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8 Best Cloud Mining Sites in 2023 [Expert Review]

Posted in Bitcoin , crypto
Best Cloud Mining Sites

Let's go way back to the early days of Bitcoin

When crypto was first introduced, people could realistically "mine" coins at home. They used computers to solve complicated equations, which would result in a coin being "mined" and value created. Back then, miners used their CPUs. Soon, it was discovered that GPUs were radically more effective.

But it didn't take long for mining to become unfeasible. Even when Bitcoin first became popular, a single miner could spend months trying to mine a single coin. So, people joined mining pools, instead: servers that would combine mining efforts and then distribute fractions of coins.

Today, we have a better answer for blockchain mining: the best cloud mining sites. 

What is Cloud Mining?

Cloud mining sites let you tap into the power of the cloud to mine cryptocurrency. You pay for the processing power and resources consumed; otherwise, you just need to start your mining machine and wait.

A cloud mining server works just like any other cloud server: you sign up for a subscription (sometimes under a contract), pay the subscription fee (and additional resource usage), and manage your server as needed.

To "mine" crypto, however, the cryptocurrency has to be a "proof-of-work" coin. Proof-of-work coins include Bitcoin, the original Ethereum, Litecoin, and Monero. 

For the most part, most mining is still done by the major BTC pools:

 

These are more traditional plug-and-play tools where individuals maintain their hardware. Cloud services, however, are advancing quite quickly.

PROS

CONS

✅No upfront investment in hardware

✅Doesn’t require physical space

✅Can mine as much or as little as you want

❌Not always trustworthy

❌May not make financial sense

Overview: The 8 Most Trusted Cloud Mining Motherboard

We’ve compiled a list of the best and most trusted cloud mining sites of 2023. These cloud mining services have been around for a while, support fast withdrawals, and provide superior services and customer support.

That being said, even the best-of-the-best cloud mining services are still relatively high risk. Do your due diligence, invest slowly, and withdraw when you can.

Site

Rating

Established

Hash Rate**

Min. Investment

Bitdeer

⭐⭐⭐⭐

2018

4.4EH/s (36.5%)

$208.50+

HashGains

⭐⭐⭐

2017

Varies)

$39+

ECOS

⭐⭐⭐⭐

2018

Up to 516.19 TH/s (BTC)

$149+

Genesis Mining

⭐⭐

2013

Varies

$500+

IQMining

⭐⭐

2016

Up to 980.03 TH/s (ETH)

$56+

HashShiny

⭐⭐⭐⭐

2017

10 GH/s min (BTC)

$0.38 per 10 GH/s+

LetMeCloud

⭐⭐⭐⭐⭐

2016

48,000 GH/s+ (BTC)

$500+

StormGain

⭐⭐⭐⭐⭐

2019

Varies

$50

* All numbers as of September 2022. ** Based on major crypto mined, see review for further information.

Mining Difficulty, Hash Rate, and Contract Terms

Different coins are harder to mine. BTC, for instance, is extremely difficult to mine. Hash rate expresses the rate at which the processor will solve problems — the more difficult a crypto is to mine, the higher the hash rate must be. 

When you look at a contract, you will usually be given a minimum hash rate. You can pay more for a more expensive service to get a more powerful processor and, therefore, a higher hash rate. When comparing contracts, you must look at the exact hash rate you’re getting.

Some companies mention their minimum hash rate, maximum hash rate, or their servers’ total hash rate. Make sure you’re making an apples-to-apples comparison before going further — you may want to take a blockchain course or go through a brief rundown on blockchain before you start.

1. Bitdeer

A screenshot of the Bitdeer cryptocurrency mining site.

Currencies: BTC, FIL, ZEC, CKB, HNS, LTC+DOGE, ETH, DCR, DASH, ETC

  • Offers self-run cloud mining plans on 180-day contracts
  • Rates vary depending on the performance 
  • High initial investment

Since 2018, Bitdeer has offered trusted cloud mining services in over 200 countries/regions. Bitdeer boasts a wide array of additional services, including iOS and Android apps, 24/7 customer support, real-time cryptocurrency charts, and a variety of cloud mining plans. Rates and profitability vary depending on performance. 

For Bitcoin miners, Bitdeer’s introductory plan is their Antminer S19 Pro Plan, which offers a 50TH/s hash rate (up to 100TH/s), with a static revenue rate of 17.75%, and initial cost of $208.50.

