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Cloud Mining

Mine crypto without buying your own hardware or any technical know-how


Income Potential

Varies

Difficulty

Easy

Investment

Varies


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Cloud mining is a way to mine and earn cryptocurrencies like Bitcoin without the need to buy your own hardware or have technical knowledge. 

Companies already have mining rigs set up and running and they will sell it to you as a service.

These cloud mining services give anyone the opportunity to mine cryptocurrency with no prior knowledge or large up-front costs. 

Cloud Mining vs. Direct Mining

With direct mining, you own, operate and manage the mining equipment yourself. This requires special hardware which costs thousands of dollars, lots of electricity, and technical know-how.

With cloud mining, you don't have to invest in any equipment. You can pay companies that have large mining facilities already set up to do the mining for you.

Pros of Cloud Mining:

  • You don't need to buy your own mining equipment or have technical experience
  • All automated. The cloud mining service will mine for you 24 hours a day
  • An alternative way to invest or diversify in crypto

Cons of Cloud Mining:

  • It's a great idea in theory but plans are expensive and it's hard to be profitable. I would stay away from it
  • Sometimes, you have to lock into a contract for many months or years
  • Must watch out for scams
  • You're limited to mining Bitcoin and only the popular cryptocurrencies (for some people, this is fine)

How These Services Work

  • Find a legit cloud mining website and choose which cryptocurrency to mine.
  • Purchase a plan that you like. Plans are priced based on "hash rate" which means how much computing power you pay for. The more hash power you have, the more you can mine and the more you'll earn but the more expensive it will be.
  • Once you buy your plan, computers will mine for you 24/7 and deposit crypto into your account. You can track how much you've mined every step of the way.

When selecting a plan, you can use free online mining calculators to help determine if it's profitable. It's important to do the math and your due diligence.

Best Cloud Mining Websites

It's hard to recommend websites because I've tried cloud mining and it was not profitable.

I've also researched many companies, articles and reviews for this post (like this one) and the general consensus is cloud mining is not profitable.

Even though I don't recommend cloud mining, I encourage you to do your own research.

Genesis Mining

Genesis Mining Cloud Mining

Genesis mining is the leader of the industry and one of the most trusted cloud mining sites. 

They were founded in 2013 and have mining facilities in Iceland and Sweden where electricity is cheap. 

They offer 10 cryptocurrencies to mine however they are sometimes sold out. Their plans last for 12 months or 24 months. 

I've used Genesis Mining for Monero and Bitcoin but it was not profitable. However, you can do your own due diligence.

Tips To Identify Legit Cloud Mining Companies

If you want to research Genesis Mining or explore other options, here are some tips to help you find legit and safe cloud mining sites: 

  • Stick to reputable companies and avoid new cloud mining companies. The longer they have been around, the better 
  • See if they have pictures and proof of their headquarters and equipment
  • If the offer is too good to be true, it is. Be very skeptical of free cloud mining services with no investment required. There is no "get rich quick" in cloud mining
  • Test their support by asking questions to their email and phone number. You definitely want them to be responsive and helpful
  • Search reviews, youtube videos and forums like Reddit to see what others are saying

Also, keep in mind, if a cloud mining company is "legit," that doesn't mean it's profitable. Make sure to carefully calculate the math and costs involved. 

Final Thoughts: Is Cloud Mining Profitable?

Cloud mining is a cool idea in theory and I wish it worked, but it's hard to be profitable and I don't recommend it. 

If your goal is to accumulate Bitcoin or a certain cryptocurrency, the easiest and fastest way is to purchase it rather than mining it.

Coinbase

Coinbase Benefits

  • Best place for beginners
  • Easiest place to buy & sell crypto
  • Get $10 in free Bitcoin

This is not investment advice. Invest only what you can afford to lose and always do your own research before investing anywhere.

By: Alex Dabek  |  Updated: 2022-07-07

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Cloud Mining

Income Potential

Varies

Difficulty

Easy

Investment

Varies

Legitimate

Yes


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