Cloud mining explained Cryptocurrencies are gaining more and more recognition over time. People are starting to use a lot of new terms related to cryptography. “Hashing,” “HODLing,” and “pool mining” are just to name a few – and most of them revolve around profiting from cryptocurrencies. However, today we are interested in only one specific term – Ethereum cloud mining.
In this guide, we’ll discuss all of Ethereum’s cloud mining – what it is, why people do it and how they do it. I will tell you all about the many different options to choose from when considering joining a cloud mining business. Further, I will walk you through the process of creating your first cloud mining gig and what to do next.
Also, if you are an Ethereum fan, you can invest. To do this, you need to choose a reliable cryptocurrency exchange – Coinbase, Binance and Coinmama are great options.
Now, let’s move on to cloud mining.
1. Cloud mining explained.
To put it in very simple terms, cloud mining is a process in which you pay someone to “rent” crypto-mining hardware, electricity, and – of course – the mining service itself.
People (although often businesses) who provide Ethereum cloud mining services usually have huge farms at their disposal. A farm is simply a large amount of mining rigs operating at one specific facility. This facility should be well equipped, though – the cooling should be on par, and it should have plenty of space to store all of the mining rigs. The need for massive amounts of electricity is also something to consider.
For example, if you want to start cloud mining for Ethereum, the first thing you need to do is find a host – someone willing to sell their Ethereum cloud mining services. Then, you’ll simply agree to a contract, shake hands with it (either physically or online) and that’s it!
Hosts usually offer a variety of contracts available ranging from “Simple Investment – Small Profit” to “Huge Investment – Big Profit”. People who have not had any experience with cryptocurrency tend to start from lower levels of investment. When you see that the service is indeed legit and you are slowly but surely making a profit, you can upgrade your contract at any time.
Alternatively, you may want to find a free Ethereum cloud mining host. This, of course, has its pros and cons, so let’s deal with the matter at once.
2. Free Ethereum Mining
As I mentioned earlier, one of the ways you can start mining Ethereum for free is to find a free Ethereum cloud mining service. In this context, “free” means that you won’t have to pay any initial fees to your host, which it usually does. You can choose to upgrade your plan if you wish. However, if it is out of consideration, no initial deposit is required.
So how does this cloud mining host profit, then? Well, first of all, people often tend to upgrade to higher payout saving plans. This leads to better results, but in return, has a decent fee. If you don’t want to upgrade to a better plan, the host will simply take a small percentage of your earnings as “rental money” at the end of each month.
With that being said, let’s take a look at some of the most popular free Ethereum cloud mining service providers. The list is not arranged in any particular order.
Swiss Gold Global
Swiss Gold Global (from this point on: SGG) has been in business for about ten years now. They have built a solid reputation as a professional, honorable and legitimate company and offer a variety of coins – including Ethereum – for mining.
SGG offers daily payouts and a secure platform to mine from. In total, they have four different levels of cloud mining (excluding the free one) which range from $249 to $5000.
The company also has an affiliate program. One of the best features of the program for people interested in cloud mining is that you can convert your affiliate commissions into lifetime (yes, for life) cloud mining contracts. This is such a rare feature that it sounds too good to be true.
SGG also offers complete support on all topics related to cloud mining. Moreover, they have a feature that allows you to resell your earnings and stop the contract at any time if you just want to.
Swiss Gold Global is truly one of the leaders when it comes to free mining of the Ethereum cloud. With nearly a decade of experience, this company might be worth checking out if you are interested in cloud mining in general.
Nice-Miner is another alternative if you are looking for a free Ethereum cloud mining service. These people allow you to start cloud mining without the need for any hardware.
Nice-Miner offers a free sign up bonus and a responsive support service. They also have an affiliate referral (referral) program, such as Swiss Gold Global. The bonus for Nice-Miner affiliates can be up to 15%.
Nice-Miner lets you choose from three different levels – 3 months, 5 years and a lifetime package. These levels vary in cost but are relatively affordable when compared to other Ethereum cloud mining services in the industry.
3. Ethereum miner
Ethereum Miner is an easy-to-use and well-optimized Ethereum cloud mining host. They offer you quick setup and a variety of plans to choose from if you’re interested.
