Bitcoin cloud mining is a process that allows individuals to participate in the mining process without the hassle of managing hardware. With numerous cloud mining platforms available on the market, it can be hard to decide which is the best for you.
In this article, we are going to examine the best crypto cloud mining platforms available in the market today and explore their key features to help you decide what platform will best fit your needs.
Best Bitcoin cloud mining platforms in 2024:
- BitFuFu – The best Bitcoin cloud mining platform overall
- Binance – BTC cloud mining offering by the world’s leading exchange
- NiceHash – Leading hashrate marketplace
- ECOS – Mining company with a dedicated cloud-based solution
- GoMining – A unique GMT-powered cloud mining solution
The 5 best Bitcoin cloud mining platforms: Examining top choices in 2024
In the following sections, we are going to take a closer look at the best cloud crypto mining offerings on the market and explore different avenues through which users can secure Proof-of-Work (PoW) networks via cloud services in exchange for mining rewards.
1. BitFuFu – The best Bitcoin cloud mining platform overall
BitFuFu is a Bitcoin cloud mining platform that allows users to get Bitcoin at a lower cost than outright buying it on the market. The platform has a hosting capacity of a whopping 300MW, which is derived from over 100,000 crypto mining rigs, including the very popular and efficient Bitmain Antminer S19 XP.
The platform allows users to purchase different contract lengths, from 120 to 180 days. Each contract carries a hashrate fee, a service fee, and an expected static output ratio (basically, the expected profit from mining rewards). There’s also the free option, which allows new users to manage $1,000 in free capital and withdraw their mining profits after 30 days.
Key features:
- Cloud mining contracts spanning from 120 to 180 days
- Users buy a certain amount of hashrate
- Transparent calculation of Bitcoin mining rewards
- Trial period for new users with the ability to withdraw mining rewards
- Miner rental service
- Native application for iOS and Android
2. Binance – BTC cloud mining offering by the world’s leading exchange
Binance, one of the leading crypto exchanges, offers cloud mining as a part of its Binance Pool platform. At the time of writing, Binance allows users to mine Bitcoin and no other PoW currency. The cloud mining contract can be purchased for as little as $8.38 (for 1TH/s) and lasts for 90 days. The cost covers the hashrate fee and electricity fee.
The expected daily mining output is 0.00000209 BTC (about $0.075). Binance notes that the rate can fluctuate depending on mining difficulty, the network’s hashrate, and unsuspected events that can disrupt the company’s ASIC miners.
Key features:
- A cloud mining offering by the world’s largest crypto exchange
- Transparent mining rewards calculation
- 90-day mining duration contract
- BTC rewards are paid out daily
- Part of Binance Pool, a platform that supports BTC, ZEC, LTC, and several other PoW coins
3. NiceHash – Leading hashrate marketplace
NiceHash is a prominent cryptocurrency platform focused on crypto mining and trading of mining capacities. It operates as an open marketplace that connects sellers or miners of hashing power with buyers. Buyers can select the cryptocurrency they wish to mine, choose a mining pool, set their prices, and place their orders. This order is then available to all connected miners or sellers of hashing power on the NiceHash platform.
The platform is designed for ease of use, featuring a simple interface. Miners using the NiceHash Miner software fulfill orders by providing computing power for the selected cryptocurrency mining process. This setup allows for a flexible and accessible way for individuals to participate in cryptocurrency mining, regardless of their technical expertise or the scale of their mining operations.
It’s worth noting that NiceHash isn’t exactly a cloud mining platform in the same way as others in this article. The difference stems from the “sharing economy” concept, which means that the company connects users with those who are selling hash power and doesn’t sell its own hash power.
Key features:
- Allows users to buy and sell hash power amongst themselves
- Supports dozens of popular mining algorithms, including Scrypt, SHA256, etc.
