Cloud mining is a business concept that allows users to buy a share of mining power of the hardware placed in remote data centers. Everybody can earn extra revenue with little risk and frequent payouts. Ether as a currency is the fuel for the Ethereum project and therefore an essential part of this smart-contracts platform. If you want to invest in Ethereum mining without the hassle of managing your hardware and software, cloud mining is currently the best option. It offers a unique opportunity for mining with a low cost of entry as well as minimal risk and expense, which is opposite to traditional models of mining that involve maintenance and configuration of specialized hardware.
Best Ethereum cloud mining providers
- HashFlare has been involved with cryptocurrencies since the inception of Bitcoin and has years of experience in the field of mining cryptocurrencies. This Estonian company is now also offering Ethereum mining plans with no maintenance fees. Also, the minimum order amount and the hash rate is very low (100 KH/s with the price of 2.2 USD), so you can start with low investment and see how it goes. Use Hashflare discount code HF17PLUSBTC3 for a 3% discount.
- Genesis Mining is the largest and most trusted Bitcoin cloud mining provider in the world, now also running Ethereum mining plans. They provide all the information about their services, they are actively involved in the community and they even have a live stream of their mining farms. If you sign up through this link, you will get a discount on existing Ethereum mining prices.
- Crypterra – new company, offering mostly 2-year cloud mining contracts in three strategically positioned datacenters in North America, Europe and Southeast Asia. Ethereum cloud mining algorithm that they offer is Dagger-Hashimoto.
We have mining contracts with these three mining companies and as long as they are on this list above, they pay every day and are reliable!
Is Ethereum cloud mining profitable?
Mining profitability depends on a few different factors, related to cloud mining the most important two are Ethereum market price and of course cloud mining price. In general, you just need to compare how much you pay to rent the hardware and how much coins you get in return.
Calculators give you an estimate of your projected profit. However, they can not 100% predict the future, especially not the Ether price. Some cloud mining providers already give you an estimate of return on investment with their pricing and costs data already filled in, so please check individual providers websites.
Our mining plan at HashFlare has 10 MH/s mining power and gives us 0.5 US$ daily (ETH price stands at 325$ and there are no maintenance or electricity fees). Currently, you pay for the same contract 220$. If Ether price and difficulty stay the same, this cloud mining plan is not profitable as the contract lasts a year. Genesis Mining plan has a payback period of 18 months, but as they sell two-year contracts, last 6 months of mining is your profit.
With discounts your payback will be a bit sooner.
How to start cloud mining?
First, join the cloud mining pool by simply buying shares online. You need to choose a plan, pay for it and you will start mining immediately after purchase. By signing Ethereum mining contract, your provider will take care of all mining tasks, maintenance, and upkeep while you just sit back and receive your share of mined coins.
With Ethereum cloud mining services, there is no need for your mining computer, no need for high electricity bills, no dealing with software and installation trouble and no mining knowledge is required. Buying a cloud mining hash power takes care of all this for you.
You will receive daily or weekly payouts to your Ethereum wallet address (it depends on the plan, but usually payouts are done daily). You need to pay in advance for hashing power and contracts often come in the form of a 1-year contract or unlimited (until mining with rented hardware is profitable). The only thing to keep eyes on is the current Ethereum value, so that you stay in profit and that you do not pay more for hashing power than you get out of Ethereum production.
If you do not own a lot of hardware, we believe cloud mining is the best option to generate Ethereum as a digital currency. Cloud mining also allows users to form pools where their joint efforts are rewarded with greater income, compared to mining with individual hardware.
We recommend Hashflare
We want to give you a few more details about Hashflare Ethereum mining plans (ETHASH).
This is a real Ether mining plan, the fuel for the Ethereum project. As contracts last for a year, and there are no maintenance fees. You can purchase Ethereum mining contract by Bitcoin, wire transfer, credit card and alternative payment methods such as Webmoney and Payeer.
They also have regular promotions, where their customers receive automatic upgrades or promo codes to have percentages added to their hashpower, or to have percentages off of their contract price. Watch your email after a signup (you may also use HF17PLUSBTC3 discount code for an immediate 3% discount). At Hashflare you can also mine Bitcoin and a few other crypto-coins.
Cloud mining issues with Bitcoin
You are probably aware that Bitcoin cloud mining had a few issues in the past. There were a lot of companies that were deceptive. They pretended to have mining facilities, often taking photos from other providers and claiming them as their own, but in reality, they did not own anything, and they just took your money. Cloud mining providers often disappeared with your Bitcoins (we already lost some money when we tested various cloud mining providers for our readers).
Ethereum is newer altcoin, and there are only a few providers on the market so far. Ethereum market is more transparent compared to Bitcoin’s market. However, we have to be awake as scamming companies will appear sooner or later.
Other Ethereum cloud mining providers
Some are untested, please use at your own risk.
- McCoinCloud – they offer Ethereum Lifetime Contracts with weekly payouts. They own two data centers build up especially for the purpose of cryptocurrency mining. And since year 2015 they are offering mining contracts with a guaranteed return on investment.
- NiceHash – hashpower marketplace to buy or sell hashing power without contracts.
- OXbtc – update: out of stock [2017-09-08].
- Tresorio – the first hashpower provider in France.
- Eobot supports mining for Ethereum and advertises itself as the easiest, cheapest, and best way to mine it. You can mine and hash cryptocurrency with cloud mining, or you can use any CPU or GPU for any coin, SHA-256 or scrypt with immediate mining results. The good thing about Eobot is that sometimes you can pay with PayPal, but you will have to wait longer for your coins to arrive if you pay this way.
- Our research on why are cloud mining providers selling mining contracts and not keep the profit for themselves might answer a few common questions.
- Interested in Ethereum Classic cloud mining?
- Our Ethereum mining overview.
- Bitcoin & Zcash mining information.
- Want to mine on your own, but not with your hardware? Guide to Ethereum mining with Amazon cloud Web services EC2.
- CryptoCompare has done a great job by comparing profitability of various mining plans.
- If you are serious about Ethereum mining, you should often visit official forum.