Who Should Make Use of This Crypto Mining Comparison?
This comparison is aimed at anyone that wants to start mining crypto from New Zealand. One route involves buying the hardware yourself, setting it up in your home and taking part in crypto mining. You will probably need to join a crypto mining pool in order to join forces with fellow miners, as crypto mining has grown challenging and competitive in recent years.
If you do not want an initial outlay and high energy bills, and do not like the idea of clunky equipment making your home hot and noisy 24/7, you can look at a crypto mining platform instead. The providers essentially have a crypto mining farm, or several mining farms in various parts of the world. They normally choose a place with cheap energy. You can then rent hash power from that cloud mining company, and your investment should be rewarded with a steady stream of crypto.
This crypto mining blog is therefore designed for anyone that wants to mine Bitcoin or other cryptocurrencies as opposed to simply buying them, and for anyone that wants to go for cloud mining instead of investing in mining hardware.
Key Components of Top Mining Software
The best crypto mining platforms New Zealand share several key traits. Try to find a crypto mining platform that hits as many of these as possible:
The top crypto mining sites are established, reputable and honest. Read customer reviews and look out for anyone complaining they were scammed, or struggled to withdraw the crypto they had earned. It is generally advisable to stick to the larger operators that have a long history of treating customers fairly and paying out in full and on time. If something sounds too good to be true, it probably is. Look for transparent crypto mining platforms that divulge where their operations are based and present you with images and videos of the facilities.
Study the contract terms, payment systems and fees on offer when searching for crypto mining companies. The idea is that you pay the platform owner a fee to rent its hardware, and you will receive a share of the crypto that is mined, based on the hash power you hire. Pay Per Share is a common payment method. Look for the most cost-effective tariffs, and also insist upon data transparency. The top crypto mining will always inform you of the declared total hash rate, which ensures fairness.
A strong user interface is another big selling point for a crypto mining platform. The site should be easy to use, simple to navigate and packed full of educational materials and analytical tools. Depositing, withdrawing and registering should be quick and painless. This also extends to customer service. You should benefit from 24/7 support via multiple channels.
The crypto space is very new and regulation is patchy, so hackers regularly target mining companies, cryptocurrency exchanges and crypto wallets. You should look for crypto mining platforms that have a very robust recent history record and use features like two-factor authentication during sign-in and aggressive encryption software.
Finding a flexible crypto mining 2023 platform allows you to quickly respond to market trends. The best crypto mining sites allow you to mine a broad range of cryptocurrencies. You can then quickly switch to more profitable coins when difficulty levels and reward rates change, or if a particular coin looks either promising or unfavourable.
You should also be able to choose from a range of different packages. The Genesis crypto mining platform Gold, Platinum, Diamond and Custom plans, and CryptoUniverse allows you to rent specific ASIC chips at different rates. You can adjust your strategy by moving to a different plan or chip based on your circumstances at the time.
Editor’s Recommendation – Our Top Choices For Crypto Mining Platforms
Genesis Mining is a popular choice among Kiwis that want to mine crypto. The firm’s chief executive and co-founder headed to Queensland for New Zealand’s first ever Bitcoin conference in 2014, and it has maintained a strong presence in the market ever since. We have reviewed several leading cloud mining providers, and we found Genesis to be an honest and transparent company.
It has always opened its cloud mining farms to the public and the level of customer service on offer is impressive. If you are a newcomer, you might wonder, what is crypto mining? Is crypto mining profitable, and what is crypto mining price per share all about? Genesis offers a wealth of educational material, with topics such as crypto mining profitability, crypto mining explained and crypto mining meaning to help you out.
Advanced miners can also benefit from high-quality analytical data. The site is easy to use, navigation is effective, and it offers a range of packages for you to choose from. It is safe and reliable, with plenty of hashpower on offer. Some users have complained that Genesis Mining is unable to guarantee a profit, but that is the case with all crypto mining platforms.
Your chosen cryptocurrency could suffer a sharp decline, wiping out your profits, for example. Make sure you conduct thorough research into crypto mining profitability and consider whether you might prefer to buy crypto currency online and take part in crypto trading instead.
How Our Experts Test Mining Platforms
Our expert reviewers have all spent several years mining crypto. They understand the sector and can make objective judgements about each crypto mining platform. Our team will compare the different tariffs on offer, and delve deep into the operations. They look into the ownership of each operator, the location of the mining farms, the level of transparency on offer, the reputation of the company, the strength of the development team, the security record and the level of trust among customers.
