Is Bitcoin cloud mining trustworthy?

What is the best cloud mining company for bitcoin?

Everyone who has had ever a single brush with the crypto industry knows that it stands on the pillar of mining. Many people wanted they had not missed the bitcoin mining time when you could mine bitcoins pretty easily at home and make a very nice profit on the exchange rate.

However, since then, the mining difficulty has increased extremely and today it is almost impossible to mine bitcoin profitably at home with your own hardware. In contradistinction to hardware mining, that requires buying of costly equipment and paying huge electricity fees, cloud mining gives an opportunity to get passive profit without digging into the technical part of the process.

Mining is not entirely efficient for a banal economic reason — electricity costs. The US, Europe, and other countries popular with mining are by far from friendly jurisdictions for power-hungry mining farms. At 0.350 USD per kWh in Germany, 0.223USD per kWh in the UK and a paltry 0.375USD per kWh in Denmark, mining will be more of an expensive hobby than a source of income.

And that’s one of the reasons cloud mining was born. A seemingly sophisticated way to allow people to mine without the need for costly expenses. You do not need to deal with the electricity costs, cooling down the miners or storing them, all you need to do is send out a periodical payment and you are all set.

Cloud mining idea quickly took off as people are always looking for new ways to make money online. And there are many cloud mining company for bitcoin. But I know just a few reliable cloud mining websites.

NiceHash — the most advanced cryptocurrency cloud mining, hash rental service and multipool. It is based on the concept of a sharing economy by connecting sellers and buyers of computing power from all over the world. They offer you to buy or sell hashing power without contracts on a pay-as-you-go basis. NiceHash was hacked in 2017 but is slowly reimbursing their users.

Genesis Mining — the most popular and biggest mining company. You can buy hashrates for bitcoin, ethereum, dash, monero, litecoin, and zcash mining. Unfortunately, they announced that due to market conditions, open-ended bitcoin contracts would be canceled after 60 days.

RedCrypto — their main equipment is located in the CIS, where the low cost of electricity, rent and employee expenses make for a favorable infrastructure. Payment can be conducted in fiat using basic cards and does not require the possession of cryptocurrencies. The minimum entry threshold is less than $100 for cloud mining, which is roughly 100 times less than it would cost to buy a worthy mining farm and all additional maintenance costs.

It is the desire of many entrepreneurs to simply receive income and never worry about the technical aspects of the process by delegating it to professionals. Cloud mining is exactly that and is a mirror reflection of an investment fund that ensures its clients’ profits without bothering them with the intricacies of its operations.