Who Should Make Use of This Comparison?
This comparison of the best cloud mining sites is aimed at anyone that does not want to go down the traditional mining route of investing in hardware. If you want to keep your home free of hot, noisy mining equipment, keep your energy bills down, reduce your risk and ensure you are not left with hardware that has little resale value, you should opt for cloud crypto mining services. However, you should bear in mind that the best Bitcoin cloud mining sites charge high fees, so you can use this comparison to find the best deals. It also helps you identify safe, reliable companies that offer transparency, as some free cloud mining Bitcoin sites are shady and untrustworthy.
Anyone that wants to switch from trading and searching for the cryptocurrency to invest in to mining should make use of this comparison. Anyone that uses a crypto exchange or likes Bitcoin trading should use the comparison if they are thinking of migrating to cloud mining.
How to Identify the Best Cloud Mining Sites
There are certain qualities that you should look for when trying to find a cloud mining site:
- The best cloud mining sites are established, reputable and trustworthy. Look for sites that have secured a number of strong reviews from users and from Bitcoin cloud mining review sites such as ours, at TradersBest.com. There are plenty of disreputable scam sites out there and you can avoid falling into their clutches by sticking to major outfits, backed by big name companies, which accept credit card payments and bank transfers, and work with the best Bitcoin wallets.
- Transparency is another key principle to look for when trying to identify the best cloud mining 2022 sites. If you opt for cloud mining, you are outsourcing the process and putting your trust in a particular mining operation. You should therefore demand an insight into the mining facilities the firm operates, who owns the business and where it is based. The best cloud mining providers tell you where their facilities are based and show you videos and images of the operation. You should also insist upon data transparency: trusted free cloud mining sites should keep you informed of the total declared hash rate at all times, ensuring fairness and honesty.
- The contract terms, fees and payment systems on offer are key considerations when choosing the best cloud mining sites for your needs. You pay the cloud mining provider to rent its hardware and you will earn a share of the payments generated, based on the hash power you rent. A common payment method is Pay Per Share (PPS). You should identify the sites that offer the most profitable tariff plans, provided they are safe and trustworthy. Avoid anything that sounds too good to be true, as it is probably a scam.
- Flexibility is a hallmark of the best cloud mining sites. They allow you to mine a number of different cryptocurrencies. They also offer a multitude of different packages. For example, Genesis offers Gold, Platinum, Diamond and Custom plans, while CryptoUniverse allows you to rent specific ASIC chips at different rates. It should provide a wealth of information about maintenance fees, potential income and potential profitability, displayed clearly and effectively.
- Security is another factor to bear in mind when choosing a new free Bitcoin cloud mining site and reading Bitcoin cloud mining review articles. Look out for sites with a secure sign-in process, aggressive encryption and a history of avoid security breaches.
Genesis Mining is a strong option for anyone interested in cloud mining. It is an honest and transparent operator. Genesis has built up trust over the years by opening up its mining farms to the public and providing strong customer service. You will also receive considerable support in your journey, as there is a lot of educational material and analytical data to read, while the site is easy to navigate.
Genesis has secured a number of strong ratings from users giving their personal cloud mining review verdicts. The main complaint is that you cannot guarantee a profit, but that is true of all cloud mining operations. Mining itself is a competitive field, and your margins are further eroded when you engage in cloud mining, as the operator is doing all the hard work and it takes a significant cut. Yet Genesis ranks among the best cloud mining sites by offering a flexible range of packages, and offering users a safe and reliable way to purchase considerable hashpower.
You might be tempted by dazzling promises of free Bitcoin cloud mining without investment or an exciting new free bitcoin cloud mining site 2022, but a lot of these free cloud mining sites lack transparency and carry serious risks, so you are often better off sticking with a reliable site such as Genesis.
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How Our Experts Test Operators
Our experts have been holding cloud mining operators to account ever since the trend first took off. They work hard to compile as much background information as possible about each provider, delving into the ownership, location, reputation and trustworthiness of the cloud mining companies. They are keen to find sites offering transparency, so they will look into how open each operator is about its mining farms.
They will then compare the different tariffs on offer in order to identify the most profitable ways to engage in cloud mining. Our experts will sign up as customers for each site, assessing the ease, speed and security involved in the process. They will then put the operator’s claims to the test, verifying whether or not it lives up to its claims. Our reviewers will judge the flexibility of each operator, based on the packages it offers, the coins it allows you to mine and the scope for quickly changing your contract to suit changes in the market or in the customer’s situation.
Our reviewers also rate the general look, feel and usability of the site. They are looking for mining sites that make life as easy as possible for the user, offering clear navigation and concise information. However, anyone using a cloud mining site should also be offered access to a wealth of statistical and educational information, so our experts will shine a light on the operators that score well in this department. They can then compare all the best cloud mining sites against one another, resulting in a list of the very best operators in the business. Whether you’re looking for Bitcoin trading guide – our reviewers search high and low for operators from across the world.
