Many crypto users find mining tokens to earn passive income a lucrative venture. However, mining on a large scale requires one to acquire expensive hardware, which is known to consume immense power. For this reason, people are shifting their focus to cloud mining.
Simply put, cloud mining involves choosing a provider, making an investment, and then waiting for the mining protocol to generate profit. This may sound easy, but selecting the right mining platform is not. But you no longer have to worry about that because this article explores some of the best cloud mining providers in the market today.
What’s Cloud Mining?
Cloud mining is an activity of generating new tokens through a third-party provider who has sufficient computational power. This helps you save on the cost of setting up your own mining farm.
Bitcoin is the most mined cryptocurrency. But it is also possible to mine other crypto assets that use the Proof-of-Work (PoW) consensus mechanism.
So why is mining important? Participating in cloud mining means you are helping to secure the Bitcoin network while earning passive income.
Top Cloud Mining Platforms
BeMine (Official Website: bemine.club)
With BeMine, you can purchase mining contracts or mining equipment which can be shipped to your location. As for contracts, they are acquired for a particular timeframe. It could be 12, 24, or 48 months. The contracts are categorized into Ultra, Standard, Beginner, and Professional. Note that you will be charged a 5% fee when withdrawing your profits. At the moment, BeMine offers services in over 100 countries, including the United States.
YouHodler (Official Website: youhodler.com)
This cloud miner aims at gamifying the process of mining Bitcoin. It rewards BTC to users who complete easy tasks on the platform. YouHodler has partnered with wallet provider Ledger to ensure users’ rewards are stored safely. It is worth highlighting that you can earn BTC rewards by just opening a basic account. However, to boost those rewards, you need to create a Multi-HODL account. YouHodler is available in all the European Union member states but, unfortunately, not in the US.
Hashfrog (Official Website: hashfrog.com)
Hashfrog allows people to purchase mining contracts for a certain period of time. Regardless of the type of contract you buy, you will receive rewards on a daily basis. Hashfrog recently partnered with top mining machine manufacturer BITMAIN to access quality mining equipment.
Besides Bitcoin, Hashfrog mines Kadena and Litecoin. In addition, the company serves users in more than 90 countries. However, the cloud miner’s services are not available in the United States.
StormGain (Official Website: stormgain.global)
With a presence in the United Kingdom and 100 other nations, StormGain has been offering regular payments to its users every 30 minutes for the past five years. The platform is also known for having a reliable customer support team. Currently, StormGain only mines Bitcoin. But how about withdrawal fees? Withdrawing your rewards from this platform is absolutely free.
ECOS (Official Website: ecos.am)
ECOS is another cloud miner that focuses only on Bitcoin. It offers contracts lasting 30, 40, 50, and 60 months. Like many top cloud mining platforms, ECOS ensures users receive rewards daily. To get these rewards, you are required to own the platform’s multicurrency wallet. ECOS services are accessible in most European countries.
NiceHash (Official Website: nicehash.com)
NiceHash offers cloud mining services and also serves as a marketplace for people looking to rent out hash power. The platform has no mining contracts. Instead, it lets users customize mining terms. With NiceHash, you can mine Bitcoin and 31 other PoW cryptocurrencies. The platform, however, restricts Americans from accessing its services.
Do you incur charges when buying or selling hash power? Yes! NiceHash levies a 2%-3% fee on every transaction.
Hashing24 (Official Website: hashing24.com)
Hashing24 has been in business for the last eleven years. The company recently announced it had so far mined over 1,000 BTC. Before investing, the platform offers you a free trial window period. It’s important mentioning that daily maintenance fees can only be paid per year or after every two years.
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