10 Best Cloud Mining Sites for 2024

Cloud mining offers a streamlined approach to cryptocurrency mining, allowing crypto enthusiasts to mine digital currencies without the need for personal hardware. Instead, you’ll be renting hashing power from a cloud mining provider. This is exactly why cloud mining sites have gained so much popularity.

Our guide will review the best cloud mining sites on the market today, examining their features and pros and cons. On top of that, we’ll discuss the legality of cloud mining websites, their fees, and expected yields.

10 Trusted Cloud Mining Sites

Listed below are the best cloud mining platforms, with a brief description of each:

  1. Bitcoin Minetrix: Best Bitcoin cloud mining platform where ERC20 tokens are staked in return for mining credits.
  2. ECOS: Established cloud mining provider supports Bitcoin cloud mining contracts from $99 for a duration of 60 months.
  3. Binance Cloud Mining: Popular cloud mining service on world’s largest exchange with daily rewards.
  4. StormGain: Trading and cloud mining tool platform. Automatically mine Bitcoin based on trading volume.
  5. BitFuFu: NASDAQ-listed cloud mining platform with one-click order options
  6. Hashmart: Cyprus cloud mining operation with 12-month Bitcoin mining contracts starting from $52.40.
  7. Hashing24: 10+ year old cloud mining provider with discounts available on larger contract purchases.
  8. CoinMiningFarm: Green mining farm with over 21,000 users and multiple contract durations.
  9. Bitdeer: Established cloud mining operation that supports Bitcoin, Filecoin, ZCash, Litecoin, Dogecoin, and more.
  10. F2Hash: High-yield new cloud mining provider for large-scale investors that was launched in 2021.

Best Cloud Mining Sites Reviewed

Now let’s move on to our comprehensive reviews, where we cover supported networks, reputation, payout speeds, deposit methods, expected yields, customer support, and much more.

1. Bitcoin Minetrix – Top Bitcoin Cloud Mining Site With $13 Million Raised in Presale

Bitcoin Minetrix ($BTCMTX) is a presale targeting the Bitcoin cloud mining industry. The hard cap is $32 million, and the current price is $0.0137, with a minimum of $10. The price will increase with each presale stage. 

Bitcoin Minetrix offers a fast, easy, and convenient way to mine Bitcoin without needing to purchase expensive software or learn about complex mining mechanics. It puts all the power back in the hands of users. 

Instead of needing expensive ASIC software, which is harmful to the environment, users can simply use Bitcoin Minetrix to harvest rewards from the world’s largest cryptocurrency in a decentralized manner. The process is also quite simple, so anybody can do it – just stake $BTCMTX tokens to earn cloud mining credits, and you can use these to mine bitcoin (BTC).

Bitcoin Minetrix will also be available as a mobile application, meaning people can earn on the fly. What’s great about Bitcoin Minetrix is that it offers a neat dashboard to calculate daily, weekly, and monthly rewards, with other metrics such as ‘mining power bought’ and ‘mining power earned’. This makes it easier to gauge the overall economics of what you are engaged in.  

For more information, consult the Twitter and Telegram accounts. USDT, BNB, and ETH are acceptable means of payment for this Bitcoin cloud mining presale.

Supported Coins Minimum Contract Purchase Minimum Contract Duration Payout Frequency
Ethereum $10 None Daily

Pros pros

  • Minimum $10 deposit
  • Eco-friendly project
  • A new paradigm in Bitcoin mining
  • No upfront hardware costs
  • No mining knowledge required

Cons cons

  • Unknown yields

2. ECOS – Best Cloud Mining Website with Large Farming Capacity

Launched in 2017, ECOS has a comprehensive mining farm based in Armenia. With a farming capacity of 60 MBt, it has successfully mined over 6,000 Bitcoins. ECOS is now used by over 500,00 clients globally.