Finding the Best Cloud Mining Sites for You
Some cloud mining sites are ideal for newcomers that do not wish to make a significant initial investment. They offer low minimum packages and modest daily mining fees, while providing a great deal of educational information to walk you through the process. Others are better suited to experienced miners that wish to stump up a significant sum of cash in a bid to make a considerable profit over the course of the year.
Some sites are stronger than others when it comes to transparency and security. Others offer a greater range of cryptocurrencies for you to mine. The whole process can be a minefield, which is why we have put together the operator comparison found above. If you are new to the game, it will help you identify a safe, reliable site that matches your needs. If you are thinking of switching cloud mining sites, it helps you find a better option.
Advantages of Cloud Mining Over Hardware Mining
There are several key reasons for choosing cloud mining over the more traditional route of setting yourself up with crypto mining software and hardware:
- Cloud mining does not require a hefty initial investment in hardware. It is therefore a better option for aspiring miners that do not have much initial capital, inspiring them to search for the best cloud mining sites.
- You outsource the process of mining to an external company and simply rent hardware from them. This means your house is not full of hot, noisy equipment that keeps you awake at night. It also means you do not have to worry about burglary.
- It allows you to enjoy mining from anywhere in the world. Miners that invest in their own hardware are often on the move in search of countries that offer cheap electricity. Cloud mining provides you the opportunity to live in developed countries with high energy costs, while benefiting from the low energy costs on offer in the country that hosts the mining farm. If you are involved in Bitcoin Trading, you might want to switch to mining, but you will not want to pay the high energy costs in one of those countries.
- You do not have to worry about taking care of your hardware. There is no need to fear children or pets trashing your equipment, or floods ruining your hardware. You do not need to continually upgrade your crypto mining chip and software.
- You can enjoy a consistent hash rate, which will not decline due to the reduced efficiency of your hardware. You can also receive consistent payouts, set up on a daily basis.
Disadvantages of Cloud Mining Over Hardware Mining
There are also some disadvantages to keep in mind when considering cloud mining instead of hardware mining:
- You could generate a strong profit in the long-term by investing in your own mining hardware. Speculate to accumulate, as the old adage goes. Any gains from cloud mining will be diminished, as you are paying for a cloud mining service to do the heavy lifting for you. The cloud mining company earns its profit by charging users a greater sum than the cost of its mining operations. If you have capital and you are not averse to taking a risk, hardware mining may be a better option.
- Some miners prefer to own their own hardware as it offers greater control over the process, and they also enjoy assembling it.
- The cloud mining industry has been hampered by a number of scams and Ponzi schemes since it took off. Naïve users have been suckered in by promises of free cloud mining 2022, new free Bitcoin cloud mining and so on, and then ripped off.
Identifying Cloud Mining Scams
Some crypto mining sites promise that you will earn astronomical returns from a minimal investment. You might be lured in by exciting offers from new free Bitcoin cloud mining sites, but you should always stay vigilant. If it sounds too good to be true, alarm bells should start ringing. Watch out for operators that have a history of failing to disclose hidden fees, which are designed to simply rip you off. Avoid free sites, as there is no conceivable reason why anyone would offer you a free service, unless they are planning to scam you.
The most common scams among free BTC cloud mining sites are Ponzi schemes and exit scams. The Ponzi schemes ensure you will only receive a reward or recoup your investment by luring other people into the scheme. These can be a quick way to lose friends and alienate people. Always look for transparent operators that have a history of fully disclosing their fees and keeping their tariffs above board. Avoid secret projects whereby the ownership and location details are not disclosed. Make sure you verify all licenses and contracts.
The Best Cryptocurrencies to Mine
Once you have read the cloud mining review comparisons and identified the best cloud mining sites, you must figure out which crypto to mine. Bitcoin trading is the world’s largest cryptocurrency, and all the best cloud mining sites allow you to mine it. If you feel that Bitcoin will increase in value in the months and years ahead, mining it could be a good option, but you can always simply buy it instead.
There are a number of interesting altcoins for you to consider. It is not possible to mine all crypto. For instance, XRP trading and Binance Coin trading cannot be mined. You have to look at trading them, and you can check out a TD Ameritrade Review or a Swissquote Review to discover more about strong platforms for trading these coins, along with Ethereum Trading, EOS Trading and Binance-Coin Trading. You can mine the likes of Ethereum, Tether and EOS, along with smaller coins such as Grin and RavenCoin. Litecoin looks like a strong alternative to Bitcoin, as it is not as difficult to mine, it is relatively stable, the best Bitcoin wallets in US often accept Litecoin too, and it is one of the bigger cryptocurrencies.
Cloud mining offers a compelling alternative to hardware mining, as it frees up space in your house, reduces your energy bills and reduces the need for an initial investment. However, the industry is rife with scams, so you need to read cloud mining review pieces, perform due diligence and hunt out the best cloud mining sites. Our comparison tool groups all the information you need together and helps you stick to solid, reliable operators that offer the best possible chance of turning a profit.
Want advice on trading cryptocurrency? Head on over to our Ethereum Trading and EOS Trading guides.