Bitcoin Cloud Mining

bitcoin cloud miningWant to find the best Bitcoin cloud mining contracts? This post has you covered.

Most Bitcoin Cloud Mining Companies are Scams

Like the heading says, most cloud mining contracts are scams. Why?

Because it’s easy for companies to take peoples’ money, and then not pay out. A company can claim to be a cloud mining company without any proof of actually owning any hardware.

So remember: 99% of cloud mining companies are scams.

Which Companies Are Not Scams?

There is only one cloud mining company we are willing to recommend on this site: Genesis Mining.

Just because it is not a scam, however, does not mean that you will make a profit by using it.

Genesis Mining

Genesis Mining is a Hong Kong based company although its founders are from Germany and attend many Bitcoin conferences. You can read more about Genesis Mining on their about page.

Genesis Mining offers three different Bitcoin mining cloud contracts. All plans are paid with a one time payment and are lifetime contracts:

Gold: 100 GH/s plan that costs $19.

Platinum: 2,000 GH/s plan that costs $340.

Diamond: 10,000 GH/s plan that costs $1,600.

Is Cloud Mining Profitable?

It depends what your goals are with cloud mining. If your goal is to obtain bitcoins, then there is really no reason to cloud mine or even mine at all.

You will get more bitcoins for your buck if you just buy bitcoins!

If you think mining is cool and want to try, then cloud mining still is not a good option. Grab a cheap USB miner and run it at home.

Bitcoin Cloud Mining Comparison

Well, this is just a joke! Since we only recommend one company (Genesis Mining) here there is no need for comparison.

But check back in incase we find any new, legit cloud mining companies.

Bitcoin Cloud Mining Scams History

The reason there are so many cloud mining scams is because it is very easy for anyone in the world to setup a website.

Once the website is setup it can claim that the company has a large mining facility.

The company can act legit by sending initial payments to its customers. But after that it can just keep the already received payments for hash power and then make no further payments.

In just the last few months, two cloud mining scams were uncovered: HashOcean and Bitcoin Cloud Services.

What Payment Methods do Cloud Mining Companies Accept?

Most cloud mining companies accept Bitcoin, PayPal, and credit cards. If a cloud mining company accepts bitcoins then there is a good chance it is a scam.

This is because Bitcoin payments cannot be reversed. Once the scam company receives your bitcoin payment you have no way to get your coins back.

Are there Free Cloud Mining Trials?

No company would give away free cloud mining; this is basically giving away free money.

Any company offering free trials, especially if they require payment information, is most likely a scam.

How does Bitcoin Cloud Mining Work?

Cloud mining means a host company owns Bitcoin mining hardware and runs it at a warehouse.

You pay the company and rent out some of the hardware. Based on the amount of hash power you rent, you will earn a share of payments from the cloud mining company for any revenue generated by the hash power you purchased.

Cloud Mining Viruses

There have been viruses that land on computers and then use the computers’ power to mine bitcoins.

Run a malware detector on your computer if you think you may have come under attack.

Just buy Bitcoins!

If you just want bitcoins, don’t both with cloud mining. Just find an exchange in your country and buy some bitcoins.




4 Comments


  1. Hashflare offers bitcoin transfers as well. What is in my opinion better option then card or wire transfer. At Hashflare you can turn on “reinvest” option to automaticaly reinvest your gains from mining. I’m with them around half year and no problem so far. Withdrawal requests are fast, helpdesk is fast responsive. It’s definitely a worth of try!

    Genesis mining works well too – deposit with bitcoin, automatical withrawals, no reinvest option. Good thing is that you can buy contracts of various algorythms and mine various currencies which can be then auto converted to btc


  2. HashFlare has been around quite awhile now, going on two years and I gave them a whirl. Figure I’ll break even in 2 months. (2 months and 2 weeks, 2 week hold on payouts…similar to genesis month)


  3. What about Hashflare – they offer bank transfer and credit card payments. They have a telephone number in UK.


    1. I don’t know enough about them to comment, but you’re unlikely to make a profit with them.

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