Its cloud mining service supports Bitcoin, and there is a minimum contract amount of $99. Currently, all cloud mining contracts have a 60-month duration. This is done to mitigate the market volatility risks. Therefore, ECOS is the best cloud mining site if you’re happy to invest long-term. ECOS cloud mining rewiew

ECOS charges different service fees depending on which ASIC you select to mine your BTC. Although ECOS doesn’t provide exact estimated yields (as it depends on the number of factors), it does offer a handy cloud mining calculator. This allows you to assess your potential return on investment based on what you think Bitcoin will be worth when the contract expires.

It has a native Bitcoin cloud mining app for iOS, Android, and Mi, allowing you to keep tabs on your cloud mining rewards. We like that ECOS also offers demo accounts. 

To get started with ECOS, it takes seconds to register, and there is no KYC. Accepted payment methods include debit/credit cards, bank wires, and selected cryptocurrencies. If you need assistance, ECOS offers live chat support 24/7.

Supported Coins Minimum Contract Purchase Minimum Contract Duration Payout Frequency
Bitcoin $99 60 months Daily

Pros pros

  • Registered mining operation based in Armenia that was founded in 2017
  • Mining payouts are paid daily
  • Fully-fledged mining app for iOS and Android
  • Fast sign-up process without KYC
  • 24/7 customer support

Cons cons

  • Minimum contract purchase of $500
  • Minimum contract duration is 30 months

3. Binance Cloud Mining – Bitcoin Mining Contract Durations of 90 Days and Daily Payouts

If you’re looking for the best cloud mining sites for a short term agreement, then Binance is right for you. Each contract lasts 90 days, and the minimum purchase amount is 1 TH. In terms of fees, Binance charges $1.80 for hash rates and $3.96 for every 1 TH purchased. Binance provides an estimated output of 0.00000218 BTC per 1 TH.

However, this will vary depending on the Bitcoin mining difficulty during the contract agreement. Although the setup process is simple, each contract comes with limited availability. You’ll need to have a Binance account to get started, which takes less than a minute to open.

Binance cloud mining

You can withdraw the funds instantly or reinvest them into other yield products. This includes staking, dual investments, and yield farming. To deposit funds into Binance, you can use a debit/credit card or cryptocurrencies. Binance also supports peer-to-peer deposits with local payment methods.

In terms of safety, you’ll be cloud-mining cryptocurrencies with the world’s largest exchange. Therefore, you can be sure that you’re using a legitimate provider. The main drawback of Binance is that cloud mining minimums and estimated outputs are displayed in Bitcoin. This makes it difficult to know exactly how much you’ll be required to invest and what you can expect to make.

Supported Coins Minimum Contract Purchase Minimum Contract Duration Payout Frequency
Bitcoin 1 TH 90 days Daily

Pros pros

  • Trusted cloud mining provider backed by one of the best crypto exchanges
  • Minimum contract duration of just 90 days
  • Get started with a minimum purchase of 1 TH
  • Payouts are made daily

Cons cons

  • Only supports Bitcoin cloud mining
  • Minimum requirements are not shown in fiat money

4. StormGain – Popular Cryptocurrency Trading Platform With an In-Built Cloud Mining Tool   

StormGain does things differently from the other cloud mining providers discussed so far. Primarily, StormGain is a cryptocurrency trading platform that supports leveraged products. It also supports high-level trading features, such as technical indicators and drawing tools. That said, StormGain has also developed an in-house cloud mining tool.

There’s no need to invest any capital, as you’ll automatically mine Bitcoin as a registered user. The amount of Bitcoin you can mine depends on your account tier. For example, standard accounts will earn just $0.25 per day in mining rewards.

StormGain Bitcoin mining

After reaching a minimum trading volume of $150,000, you’ll increase this to $0.50 per day. The highest tier, VIP3, yields over $235 in daily mining rewards. However, this requires over $75 million in trading volumes. Moreover, when you cash out your Bitcoin mining rewards, the funds are paid as trading credits. This means you can’t withdraw the rewards directly.

