Key Takeaways
- Ethereum cloud mining is a mining solution that allows people to outsource the mining rigs and use them remotely;
- There are both paid and free Ethereum cloud mining platforms with different fees, mining speeds, and more;
- You should carefully consider whether crypto mining is a viable venture in your situation since it might not immediately be profitable.
.o.jpg "Ethereum Cloud Mining – Where to Begin?")
Cryptocurrencies are gaining more and more recognition as time goes on. People are starting to use a lot of new terms related to cryptos. “Hashing”, “HODLing” and “mining pool” are just to name a few – and most of them revolve around profiting from cryptocurrencies. However, today we’re interested in only one specific term – Ethereum cloud mining.
In this guide, we’ll discuss all information related to Ethereum cloud mining – what it is, why people do it and how to do it. For example, a great free Ethereum cloud mining solution is Binance and its mining pools!
Also, if you're a fan of Ethereum, you can make an investment and buy it yourself. To do that, you need to choose a reliable cryptocurrency exchange – Bybit and Coinbase are great options. Also, Binance is another well-known crypto exchange that you can use to purchase Ethereum!
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While cloud mining had its ups and downs in recent years, it's still prevalent to this day and many crypto enthusiasts try their hand at Bitcoin mining, Ethereum cloud mining, or other options. There are numerous ways to mine cryptocurrencies but I'll focus on just one.
Notably, Ethereum switched from the Proof-of-Work to the Proof-of-Stake consensus mechanism in 2022. Therefore, you can no longer actually mine Ethereum but rather acquire it by staking! Many people still refer to this process as Ethereum cloud mining, so I'll stick to this terminology for clarity's sake.
I’ll tell you all about the many different options to choose from when thinking about joining the cloud mining business. Furthermore, I’ll walk you through the process of establishing your first cloud mining gig and what to do afterward. So, let's get to cloud mining and what it entails.
Peter Kerstens
Advisor at the European Commission
What impact do you think EU regulations have on fostering innovation and technological advancements in the cryptocurrency industry?
Issuers and service providers regulated under Mica get a single passport, meaning that their authorization and supervision in their home EU member state grants them the freedom and possibility to conduct their business anywhere in the EU and the EEA countries without the need for separate or additional authorizations or supervision. This framework fosters innovation as it offers companies and innovators to develop their products and services for a market of 450 million potential consumers under a single, solid and enabling regulatory framework. The motivation of EU crypto regulation was not only to bring some much-needed regulatory order in this sector but also to onshore it in the EU so that consumers can transact in confidence and reap the benefits of what blockchain and distributed ledger technology have to offer, now and going forward.
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Table of Contents
- 1. What is Cloud Mining?
- 2. Free Ethereum Cloud Mining Solutions
- 2.1. Binance Pool
- 2.2. Swiss Gold Global
- 2.3. Nice-Miner
- 2.4. Ethereum Miner (ethrun.net)
- 3. Paid Ethereum Cloud Mining Sites
- 3.1. Genesis Mining
- 3.2. HashFlare
- 3.3. HashGains
- 4. I’ve Got My Ethereum – What Now?
- 5. Things to Consider Before Cloud Mining
- 6. Conclusions
What is Cloud Mining?
To put it into very simple terms, cloud mining is a process where you pay somebody to “rent” out their cryptocurrency mining devices, electricity and – naturally – the service of mining itself. People (though more often it’s companies) who offer Ethereum cloud mining services usually have huge farms at their disposal. A farm is simply a big amount of mining rigs operating in one specific facility.
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This facility has to be well equipped, though – cooling has to be up to par, it has to have a lot of space to store all of the mining rigs. A need for huge amounts of electricity and Ethereum's significant energy consumption[1] is also a thing to consider.
If, for example, you’d want to start cloud mining Ethereum, the first thing that you would have to do is to find a host – somebody that would be willing to sell you their Ethereum cloud mining services. After that, you would simply agree upon a contract, shake hands (whether physically or via the internet) and that’s it!
