All About BTC, LTC, ETH mining as well as other alternative crypto currencies
Time for an updated look on what cloud mining services are currently using, both older ones that have been available for quite some time as well as new ones that we’ve started checking out more recently. This quick overview will also cover some recent developments around the various services listed below that we are following. Also it seems that lately there is also a new alternative to traditional cloud mining that is gaining some interest from services such as HaoBTC or Bter that pay users interest based on deposited coins, interest that is generated by mining. These services offer lower profit over a longer term, but also the risk is lower than that of investing in a cloud mining operation. Also these services pay you interest on an hourly or daily basis and your deposited coins are not locked, so you can use them at any time you need them. Hashnest also tried something like an alternative to traditional cloud mining with their PACMiC offers, but their new v2 is not as attractive as their initial offer. But back to the traditional cloud mining services…
– Genesis Mining is the preferred Bitcoin cloud mining service in terms of transparency and reliability and we’ve been using it for about a year already. The company is open, their teams frequently take part in crypto currency events and they have published information on their mining operations including their hardware suppliers. Daily payouts, transparency, multiple ways to purchasing cloud mining hashrate, probably not the fastest ROI out there, but less riskier. Here is a special promotional code that you can use to get a 5% discount for hashrate purchases – CryptoMiningBlog5.
– ZeusHash is a bit controversial with their cloud mining offers over time that have been unprofitable, but with their more recent offers they seem to be doing much better. Their partnership with the large Halley China mining farm has allowed them to offer a good price for their cloud mining hashrate and their most recent offer for 30 day cloud mining contracts with the users getting back what they have paid initially plus what they have mined at the end of the contract was also an interesting opportunity.
– GigaHash is still one of the smaller Bitcoin cloud mining farms that we see a good opportunity for growth in. Started as a private mining investment and after that offering cloud mining services to broader audience with their mining farm expanding all the time, lately based on AntMiner S5 ASICs. Daily payouts, useful and clean custom interface, good and timely support when there are some kind of issues, so worth checking out even though we’ve started using the service more recently.
– Mining Sweden is another relatively new entry in the cloud mining scene, starting as a smaller mining operation with plans to grow with the help of its users. The service offers Mining Shares (currently sold out) that are only for cloud mining and VIP Shares that give you not only cloud mining hashrate, but percentage of the profits of the mining operation. The service also offers users to buy BitMain AntMiner S5 ASIC miners and have them hosted in their data center. Could be a good long term investment as things seem to be working pretty well so far. Here is an extra 10% discount code from the regular prices that you can use, just enter ms10 during checkout.
– HashFlare is another more recent service apparently operated by a bit controversial Bitcoin ASIC manufacturer. So far it seems that the service is working just fine and is paying out without any problems, but still you might want to be careful with larger investments just in case. If you want to try it out, here is a promo code for 5% off for purchases over 250 GHS – HF15SMMR5P2 or 20% off for purchases over 2500 GHS – HF15SMMR20P2.
– Eobot is a service that has been available for quite some time already, according to their website since 2013, but we’ve just recently decided to check it out and so far it seems everything seems to be running fine and as promised. Initially it did not consider their offers of much interest, but their GHS 2.0 Bitcoin cloud mining contracts do not seem so bad at the moment with the current market situation. They also do have some other interesting services such as Cloud Folding and their own mining pool, so you might want to take a look, just stay away from their mining app.
A bit of warning in the end, stay away from the Bitcoin Cloud Services as they have suddenly stopped paying about a month ago, but their website is still online and they are still “accepting” payments form new users that never get hashrate or any payment in return, so do not throw your coins there! Another service that has been available for quite a while called Scryptcc has also had trouble recently claiming to have been hacked and a few hundred Bitcoins stolen from them and although they have returned and seem to be back online we would advice to stay away from the service for the moment, as they have lowered the mining income users are getting in order to get back what was apparently stolen from them. Until they resume normal operation with normal mining rewards for their users we would advice to stay away from them.
Low crypto currency exchange rates, difficulty for Bitcoin and Litecoin going down, more Scrypt ASICs getting cancelled… in a situation like this how can you actually make profit mining, especially if using a cloud mining service? Well, the good news is that most of the cloud mining services are still up and running with ROI times just getting even longer than before, so it is hard to talk about actually getting a profit at the moment. At the same time however some services that promised long term contracts with maintenance fees included in the price are struggling to survive – bad planning expecting the price of BTC to skyrocket short term or well planned long-terms scams, it is hard to tell. The fact is that at the moment it may not be the wisest idea to invest in cloud mining hashrate, especially if you are not going to be paying for the hashrate with cash, but with coins that you have already mined or purchased at higher price.
– Genesis Mining remains one of the preferred cloud mining services thanks to being more transparent and open on their hardware partners and mining farms and who is actually behind the service, and also by offering some innovative and interesting features to miners. Their prices may not be the best out there, but at least they are here to stay long term.
– Bitcoin Cloud Services is probably the closest competitor with very similar terms to PBMining and prices for the hashrate. There were some concerns about the service when it launched, but it is still here a few months later, paying daily and offering attractive terms. Though since the business model could also be the same as PBMining if you have concerns you might want to go for other alternatives as well.
– Scrypt.cc is one of the first Scrypt cloud mining services from back when Litecoin was still profitable to mine with GPUs. We’ve had some issues with the service when we started to use it, then later on they were apparently resolved, but their services are not among the most attractive as they still rely mostly on their GPUs farms.
