Most Bitcoin mining companies in the cloud are scams
As the title indicates, most cloud mining contracts are scams. Why?
Because for companies it is easy to take people's money, and then not deliver it. A company can claim to be a cloud mining company with no real proof of owning any hardware.
So remember: 99% of cloud mining companies are scams.
Are these companies not scams?
There are only two cloud mining companies that are willing to recommend on this site: Genesis Mining and Hashing24.
Just because there are no scams.
Hashing24
Hashing24 is one of the few cloud mining companies that we are willing to name here. The main reason is that they are associated with BitFury, one of the best-financed Bitcoin companies, which is also one of the few resellers of mining hardware.
Hashing24 sells lifetime contracts, so you maintain your hash power until the contract loses profitability.
Mining Genesis
Genesis Mining is a company based in Hong Kong, although its founders are in Germany and participate in many conferences about Bitcoin. You can read more about Genesis Mining on its "about" page.
Genesis Mining offers three different Bitcoin mining contracts in the cloud. All aircraft are paid with a single payment and are vital contracts:
Gold: 100 GH / s plan that costs $ 19.
Platinum: Plan of 2,000 GH / s that costs $ 340.
Diamond: 10,000 GH / s plan that costs $ 1,600.
Is cloud mining profitable?
It depends on your results with cloud mining. If your goal is to get bitcoins, then there is no reason to mine in the cloud or even just to mine.
You will get more bitcoins for your piggy bank and simply compas bitcoins!
For more information, see the home page. Take a cheap USB miner and make it work at home.
Bitcoin mining comparison in the cloud
There's not much to compare, because we never recommend buying a cloud mining contract.
But take another look to see if there are new cloud mining companies that are legitimate.
History of mining scams Bitcoin in the cloud The reason why there are so many mining scams in the cloud is because it is very easy for anyone in the world to build a website. Once the website is armed, they can claim that the company has huge mining facilities. The company can act legally by sending initial payments to its customers. But after that, you can simply keep the payments already received to have hash power and then not make more payments. In just the past few months, two cloud mining scammers were revealed: HashOcean and Bitcoin Cloud Services.
What payment methods do mining companies accept in the cloud?
Most cloud mining companies accept Bitcoin, PayPal, and credit cards. If a cloud mining company accepts bitcoins, then it has a high probability of being a scam. This is because Bitcoin payments can not be reversed. Once the scam companies receive your payment in bitcoin, you have no way to get back your coins.
Are there free trials of mining in the cloud?
No company would give free cloud mining; this is basically giving away money. Any company that offers free trials, especially if they require payment information, is most likely a scam artist.
How does Bitcoin mining work in the cloud?
Cloud mining involves a host company that owns Bitcoin mining hardware that puts it into operation in a warehouse. You pay the company and rent hardware. Based on the amount of hash power you rent, you will earn a portion of the cloud mining company's payments on any income generated by the hash power you acquired.
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