Hosts usually offer a wide variety of available contracts ranging from “minor investment – minor profit” to “huge investment – major profit”. People who have never had any experience with cryptocurrencies tend to start from the lower levels of investment. When you see that the service is actually legit and you’re slowly but surely making a profit, you can upgrade your contract at any given time.
Alternatively, you might want to find a free Ethereum cloud mining host. This, naturally, has its pros and cons, so let’s tackle the matter straight away.
Free Ethereum Cloud Mining Solutions
As I’ve mentioned earlier, one of the ways you can start with cloud mining 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 would usually be the case. You can choose to upgrade your plan if you want to. However, if that is out of consideration, then no initial deposit is required.
So how do these free cloud mining hosts profit, then? Well, first of all, people often tend to upgrade to higher profit-providing plans. This brings better results, but in turn, has an adequate fee. If you don’t want to upgrade to a better plan, then the host will simply take a small percentage of your earnings as “rent money” at the end of each month.
With that being said, let’s look over some of the most popular free Ethereum cloud mining service providers. The list isn’t ranked in any particular order.
Binance Pool
If you're into crypto, you probably know about Binance which is the largest crypto exchange in this industry. A great thing about this platform is Binance Pool. It's a cloud mining feature that you can access if you're a registered member with Binance! It also offers Ethereum cloud mining, so it's a win-win for ETH enthusiasts already using this crypto exchange.
You can enter short-term agreements on Binance Pool that won't tie you down for years. The standard contract lasts 90 days with a minimum purchase of 1 TH. You'll enjoy daily rewards, but the amount will obviously depend on a number of factors like the hash rate, processing speed, and more.
The most important part when using the Binance Pool is choosing a suitable earnings distribution model. Currently, Binance Pool has four different models, so make sure to review them before committing!
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| Buying, Trading, and Holding a Wide Variety of Cryptocurrencies | |
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| One of the leading crypto exchange platforms in the industry. | |
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Table: Main information about the Binance cryptocurrency exchange
While Binance pool offers free cloud mining services, you'll need to pay fees for every transaction. Usually, it ranges from 0% to 4%, with Bitcoin being the most expensive option. Notably, the mining fee for Ethereum is 3%. However, it's understandable that this fee is higher than the ones for other altcoins since Ethereum is a widely popular coin!
All in all, Binance Pool is probably your best bet if you want to try Ethereum cloud mining. Why? It's a renowned crypto exchange that millions of traders trust worldwide. Also, it has robust security measures and continuous improvements regarding the platform's infrastructure. And if you're struggling to get started with cloud mining Ethereum, you can always read more about it on Binance!
Swiss Gold Global
Swiss Gold Global (from this point onward: SGG) had been active for around ten years. They established themselves a reputation of a professional, honorable and legit company and offered a variety of coins, including Ethereum, to mine.
SGG offered daily payouts and a secure platform to mine from. In total, they had four different levels of cloud mining (excluding the free one), which range from $249 to $5,000.
The company also had an affiliate program. One of the best features of the program for people interested in cloud mining was that you can convert your affiliate commissions into lifetime (yes, LIFETIME) cloud mining contracts. This was such a rare feature that it almost sounded too good to be true.
SGG also offered full support on all topics related to cloud mining. Furthermore, they had a feature that let you sell back your earnings and stop the contract at any given time if you’d only wish.
Swiss Gold Global was truly a part of the leaders when it came to free Ethereum cloud mining. With almost a decade of experience, this company was worth checking out if you were interested in cloud mining in general. However, SGG shut down its operations some time ago and is no longer available.
Nice-Miner
Nice-Miner was another alternative if you were looking for a free Ethereum cloud mining service. These guys let you start cloud mining without a need for any hardware.
Nice-Miner offered a free registration bonus and a fast responding support service. They also had an affiliate (referral) program, the same as Swiss Gold Global. Nice-Miner’s affiliate bonus could have stacked up to 15%.
Nice-Miner let you choose from three different levels – 3 months, 5 years and a lifetime package. These levels varied in cost but were relatively affordable when compared to other Ethereum cloud mining services in the industry. Nevertheless, Nice-Miner no longer offers cloud mining services, and, sadly, you won't be able to try it for yourself.