Supported Coins Minimum Contract Purchase Minimum Contract Duration Payout Frequency
Bitcoin No purchase required N/A Credited after the first $10 is earned

Pros pros

  • Free Bitcoin cloud mining for registered traders
  • Higher rewards are paid when you increase your trading volumes
  • VIP3 members can earn $235 in daily mining rewards
  • Access your mining rewards after earning $10

Cons cons

  • Standard accounts receive just $0.25 per day
  • Minimum trading volume of $75 million to get the highest mining rewards

5. BitFuFu – Nasdaq-Listed Company with One-Click Mining Contracts

The BitFuFu platform has over 17 mining farms spread across the globe with millions of users. It offers a user-friendly one-click order or more customizable contracts where you will need to do a little technical analysis.

BitFuFu offers a trial cash period where they will provide you with $1,000 in virtual cash to try out the mining experience yourself with their $1,000 for 1-day contract. While the cash is virtual, any payout will be yours to keep. If you complete KYC that day, your payout will be doubled. It’s a great way for newcomers to get a grip on the mining process without an initial investment.

There are two main types of contracts to choose from:

Easy BTC: This beginner-friendly contract features all-inclusive fees, overall lower costs, and a static payout rate. It’s a good choice for those looking for a hassle-free cloud mining experience. However, payouts will be slightly lower with this contract type.

  • Contract duration: 3 to 50 days.
  • Payout: 101%-105%.
  • Minimum investment: $30

Full Revenue: This option will have a higher average payout, but you will need to know a little more about cloud mining to navigate the mining process. The fees will vary depending on the length of your contract, with a hash rate fee of $0.0276/T/D and service fees of $0.0439/T/D for the minimum contract length. The hash rate fee will

  • Contract duration: 30 days to 360 days
  • Payout: 101%-125%
  • Hashrate fee: $0.0223/T/D – $0.0320
  • Service fee: $0.0439

BitFuFu also offers custom institutional services, and interested customers can purchase mining equipment or join co-hosted mining groups.

Supported Coins Minimum Contract Purchase Minimum Contract Duration Payout Frequency
Bitcoin $30 3 days Daily

Pros pros

  • Minimum $20 deposit
  • Simple one-click order option
  • Higher reward option for those interested
  • No upfront hardware costs
  • Daily payouts

Cons cons

  • Bitcoin only

6. Hashmart – Established Cloud Mining Operation Supporting Multiple Coins 

Launched in 2018, Hashmart is a cloud mining operation registered in Cyprus. This established provider specializes in Bitcoin mining. Currently, it’s offering 12-month contracts and the minimum purchase is 500 Gh/s. This is priced at just $52.40, so casual investors are catered for. Moreover, this price includes maintenance fees, so you know exactly how much you’re paying.

Hashmart also offers open-ended cloud Bitcoin mining contracts. This offers flexible terms, as you can start and stop whenever you see fit. This costs $80.40 for every 500 Gh/s purchased, which is a lot more expensive than the 12-month contract price. Plus, you’ll pay $0.18 per TH in maintenance fees each day.

Hashmart review

That said, open-ended contracts are clearly popular, as they’re currently sold out. Hashmart accepts payment in Visa, MasterCard, and cryptocurrencies. All mining contracts offer daily payouts.

On top of that, Hashmart offers the best cloud-mining app for Android users. An iOS app is currently in the works and is expected to be released in the near future.

Another benefit is that Hashmart offers 24/7 customer support. This is offered via live chat and email. However, a drawback that should be considered is the location of Hashmart’s mining farms. It claims to have operations in the ‘Asian region’ but doesn’t state the specific country. The reasons for this opaqueness are unknown.

Supported Coins Minimum Contract Purchase Minimum Contract Duration Payout Frequency
Bitcoin $52.40 12 months. Also offers open-ended contracts but these are currently sold out Daily

Pros pros

  • 12-month Bitcoin mining contracts start from just $52.40
  • Maintenance fees are built into the contract value
  • Established in 2018
  • One of the best cloud mining apps for Android
  • 24/7 customer support via live chat and email

Cons cons

  • Does not state the country that its mining farms are located
  • iOS app is yet to be launched

7. Hashing24 – 12-Month Bitcoin Contacts From 1 TH and Active Farms in 4 Countries 

Hashing24 is another established cloud mining website, with the provider operational for over a decade. It has active mining farms in four different countries – Canada, Georgia, Norway, and Iceland. Hashing24 specializes in Bitcoin mining, and it offers three contract durations. Your options include 12, 18, and 24 months.