– PBmining has been having some trouble for the last few weeks with claiming to be a result of blackmail and operators personal data about the service operators leaking. As a result the service is apparently a “failing business” in their own words and “recovery is trying to be made”, no more hashrate is being sold and weekly payments are at just about 5% or less of what they should normally be. If you were among the early users fo the service you might have made some profit, but for people that joined PBmining in the last weeks it could be a serious loss. It is not clear if all was due to bad business planning or if it was a scam, note that the website is still online and there are still some payments being made, but that could also change at any time.
– GAW Miners is a company that started selling ASIC miners, then moved into cloud mining and are now moving to the next step – introducing their own crypto coin and building an whole ecosystem around it. They are essentially moving away from cloud mining services and moving to another business that they see as a better and more profitable alternative, we are yet to see how things will develop on the long term.
– Hashie is a relatively new service, but since they have partnered with the AMHash mining farm and started reselling their hashrate they have become a good place to get hashrate from. They were confirmed as an official partner by AMHash, a large mining farm operated by ASIC manufacturers, so their trust level has gone up and the price they have for AMHash hashrate is currently very good compared to other similar services.
– Hashnest is service for buying cloud mining and renting actual hardware miners operated by Bitmain, another ASIC manufacturer. The service had some issues in the past, but it stil running and trying to improve. They have announced a market where users can trade hashrate and get a better price per GHS, but even though you might be able to get a good price for the hashrate their maintenance fees have been quite high.
– ZeusHash has transformed from an ASIC manufacturer to cloud mining service provider, but unfortunately since they are not making their own hardware anymore and they do rely on other partners for the mining hardware their terms are far from the best. What they do try to do is to attract users with various incentives, some of which may work well, others not, but in the end people want to make money from their investment in cloud mining and this service may not be the best place for that at the moment.
– Chabat Mining is another new service that has been grown quite a bit lately by offering very attractive Scrypt cloud mining hashrate prices, but with the not so favorable situation for LTC at the moment it is questionable how wise it is to invest in Scrypt cloud mining at the moment. We’ve been having some strange issues with the service’s website, like often not being able to actually see our current mining status, but no issues with payments so far.
– CEX was one of the first large could mining farms, however with their maintenance fees going higher and higher the profitability of the service has gone down significantly. So at the moment you can say that it is more like a large crypto currency exchange with some cloud mining options available to make something extra when trading with hashrate and not only crypto coins.
It is time to again do a quick check on what the latest prices for cloud mining hashrate are at the various Bitcoin and Litecoin cloud mining services that we are using and testing to get an overview on where the deals are the best. Do note that we are not listing all services as some are really pointless to list due to the way too high prices for hashrate (Cloud Hashing) or ones that actually do not want to sell you hashrate (KNC Cloud), even if their prices may seem attractive. We are listing services that have been available for a while already, so the chances that any of these may turn out to be a scam are lower, but be aware that there is always a risk for this. So our advice when investing in a cloud mining service is to not do it in just one, but instead spread to multiple services and never to spend more than you can afford to loose.
Bitcoin cloud mining services:
– Bitcoin Cloud Services – 0.0014 BTC per GHS, 5 years, no pool fee, no maintenance fee, automatic daily payouts
– Genesis Mining – 0.0021 BTC per GHS (0.001995 BTC – extra 5% off with promo code CryptoMiningBlog5), unlimited contract, $0.002 USD per 1 GHS daily maintenance fee, automatic daily payout
– PBMining – 0.0014 BTC per GHS, 5 years, no pool fee, no maintenance fee, automatic weekly payout
– Hashie – 0.0012 BTC per GHS, unlimited contract, $0.00163 USD per 1 GHS daily fee, manual payout, has an exchange to trade hashrate
– Hashnest – 0.001125 BTC per GHS, unlimited contract, $0.0022896 USD per GHS per day, manual payout
– GAW Miners – 0.001847 BTC per GHS, unlimited contract, $0.002 USD per 1 GHS daily maintenance fee, option to sell hashrate, manual payouts
– ZeusHash – 0.002357 BTC per GHS, unlimited contract, $0.0023 USD per 1 GHS daily fee, manual payout
– CEX.io – 0.001898 BTC per GHS, unlimited contract, $0.0035 USD per 1 GHS daily fee, manual payout, has an exchange to trade hashrate
Litecoin cloud mining services:
– Genesis Mining – 0.04771 BTC per MHS (0.045325 BTC – extra 5% off with promo code CryptoMiningBlog5), unlimited contract, $0.05 USD per MHS daily fee, can choose payment in altcoins, automatic daily payout
– ZeusHash – 0.04239 BTC per MHS, unlimited contract, $0.058 USD per 1 MHS daily fee, manual payout
– Scrypt.cc – 0.04936 BTC per MHS, unlimited contract, no extra fees, has an exchange to trade hashrate
– Chabat Mining – 0.02278 BTC per MHS, 1 year contract, no extra fees
– GAW Miners – 0.01847 BTC per MHS, unlimited contract, $0.08 USD per MHS daily fee, option to sell hashrate, manual payouts
It seems that Hashnest has significantly lowered their maintenance fee, but that is not helping them much in selling the rest of their Bitcoin cloud hashrate with the last 0.5 PHS seeming hard to sell after the service had some trouble with the reporting and/or functionality (still has?) of the mining hashrate provided by their partner UMISOO. The maintenance fee of the cheapest GAW Miners Hashlet (the MultiHashlet) is very close to what is the expected daily mined coins when converted to USD at the moment. Some of the services probably need to revise their hshrate prices with the increase of network difficulty in mind as it is harder to lower the maintenance fees without the upgrade to newer and better hardware.