Check it out here.

2. HashGains

Currencies: BTC, ETH, LTC, DASH, XMR, XRP, BCH, ZEC

  • 99.5% uptime and 24/7/365 support
  • Additional features such as currency histories and calculators
  • Instant coin deposits

HashGains is a for-profit, Texas-based cloud mining site that serves a number of Fortune 500 companies. The site boasts a team of various-disciplined staff, along with impressive industrial data centers across the globe. 

HashGains has over 80,000 users worldwide, and most reviews tout satisfaction with their services. However, some online reviewers lament the site as a scam, citing issues with payouts. You can pick from a range of set and customized, 2-year plans, starting from about $30 per month.

Signup here

3. ECOS

Screenshot of ECOS cloud mining service.

Currencies: BTC

  • A clean, easy-to-use website and app
  • Easily customized, flexible contracts
  • A fast, easy setup

ECOS is a DeFi platform including wallets, exchanges, cloud mining, and portfolio management. You can use it to invest in crypto indexes, store your wallet, and mine cryptocurrency. ECOS has had over 100,000 clients throughout its tenure.

ECOS lets you customize your own contract. If you estimate a BTC forecast of $90,000, a 24-month contract at 1.27TH/s will cost $100. This would result in 404% profit.

Check it out here.

4. Genesis Mining

Screenshot of Genesis Mining cloud services.

Currencies: BTC, LTC, DOGE, DASH, ETH, MON, ZCASH

  • Fast payouts
  • A large inventory of altcoins
  • Credit cards accepted
  • 100% uptime guarantee

Genesis Mining serves over 2 million cryptominers globally with a variety of cryptoservices for Bitcoin and altcoins. They have conducted over 100 million transactions since 2013 and maintain farms globally. While they can be a little expensive to start with, they offer a 100% uptime guarantee and solid support. Unfortunately, they are frequently sold out.

An example of a Genesis Mining plan is their Radiant Small Starter for Ethereum. This plan starts at $499.99, delivering 12.50 MH/s for 24 months. 

Check it out here.

5. IQMining

Screenshot of IQMining

Currencies: BTC, USDT, ETH

  • Offers 1-year, 2-year, or 5-year contracts
  • High profitability levels and daily payouts
  • Flexible pricing and tiers of service

IQMining offers BTC, USDT, and ETH contracts at rates ranging from 12 months to 5 years. Contacts default to 5,000 GH/s for their SHA-256 contracts. To get started, you just open an account and select a plan. IQMining offers fast payouts and a reliable service — and there are frequent discounts.

An example of their contracts is their one-year SHA-256 contract, with 5,000 GH/s for $56. You can increase the hash rate as desired by paying more to increase your profitability.

Check it out here.

6. HashShiny

Screenshot of HashShiny website.

Currencies: BTC, DASH, LTC, ETH, ZEC, DCR, DOGE

  • A wide variety of currencies and hash rates
  • Automatic payouts in crypto
  • Low maintenance fees
  • 2-year contracts

HashShiny is a cloud mining service founded in 2017 that presently offers 1.5% of the world’s BTC hash rate. HashShiny uses hydro and wind power, the latest data center hardware, and advanced cooling systems to provide the best cloud services at the lowest costs. As of 2022, HashShiny is ready to go public.

An example of HashShiny’s services includes its SHA-256 Cloud Mining platform with a minimum hash rate of 10 GH/s and an automatic payout in BTC, with a rate of $0.38 per 10 GH/s. 

Check it out here.

7. LetMeCloud

LetMeCloud Bitcoin mining platform.

Currencies: BTC

  • $500 minimum deposit
  • Easy to use with accessible customer support
  • Daily payouts

LetMeCloud provides one-year contracts with daily payouts for Bitcoin cloud mining. It’s easy to shy away from the hefty minimum deposit ($500), but the platform is versatile. On LetMeCloud, you can purchase custom mining contracts across over 70 countries.

LetMeCloud provides a “Standart” service for one year at a minimum power of 48,000 GH/s and rent of $500. Profitability for the “Standart” service is estimated at 150%.

Check it out here.

8. StormGain

Screenshot of StormGain crypto app.

