Top 10 cloud mining providers of 2021
By: Cj Publisher
Tags: Cloud Mining, Cryptocurrency, Bitcoin Mining, Bitcoin, Cryptocurrency Investment

Bitcoin cloud mining is one of the most profitable sources of passive income. Let’s figure out the choice of the most profitable cloud mining platform.

Our shortlist includes the following companies:

1. HashMart ⭐️⭐️⭐️⭐️⭐️ (9.7 points)

2. HashNest ⭐️⭐️⭐️⭐️ (9.1 points)

3. HashFlare ⭐️⭐️⭐️⭐️ (8.6 points)

4. Hashing24 ⭐️⭐️⭐️⭐️ (8.3 points)

5. Eobot ⭐️⭐️⭐️ (7.9 points)

6. Genesis Mining ⭐️⭐️⭐️ (7.5 points)

7. Hashgains ⭐️⭐️⭐ (7.2 points)

8. Nuvoo Mining ⭐️⭐️ (6.4 points)

9. Cryptouniverse ⭐️⭐️ (4.4 points)

10. IQ Mining ⭐️⭐️ (4.2 points)

But first of all, let’s talk briefly about cryptocurrencies and mining;) At the heart of many cryptocurrencies is a decentralized mechanism by which the system can function without a single central body. If banks and states governments entrust the functioning of the traditional financial sphere, miners play their role in crypto. They add new transactions to the blockchain, and they receive a reward in the form of coins for the mined block and commissions.

It is this reward that attracts many to engage in cryptocurrency mining. However, this process is not as simple as it sounds. For example, Bitcoin mining requires a lot of expensive equipment and a suitable facility with a low electricity tariff. There is also an alternative option of using the services of cloud mining providers. They will be discussed.

What is cloud mining, and what is it like?

This concept means the use of the computing power of remote data centres. The user buys from the provider a certain amount of hashrate “in the cloud”. With the help of this power, cryptocurrency is mined. In other words, customers invest in a provider to make a profit in the future.

Mining in the cloud is beneficial for both parties. The client does not need to worry about the unnecessary hassle, and the provider can insure itself in case of sharp changes in the price of the cryptocurrencies it mines. During the gold rush, those who sold gold mining tools were the biggest winners. In our case, the tool is hashrate.

Cloud mining can be divided into three categories:

Hosting: rental of equipment from a provider;

Virtual hosting: renting a virtual server, setting up and installing your software for mining cryptocurrency;

Capacity lease: most often, it is the purchase of a contract for the right to profit from a certain amount of computing power of the data centre.

The latter option is the most common and the most popular among the clients of mining providers. The reason is simple; it is much more convenient than renting the equipment itself or configuring software on shared hosting. To rent computing power, you do not need to own a lot of capital or in-depth knowledge of cryptocurrencies. It is enough to choose a suitable contract and pay for it.

Pros and cons of cloud mining

This type of investment has many advantages:

No stress due to expensive electricity, burnt-out video cards or ASIC cooling;

No noise and temperature rise from operating equipment;

You can end cooperation with a mining provider at any time (if the price of the cryptocurrency falls);

Possibility to pay in both fiat and cryptocurrency.

Of course, there are also disadvantages. As in any niche, here you can stumble upon scammers who don’t even have any equipment. Not to become their victim, you need to use trusted mining providers’ services with a good reputation.

How do you choose the perfect mining provider?

First, find information about the date of registration of the company and its contact details. A good service always provides all the information about itself that customers may be interested in. This includes a photo of the data centre equipment, the facilities’ location, and the channels where you can ask technical support your question.

Secondly, a mining provider must have a large customers’ base and lots of positive feedback. Usually, on many websites, you can find independent reviews of popular cloud mining portals. Take the time to analyze them. This will save you from scammers who want to cash in on the hype around the sharp rise in Bitcoin and altcoins’ price.

Finally, be guided by the price of equipment rent or contracts for mining. Most providers honestly advise that your investment will pay off over time. Don’t trust promises of quick profits.