We like that Hashing24 is user-friendly and that all contract terms are displayed in US dollars or euros. This makes it easier to assess your potential return on investment. The minimum contract value is just 1 TH, which is currently priced at $50.30 for 12 months. Fees are built into the contract value.

Hashing24 review

There are discounts available when you purchase larger contract amounts. For example, you’ll get a 5% discount on a 100 TH contract. Hashing24 also offers estimated returns based on the contract you select. For instance, if you purchase 5 TH on a 24-month contract at $497.97 – the estimated profit is $223.37.

All mining contract purchases come with daily payouts, which you can withdraw straight away.  You can pay for your chosen contract with Visa, MasterCard, or Maestro. Cryptocurrencies are also supported. Hashing24 also offers a free demo account, enabling you to test its features before making a financial commitment. If that’s not enough, customer support is offered 24/7 via live chat.

Supported Coins Minimum Contract Purchase Minimum Contract Duration Payout Frequency
Bitcoin $50.30 12 months Daily

Pros pros

  • Established cloud mining provider with over 10 years of experience
  • Active mining farms in four different countries
  • Get started with a minimum outlay of just $50.30
  • Accepts instant payments via debit/credit cards

Cons cons

  • Minimum contract duration is 12 months
  • Does not support altcoin mining

8.  CoinMiningFarm – Green Energy Mining Farms With Minimum Contracts of Just 7 Days   

If you’re looking for the best cloud mining sites for green energy, CoinMiningFarm could be worth considering. It claims that 90% of its mining energy supplies come from natural sources, This is fueled by geothermal energy, wind turbines, and hydroelectric dams.

Although CoinMiningFarm only offers Bitcoin mining agreements, it has plenty of contract durations to choose from. If you’re just getting started, you might consider the 7-day plan. This requires a minimum purchase amount of $500. There’s also a $50 plan, but this requires a 365-day contract.

CoinMiningFarm reivew

Then there’s the diamond plan, which is popular with experienced investors. This is a 365-day plan offering daily rewards of 1.10%. The minimum and maximum purchase on this plan is $1,200 and $5,499, respectively. CoinMiningFarm only accepts payments in Bitcoin.

Supported Coins Minimum Contract Purchase Minimum Contract Duration Payout Frequency
Bitcoin $50 7 days Daily

Pros pros

  • Contract durations start from just 7 days
  • Minimum contract purchase of $50
  • Utilized green energy sources
  • Support team is available 24/7

Cons cons

  • Limited track record in the cloud mining industry
  • Bitcoin is the only accepted payment method

9. Bitdeer – Established Cloud Mining Operation Supporting Multiple Coins 

Bitdeer is a cloud mining platform suitable for asset diversity. In addition to Bitcoin, it supports a wide range of other mining coins. This includes some of the best altcoins, such as Filecoin, Zcash, Dash, and Ethereum Classic. It’s also possible to purchase joint mining contracts for Litecoin and Dogecoin. This allows you to mine both cryptocurrencies simultaneously.

That said, some mining contracts are often sold out, as availability is limited. For instance, Bitdeer is currently only offering contracts on Bitcoin, Bitcoin Cash, and Filecoin. Availability changes daily, so you’ll need to regularly check the Bitdeer website. Nonetheless,  Bitdeer offers Bitcoin mining contract durations from just 30 days.

Bitdeer review

However, some mining contracts have a much higher minimum. For example, some Filecoin contracts require at least 540 days. That said, a big positive is that selected mining plans allow you to get started with less than $2.

On top of that, Bitdeer clearly displays what fees you’ll pay after setting up a contract. It also offers estimated revenue rates for each mining agreement. For example, The Antminer S19Pro Plan is estimated to yield 69.94% over the contract duration. Bitdeer distributes mining payments daily as long as the minimum rewards have been covered. The minimum varies depending on the contract.

