Most crypto enthusiasts find mining tokens in exchange for passive income attractive. However, the traditional way of mining crypto assets is not easy, as it requires significant power and expensive equipment. For this reason, people interested in crypto mining but don’t have the required resources to set up a mining farm are turning to cloud mining.
But what’s cloud mining? Keep reading this article to understand everything about cloud mining and the best sites offering this service.
Understanding Cloud Mining
As mentioned, traditional cryptocurrency mining is expensive. Cloud mining lowers the entry barrier by allowing those with little capital to participate by simply investing. Cloud mining service providers run the mining equipment on behalf of their customers and share mining rewards.
Bitcoin cloud mining remains the most popular. However, there are other proof-of-work cryptocurrencies, including Litecoin, Dogecoin, and Bitcoin Cash, that investors can mine.
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With several sites claiming to offer cloud mining services, it is essential to do your homework to identify reputable ones. We have listed some of the top cloud mining platforms to consider.
Top 7 Cloud Mining Sites
This platform lists several mining equipment owners to allow customers to invest in them by buying cloud contracts. These contracts include Ultra, Professional, Standard, and Beginner. Moreover, BeMine lets you purchase mining machines from reputable sellers, which can be shipped to your location within 14 days.
So what about the BeMine service fee? The site charged you $0.058 per kW/h. Moreover, you will incur a 3% fee when withdrawing your mining rewards, which are generated daily. Through BeMine, you can mine Bitcoin and five other cryptocurrencies. The platform is available in over 100 countries.
You don’t have to spend a dime to mine Bitcoin on YouHodler. That’s because the platform rewards you with BTC by completing simple tasks. Note that your rewards are stored in Ledger, one of the most trusted hardware wallets.
It is worth mentioning that YouHodle crypto Miner does not utilize computing power from your devices. So, your computer or mobile phone will still operate smoothly when using the platform.
While many only know Binance as the biggest crypto exchange by trading volume, it also offers cloud mining services via Binance Pool. On this platform, investors earn mining rewards depending on their investment. Some of the mineable crypto assets on Binance Pool include Bitcoin, Litecoin, and Bitcoin Cash. The earned rewards are transferred to your account daily. Regarding the fees, Binance charges pool and management fees of 2% and 1.5%, respectively.
OKX is among the major rivals of Binance, offering a wide range of services like staking as well as cloud mining. Through this crypto exchange, you can mine Bitcoin, Ethereum Classic, and Litecoin. OKX cloud mining service is available in the United Kingdom and 95 other countries. Like most of its competitors, OKX distributes mining rewards daily. The platform charges a minimum fee of 3%.
With HashFrog, you can acquire the rights to earn from crypto mining within a certain period, usually 48 months. The cloud mining provider has forged a strategic partnership with top mining equipment manufacturer BITMAIN, thus boosting its reputation. When mining crypto assets via HashFrog, you will incur hashrate and service fees. Coins available for mining include LTC, KDA, and BTC.
Another cloud mining service provider that has partnered with BITMAIN is BitFuFu. Besides cloud mining, this platform offers miner hosting, allowing people who own mining equipment to use its facilities located in Kazakhstan, the United States, and Canada.
Note that you can only cloud mine Bitcoin on BitFuFu. You will receive mining rewards on a daily basis. Like HashFrog, BitFuFu charges service and hashrate fees.
StormGain is available in Latam and Asia. What sets this cloud mining service provider apart is that mining rewards are distributed every half an hour. Moreover, the platform does not use your computer or mobile phone power. StormGain lets you mine Bitcoin at zero fees.
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