The reviewers will sign up at each site available in New Zealand, and assess the speed, convenience and security of the registration process. They will sign up for multiple tariffs at cloud mining sites, and verify whether or not each company lives up to its promises. They will assess the quality of the user experience and customer service, the level of flexibility provided and the range of cryptocurrencies covered. They make several deposits and withdrawals to check the ease and speed of the banking process, and interact with customer support representatives to gauge how helpful they are.
When they have compiled all the relevant information about each site, they will weigh them up against one another. They can identify the sites with the best deals, the strongest platforms and the best opportunities for crypto mining profitability. We only recommended safe, secure and transparent operators. We regularly reassess these crypto mining sites to ensure they uphold their standards, and if they slip we will remove them from our list.
Finding the Right Crypto Mining Platform for You
The right crypto mining platform for you depends on the cryptocurrency you wish to mine, the level of mining you plan to conduct, how much advanced analytical information you need and the importance you assign to things like security, transparency and customer support. It can also depend upon how far along your crypto mining journey you are.
If you are a newcomer to crypto mining 2023, certain sites welcome beginners by offering low minimum packages and very reasonable daily mining fees. They also furnish you with a lot of education information about crypto mining profitability. Other sites work better for experienced miners with a significant amount of money to invest in the process.
Work out your list of priorities, factoring in concerns like security, reliability and cost-effectiveness, and you will quickly be able to identify your perfect match from the list of the best crypto mining sites.
Best Cryptocurrencies to Mine
Miners earn small crypto rewards on an ongoing basis for solving cryptographic equations through the use of computers. These equations ensure that transactions are verified and new blocks on the blockchain are created. Some cryptocurrencies are mined, but some were pre-mined before launch, meaning mining is not possible.
XRP (Ripple), Binance Coin and NEO are examples of cryptocurrencies that cannot be mined. You will need to buy XRP, Binance or NEO if you want to hold these coins, so you can check out XTB crypto trading, Plus 500 crypto trading or FPMarkets trading.
The most popular cryptocurrency is Bitcoin, and this does need to be mined. The total supply is capped at 21 million, and the circulating supply went past 18.5 million in 2021. The reward for mining Bitcoin has halved roughly every four years since Bitcoin launched, and it is growing increasingly competitive. In the early days, miners with basic computers could claim plenty of Bitcoins using unsophisticated software. Nowadays, high-tech mining pools and cloud mining providers dominate the scene, so you really have to join a pool or use a cloud provider.
Litecoin is an early spin-off from Bitcoin and that needs to be mined too. Bitcoin Cash and Bitcoin SV must also be mined, and they are popular choices at crypto mining platforms. Read the crypto reviews to learn more about those coins. Ether is the world’s second largest cryptocurrency, so you could mine that. Smaller altcoins for mining include ZCash, Grin, RavenCoin, Monero, Ethereum Classic, Bitcoin Gold, DASH and Dogecoin.
The best cryptocurrency to mine can change on a regular basis. Just consider the price of the cryptocurrency, the block reward and halvings, the time of block generation, mining difficulty and hash rate before deciding which coin to mine. Also consider mining multiple coins at once and building up a diverse portfolio.
Traditional Mining Versus Cloud Mining
You can alternatively go down the traditional route of buying hardware and mining yourself from your home. It is cheaper to mine Bitcoin in New Zealand than in Australia, Vanuatu, Japan, South Korea, Mexico, Nicaragua, Chile, the UK, France and Germany. However, it is a lot cheaper in India, Ukraine, Zambia and Peru, so moving to a country with cheaper electricity would increase the crypto mining profitability.
That is understandably unappealing to many Kiwis. You also have to factor in the heat created by the equipment and the space it takes up in your home. It requires a substantial upfront cost, and it would be a nightmare if your equipment was damaged or stolen. For that reason, many people prefer to use online mining platforms.
The alternative is to simply buy it. Several exchanges sell crypto, and you can use NZD at them. Just choose an exchange that has high liquidity, charges reasonable fees and offers strong security. You can move your coins to an external wallet once you have bought them. This keeps them secure, and allows you to quickly move them to third party sites. For example, you can send them to a retailer to buy goods and services.
Conclusion – Crypto Mining in NZ
Crypto mining is a fascinating and potentially lucrative pursuit, but it has grown extremely competitive and there are many reasons to avoid hardware mining. Choosing a mining platform significantly reduces your risk, but you should stick to safe and trustworthy companies. Look for security, flexibility, transparency, profitability and user friendliness, and do not tie yourself down to a contract that could soon prove costly.