Mining a Proof of Work (PoW) cryptocurrency like Bitcoin can be a good way of building a profitable crypto portfolio. Unfortunately, with the rising difficulty of mining and ever-increasing hardware prices, powerful enough mining rigs are already unaffordable for most crypto investors.
But, who said you had to actually own the hardware you mine crypto on? Enter cloud mining; a service that lets you rent hardware and hashing power to mine crypto assets for a monthly fee.
These cloud mining websites allow investors to participate in the crypto mining industry without having to pay the upfront cost of mining hardware. Combine this with the absence of complex setups & physical storage requirements, and cloud mining starts looking like a solid option, especially for inexperienced investors.
Let’s dive deeper into the world of cloud mining websites to find the best option for you!
Top 5 Best Cloud Mining Sites
To help you find the right cloud mining website, we evaluated several popular options based on the factors listed above. From our experience, these are the five that stood out above the rest as the best:
Since its launch in 2017, ECOS has amassed a massive user base of over 400,000 miners, and for a good reason.
For starters, the primary ECOS data centers are located in the Free Economic Zone of Hrazdan City in Armenia. This allows the company to operate at a lower cost which it passes on to its users in the form of low monthly fees.
Then there’s the profitability of ECOS, which is also one of the highest on the market. With the right plan, even retail investors with smaller contracts can make profits over time. You can also use the calculator on ECOS’s homepage to get an estimate of future earnings if you’re unsure whether your contract will make enough profit.
The overall reliability and service quality of this cloud mining website are also impeccable. We did not experience any hiccups during our time mining Bitcoin with ECOS.
The smallest contract on ECOS costs 150 USD for 2.57 TH/s and can last 30, 40, 50, or 60 months. On the other end of the spectrum, you can spend up to 50,000 USD for a mining power of 984.76 TH/s at the time of writing.
In addition to this one-time cost, ECOS also charges a 0.05 USD service fee for 1 TH every day.
Feedback and reviews for ECOS are mostly positive with users praising its reliability and profitability.
2. Binance Pool:
Binance Pool is the official cloud mining service of Binance, which is currently the most popular crypto exchange in terms of trading volume. Similar to ECOS, the Binance exchange also launched in 2017, but the cloud mining service started in 2022.
Given the brand behind this cloud mining service, we had high expectations for this website and Binance Pool did not disappoint.
The first thing that grabbed our attention about Binance cloud mining is its ease of use. If you already have a Binance account, you can start a mining contract with the press of a single button. Plus, its fixed contracts remove most sources of confusion for newer investors and allow them to participate in the mining market without major hurdles.
During our test, we also started with a relatively small-scale contract but still earned a decent amount of profit compared to our initial investment.
The Binance Pool cloud mining service is not fully out yet. At the time of writing, there is only one contract on presale starting at 13.158 USD or USDT. This contract lasts 180 days and has an average return rate of 53%.
You can periodically visit Binance Pool’s website to find new presale contracts when they’re published.
Similar to the Binance exchange, user sentiment on Binance Pool cloud mining is excellent so far. If anything, users are eagerly waiting for the service to launch fully in August 2023.
With an initial launch in 2014, NiceHash is one of the oldest names in the mining crypto space, known for its efficient CPU and GPU mining software.
In terms of cloud mining, NiceHash has a unique crypto marketplace model. But, instead of selling Bitcoin directly, NiceHash sells the hashing power you need to mine BTC on your own. In other words, it is a platform where folks with mining-capable hardware sell their processing power in exchange for crypto.
This unique business model allows NiceHash to offer hashing power for many different crypto assets including Litecoin, Dash, and Bitcoin.
Not only that, but it also creates a free economy that responds to market conditions. This makes NiceHash a fantastic choice for experienced investors that have the knowledge and skill to maximize their profits with strategic hash power purchases.
Besides, the lack of fixed contracts makes it easier for new miners to dip their toes in the pool (pun intended) before investing completely.
The minimum order price is 0.001 BTC, no matter which algorithm you choose. NiceHash also charges a 0.00001 BTC “new order” fee. If you use their “EasyMining” service, you will have to pay a 1% pool fee on your earnings as well.