Ethereum Miner (ethrun.net)
Ethereum Miner was a user-friendly and well-optimized Ethereum cloud mining host. They offered you a quick setup and a wide variety of plans to choose from if you were interested.
Ethereum Miner’s prices for plans ranged from 0.5 ETH up to 10 ETH. They were transparent with their services and even provided suggestions on where you could create an Ethereum wallet if you didn’t have one, and where to buy Ethereum from.
According to their official site, you could have earned up to 0.0035 ETH per day if you chose to not buy any of their suggested plans and simply mine ETH for free. Keeping in mind the fact that this required no investment on your part, it wasn't that bad of a deal. Unfortunately, this website shut down, and no longer offers cloud mining services.
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Paid Ethereum Cloud Mining Sites
Now that I’ve covered some of the more popular free Ethereum cloud mining sites and companies, we can move on and talk about hosts that require an initial fee for their cloud mining services.
It makes sense that free cloud mining is much more attractive than one that you have to pay for out of your pocket, but it isn’t just black and white. Even though the above-listed sites offer a service without an initial fee, the mining and hashing speeds are that much slower than those of paid cloud mining hosts.
In addition to speed, free Ethereum cloud mining sites rarely give you some or any control of the matter, where Ethereum cloud mining companies that require some sort of an up-front payment are often another story. These hosts, for example, might have cameras installed in their farms and let the customers tune in at any given time via the internet to check on how their rigs are doing.
Also, paid Ethereum cloud mining solutions offer various earning distribution models at different prices. So, you can choose the one that fits your budget and enjoy increased mining speed. Alternatively, you can try free platforms like Binance that are well-known and trustworthy!
Now you know the pros and cons of free and paid Ethereum cloud mining services. Let’s review a list of some of the more popular and established hosts that are known for cloud mining Ethereum. They're not listed in any particular order.
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Genesis Mining
The Genesis cryptocurrency mining company is probably one of the most well-known and reputable cloud mining service providers out there. They are widely accepted as the biggest and best-developed company in the crypto mining world.
Nevertheless, Genesis offers its customers state-of-the-art mining rigs. They are designed to mine Bitcoin and a variety of other altcoins. The company proudly states that they are an actual, real-world based team of professionals and crypto enthusiasts.
Genesis Mining offers the customers four different plans to choose from when it comes to Ethereum cloud mining, the fourth plan providing the ability to customize the rates in ways that suit you the most. The prices for Genesis plans vary, but it is safe to say that you get what you paid for.
With ambitious future products, quality ensuring and an around-the-clock working team, Genesis Mining has built the reputation of a trustworthy, achievement orientated company. If you’re planning on investing in Ethereum cloud mining, these guys should pop up on your radar.
HashFlare
HashFlare was another recognizable name in the cryptocurrency mining world. The site’s default offer was Bitcoin cloud mining, but you also could have mined Litecoin, Dash, Zcash and, of course, Ethereum.
They required no maintenance fee and used standard GPU mining rigs for their cloud mining processes.
What’s nice about HashFlare was that they offered detailed statistical information on their site, so you could have not only accessed the info but also analyzed and made your mind on the validity of their services.
Furthermore, the company let you choose the mining pool that best fits your needs. This was a great feature for it furthers the freedom that you as a customer had when it comes to taking things into your own hands.
Fixed fees, instant withdrawal options, immediate connection – HashFlare had everything that any company would need for cloud mining Ethereum. If you were in search of a decent Ethereum cloud mining service, you might have given these guys a shot! However, HashFlare is no longer operating, and their website is shut down.
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HashGains
With a similar name to its competitor, HashGains was also a popular choice for people who would have liked to enter the cryptocurrency mining game.
HashGains had five different options to choose from when it comes to Ethereum cloud mining (the fifth one being a custom choice). What’s nice about this service provider was that they had a fun and interactive interface. People seemed to like that.
