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What is the best cloud mining service in 2020?

Only 12 years ago, the very concept of “cryptocurrency mining” didn’t exist. Now, in 2020, it has become a whole industry that consumes incredible amounts of electricity. Competition in the industry grew alongside it, as did the financial investments necessary to enter this business. Although cryptocurrency mining is available for ordinary people, not everyone interested in this method of making money can afford it.

The barriers are plentiful:

But, as usually happens, demand creates supply. That’s how cloud mining appeared. In this article, we’ll examine cloud mining in detail and answer questions about it, including “what are the best cryptocurrency cloud mining services?”

What is cloud mining?

Cloud mining is a service provided by companies that allows you to rent mining hardware that the companies install, operate and maintain in exchange for a fee.

How does it work?

The provider buys a large amount of mining equipment, finds a proper facility in a country with cheap electricity and rents out its mining power on a website. Users purchase fixed-term contracts for a certain amount of hashing power. After obtaining the contract, the user owns the cryptocurrency mined with this hashing power and can withdraw it after reaching a certain amount. In addition, provider companies often charge additional fees, for example, payment for electricity.

Is cloud mining profitable in 2020?

The advantages of cloud mining are pretty obvious.

However, cloud mining has both noticeable advantages and rather serious disadvantages.

Advantages and disadvantages of cloud mining

And if we take into account that these disadvantages add up to the standard mining risks (the risk of a cryptocurrency’s price falling below the break-even level, an increase in mining difficulty, etc.), then it becomes clear that cloud mining is a somewhat risky investment. Given that the duration of contracts is limited, and the ROI time for mining is constantly increasing, it’s highly likely that simply buying the cryptocurrency you’re interested in and waiting for its price to rise may be more profitable than buying a contract to mine it.

But, overall, cloud mining can be profitable. It just depends on which company and specific contract you choose.

What is the best cloud mining service?

There are currently several reputable cloud mining services out there.

Best BTC cloud miningservices

The best Bitcoin cloud mining services are:

2. Genesis Mining. Founded in 2013, it’s one of the oldest and most reliable cloud mining providers. The company’s mining farms are located in Iceland and Sweden. It previously offered mining for 10 different cryptocurrencies. Currently, however, it only offers contracts for mining Bitcoin and Ethereum.

3. HashFlare. A division of the Estonian company Hashcoins, Hashflare has been an independent company since 2016. Despite the fact that the company is a fairly old and well-known cloud mining provider, there are many negative reviews about its work, most often associated with poor customer support. Many users were also unhappy about issues with withdrawing funds in 2017–2018 and the unexpected implementation of the verification procedure for withdrawing funds in 2018. Despite this, the platform is still popular. At the time of writing, it has no contracts available for sale.

4. HashNest. A subsidiary of BitMine, HashNest is the largest manufacturer of ASIC miners based in China. The company’s website is not very informative, but HashNest is widely considered to be a reliable cloud mining services provider. Among the advantages the service offers are lifetime contracts for cryptocurrency mining and the ability for users to sell and buy hashrates on the platform’s internal market. The service’s disadvantage is that many users consider its location in China, which is a rather cryptocurrency-unfriendly country.

5. NiceHash is a Slovenian company founded in 2014. It differs from other companies in that it is not a cloud mining provider per se. It is a platform that allows its users to sell and buy hashing power. The platform does not have its own mining equipment and operates only as a marketplace. The disadvantages include the fact that the platform’s only payment method is Bitcoin and the fact that the platform is not suitable for more long-term investments.

Ethereum cloud mining services

Ethereum cloud mining contracts are second only to Bitcoin contracts in popularity. Of the companies listed above, Ethereum mining contracts are currently sold by Genesis Mining and HashNest. Hashing power for Ethereum mining can also be easily rented on NiceHash.

Best Dogecoin cloud mining services

At the time of writing, we aren’t aware of sufficiently reputable companies that provide cloud mining services for Dogecoin. If you really want to find such offers, it might be worth looking at NiceHash.

Best Litecoin cloud mining services

Previously, HashFlare sold contracts for cloud mining Litecoin. However, they are currently out of stock. So, if you need them, your best bet is NiceHash.

Best Monero, BCH and other altcoins cloud mining

Since the range of contracts available from reliable cloud mining companies is currently quite narrow, you can rent hashing power for most altcoins on NiceHash. One of the few exceptions is the anonymous cryptocurrency Zcash. Contracts to mine it can be bought from HashNest.

Best free cloud mining services

Most free cloud mining sites closed in 2019 or earlier. Currently, the only reliable platform we know of that provides free cloud mining is StormGain.

The original story was published on the official StormGain site blog

Find all the answers and StormGain community here

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