Best Cloud Mining Sites September 2023

What is crypto mining?

Before you can get down to searching out the best crypto cloud mining sites that will be the best fit for your needs, we need to define exactly what’s involved in the activity. Some types of cryptocurrencies, including Bitcoin, Ethereum Classic and Litecoin, are ‘mined’ by microprocessors, which are all competing to solve complex mathematical puzzles.

Solving the puzzle locks that block of transactions into the blockchain ledger, and the miner responsible is rewarded with newly-released cryptocurrency. There are also transaction fees to collect, so being the first miner to complete a block is a highly sought-after position.

How to get started with crypto mining

These days it’s incredibly easy to acquire cryptocurrencies, and we can even direct you straight to the best cryptocurrency exchanges to buy some right now! Whether you’d prefer to sign up to the  best PayPal cryptocurrency exchange, or you’d rather use some other payment method, we can take you straight to the leading brokers, who’ll offer you a fair price and a legitimate and safe purchasing experience.

But you might have heard of the potential rewards on offer for cryptocurrency miners, with digital coin payments for confirming transactions and mining new coins on the blockchain. And it’s true that early Bitcoin miners were able to reap some huge payouts using just their home PCs and laptops when the technology first launched. But these days, the challenges – and the costs – are much greater, as we’ll explain.

1. Setting up as a cryptocurrency miner

Is crypto mining profitable? The answer is that it can be, but it can take quite a long time before you start to see any returns from your initial investment. And that’s certainly the case if you decide to set up on your own as a crypto miner. Competition is fierce these days, so a modest CPU simply isn’t going to be anywhere near powerful enough to perform the computations required.

If you choose to mine Ethereum Classic, you could probably get by with a state-of-the-art graphics card, but Bitcoin miners will need to make a much greater investment. An ASIC rig is required, otherwise known as an Application-Specific Integrated Circuit. These units combine several microprocessors in a circuit, making them much more powerful than standard CPUs.

The disadvantages of using an ASIC rig

Before you rush out to purchase your new piece of crypto mining kit, there’s something you need to know. These units are expensive, often running into the thousands to purchase. They also consume huge amounts of electricity, making them extremely costly to run. And with new technological breakthroughs happening all the time, these units tend to become obsolete very quickly.

And there’s still another problem to overcome. There are thousands upon thousands of other miners all competing to solve the block computations and claim the crypto rewards. The chances of your single ASIC rig claiming the ultimate prize are negligible at best, so your unit could be costing you money without resulting in any income at all.

2. Joining a mining pool can be a good option

Rather than going it alone, most lone miners choose to join a mining pool, where resources and rewards are shared. This benefits all miners, as the computational power of their individual machines is combined, giving much greater chances of claiming new crypto as it’s released.

Of course, choosing the right pool is absolutely essential if you’re going to make the most of your investment. It’s important to look into fees and charges, and we always recommend reading through a site’s terms and conditions too, so you know exactly what to expect. Luckily, you’ve already found us here at BitStacker.com, so if you’ve got any questions, such as ‘Where can I buy cryptocurrency?’ or ‘Is IQMining safe?’ we’re always on hand with help and advice.

But maybe you don’t want the hassle of researching and buying an expensive piece of kit that’s going to become obsolete within a few months? Maintaining hardware isn’t for the faint-hearted, and not every crypto investor wants to spend time reading technical manuals or troubleshooting IT issues. And for those crypto fans, there’s another option – cloud mining!

Discover the best crypto cloud mining sites

No matter the size of your available budget, or your attitude towards risk, there’s a cloud mining site that’s absolutely perfect for your needs. And we’re committed to helping you find it, with helpful guides, insightful reviews and useful comparisons. Our experts know just how much enjoyment can be gained from becoming involved in the crypto mining process, but we also know how important it is to choose wisely.

The most important thing to keep in mind, when searching for the right crypto cloud mining operator for you, is that there are loads of scam sites out there. With so much at stake in the form of brand new crypto coins being released into the world, you can be sure that there are endless tricks that scammers will use to part you from your money.

In particular, there are a number of so-called cloud mining sites that will take your money and never return any of it. In effect, you’ll be paying for the site’s owners to use your money to mine cryptocurrency and keep the rewards for themselves. That’s definitely not something we want to see happening to our site visitors, so we go to great lengths to ensure your safety.

The best crypto cloud mining sites

Types of cloud mining

If the idea of cloud mining seems appealing, you have a choice of two options. Bear in mind that contracts will be for a set length of time, with no guarantee that you’ll earn sufficient rewards to pay back your investment costs:

• Hosted cloud mining: in this model, you either lease or purchase your mining rig, which is kept by the cloud mining operator at a dedicated data centre. The host is responsible for maintaining and running the equipment, and you’ll benefit from more favourable running costs. You’ll retain control over the mining activities, making it a great option for those with some experience of crypto mining.
• Leased cloud mining: rather than owning or leasing any mining equipment, you’ll essentially be subscribing to a specific proportion of the cloud mining operations, leasing some of its hash power and receiving the relevant proportion of any rewards. This removes any need to pay for set up or maintenance costs, but the returns are unlikely to be as generous.

A step-by-step guide to cloud mining

Cloud mining certainly has some clear advantages over other crypto mining options. It’s quick and easy to get started, with no need to spend thousands on expensive equipment or study technical manuals to keep your ASIC unit in peak condition. So if you’re thinking of giving it a go, here’s how you get started.

Get ready to discover the best crypto cloud mining sites!

Now we’ve explained what crypto cloud mining is, and how you can get involved, it’s time to start exploring your options! If you like the idea of dabbling in Bitcoin or altcoin mining, but without having to purchase and set up expensive, energy-consuming equipment, then cloud mining could be the perfect solution for you!

Whatever your crypto interests, we’ve got the best crypto mining platform for you, just waiting to be discovered. We can help you with the buying, trading, and storing of cryptocurrencies, offering invaluable information to help you, and your finances, stay safe. Be sure to check back regularly, to find out what’s new in the world of cryptocurrency cloud mining.

Best crypto cloud mining sites FAQ