6 Best Ethereum cloud mining sites in 2024
Crypto mining is officially a big business. However, many people still don’t fully understand Ethereum or how it works. Fortunately, you can not only learn how to mine Ethereum, but you can learn to do so successfully. Here is a closer look at 6 of the best Ethereum cloud mining sites.
Start trading crypto now with ByBit!What is Ethereum cloud mining?
For those unfamiliar, Ethereum mining is an in-depth computational process involving creating blocks to add transactions to the Ethereum blockchain. To execute these transactions, miners must provide solutions to math problems using blockchain technology. They then get rewarded with ETH for providing these accurate solutions.
To properly engage in this method of mining for Ethereum, miners must have the following:
Mining devices
Electricity
Enough space to accommodate these devices.
However, the process is only sometimes executed by the average person. This is because it is expensive. Therefore, it is primarily used by large corporations.
Alternatively, those who engage in Ethereum cloud mining may also purchase Ethereum cloud mining contracts. Doing so allows them to earn passive income without purchasing expensive mining equipment. To mine using this method, users simply identify a legit mining service and make sure they support cloud mining of the coin they’re interested in mining. Once you are sure the contract supports your chosen crypto coin, you will purchase the mining contract.
Best Ethereum cloud mining sites in 2024
Are you looking for the best Ethereum cloud mining sites in 2023? If so, you’re in great company. Many experts assert that 2023 may be the best year for Ethereum to date. Here is a list of the top Ethereum mining sites for 2023:
StormGain
Bitcoin mining software StormGain enables you to invest in digital currency effortlessly. Users can monitor rising and falling assets through a user-friendly dashboard. In addition to tracking trends and price movements, this application also includes powerful charting tools.
Features:
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A secure wallet protects your cryptocurrency.
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Depending on your needs, you can choose from a variety of payment options.
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Digital currency can be mined without expensive equipment.
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You can earn interest on your funds up to 12%.
| 💱 Fees: | 0.25% |
|---|---|
| 🚀 Minimum Investment: | $100 |
| 💰 Payouts: | Daily, 50 USD |
| 🏛 Founding Year: | 2019 |
ECOS
Over 100,000 users around the world use ECOS. 2017 also saw the establishment of Armenia's Free Economic Zone
An accessible calculator can help you determine the best option based on mining returns. Mobile and web apps are available for ECOS.
Additionally, the company hosts mining equipment and provides mining contracts, as well as cryptocurrency indices. The Defi Protocols Index, the Metaverse Index, and the NFT Index are some of the others. In the smartphone app, you can hold and trade 247 cryptocurrencies with a multi-currency wallet.
Features:
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Using a slider on the website, you can customize the length, size, and profit of your contract.
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Utilize Android and iOS apps to manage mining contracts and crypto assets.
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0.000001 BTC is the wallet's extremely low withdrawal minimum.
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They offer a one hundred eighty-day warranty on their equipment and hosting services.
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For one month, you can test the platform with a free mining contract.
| 💱 Fees: | Plan starting at $0.75 TH/S per month |
|---|---|
| 🚀 Minimum Investment: | $150 |
| 💰 Payouts: | Daily, 0.001 BTC |
| 🏛 Founding Year: | 2017 |
Genesis Mining
Those interested in Ethereum mining using multiple rigs are likely to prefer Genesis Mining. This platform allows users to purchase mining contracts for a variety of cryptocurrencies. Moreover, users can begin the process instantly. Genesis contracts cost around $525 for a 12-month agreement, which gives off 17.50 mega hashes/second to $4,498.50 for a 150mH/s year mining contract. This breaks down to around $29 per mega H/s.
IQ Mining
IQ Mining is an excellent choice if you are searching for cost-effective methods of securing contract loans, options, crypto trading, and more. Those who choose this platform can not only purchase mining contracts, but they can also increase their earnings by trading them through speculation and margin shorting. Users may also opt-out of pro-mining contracts that pay an extra 20% per annum.
ECOS Mining
ECOS is a great choice if you are a trader or investor interested in Ethereum mining. This platform combines crypto cloud mining with the trading platform, making it possible to grow your financial portfolio in many ways. Moreover, users may also buy Bitcoin mining contracts to earn passive income from them.
Although the platform does not natively support Ethereum cloud mining, users can pay for Bitcoin mining contracts with Ethereum, Litecoin, Bitcoin, or XRP. They may also mine BTC or deposit BTC, as well as other crypto coins, and exchange them instantly for Ethereum.