- The minimum order price is just 0.0001 BTC (roughly $6 at current prices)
- Requires no contracts, as opposed to some other competitors
- Accurate real-time mining data
4. ECOS – Mining company with a dedicated cloud-based solution
ECOS is another leading cloud mining company that offers easy access to specialized machines with vast amounts of computing power, which allows users to start earning BTC block rewards without having to invest in expensive equipment themselves.
The platform, which has a very simple and easy-to-use mobile application, allows users to purchase different hash rate contracts. The contracts start at $150. It is worth noting that the bigger the contract size, the lower the hashrate cost and the higher the bonus mining power. Both factors contribute to greater mining rewards.
Key features:
- Contracts starting from $150
- The higher the contract price, the higher the mining bonus
- Hashrate cost is diametrically opposed to the contract size
- The company sells ASIC machines and specializes in building mining farms
- Free demo plan
5. GoMining – A unique GMT-powered cloud mining solution
GoMining, powered by its native GMT token, gives users the ability to get exposure to Bitcoin mining without having to purchase and operate mining equipment. While the platform is quite different from other options on this list, it still provides a way to earn cryptocurrency rewards on a daily basis.
GoMining allows users to gain exposure to BTC mining by staking the GMT token and holding the company’s NFTs. In total, GoMining controls data centers with a combined power capacity of 350 MW. They are also a part of over 20 mining pools (including Binance, Antiminer, etc.), which lowers the variance and increases the chances of sharing BTC mining rewards.
You can learn more in our GoMining Token review.
Key features:
- Allows GMT holders to gain exposure to BTC mining infrastructure
- No need to purchase cloud mining contracts
- Periodic token burns based on crypto prices
- Requires KYC
How to protect yourself from Bitcoin cloud mining scams
Unfortunately, the concept of Bitcoin cloud mining is often used by scammers to lure in unsuspecting crypto investors who are looking for a way to make passive income in crypto.
Before investing in a cloud mining platform, make sure to do your due diligence – try to find out how long the company has been on the market, research the company’s transparency policies and check user feedback on various social media platforms. When checking user reviews on app stores or platforms such as TrustPilot, it’s important to be wary of fake reviews. For example, if a service suddenly gets a flood of extremely positive reviews with little to no substance, that’s a signal that the platform is trying to boost its rating with fake reviews.
Typically, cloud mining scams can be identified relatively easily just by looking at the materials provided by the service itself. Most commonly, scams will try to trick users with promises of unrealistically high returns, and they will also look to minimize the risks associated with mining cryptocurrency.
The good news is that data on the profitability of Bitcoin mining is freely available online. For example, NiceHash provides a crypto mining profitability calculator that allows you to estimate how much you can expect to earn mining a particular cryptocurrency based on your hashrate. If the cloud mining platform is promising significantly higher returns than this estimate, it’s likely not legitimate.
If you’re interested in the best methods to make passive income in crypto, check out our list of the best crypto passive income strategies.
Bitcoin cloud mining FAQs
Is Bitcoin cloud mining real?
Yes, Bitcoin cloud mining is a real concept. It involves remotely renting mining power from a provider to participate in the process of validating transactions on the Bitcoin network. However, the legitimacy of specific services can vary, so thorough research is crucial.
Is Bitcoin cloud mining still profitable?
The profitability of Bitcoin cloud mining depends on factors like the current price of Bitcoin, mining difficulty, and maintenance fees charged by the cloud mining provider. Market conditions can fluctuate, impacting profitability.
Is it safe to invest in cloud mining?
The safety of investing in cloud mining varies among providers. Some, like the ones included on our list, are reputable, while others may engage in fraudulent activities. Researching the credibility of a cloud mining service and understanding its terms, fees, and reputation in the community is crucial before deciding to invest.
The bottom line
Bitcoin cloud mining presents a compelling option for individuals looking to participate in cryptocurrency mining without the complexities of managing hardware and the expenses associated with purchasing their own mining equipment. The reality is that Bitcoin mining using even the most powerful GPUs for mining is unprofitable, given the current state of the market.
If you want to try using your mobile phone to earn cryptocurrency rewards, check out our list of the best crypto mining apps for Android.
