  • Easy to start
  • Large number of users
3
Low
BTC
ETH
LTC
XRP
  • Get started from £7.50 ($10)
  • Over 2 million users
  • Faucet tools available
These are highly volatile investment products. Your capital is at risk.

Bitcoin cloud mining in 2018.


What is cloud mining?

Mining Bitcoin without having to own and manage the hardware. Also known as cloud hashing, cloud mining is a service that allows users to lease mining capacity (hashing power) of hardware in remote data centers and earn bitcoins as the miners generate them.

How does it work?

In order get started with a service, you will need to take out a mining contract, which is simply an agreement with the company, whereby you pay a specific amount of money in exchange for computing power for mining coins. Once you are satisfied you’ve found a contract that offers the right hashing power for the right place, pay through the company site and they’ll confirm your contract.

Most of services such as HashFlare usually have a 1 year contract, whereby you are required to pay around $1.20 for 10 GH/s (gigahashes per second – hashes per second are what tells you a miner’s efficiency) and a small maintenance fee of around $0.0035 per 10 GH/s every 24 hours. You are then paid based on your contribution to the hashing power of the mine (minus the fees).

Is cloud mining profitable?

Compared with the cost of mining with your own rig, cloud mining is fairly profitable, especially if you have taken out a contract for a lot of hashing power. But the profits are unlikely to be huge because of just how competitive bitcoin is now. Steady money can be made over a long period of time, so it’s best to treat cloud mining as a low-income steady interest investment and not a get-rich-quick scheme.

Are there additional fees?

Yes, in order to keep up maintenance of their hardware, cloud mining companies charge fees based on the hashing power that you have purchased/rent. Platforms such as HashFlare charge a small fee of around $0.0035 for every 10 GH/s per day to cover the upkeep costs.

How long do cloud mining contracts last?

It depends. You can take out contracts of different lengths depending on the company you choose. However, most providers usually offer contracts of between 12 and 36 months. You can also come across companies such as Genesis mining that offer lifetime contracts.

Can I sell a cloud mining contract?

It is possible, but difficult to sell a cloud mining contract. With some companies such as HashFlare, selling a contract is not allowed, but there have been cases of users selling their lifetime contract from Genesis. Many people will argue it is better getting their own contract instead of purchasing one from another user, so it could be difficult to find a willing buyer.

Is cloud mining regulated?

No, cloud mining is not regulated. While a number of countries have showed concern when it comes to the energy consumption of bitcoin mining in general, most have been silent on regulating the industry altogether.

Can I pay for a cloud mining contract in bitcoin?

Yes, but it’s usually not a good idea. Some reputable services such as Genesis Mining allow you to pay for your contract using a credit card or bitcoin. However, because of the anonymous nature of bitcoin, some scam websites will ask you to pay only in bitcoin or other cryptocurrency to start mining and later disappear with your funds. So, unless you are dealing with trusted sites, it’s a bad idea to pay for cloud mining services in bitcoin.

Do I need a wallet before I start cloud mining?

No, because your coins will typically be stored in your account, which is hosted by your cloud mining provider. However, it’s always a good idea to have a separate wallet where you can move all your earnings for safekeeping and not to leave them on the company’s server.

What are the main companies in bitcoin cloud mining?

There are many companies in the world of bitcoin cloud mining, but only a few have emerged as reputable and trustworthy. These include:

  • Genesis Mining – Founded in 2013, Genesis Mining is one of the oldest and largest cloud mining services. Although their contracts are a bit more expensive than those from other platforms, there are very rarely complaints from Genisis’s users. Their starter packages start from $179 (lifetime contract) for 1,000 GH/s.
  • Hashflare – this is one of the most popular services offering contracts for bitcoin cloud mining, with automatic payments being made in BTC. To sign up to a contract (1-year contract), you have to purchase at least 10 GH/s for $1.2.
  • Eobot – Launched in 2013, Eobot is one of the cheapest cloud mining services, allowing you to pay as little as $10. It currently has more than 8 PH/s of SHA-256 mining capacity running and which has been sold to various users. The company sends mining updates to its users every minute, allowing them to track their profits easily.
  • Hashnest – this provider is operated by Bitmain, which is the firm behind the Antminer line of bitcoin miners. It offers excellent contracts, with the most popular being PACMiC V5 (payback accelerated cloud mining contract), which aims at cutting down the time frame of payback. In exchange for 1 BTC you will be offered 6.0 TH/s of hashing power.
  • Bitcoin.com Pool – This company offers two contracts: a 12-month plan and a 2-year plan. For the 12-month contract, the charges are $79 per TH/s, on top of an initial cost of $395 and a daily fee of $1.40. For the 2-year plan, the charges are $149 per TH/s, on top of an initial cost of $745 and a daily fee of $1.40. The daily fee covers electricity and maintenance cost and is deducted from the daily revenue.
  • Hashing24 – This service started its operations in 2012 and are said to have data centers in Georgia and Iceland. The company also claims to use modern ASIC chips manufactured by BitFury in order to guarantee maximum performance and efficiency. The company offers a 36-month contract in which you pay $34.90 or its equivalent in BTC or EUR to get 100 GH/s. The maintenance fee is $0.00033 per GH/s per day.