Cruxpool
If you are searching for an ETH platform with low fees and instant payouts, Cruxpool is an excellent choice. This platform supports the mining of Ethereum, Ethereum Classic, Beam, Bitcoin, ERGO, and Ravencoin. In addition, it has a low fee of 1% with an FPPS/PPS payout plan.
Moreover, users get rewarded for every share submitted from their mining devices.
How does Ethereum cloud mining work?
Here are the requirements for Ethereum mining:
STEP 1: CHOOSE YOUR MINING APPROACH
When mining ether, there are three different approaches miners can follow: Pool mining, solo mining, and cloud mining.
STEP 2: CREATE AN ETHEREUM WALLET
If you don’t have an Ethereum wallet, you must create one. You can choose from MetaMask, Trust Wallet, and others.
STEP 3: PREPARE YOUR HARDWARE AND SOFTWARE
To mine, you need lots of computing power. This means you need at least one powerful GPU unit. Install the latest version of GPU to ensure the GPU work as efficiently as possible; they are provided by your GPU manufacturer, Nvidia or AMD.
STEP 4: INSTALL ETHEREUM-MINING SOFTWARE
Install your ether-mining software. Follow the directions step-by-step.
STEP 5: CHOOSE A MINING POOL
Choose a mining pool – choose between 2Miners or Ethermine.
STEP 6: COLLECT YOUR REWARDS
Once you have been mining for long enough, it’s time to collect your rewards.
Is Ethereum cloud mining profitable?
Ethereum cloud mining can be profitable because it offers:
Bonuses
Ease-of-use
The ability to mine multiple coins
Great revenues
Lower fees
Safer transactions
And lots of privacy in your transactions
However, cloud mining income is not guaranteed as it can be affected by the market volatility of cryptocurrencies, rising costs and many other factors. In general, mining is a promising, but rather risky type of investment.
Are Ethereum cloud mining sites legit or a scam?
As with all investment platforms, some are reputable, and others are scams. To ensure that you are using the right platforms, check the reviews and sites such as the Better Business Bureau to ensure that there is not an abundance of scam complaints.
How to choose a trustable cloud mining provider
Are you wondering how to go about choosing a trustable cloud mining provider? Here is a list of steps to get you started:
Research: One of the first things you need to do to find a trustable cloud mining provider does your research. You must take the time to read reviews, as well as guides such as these, in order to to find the best cloud mining platforms.
Supported coins: Next, you need to make sure and find out which coins are supported on the platform. Not all platforms support the same crypto coins. Make sure that your chosen platform supports Bitcoin before subscribing to it.
Check the fees: Just because a platform is offering free Bitcoin mining doesn’t mean the entire process is free. You will be expected to pay transaction fees and other costs.
Check the minimum investment: You must also be aware of the minimum investment amount. Some platforms have much higher minimum investment amounts than others.
Reliability: You also need to learn about the level of reliability of the site. In order to ensure your investments are secure, you need to ensure that you are using a reliable website.
FAQ
How does Ethereum work?
Ethereum groups transactions together in data blocks. It then links the blocks cryptographically. The chain of blocks is then stored across a decentralized network of nodes, which is then distributed as peer-to-peer shared files. Finally, the Ethereum addresses are tracked via the user's wallet, which adds up the balance.
What is an Ethereum transaction?
An Ethereum transaction is akin to a financial transaction. ETH keeps track of balances and accounts. Transactions are created via Ethereum client software. Then, they are broadcast to all other nodes joining the Blockchain.
Can you mine Ethereum?
Yes, ETH can be mined. The computational process involves adding new blocks to the blockchain. Miners receive small transaction fees for creating new blocks.
Who uses Ethereum?
Ethereum is used by millions of people all over the world. It is used to buy and sell things, and the number of people who use it is multiplying.
Glossary for novice traders
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1
Ethereum
Ethereum is a decentralized blockchain platform and cryptocurrency that was proposed by Vitalik Buterin in late 2013 and development began in early 2014. It was designed as a versatile platform for creating decentralized applications (DApps) and smart contracts.
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2
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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3
Bitcoin
Bitcoin is a decentralized digital cryptocurrency that was created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. It operates on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers.
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Cryptocurrency
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
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5
Index
Index in trading is the measure of the performance of a group of stocks, which can include the assets and securities in it.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.