INSUBCONTINENT EXCLUSIVE:
Cloud mining is the process of buying CPU power from dedicated data centers who use their own equipment to mine cryptocurrencies such as
Bitcoin (BTC) on your behalf.The main advantage of this approach is that you don't need to have in-depth knowledge of mining hardware, nor
buy expensive and hard-to-obtain devices
Renting 'hash power' (usually measured in Gigahertz per second or GH/s) also means you don't have to deal with the heat and noise that comes
with a DIY mining project.Many of these companies either source their own equipment or build it cheaply and have placed their data centers
in countries like Iceland and China where electricity is cheap, passing the savings on to you.In this guide, we will explore five of the
most reputable cloud mining companies
As there are many scam outfits posing as miners, where possible we've chosen cloud miners who can prove that their data centers exist or are
endorsed by a reputable firm
cryptocurrencies but don't feel happy with the idea of mining, you can also simply purchase Bitcoin as an investment (see our guide on how
to buy Bitcoins with Bitstamp)
Genesis MiningA well-established and highly popular cloud mining firmWell-established with verifiable data centersMining contracts for many
cryptocurrenciesOften sold out due to popularityAs one of the oldest (it dates back to 2013) and largest cloud mining centers, there seems
to be no better place to begin than with Genesis.Its website offers a live feed of some of the data centers which are based in Iceland, a
country where cheap geothermal electricity is readily available.Mining contracts are technically available for all major cryptocurrencies
and you can visit your online dashboard at any time to reallocate your purchased 'hash power' (so, for example, you could go 60% Bitcoin and
40% Litecoin).In terms of fees, Genesis currently charges $0.14 per TH/s per day for mining Bitcoin
The price of other cryptocurrencies may vary so we encourage you to make your own enquiries
The website has a Payouts section which you can use to monitor how much you've mined
Due to high transaction fees on the network, your mined coins may need to meet a minimum threshold before the funds are actually transferred
to your wallet.The simple interface combined with Genesis Mining's solid reputation has meant that at times the company cannot keep up
with demand for mining contracts (which tells a story of its own)
At the time of writing Bitcoin, Dash and Ethereum mining contracts were available for purchase, although this will likely change later in
HashnestA major outfit backed by a big name in ASIC mining hardwareBacked by BitmainSome verifiable data centersPurchase of Antminer
hashrate currently sold outHashnest was launched in 2014 by Bitmain, which is a world-renowned manufacturer of ASIC mining hardware
Bitmain also operates one of the largest mining pools in existence: Antpool
Combined with the photos of a handful of data centers on the Hashnest website, this is persuasive proof that the company is legitimate.While
Bitmain is based primarily in China, Hashnest has mining farms around the world, which benefit from low cost electricity.The website
currently offers a Payout Accelerated Cloud Mining Contract or PACMiC for short
The PACMiC is a type of electronic contract structured in such a way that Bitmain pays the maintenance costs of mining rigs (such as
electricity), and all the mining revenue will be used to pay back the owner of the PACMiC
When the principal is not fully paid back, it will share profit with buyers.This loosely translates as 6.0TH/s of hash power in exchange for
Hashnest claims this results in rolling profit pay-outs for each block found with an annualized ROI of over 14%.Alternatively you can
purchase hash power directly from Antminer devices such as the S9 which has a rate of around 12,5TH/s
$0.19/TH/day.Contracts for the Antminer devices are currently sold out but you can still buy a PACMiC contract if you have the funds.3
contractsCurrent issues with BTC withdrawalsHashflare is a subsidiary of Hashcoins, another manufacturer of Bitcoin mining equipment which
has been around since 2013
a variety of SHA-256 and Scrypt coins such as Bitcoin and Litecoin as well as Ethereum and ZCash
You're also free to choose your own mining pool.Hashflare is open about its maintenance fees: they are $0.0035 for every 10 GH/s of SHA-256
coins and $0.005 for every 1 MH/s of Scrypt coins a day
Ethereum, ZCash and Dash contracts are not subject to any maintenance fees
Your total pay-out will depend on the mining pool you've chosen and how much hash power you've allocated to it.At the time of writing, only
Ethereum mining contract was available, all others were out of stock.As of January 2018, Hashflare has also temporarily suspended new
Bitcoin withdrawals due to a large number of unconfirmed transactions
The company plans to resume withdrawals once this is resolved.4
Hashing24Bitcoin contracts with the ability to simulate profits before you commitPartners with reputable Blockchain Tech CompanyInnovative
features like demo modeBTC mining contracts onlyThe Hashing24 team claims to have been involved in Bitcoin mining since 2012, although the
website itself has only been around since 2016
The company appears to have no data centers of its own, rather, it has partnered with big name providers such as BitFury to lease hashpower
Note that Hashing24 is mentioned on Bitfury's website, which may reassure customers that the operation is real.If you're new to cloud
mining, you can also use Hashing24's demo mode to simulate a Bitcoin mining contract to see how much you might earn
This is a good way to help you understand some of the concepts behind cloud mining, but won't necessarily let you project future profits, as
mining difficulty and BTC price will vary over time (naturally).After registering you can currently sign up for Bitcoin mining contracts
only, with the contract being open-ended (lifetime)
If these are sold out you can also try out Hashing24's auction feature which allows you to bid on hashpower from existing
customers.Regardless of how you purchase your mining contract, Hashing24 charges a flat fee of $0.00033 per GH/s per day (although at the
time of writing the fee was $0.00017 due to an offer)
There's also a one-time fee for purchasing hashing power with a particular host.5
EobotSmart on the security front, with the ability to calculate daily profitsBuilt-in calculator to estimate profitsSecure sign inLittle
information on company ownersEobot has been around since 2013 and is registered in California
Its owners have decided to remain anonymous, so there are no photos or office addresses on the main website.Eobot's site did not play
nicely with our ad-blocker on registration, forcing us to use another browser
However, once sign up was complete, we saw that the website notifies users when someone logs into their account from a new IP address
Two-factor authentication is also enabled by default, meaning that in order to access your account, you need to provide a code sent by email
as well as your password.Eobot offers mining contracts either for 24 hours or ten years
The website is neatly laid out and also offers a fee estimator to allow you to calculate daily profits in exchange for the hashpower you
Its main page is very clear that most investments will take around 52 months to break even.Maintenance fees are currently set at
Unlike other cloud mining websites we've reviewed, Eobot also offers an easy to understand explanation of how maintenance fees work
Contracts are available for a wide range of cryptocurrencies.Due to the owner's desire for anonymity and in order to stay within the law,
direct deposit of funds by bank transfer isn't supported
You can, however, buy contracts with Bitcoin and via a USD credit card using Epay.Top image credit: Hashing24xCdGMXTWDhMTWQvjXw7kX3.jpg#