Currencies: BTC

  • An all-in-one cryptocurrency app
  • Multiple currencies supported
  • In-app cloud wallets

StormGain is a zero-commission cryptocurrency app with a wide inventory of services: cryptocurrency exchanges, crypto wallets, trading signals, and (of course) BTC cloud mining. Investors can withdraw their funds at any time — and withdrawals are direct to their accounts (although there is a minimum withdrawal amount).

StormGain is a little unique in that it lets you mine a small amount of Bitcoin for free. You can mine up to 0.0318 BTC a day (as of September 2022). 

Check it out here.

How to Select a Crypto Cloud Mining Site

When selecting a cloud mining site, there are several things you need to take into consideration. Understand that cryptocurrency scams are common — although the industry is becoming better regulated, it primarily operates on word-of-mouth.

Reputation

Even the most reputable cloud mining sites have only been around for a few years. That’s not a lot of time to build a reputation, but some companies have distinguished themselves through superior customer service and influential backers.

Fees

Minimum investments can range from $50 to $500. Apart from that, you’ll pay cloud service fees. Because cloud services vary so significantly, the fees may not be expressed the same way; one service might have a flat fee of $60, while another might charge by the hash. Work with a profitability calculator to estimate how much you’ll spend.

Contract Length

Some services will lock you into a contract for five years, and others may be monthly. Read carefully. If you’re paying a monthly service subscription, being locked into a longer contract is bad. If you’re paying a flat rate, a longer contract is (obviously) preferred.

Hash Rate

Hash rate indicates the amount of power you’re purchasing. As you can see in our previous chart, this varies significantly because of the different currencies (ETH vs. BTC) and the different plans (starter vs. pro). Make sure you compare apples-to-apples by comparing the hash rate for the currency you want to mine.

Withdrawals

Always choose a cloud mining site that makes it easy to withdraw your funds. You will want to withdraw your funds frequently. Some services will only let you withdraw in cryptocurrency; other services will let you withdraw in cash.

How to Get Started With Cloud Mining

Once you have decided which cloud mining site to use, the next step is to sign up for an account. This is usually a very simple process — the complications generally arise through funding.

Some cloud mining sites let you pay through a bank account or credit card. But you may find that your payment is rejected — credit card companies, in particular, will frequently block crypto charges for fraud. You will need to manually clear the transaction.

Other sites will require that you pay in BTC. If it’s an all-in-one platform like StormGain, you can hold your wallet and pay for mining through the same app. Otherwise, you will need to be confident in your ability to conduct crypto transfers.

What are the Dangers of Cloud Cryptocurrency Mining?

You need a reputable service when mining cryptocurrency.

But why? What exactly is the risk?

The biggest risk with cryptocurrency mining is called an “exit scam.” A service will work very well until it reaches a critical mass, at which point the people running the service will take all the money and run. A service can run for years before it “exit scams.” Many popular services have.

Exit scams are popular in crypto because it’s hard to track crypto — and because it doesn’t take a lot to start a crypto company. Crypto isn’t regulated like finance, so people can buy and sell crypto without falling under traditional financial regulations.

Another issue with crypto mining is that you can’t know whether a given crypto will crash while you’re still maintaining a contract and mining. For instance, you could start a crypto contract in 2022 when BTC is at $20,000 and then end it in 2023. BTC could be at $10,000 or $50,000 by the end of that contract — your profits will vary based on these fluctuations.

To avoid most of the risks inherent to cryptocurrency mining, you need to withdraw your money whenever you can. If you regularly withdraw your money (and don’t pay a lot of money in advance), you will have limited risk — you just need to know when (or if) to sell.

What’s the Best Bitcoin Mining Site?

Most crypto mining sites are Bitcoin mining sites — because BTC is the original proof-of-work currency. 

Newer cryptos have moved toward proof-of-stake (including the newest iteration of Ethereum) to avoid widespread energy consumption. 

Any of the cloud mining sites on our list will support BTC. StormGain, LetMeCloud, and Bitdeer are all considered amongst the best BTC mining sites.

What’s the Best Cloud Mining Ethereum Site?

ECOS is one of the best cloud mining sites for Ethereum. 

However, ETH recently moved from proof-of-work to proof-of-stake. Mining has been switched off, so cloud mining services for modern Ethereum will no longer work.

What is the Best Free Cloud Mining Service?