What are the risks?

There are many risks with cloud mining so you have to be careful. Because of the popularity of bitcoin mining, many scam sites often crop up claiming to offer cloud mining services at unbeatable prices. Only use reputable services that we have reviewed. Cloud mining is also no fun for the tech enthusiasts. If you like building your own hardware, you can’t achieve that with cloud mining. Also, if bitcoin falls in value you likely won’t get your money back and the mine may cease operations.

And what are the advantages?

For starters, you don’t have to buy expensive hardware or pay for its maintenance, since that job is done by the provider. You just need to pay a contract fee to rent computing power and a small fee for upkeep. Secondly, there’s no excess heat or noise to deal with, since the hardware is located remotely in data centers. Last and most importantly, if you find a company that generates steady profits then it can be a great investment in the long run without you having to do any extra work.

Should I use bitcoin cloud mining?

It’s up to you. Compared to setting up your own mining rigs, cloud mining will likely give you less control but is possibly a better choice as an investment to generate a steady income. If you want to get started, we suggest that you thoroughly research the company and the people you’re leasing power from and only use sites we recommend, because there is a large potential for scam sites in cloud mining.

How do I get started?

That’s the easy part. Start by browsing our comparisons to find the best cloud mining services and then sign up and get mining.

Should I mine bitcoin through a cloud mining service?


Advantages

  • You don't need to buy expensive equipment
  • You can mine without massive electricity bills
  • You won't be left with useless equipment if mining becomes unprofitable
  • It's easy to switch between companies to get a better deal
  • You'll get steady returns on your investment

Drawbacks

  • There's the possibility of lower profits as each provider will have expenses
  • Companies can shut down or stop payments if bitcoin price falls
  • Cloud mining takes the fun away if you enjoy building your own hardware
  • You have to be wary of fraudulent sites

Frequent questions.


How does mining work?

It all comes down to computer power. In the case of Bitcoin, the energy required for mining comes from a network of computers solving complex mathematical problems - a process called ‘hashing’. Large amounts of transactions are combined together in ‘blocks’, which then require miners to solve computational problems. This verifies all the transactions, and after it’s done the block is added to the chain of previous blocks (the ‘blockchain’). All miners get paid transaction fees for their work, and one of the miners who worked on the block is rewarded at random with some newly created bitcoin each time a block is solved.

Why is it called mining?

Because it’s a process that takes power to extract a finite resource, just like with physical mining. And the comparisons also do not end there. As a regular mine digs deeper, it becomes more difficult, requiring more energy and probably resources to extract more minerals. This is the case with Bitcoin. There is a finite amount of bitcoins (21 million), and the only way to extract these bitcoin is through ‘mining’.

Do I need to download any software for cloud mining?

No. Because you’re not running the hardware, you won’t need to download software to run it. You just have to sign up with your cloud mining service, pay for you preferred plan, and get mining. The entire job of setting up hardware and downloading the best bitcoin client lies with the service provider.

Where are cloud mining centers based?

It depends on the company. However, it’s common that companies would set their data centers in areas with low electricity cost and in cold areas to facilitate cooling of the hardware. For instance, Genesis Mining is based in Iceland to take advantage of geothermal energy for more efficiency and the cold temperature.

Is cloud mining better than hardware mining?

Depends on what you’re looking for. If you like the process of setting up the hardware and learning to run it yourself, then no. But remember you will have to purchase the expensive hardware and deal with the cost of running it. If you want to be involved in mining but not have to worry about the hardware costs and setup, then yes, cloud mining is better.

Can I get cloud mining contracts for multiple cryptocurrencies?

Yes you can. Services such as HashFlare offer one year contracts for other kinds of coins as well. You can get a cloud mining contract for Litecoin, Ethereum, Zcash, and Dash.

Is Bitcoin mining an environmental concern?

This is a growing concern. The SHA-256 hash that bitcoin uses requires a lot energy to solve, which is why it’s constantly racing against electricity costs to remain profitable. It is estimated that if bitcoin miners were a country, they’d be the 61st most energy hungry nation in the world. There is hope that interest in verifying cryptocurrency fuels investment in green technology, which in turn will increase the profitability of mining by cutting electricity costs.

Is bitcoin mining legal?

It depends if bitcoin is legal or not in your country. In the UK, bitcoin mining is legal and also in the vast majority of countries, including the US, Australia and other nations. Mining is usually only illegal in countries in which owning bitcoin is illegal. Check the law in your country before you start mining.

Why should I mine rather than buy bitcoin?

Mining can seem a roundabout way to get bitcoin when you can just buy it on an exchange. In the short term, it is possible that it won’t be a viable option, but in the long-term mining can be a more sustainable. Also it’s much more fun for those who love technology, and as a miner you have the knowledge that you’re actually part of the bitcoin network. Also if the price of bitcoin rockets up, your mining rig will become more profitable as bitcoin becomes more expensive to buy.

What is a hash rate?

This is simply rate at which a miner works. The hashing power is measured in measured in H/s (hashes per second), KH/s (kilohashes per second), Mh/s (megahash per second), Gh/s (gigahash per second), and TH/S (terahashes per second). The higher the hash rate, the more powerful a miner is.

When it comes to energy consumption, W/Gh (watts per gigahash) and W/Th (watts per terahash) are measurements of how energy efficient a miner is. A great miner is one that puts out a lot of processing power but doesn’t need too much electricity, as this makes it the most profitable.

What do GPU, ASIC, and FPGA stand for?

They stand for Graphics Processing Unit, Application-Specific Integrated Circuit, and Field-Programmable Gate Array respectively.

GPUs (graphic cards) were once the dominant units of mining bitcoin and are still sparingly used today, but with the increase of difficulty in mining, they are inefficient for those who want to make decent profits. Companies such as Nvidia, however, are still working on bringing out more powerful GPUs for mining - but it’s likely they will be used to mine other cryptos that are not as difficult to mine as bitcoin.

ASICs are especially designed for mining a particular cryptocurrency and are currently the top of the line units, able to generate more hashes per watt of power than the competition. However, they have limited resale value as they’re specifically geared to mine bitcoin. If mining bitcoin were to become unprofitable for any reason, it would be very hard to sell a bitcoin mining ASIC.

FPGA was the former king in the bitcoin mining world. The units comprised of an integrated circuit whose function is easily programmed and changed, making it more versatile even compared to the ASIC. However, FPGA units are less efficient than ASICs and have largely been phased out.

What happens when all 21 million bitcoins have been released?

There are as yet no firm plans in place because of how far in the future it will happen (the 21 million cap will be hit in the year 2140). Since all bitcoins will have been produced, miners will be paid from the transaction fees on the bitcoin network. It is likely that the transaction fees generated by miners will be enough to keep the process of mining worthwhile by that point.

How does mining make Bitcoin secure?

Mining is what allows Bitcoin to be completely decentralized and keep payments secure. When you make a payment and it’s confirmed by miners, the transaction is included in a ‘block’, which then gets attached to the previous one. This is where the phrase ‘blockchain’ comes from - it’s literally a chain of these blocks.

The details of any transaction can’t be tampered with or changed at a later date, because that would require changing all the blocks that came after it. Also because mining is a decentralised group effort, if any one miner tries to change a past transaction or make up one that hasn’t happened to enrich themselves, the other miners will all see it is false and reject that addition to the blockchain. In this way, mining keeps bitcoin secure through democracy among its miners.

What is the difference between cloud mining in SHA-256 and cloud mining in Scrypt?

SHA-256 and SCRYPT are different hashing algorithms used to mine different coins. SHA-256 is the algorithm used to mine bitcoin, whereas Scrypt is used for other coins such as litecoin. SCRYPT is a simpler algorithm and tends to use less energy when mining. The SHA-256 algorithm, on the other hand, is a much more complicated process that requires more power.

I run bitcoin hardware, can I lease out my hashing power with cloud mining contracts?

No, it wouldn’t be economically viable to lease out your hashing power with cloud mining contracts. Unless you join a mining pool and join other participants to pool together resources for greater hashing power, you can’t rent it out to other users or mining company. These firms have large data centers and the cost of running them is incredibly high.

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