Supported Coins Minimum Contract Purchase Minimum Contract Duration Payout Frequency
Bitcoin, Bitcoin Cash, Filecoin, Dogecoin, Litecoin, Dash, Ethereum Classic $1.63 30 days Daily

Pros pros

  • Supports some of the best cryptocurrencies – including Bitcoin, Dogecoin, and Litecoin
  • Small minimum investment requirements
  • Contract durations start from just 30 days
  • Fees are clearly displayed when choosing a contract

Cons cons

  • Some mining contracts are often sold out
  • Only supports cryptocurrencies for payment

10. F2Hash – New Bitcoin Mining Provider Aimed at Large-Scale Investors  

F2Hash is one of the top cloud mining sites for large-scale investors. It offers many different plans that come with some of the highest yields available. For example, the Enterprise Flash Plan gives you access to Antminer Pro+ and S19 Racks. Costing $15,000 for a 300-day contract, this yields an estimated daily return of $450.

Another popular option is the Pro Flash Plan, costing $9,400. This yields an estimated return of $215 per day or $6,450 over the 30-day duration. If you’re looking to invest small amounts, F2Hash is also suitable. Its Explorer plan, which offers access to Canaan AvalonMiner 1166 hardware, costs $200 for a 12-month contract. This yields $2.80 in daily rewards or $1,022 over the contract duration.

F2Hash review

There’s also an entry-level plan for just $5. All that being said, F2Hash was only launched in 2021, and it has a limited track record in this space. Moreover, some of its estimated yields are on the high side. Nonetheless, F2Hash is registered in Cyprus, and its mining farms are based in Brazil.

Supported Coins Minimum Contract Purchase Minimum Contract Duration Payout Frequency
Bitcoin $5 30 days Daily

Pros pros

  • Claims to offer high cloud mining yields on larger investments
  • Entry-level plans start from just $5
  • Payouts are processed daily

Cons cons

  • Launched as recently as 2021
  • Some of its estimated yields are questionable
  • Very basic website

What is Cloud Mining?

Cloud mining is a passive earning tool that allows you to mine cryptocurrencies remotely. This will appeal to those who want to benefit from crypto mining without spending a significant sum on hardware. This is especially the case when mining Bitcoin, which now requires ultra-specialist hardware rigs.

Even if you do have the resources, you’ll also need to consider the energy consumption demands that mining requires. According to the Harvard Business Review, Bitcoin mining consumes 110 Terawatt Hours annually. This translates to the same energy demands as the entire population of Malaysia – a country with over 33 million inhabitants.

How Does Bitcoin Cloud Mining Work?

If you’re still not sure how cloud mining works, we’ll now break the process down.

Select a cloud mining provider

Cloud mining services are offered by fully-fledged providers. In other words, you’ll be using a company that has a full mining farm in place. Depending on the provider, this could be a multi-million dollar operation. Most importantly, you’ll need to ensure that it has the technical capabilities to generate sufficient rewards for your investment outlay.

Pick a hashing power contract

Once you’ve selected a cloud mining provider, you’ll be presented with a range of investment options. This will vary depending on the type of cryptocurrency you want to mine and how long you want the agreement to last. In most cases, you’ll be purchasing a specific amount of hashing power on a contract basis.

What is Hashing Power?

Hashing power measures the capabilities of a mining device. The more hashing power the device can produce, the more powerful its capabilities when solving mining puzzles.

For example, the world’s most popular cryptocurrency – Bitcoin, requires a significant amount of hashing power to succeed in mining. Not only because of its proof-of-work mechanism but competition is extremely fierce.

You’ll receive all mining rewards in crypto

This can mean one of two things. If the value of the cryptocurrency you’re mining increases, this will amplify your profits, while if it decreases, this will eat away your profits.

What Should I Do With My Cloud Mining Rewards?

Some mining investors will immediately sell their earnings for fiat money. Others, however, might hold their cryptocurrencies until market prices are more favorable.

However, you’ll also need to consider the tax implications. According to the IRS, any cryptocurrency sales are treated as an asset disposal.

