Profitability of Cloud Mining

Gaining digital currencies is an extremely popular business nowadays. Cloud mining can serve the good turn here, permitting someone to win digital coins with no splurging on expensive equipment. You just rent power from remote servers, they mine and you receive your reward. Is that scheme advantageous and are there any risks? In this review, we’re going to cast a deep look at profitability of this way of earnings.

What is cloud mining contract?

At first, you have to complete an agreement with company that shares computation power. Contracts are generally tied up on a per hash basis, in other words, you pay for definite amount of energy. For instance, 1 GH/s would cost you 0.0012 BTC (in case the validity term of the contract amounts to 24 months).

It’s also possible to settle agreements for a longer term, that is, for several years. However, there’s a significant factor unknown to sellers and buyers of computation power – Bitcoin network difficulty. It undergoes changes every two weeks.

Mining calculator

Will cloud mining be profitable for you? That’s the first thing that you have to figure out. There are special calculators designed for that purpose on the respective web-sites.

Mining practice requires significant resource consumption. To offset all those expenses, companies charge a constant MEF, that is, fees for electricity and maintenance. Therefore, for every 10 GH/s of SHA-256 being leased a miner pays $0.0035. If Scrypt algorithm is chosen, then the rate amounts to $0.005 per 1 MH/s daily.

MEF isn’t invoiced separately. It’s written off the user’s balance. If you settle an Ethereum agreement, there are no such fees at all.

So, to get it clear, you have to assume all investments in cloud mining and think of how promptly you can break even. Keep in mind all risks of such business as well. Many cheaters are just hunting for your money. The primary target of every mining newcomer is to connect to a legit service with a pure reputation.

Trusted cloud mining sites

It would not be an exaggeration to say that that the majority of such web-resources use Ponzi scheme. We have settled a list of services that don’t recourse to any masquerade evasions in their activity and enjoy a stable reputation among the users:

HashFlare

It’s considered to be one of the best mining pools as for the beginning of 2018. Hashflare has the highest earning power that amounts to more than 200% from contract value. This resource offers SHA-256. The minimum possible purchase here is 10 GH/s.

Genesis Mining

It delivers winnings in BTC and other cryptocurrencies. High level of trust is ensured by daily payouts and favorable reports. There are 3 plans of Bitcoin mining and the prices are acceptable. An affiliate program grants a discount amounting from 3% to 7%.

Hashing 24

It submits mining service since 2012. Up-to-date ASIC chips used by the company help to mine digital coins with high level of performance.

CCG Mining

One of the fast growing service, the one with great parameters and it would be suitable even for very beginners. Despite the fact the company was founded in 2016, it is competitive with “old school” companies, it is rapidly growing in terms of rising market.

EOBot

You may start cloud mining having invested only $10. It offers a software to be installed on your PC. It is said that it’s possible to break even in nearly a year.

More information on great and bad services you may get from our page Where to start?

Cloud mining is an alluring opportunity to increase your own or your family budget.  Although, weighing up the pros and cons won’t hurt. At the point when you totally are informed how it works, understand the whole process and if there is no question left (if there is some yet get back to our journal and find everything you need), you are ready to start cloud mining yourself. Good luck!

Smart Miner