There is no truly “free” cloud mining service, but StormGain is one of the few services that will let you get started for free. If you’re interested in finding out more about cloud mining (while also trading and storing your crypto), StormGain is a great choice.

Cloud Mining Tips and Tricks

How can you get the most out of cloud mining? Cloud mining is confusing — as is cryptocurrency. But it doesn’t have to be.

  1. Look up reviews of cloud mining sites. That includes reviews on Reddit and other specialized forums. Reputation will tell you more about the site’s practices. 
  2. Compare fees before you choose a site. Most will have a profitability calculator you can use to calculate your percentage of profit.
  3. Read your contracts carefully. Don’t get locked into a longer or more expensive position than you want.
  4. Use a dedicated bank account or an online-only credit card. Never connect the account to your main bank account.
  5. Find a site that doesn’t have limitations on withdrawals. As noted, you want to withdraw frequently — at least daily.
  6. Test out customer support. Contact the customer support team before you commit to see how quickly they respond.

There’s no foolproof way to avoid being scammed — or to avoid a service that’s too expensive to make a profit. Because crypto fluctuates so much, no one can tell how much money anyone will make. This brings us to a final question.

Is Cloud Mining Worth It?

Cloud mining is still very profitable, but the currency value determines profitability. If it costs $20 to mine what is currently $40 of BTC, you’ve made $20. But if the value crashes to $10, you’ve made nothing. If the value spikes to $80, you've made even more.

The obvious question is: If cloud mining is profitable, why don’t the companies only mine for themselves? It’s a hedge against risk. Most cloud mining services are mining for themselves, but they’re also selling contracts so they can hedge against the value crashing.

Conclusion: The Best Cloud Mining Companies

The best cloud mining companies are the ones you trust. Visit any “best cloud mining sites” list from 2020, and you’ll see that half of them have exit scammed or collapsed. It’s a difficult industry — a crypto-mining cloud can fold at any time. 

That being said, there’s such tremendous opportunity or success that it only makes sense to dabble — especially if you’re interested in learning more about cryptocurrency as an investment.

Before you start spending money, though, learn more about how crypto works and what makes it a high-risk but high-reward financial vehicle. You can view a blockchain tutorial, take a blockchain course, or just learn more about how the blockchain is programmed. And if you’re serious about learning about Blockchain?

Get a Blockchain Certification

Frequently Asked Questions

1. Is it Profitable to Cloud Mine?

It depends on many factors, such as the price of Bitcoin, mining difficulty, cloud contract costs. As of 2022, cloud mining is the most profitable method of investing in cryptocurrency — but this is primarily due to fluctuations within the market and the efficiency of cloud services.

2. Is there Any Legit Cloud Mining?

There are many reputable cloud mining companies out there. However, there are also many scams. When you work with a remote Bitcoin mining company, you accept that there could potentially be risks. Don’t invest too much, and don’t hold liquid crypto on the platform.

3. How Much Can I Make Cloud Mining?

As of September 2022, many services are boasting profitability rates from 150% to 400%. But note that cloud mining services can vary. You need a high hash rate and low costs. Many of these contracts last years, which is a very long time in crypto.

4. Is Cloud Crypto Mining Worth It?

The best cloud miners know that its worth has nothing to do with the mining platform and everything to do with the price of crypto. A crypto such as BTC or DOGE can have very high volatility. The goal of mining is to get you into the game at a very low cost (due to the energy efficiency of the platform). 

5. Is it Possible to Mine Bitcoin in the Cloud?

Crypto cloud mining is the most efficient form of mining. Some services, such as ETH cloud mining, are now defunct, but you can still mine BTC in the cloud. Many cloud services use solar, wind, or hydro energy to offset the costs that would make BTC mining otherwise unfeasible.

6. Is There a Way to Mine Bitcoin for Free?

Some services, such as StormGain, have limited free BTC mining. You can mine BTC for free at any time if you have a device, but it uses so much energy. It’s better to pay for a cloud service.

7. Does Cloud Mining Pay Off?

It depends on the price of your crypto when you mine it and when you sell it. Take a look at the current rates. You don’t want to spend $20 to mine $20 of LTC. But you might spend $20 to mine $25 of LTC. You will be aware of all your costs (such as the cost for a given hash rate), but you won’t be aware of the value of the crypto once you finish mining it.

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