Overall public sentiment about NiceHash is fairly positive with five-star reviews from satisfied customers. There are some negative reviews about NiceHash’s slow customer support. But, the support team was both quick and helpful during our testing, so your experience may vary.
Hashing24 has been operating in the Bitcoin mining space since 2012 and has since amassed over 200,000 users worldwide.
The biggest advantage of using this cloud mining service for us is its beginner friendliness. The entire process, from signing up to receiving your mined coins is straightforward and easy to understand.
This beginner-friendly approach is also present in Hashing24’s pricing plan which lets you start with as little as 1 TH/s for 12 months. You can also pay for your contract in USD, EUR, or even BTC — further increasing the convenience of using this service.
However, the thing that makes this platform actually worth your consideration is its high profitability. Even with the smallest contract, you can expect an ROI of about 52% which is on par with popular cloud mining websites like Binance.
As we mentioned above, you can start with a small contract of just 1 TH/s for 12 months. This will cost around 55 USD. On the other end, professional investors can get hundreds of terahashes per second with a 5% large volume discount.
Most users are generally pleased with Hashing24’s ease of use and their service quality as a whole.
Hashshiny was founded in 2018 as a complete cloud crypto mining solution. And, despite its fairly recent addition to the market, Hashshiny has already become a fan favorite among experts and beginners alike. The main reason for this popularity is its ideal mix of reliability, low cost, and crypto variety.
For starters, the process of signing up and buying a contract is as straightforward as possible. A new user can start mining crypto within a few minutes of signing up for this platform. Additionally, its fixed contracts are also well-balanced for costs and profitability.
Lastly, Hashshiny also offers hashing power for seven popular crypto assets including BTC, LTC, and DOGE. This makes it the ideal choice for investors who like to diversify their crypto portfolio.
Each supported coin has a different minimum fee. For the SHA 256 (BTC) algorithm, you will have to pay 0.5 USD for every 10 GH/s. Hashshiny also charges a small maintenance fee of just 0.0005 USD/day.
Customer feedback for Hashshiny is overwhelmingly positive with over 6,800 unique reviews on its official website.
Factors to Consider When Choosing a Cloud Mining Site
If you look up cloud mining services online, you’ll find dozens of different websites, each claiming to be better than the rest. So, which of these is actually worth your time and money?
While the ideal option for you would depend on your personal requirements, here are a few key factors we consider when evaluating cloud mining sites:
Reliability and Reputation
This is one of the quickest and most efficient methods of evaluating a cloud mining site. Look up how the existing users of a site rate its service and you’ll get a good idea of the platform’s quality as a whole.
Cost and Profitability
The cost of using a cloud mining service will differ between sites. In an ideal world, the more expensive services will also offer larger profits, but that is not always the case. So, make sure to compare the cost of using a particular site against the amount of crypto you can mine within the same time period.
One of the biggest advantages of cloud mining is its simplicity and ease of use compared to hardware rigs. So, the last thing you want is a website that’s hard to navigate and complicated to set up for initial use. This is an especially important consideration if you’re new to the world of crypto mining.
Mining Pools and Algorithms
Look for websites that support mining algorithms for the currency you want to mine. For example, a SHA-256 compatible cloud mining service would be the ideal choice for you if you have your eyes set on mining BTC.
The cloud mining site you choose should have a good track record with both platform and user security. Features like 2FA and SSL encryption are also a must to safeguard your data and earnings.
You want to use a cloud mining service that offers a competent customer support team. They should help you resolve any issue you’re facing with their service as quickly and efficiently as possible.
Cloud mining websites make crypto mining accessible for almost everyone, regardless of their level of investment in the crypto market. However, not all of them are worth your consideration. So, evaluate their reputation, security, profitability, UI, and support system before making the final decision.
In our experience, your best options include, ECOS, Binance Pool, NiceHash, Hashing24, and Hashshiny. But, we still recommend you to do your own research before investing your hard-earned money into any of these cloud mining websites.
Also, regardless of which platform you choose, make sure to choose the right contract that fits your budget and profit goals.