Cryptocurrency mining demands special hardware and software, which need to be properly serviced to get profit. There are lots of difficulties in the mining process, which can reduce your profit to zero. Those, who want to mine cryptocurrency but don’t have the proper knowledge on the process can do it with the help of cloud mining.
What is Ethereum?
Ethereum is a public platform based on blockchain. Almost any kind of decentralized online services that work on the basis of smart contracts may be created with its help. It generates its own cryptocurrency called Ether, which added more than 13,000% to its cost within the last year.
How to mine Ethereum using cloud mining
Cloud mining Ethereum makes it available for anyone, who is interested. The concept of cloud mining allows the users to mine Ethereum with the help of the hardware situated in data centers all over the world. The user buys a share of mining power and consequently pays some part of his profit to the company, which provides the hardware.
It can be called Ethereum cloud mining for dummies, as you don’t need to do anything. Cloud mining is less costly and there’s a minimal risk for your finances. If we compare cloud mining vs hardware mining Ethereum, the pros of the first one will be indisputable:
Little risk. Your investments are much lower compared to traditional mining so in case of failure you won’t suffer serious financial problems.
No need to buy hardware and software. Both constituents demand constant maintenance. Any failure in the work of software or hardware reduces your profit and may need a long time to restore their normal functioning.
Low price of entry. Cloud mining gives you a possibility to start mining without initially huge investments unlike hardware mining.
You can start mining Ethereum by signing Ethereum mining contracts. First, you need to buy shares online to join the mining pool. Then you choose the plan and pay for it; the mining process starts right after transaction has been fulfilled. There are also companies offering free Ethereum cloud mining. All you have to do to become a miner is to register in their pool. Having signed the contract, you leave all the work with the hardware and software to you provider. Your only duty is to get your percent of mined coins.
Best Ethereum cloud mining
Hashflare.io is a reliable company with more than three years of experience in mining. The company offers a year contract with the minimum 100 KH/s hashrate for $2.20 with no maintenance fee. Every 24 hours a user may choose 3 pools for mining and divide his hashrate among them. You can also reinvest you profit into hashrate thus increasing your mining abilities.
IQMining is a relatively new player on the cloud mining market. The company has its offices in Iceland, Georgia, Russia, China, Canada and Algeria. Their pros are possibility of mining several altcoins simultaneously; you can switch to a more profitable cryptocurrency; payouts are made in Bitcoins. The cons of the provider are maintenance fees, withdrawal only once in 24 hours.
Eobot is an operational system offering mining of more than 20 cryptocurrencies including Ethereum. The company promises immediate results. Besides, you can choose any of the displayed cryptocurrencies for the payout. They also charge fee for maintenance and electricity. All their sales are final. You can count your estimated mining payouts with the help of Ethereum cloud mining calculator available at https://www.eobot.com/cloud.
Genesis Mining is one of the largest companies offering Ethereum mining services. They don’t take maintenance fee. A two years Ethereum mining plan costs at least $1520 per 40 MH/s. You can get to know about other mining plans here https://www.genesis-mining.com/pricing.
NiceHash is a large cloud-mining provider. Here you don’t buy a contract, you only purchase hashing power. To start mining you have to deposit at least 0.005 BTC.
If you want to start cloud mining Ethereum, choose only the most reliable companies with their own mining farms. There appeared many fake providers, who sell you a non-existing service. So be careful!