Check the Cloud Mining Fees

First, you’ll pay an upfront cost to purchase the hashing power contract. This is usually a non-refundable purchase, meaning you won’t get the money back at the end of the contract term. As such, you’re taking a risk that you’ll be generating more cloud mining rewards than the contract purchase.

Second, there are usually maintenance fees to cover. This covers the core mining operation – such as hardware repairs, energy, and other daily expenses. This is usually deducted from the mining rewards that you are paid.

Third, some cloud mining websites also take a percentage of the rewards they generate. For instance, suppose you earn the equivalent of $100 in month one. If the mining provider takes a 10% cut, this will leave you with $90.

Cloud Mining vs Traditional Mining – Key Differences

The fundamentals of cloud mining and traditional mining are the same. The objective is to solve complex cryptographic equations to earn blockchain mining rewards. However, there are some key differences between the two:

Traditional mining – allows you to keep 100% of your mining rewards without going through a third party. Instead, you’ll be connecting a specialist hardware device to your own local network. However, it comes with significant cost implications. For instance, if you’re looking to make a profit by mining Bitcoin, you’ll need a significant capital outlay to buy specialized hardware devices. These are usually not just one, but enough to generate sufficient levels of hashing power.

Beyond the initial setup costs, energy consumption is a major consideration, as mining operations need to run 24/7 for maximum efficiency. According to NY Times, a Bitcoin mining operation in Austin uses the same energy output as 6,500 homes.

Cloud mining – eliminated the worry about energy costs, as this is taken care of by the provider and deducted from your return on investment. You also won’t need to invest significant sums in buying an entire mining rig. Instead, you’ll simply need to cover the cost of the hashing power contract.

As long as you cover the original investment before the end of the contract, anything above this, after fees and taxes, can be viewed as profit.

Benefits of Cloud Mining Bitcoin and Other Cryptocurrencies

We’ll now explore why cloud mining remains popular with cryptocurrency investors.

Passive Income

The primary objective of cloud mining is to earn passive income. As soon as you purchase your chosen mining contract – you can sit back and allow your money to work for you. There is no input required from you at all.

No Knowledge or Expertise Required 

Make no mistake about it – cloud mining is a highly advanced technical field. If you decide to solo mine cryptocurrencies, you’ll need a solid understanding of hashing power, Application-Specific Integrated Circuit (ASIC) devices, and other technical aspects.

This is why cloud mining is the best option for most people. While it’s wise to have a firm grasp of the basics, you won’t need any technical know-how. All you need to do is choose the best cloud mining site, make a deposit, and pay for your contract. Anything that goes wrong behind the scenes will be taken care of.

Super-Low Upfront Costs  

Cloud mining websites allow you to mine cryptocurrencies with very little upfront costs. As noted, you won’t need to buy any hardware devices yourself. In fact, you won’t need to make any purchases other than the mining contract.

How do Cloud mining websites work?

This makes cloud mining affordable for most budgets. However, do note that some cloud mining websites have high minimum purchases – so you’ll need to factor this in when choosing a provider.

Risk is Limited to Your Contract Value  

In addition to low upfront costs, cloud mining also enables you to limit your risk exposure. Put simply, the only capital you are risking is what you pay to purchase the mining contract. For example, suppose you invest $1,000 into a 12-month contract. If you get back less than $1,000 – you’ve made a loss. However, your losses can never exceed the initial outlay.

Potential Downsides of Crypto Cloud Mining

While cloud mining offers many benefits, you’ll also need to consider the following risks.

Some Cloud Mining Websites are Scams  

The first risk to consider is that some cloud mining websites have proven to be scams. One of the most infamous cloud mining scams was Hashflare. According to the FBI, the founders of Hashflare raised $31 million in ICO funding, only to use the majority of the capital for personal gain. However, the plot thickens as the US Justice Department alleges that Hashflare was also behind a $575 million fraud and money laundering scheme.

As such, you’ll need to tread very carefully when choosing a cloud mining provider. After all, you’ll be required to purchase a cloud mining contract upfront. This means you’ll need to trust that the provider pays you what it owes.

