What is Ethereum Cloud Mining
In this article, we will discuss Ethereum Cloud Mining in details. As we have explained in this post, Ethereum Mining is relatively easy but one needs to make a commitment of certain resources to buy hardware that is required for mining and also pay for electricity costs. However, in our age where everything can be outsourced, it is possible to buy a share of computational power of the hardware stored in a remote data centre. With this option, anyone can earn revenue with little risk and regular payouts.
Welcome to the shared economy! Right now, cloud mining is the best option if you would like to invest in Ethereum mining without a stress of managing your own software and hardware (not to mention paying for electricity bills). Compared with traditional mining methods, this is a unique opportunity that offers a low-cost entry point with minimum downside risk. Another advantage is that if you decide that mining is not for you, you can pull out at not be left with costly hardware.
Is Ethereum Cloud Mining profitable?
Ethereum Cloud Mining profitability depends on two major factors – the price of Ethereum and price of the cloud mining (or rent). Basically, you have to compare how much you pay for renting the hardware and how many coins you get And at what price. If you pay less for the rent then you get in a value of Ether coins – then this is a pure profit and this is classic arbitrage.
Another way to estimate mining profitability is to use calculators, but they can give you an indicative price and not 100% accurate. Calculators can not always accurately predict Ether price as it is quite volatile. Some cloud mining providers will give you an estimate of your return on investment with their pricing and cost data already factored in. You need to check their sites individually and do some research on your own.
How to start Ethereum Cloud Mining
You can start Ethereum Cloud Mining in a matter of minutes. All you have to do is join a cloud mining pool by buying shares online. The first step – choose a cloud mining provider. The second step – open an account, select a price plan and start mining immediately after activation. Upon signing the contract, mining provider will take care of the rest – hardware, algorithms and maintenance work. Once your account is active – all you have to do is sit back, relax and count your share of mined coins.
With Ethereum Cloud Mining hash power acquisition, you don’t have to worry about buying hardware, learning specialised skills to set up the mining process, no need to pay for large electricity bills – it all has been taken care of for you.
Usually, Ethereum mining contracts are signed for at least a year minimum term with (often) daily payouts. The Ether will be transferred to your digital wallet and the only thing you have to do is to keep your eye on is Ethereum price. If the price of Ether will be declining, and if you tied in into a long fix term contract, you can end up overpaying for hashing power and you don’t want that to happen. So please consider the profit merging you can expect so you have some breathing space if Ether price will go against you.
If you don’t own a lot of hardware, we believe Ethereum Cloud mining is the best way to start and get into the mining game at a minimal cost. Cloud mining effectively offers an economy of scale, where a lot of admin and operation tasks have been taken care of and the cost is spread through all participating members.
Most Popular Ethereum Cloud Mining providers
HashFlare – probably one of the most popular cryptocurrency cloud miners. HashFlare has many years of experience in mining cryptocurrencies and has been involved in this business since the beginning of Bitcoin. HashFlare is based in Estonia and now offering Ethereum Mining Plans with no maintenance fees. Another advantage is that the minimum order is quite low and starts with $2.2 per 100 KH/s.
Crypterra – is the world largest and most trusted Bitcoin cloud mining provider which now also offers Ethereum mining plans There is extensive information about all their services on their website and even provide a live streaming channel from their mining farms. Crypterra is actively involved in cryptocurrency community and one of the most prominent players in blockchain space.
Genesis Mining – is the new company. They have data-centres, and corresponding mining plans, in North America, Europe and South East Asia. They also use Dagger-Hashimoto Ethereum cloud mining algorithm.
We have contracts with and use all these three mining providers and can confirm that they are highly reliable.
Some of the other Ethereum Cloud Mining providers are: