Mining Bitcoin Without a Miner
With individual cryptocurrency mining becoming less efficient, cloud mining is getting a lot of attention, as it allows users to mine cryptocurrency without buying any equipment.
It’s quite simple. The mining rigs have already been set up in data centers, and all you need to do is set an account and start mining your first coins.
It is particularly beneficial for those living in regions where the cost of electricity is quite high as cloud mining operations are usually based in countries where the cost of electricity is low.
Below are some of the best cloud mining providers:
Founded in 2013, Genesis Mining is perhaps the world's leading hosted hash power provider for bitcoin and altcoins, including ethereum, dash, litecoin, monero and Zcash.
What’s important is that the platform allows for simultaneous mining of different cryptocurrencies, thus exempting users of the need to choose which one to mine. The service now boasts over 2.000.000 users and claims the title of the world’s leading multi-algorithm cloud mining platform.
Genesis Mining currently accepts the following payment methods:
Credit/Debit card (Visa and Mastercard)
1 order per day, daily limit: 25,000 USD, minimum amount per purchase: 10 USD
When it comes to pricing, beginners can start with a 1 TH/s (Gold) lifetime bitcoin mining contract which will cost $285. The mining services will run for 5 years, even in cases where the daily mining reward falls below the maintenance fees.
The daily mining outputs are variable and are determined by three factors: the mining difficulty, the Bitcoin vs USD exchange rates, and the maintenance fees, which include electricity, cooling, development, and servicing costs.
If this proves not to be enough, users can try the 5 TH/s (Platinum) lifetime bitcoin mining contract, which will cost $1,400. The third and the largest is the 25 TH/s (Diamond) mining contract which will cost $6,875. Both the latter are also 5-year contracts.
For more options for different cryptocurrencies click here.
Genesis Mining charges are a fixed maintenance fee, which is deducted from all 5-year contracts. Current maintenance fees equal to 0.14 per TH/s per day. While the fee is fixed in USD, it is deducted from the daily mining rewards in BTC.
Since beginning its work in 2015, the HashFlare cloud mining service has become one of the largest providers of computational power for mining bitcoin, litecoin, ethereum, and other cryptocurrencies. The company claims to have provided their service to over 2,5 million users.
Mining on the platform starts immediately after confirmed payment. First payouts will be made within 24 hours. Users can decide which pools they want their hashrate to mine in, allowing to find the most profitable combinations.
The service offers an easy investment calculator to estimate the potential income.
To start mining cryptocurrency using HashFlare cloud mining service, one will need to create an account by registering on the website. HashFlare offers the following types of mining contracts: SHA-256, Scrypt, ETHASH andEquihash, which are used to mine bitcoin, litecoin, ethereum, and Zcash respectively. In order to buy hashrate, it’s necessary to choose the required amount of hashrate using the scrollbar. The purchase price is calculated in USD or BTC in a special box below the scale.
HashFlare service allows to choose from several available payment methods:
- BTC transfer
- paying an invoice in USD via bank transfer
- Credit Card
Involved in the mining business since 2012, Hashing24 believes that everyone should benefit from mining and be able to access the newest technologies and large-scale industrial data centers from a laptop or mobile phone.
On Hashing24 users can rent exactly the exact amount of hash power they need. By using the service, users will get the benefits of the bought power on a daily basis.
The service fee includes the cost of one-time allocation of the bought hash, but a daily fee is also charged for the equipment maintenance and the power supply.
HashNest is a hardware-backed cloud hashing platform, which allows users to participate in bitcoin mining without maintaining the hardware.
Hashnest is operated by Bitmain, producer of the Antminer line of miners. Currently, HashNest has over 600 Antminer S7s up for rent.
Hashtoro.com offers cloud-based cryptocurrency services for ordinary users as well as companies interested in crypto mining, but unable to purchase their own mining equipment. At the moment, the total capacity of its data centers is 35 MW, which allows placing 25,000 Bitmain Antminer S9s or 40,000 Bitmain Antminer L3 +. All that the user needs to do is to choose a plan and start making profits.
Users can pay for the cloud mining contract using a credit card or BTC. Maintenance fees will include the fee for electricity and a payment for equipment maintenance. Below are the combined costs weighed by hash depending on the algorithm.
- SHA-256 $0.00023 for 1GH/s
- Scrypt $0.0029 for 1 MH/sec
- Ethereum $0.012 for 1 MH/sec
- Zcash $0.00093 for 1 H/sec
- Monero $0.0035 for 10 H/sec
- Dash $0.17 for 1 GH/sec
Coinface aims to make mining accessible to all users regardless of age, location, investment or experience. On a larger scale, they hope to contribute to the development of mining services and subsequently to the development, establishment, and adoption of bitcoin both as a currency and as an economic system.
Coinface offers over 230 miner devices and is supported in more than 150 countries. It has served over 130 thousand customers so far.
Eobot claims it offers the easiest, cheapest, and best way to get or mine bitcoin, ethereum, litecoin, bitcoin cash, dogecoin, ripple, dash, golem, cardano, cureCoin, NEM, monero, Zcash, factom, bytecoin, STEEM, lisk, EOS, USD, gridcoin, and ethereum classic.
"Let your computer relax. Our Cloud solution will mine and hash whatever cryptocurrency you need. Get started with as little as $10 with immediate mining results," reads a post on the platform’s website.
Users can pay for the service in bitcoin or through Epay.
Syntropy Cloud Mining is the first cryptocurrency mining platform to utilize Proof-of-Stake consensus methods.
Purchasing a mining contract pays for the server equipment, the servicing of the equipment and the maintenance of the mining operations for a three year period
When the total value of the coins that are mined is above 0.1 total value of bitcoin, the coins can be converted into a new contract or sold into bitcoin using the user’s wallet to pay for the procedure.