You Might Not Generate Enough Mining Rewards to Yield a Profit  

There is no guarantee that you will make money when cloud mining cryptocurrencies. There are various factors that can determine whether you generate a profit on your investment. First, mining is a competitive arena. In addition, you also need to consider the volatility of cryptocurrencies when cloud mining.

Crypto Mining is Taxed as Income  

In most jurisdictions, crypto mining is viewed as income by tax authorities. In the US, for example, the IRS states that mining, staking, and similar activities should be reported in federal income returns.

IRS crypto taxes

So what does this mean for you? Put simply, any cloud mining rewards that you receive must be reported as income.

The reporting process can be tricky, since you need to assess the value of the rewards on the day they were received. Considering that crypto prices change as each second passes, you’ll need to ensure you keep adequate records. Many cloud mining companies payout rewards daily, which makes things even more complex.

Is Cloud Mining Crypto Profitable?

Like many crypto income streams, cloud mining can be profitable and is a better alternative to traditional mining. Whether or not you’re able to make money will depend largely on your chosen provider. Just remember – cryptocurrency mining (and Bitcoin in particular) is very competitive.

To stand a chance of success, the cloud mining provider must have a sufficient set-up in place, as well as consider some external factors such as market prices and taxes.

Is Bitcoin Cloud Mining Legal?

In the vast majority of countries, Bitcoin cloud mining is completely legal.

However, the Chinese government outlawed Bitcoin mining in 2021 – so it’s no longer legal in the domestic market. According to CNBC, China once accounted for 65-75% of the global Bitcoin mining hashing power. That said, Bloomberg reports that Bitcoin mining is still prevalent in China, albeit covertly.

Just remember, you’ll likely need to report your cloud mining activities when filing your annual tax returns. As noted, mining rewards are viewed as income for tax purposes. What’s more, you’ll need to factor in any capital gains after selling your mining rewards.

Our Methodology When Ranking the Best Cloud Mining Sites

It’s always wise to question how the best cloud mining platforms are ranked in guides like ours. We have a transparency methodology that enables us to rate providers based on the most important metrics.

This includes:

  • Safety and Reputation: We research the safety and reputation of a cloud mining provider extensively. For instance, how long the provider has been operating, where its mining rigs are located, and whether it’s a registered company. We also assess reviews from the public domain. We look at how current and past customers view the cloud mining provider and whether overall sentiment is positive, natural, or negative.
  • Supported Mining Coins: Our methodology also explores what mining coins the cloud provider supports. While most support automatic Bitcoin cloud mining, you might also be interested in other cryptocurrencies.
  • Set-up Costs and Other Fees: You’ll need to pay upfront fees when cloud mining cryptocurrencies. This includes paying for a mining contract in full. Minimum purchase amounts vary depending on the cloud mining provider, so we assess this during the research process. We also explore what ongoing fees apply, such as maintenance and profit-sharing commissions.
  • Estimated Yields: Our research found that cloud mining websites rarely offer estimated yields. This is because it’s challenging to assess how much can be made when mining cryptocurrencies, as there are many variables at play. For instance, the mining difficulty rate, market conditions, and broader competition.
  • Payout Frequency and Minimum Withdrawals: When researching the top cloud mining sites, we also assessed payout frequencies. Some payout mining rewards daily while others are less frequent. We also explored whether there is a minimum withdrawal amount – as some providers have unfavorable requirements.

Ultimately, while our cloud mining website reviews are impartial and transparent, you are advised to do your own research. This will ensure you’re able to make an informed decision before proceeding.

Conclusion

In conclusion, our guide was designed to provide a detailed overview of the best cloud mining sites, together with the pros and cons of cloud mining, and its legality. We trust that it will make the process of picking the right cloud mining platform easier for you.

Our research shows that Bitcoin Minetrix is the best way to cloud mine Bitcoin. It is the most simple and accessible, with no upfront cost for either hardware or software. There is no real learning curve – it’s simply stake and burn for BTC mining rewards.

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Kane Pepi
Editor
Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…