HashGains also proudly exclaimed that they have cutting-edge technology hardware, exceptional performance standards, and an ever-ready power backup system. The payout on hash rates and competitive prices were a big deal for this company. As of writing this article, they ceased their operations and doesn't offer any mining services.
I’ve Got My Ethereum – What Now?
So, you chose a cloud mining service provider and have already begun making gains. Cool! The next logical step would be to sell what you’ve gathered.
Many different online merchants are dealing with cryptocurrency sales. The good thing is that you’re trying to sell Ethereum – it's a huge and popular crypto, you shouldn’t come across any difficulties finding someone to sell it to.
Always pick a merchant that has a good reputation, is well-known in the community and places security as their number one priority. After you’ve picked, double-check online, just to be sure. Some of the most popular and trusted cryptocurrency exchanges are Binance, Bybit, and Kraken, so feel free to check them out!
In case you decide to store Ethereum, you should make sure to get a reliable wallet. Hardware ones, such as Ledger Nano X and Trezor Model T, are the most recommended ones.
After this point, you're probably good. Keep in mind that crypto, especially crypto mining, is a volatile market, so you'll need to stay updated on the latest trends. Also, a lot of the online crypto trading sites have extensive guides on how to register and start trading different cryptocurrencies, so you can make use of that material if you're unsure of how to start with, let's say, Binance.
Things to Consider Before Cloud Mining
People are well aware that the crypto market is very volatile. Some cryptocurrencies like Bitcoin or Ethereum have been around for a long time, but even these coins experience major fluctuations. That's why you should carefully consider whether such ventures like cloud mining align with your investment strategy.
Since there are both paid and free Ethereum cloud mining solutions, you can always start with the free one and experiment with it at a low cost. However, if you decide to go all in and commit to a paid cloud mining service, make sure to calculate potential profits to ensure you're not losing money!
It's always an excellent idea to be careful with your investments and make informed decisions. Choosing a reliable Ethereum cloud mining provider can help you rest assured that your assets are protected. I highly recommend checking out Binance since it has a mining pool for Ethereum and other coins if that's what you're looking for.
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Table: Pros and cons of the Binance cryptocurrency exchange
Another thing to consider before starting your journey in cloud mining is whether you want to commit to this venture for a long time. Numerous issues might appear, even ones you might not expect! For example, there are increasing concerns about electricity prices and energy consumption when it comes to crypto mining[2] that might negatively affect this industry. So, you need to stay updated on this topic as well!
Mining requires persistence, and you might not get huge rewards right away, but you also shouldn't feel obliged to do cloud mining forever. I'd suggest trying Binance Pool, which offers a 90-day contract that allows you to try it and see if Ethereum cloud mining is for you!
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Conclusions
When it comes to Ethereum cloud mining, it might be tough to make up your mind at first. You have to decide if you want a free or paid service. Then, if it’s paid, how much are you willing to pay?
After that, you should choose a reputable service provider, get to know all of the tropes of the industry, etc. At the end of the day, with cryptocurrency prices being so volatile, is it even worth investing in cloud mining in general?
If you’ve decided to follow through and give Ethereum cloud mining a chance – good! Always double-check your chosen host to avoid any type of possible scam. You can do this by visiting various online forums and chat rooms. A reliable Ethereum cloud mining solution is Binance, so check it out!
Finally, always play safe when it comes to cryptocurrency investments (or any other types of investments at that!). There’s no need to rush – take your time and do your research! And when you’ve done your homework and are ready to pitch in – start slow! You can always upgrade your plan if you see that your cloud mining service works. Don't stick with a service provider that you'll come to hate. It simply isn't worth it.
Talking about investments and secure platforms, you should make sure to check out Binance, Bybit, and Coinbase. These cryptocurrency exchanges are among the industry leaders and are considered to be very reliable ones.
With that said, I wish you the best of luck in your cloud mining venture!
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Scientific References
1. P., Fairley: "Ethereum will cut back its absurd energy use";
2. D., Stepanova, N.B.A., Yousif, R., Karlibaeva, and A., Mikhaylov: "Current analysis of cryptocurrency mining industry".
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