Ethereum Miner pricing for plans ranges from 0.5 ETH to 10 ETH. They are transparent about their services and even offer suggestions on where you can create an Ethereum wallet if you don’t have one, and where to buy Ethereum.
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With their official sign, you can earn up to 0.035 ETH per day if you choose not to purchase any of their suggested plans and modify ETH for free. Bearing in mind the fact that this does not require any investment on your part, it is not a bad deal.
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4. Paid cloud mining.
Now that we have covered some of the most popular free Ethereum cloud mining sites and companies, we can go ahead and talk about hosts that require an initial fee for their cloud mining services.
It makes sense that free cloud mining is more attractive than mining that you have to pay out of your pocket, but it’s not just black and white. Although the above sites offer a service without an initial fee, the mining and hashing speeds are much slower than those of the paid cloud mining hosts.
In addition to speed, Ethereum cloud mining sites rarely give you some or any control over it, as Ethereum cloud mining companies that require some kind of upfront payment are often another story. These hosts, for example, may have cameras installed on their farms and allow customers to set them at any time online to check the performance of their rigs.
Now you know the pros and cons of free and paid Ethereum cloud mining services. Let’s review a list of some of the most popular and stable Ethereum cloud mining hosts. They are not listed in any particular order.
Genesis Mining Company
Cryptocurrency mining company Genesis is probably one of the most popular and well-known cloud mining service providers. It is widely accepted as the largest and best developed company in the cryptocurrency mining world.
Genesis offers its customers the latest mining rigs. It is designed for mining bitcoin and a variety of other altcoins. The company proudly states that it is a true, real-world team of crypto professionals and enthusiasts.
Genesis Mining offers customers four different plans to choose from when it comes to cloud Ethereum mining, the fourth that offers the ability to customize pricing in the ways that suit you most.
Genesis plans vary in price, but it’s safe to say you get what you paid for.
With ambitious future products, quality assurance and a round-the-clock team, Genesis Mining has built a reputation as a trustworthy, achievement-oriented company. If you are planning to invest in cloud mining for Ethereum, these people should appear on your radar.
HashFlare . Cloud Mining
HashFlare is another well known name in the cryptocurrency mining world. The site’s default offering is Bitcoin cloud mining, but you can also mine Litecoin, Dash, Zcash and – of course – Ethereum.
It requires no maintenance fees and uses standard GPU mining hardware for its cloud mining operations.
What’s nice about HashFlare is that they provide detailed statistical information on their site, so you can not only access the information, but also analyze the health and guidance of their services. Furthermore, the company allows you to choose a mining pool that best suits your needs – which is a great advantage as it enhances the freedom you have as a customer when it comes to taking things into your own hands.
Fixed Fees, Instant Withdrawal Options, Instant Connection – HashFlare has everything any Ethereu cloud mining company needs
HashGains . cloud mining
With a similar name to its competitor, HashGains is also a popular choice for people who want to get into the cryptocurrency mining game.
HashGains has five different options to choose from when it comes to Ethereum cloud mining (the fifth option is a custom one). What is nice about this service provider is that they have a fun and interactive interface. People seem to like it.
HashGains are also proud to have state-of-the-art technology hardware, exceptional performance standards, and a power reserve system that’s always ready. The return on retail rates is competitive, so be sure to check them out!
I’ve Got My Ethereum – What Now?
So I chose a cloud mining service provider and really started making money. Wonderful! The next logical step would be to sell what you have collected.
Many different online merchants deal with cryptocurrency sales. The good thing is that you are trying to sell Ethereum – it is a huge and popular cryptocurrency, you should not have any difficulties in finding someone to sell it to.
Always choose a reputable dealer who is known in the community and who puts safety first. After choosing, check back online – just to be sure. In case you decide to stockpile Ethereum, you should make sure to get a reliable wallet. Devices, such as the Ledger Nano X and Trezor Model T, are most recommended.
After this point, you’ll probably be fine. A lot of online cryptocurrency trading sites have comprehensive instructions on how to register and start trading different cryptocurrencies.