All about Bitcoin Cloud Mining | What Why and How | Legit, trusted, payouts, FAQs

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Do you want to find the best Bitcoin mining contracts in the cloud? This publication has what you need.

Most Cloud Bitcoin mining companies are scams

As the title indicates, most cloud mining contracts are scams. Why?

Because for companies it is easy to take people’s money, and then not deliver it. A company can claim to be a cloud mining company/website with no real proof of owning any hardware. We will go through on how to identify such cloud minings.

So remember: 99% of cloud mining companies are scams.

Which companies are not scams?

There are only two cloud mining companies/websites that we are willing to recommend on this site: Genesis Mining and Hashflare (Sorry but these links are affiliated and by signing up from this link you will avail 3% discount).

HashFlare

Just because they are not scams, however, does not mean that you will have a profit from buying contracts.

The golden rule for any type of investment is “…just invest that much, how much you can afford to lose“.

Hashflare

HashFlare one of the most profitable platforms for bitcoin mining. If you want to start quickly mining bitcoins with Hashflare you can immediately start the mining of the cryptocurrency you want and the algorithm you choose the most used mining in this platform is the algorithm SHARE-256 as Bitcoins is one of the most profitable cryptocurrency mining platforms that exist on the internet

Hashflare sells 1-year contracts, so you maintain your hash power (Hashrate or in short “H”) until the contract loses profitability.

hash rate hash TH H

For Bitcoin mining, it is used as TH – Terahash. You may be asking what is the difference between H and TH. Here it is:

  • 1 kH/s is 1,000 hashes per second (sometimes mistakenly written KH/s).
  • 1 MH/s is 1,000,000 hashes per second.
  • 1 GH/s is 1,000,000,000 hashes per second.
  • 1 TH/s is 1,000,000,000,000 hashes per second.

As many hashes you have, that much is a daily income. In the example below I am just counting 5 TH (terahash) as per the bitcoin price in December 2017:

 

Mining-metrics-Mining-calculator

Genesis Mining

Genesis Mining is a company based in Hong Kong, although its founders are from Germany and participate in many conferences about Bitcoin. You can read more about Genesis Mining on its “about” page.

Genesis Mining offers three different Bitcoin mining contracts in the cloud. All plans are paid with a single payment and are lifetime contracts:

  • Gold: 100 GH / s plan that costs $ 19.
  • Platinum: Plan of 2,000 GH / s that costs $ 340.
  • Diamond: 10,000 GH / s plan that costs $ 1,600.

Is cloud mining profitable?

It depends on your goals with cloud mining. If the bitcoin price is low then it is worth it. If you think the bitcoin price will sky-rocket then trying is worth not trying. Remember the GOLDEN RULE. Many people have already doubled their income and many other lost. If you intend to just risk and invest small money (golden rule) then yes it is profitable to get back your money in 6 months or 1 year. Again, don’t trust much the cloud mining websites.

* Cloud Mining companies/websites take an interest. Why? Because they have to pay for their electricity, hardware renewal, website maintenance and so on.

Bitcoin cloud mining comparison

There is not much to compare because personally, we do not recommend buying any mining contract in the cloud. I mean don’t trust 100% and don’t hope 100% also. Remember golden rule again. So far I don’t see any issues in terms of scamming with Hashflare and Genesis Cloud Mining. I am using both and so far it does let me withdraw.

 

What payment methods do mining companies accept in the cloud?

Most cloud mining companies accept Bitcoin, PayPal, and credit cards. If a cloud mining company accepts bitcoins, then it has a high probability of being a scam.

This is because Bitcoin payments cannot be reversed. Once the scam companies receive your payment in bitcoin, you have no way to get back your coins.

Are there free trials of mining in the cloud?

No company would give free cloud mining; this is basically giving away money.

Any company that offers free trials, especially if they require payment information, is most likely a scam artist.

How does Bitcoin cloud mining work?

Cloud mining involves a hosting company that owns Bitcoin mining hardware that puts it into operation in a warehouse.

You pay the company and rent hardware. Based on the amount of hash power you rent, you will earn a portion of the cloud mining company’s payments on any income generated by the hash power you acquired.

Mining virus in the cloud

There have been viruses that fell on computers and then used the power of the computer to mine bitcoins.

Run a malware detector on your computer if you think you can be under this attack.

How to identify if the cloud mining is legitimate?

Search more. Find out from youtube, Instagram, Facebook and other pages. Seach until you are satisfied with the proof then go and register and again start with small and give yourself a month to see if any percentage of your investment is returned or not.

6 Other Most Used Cryptocurrencies Other Than Bitcoin

Not only Bitcoin, Bitcoin Gold and Bitcoin Cash but there are other (so far famous) Cryptocurrencies are available in the market, which is:

  • Litecoin (LTC)
  • Ethereum (ETH)
  • Zcash (ZEC)
  • Dash
  • Ripple (XRP)
  • Monero (XMR)

Other Information that we want to share with you so you will be 100% and will not regret visiting our blog

 


Bitcoin - cryptocurrency cloud mining

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