Caution: Bitcoin mining schemes in South Africa
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When most people hear about cloud mining, they either think it's cheap endless passive income or a scam that can never invest in bitcoin mining pool profitable. The truth however like always is somewhere in the middle. In this article I will try to show you a different perspective on cloud mining. First, I will show you which factors you should consider when buying cloud mining contracts.
Then I will test and compare all the largest providers so you can make sure you always buy into the most profitable option!
You can find the comparison in this spreadsheet. When considering to buy a cloud mining contract you need to take the following 8 things into account:. If you invested in cloud mining and don't understand half of the terms mentioned above I would strongly recommend you read the full post.
Legitimacy of the company When I just started my whole crypto adventure I figured quite quickly that at the time zcash was a profitable coin to mine. So of course I googled a zcash cloud mining contract and it existed! A crappy site nobody ever heard of called zcashminer. That seemed like a great idea for me!
So I decided to invest 40 dollar which I of course never saw again. In the crypto world you can't be too careful, even large corporations are often scams. This is why you must always make sure you invest in a well known and transparent organization. Simple ROI This is often the only thing people look at when investing in cloud mining and often a misleading factor.
They look at what they make a day and how much the contract costs and then calculate how many days it would cost them to make back their money. This however doesn't takes into invest in bitcoin mining pool the mining difficulty and the bitcoin price fluctuation.
BTC mining difficulty As more and invest in bitcoin mining pool people invest in bitcoin mining, the difficulty to mine a block increases. If you still have now idea how bitcoin actually works after investing half your life savings in it, I would watch this videoit explains very well how bitcoin invest in bitcoin mining pool.
If you are too lazy to watch the video, it basically comes down to this: The more people that invest in bitcoin mining, the less everyone gets. For me this came down to 0. Bitcoin block reward halving As you can see on this site it will take about days for the bitcoin rewards to halve.
Yes, this means that after days your cloud contracts rewards will also halve. There is a good chance that when this happens cloud mining becomes unprofitable and your contract will end. However, If your pool pays out the bitcoin mining fee's and or if the difficulty doesn't grow faster than the bitcoin price it is very likely that the contracts will stay active a longer time. This means that the more efficient contracts with a lower percentage of its profits going to the fee's, will invest in bitcoin mining pool active the longer and thus generate bitcoins for a longer period.
BTC mining vs BTC holding If you invest in cloud mining you should always compare between just holding bitcoins and your cloud mining contract. Why would you invest in cloud mining if in the end holding bitcoin would have been more profitable? In the real ROI you do take this into account. Genesis-mining Genesis-mining is the largest cloud mine provider. Although they had some pay-out problems lately I still see them as invest in bitcoin mining pool of the most trusted parties in the industry.
Their bitcoin lifetime contracts are however not as profitable as their competitors. They recently opened their cloud mining contracts. This made them at the time the most profitable cloud mining provider. Hashflare Hashflare is currently my favourite choice. It is also a well trusted invest in bitcoin mining pool organization active invest in bitcoin mining pool a long time in the industry like genesis-mining. In the sheet you can see that they have the most competitive pricing for 1TH.
On top of that, Hashflare is the only provider that allows its customers to choose which pool to mine from. In my sheet you can see that if the bitcoin difficulty keeps increasing with the same speed as it did during the last 5 months, you can currently triple your bitcoins with the Hashflare cloud mining contract in less than 3 years.
However although they are a smaller and less known party, I am personally convinced they are trustworthy. As you can see in the sheet, they are one of the most expensive and most inefficient cloud mining providers. What I really love about them though is their PC mining tool: On their website, you can download this mining tool.
When you have an account you just have to log in and click on play. The program will then pick the most profitable coin for you and start mining it on your pc! As you can see in the picture it is very easy, all you have to do is log in to the program and click play!
Google sheet In this sheet I test and compare all the main cloud mining providers on all the important criteria. I calculate the expected daily income of every contract after 1, 2 and until the reward halving based on invest in bitcoin mining pool average difficulty increase and average bitcoin price increase.
After this Invest in bitcoin mining pool make an estimation of the total amount of bitcoins you will receive until the block reward halving. I will keep updating the sheet and will compare more invest in bitcoin mining pool related services in later!
Feel free to save and share the excel sheet with everyone who this would be useful for! I am willing to try out services invest in bitcoin mining pool make spreadsheets on request! Let me know what you think of this information in the comments! Your post was very helpful for me to find out best cloud mining companies.
Here best means best ROI and trustworthiness. Minergate would be great, but it takes forever to confirm coins! Don't even get me started on the mobile app and confirmation times Everything changed up to now. Hashflare doesnt have endless contracts anymore they have converted all contracts to 1 year. Genesis has sold out sha contracts. Yeah, i just updated my chart. All the recent prices and profit margins are updates as of yesterday: In case you were still interested in investing.
One is for their scrypt litecoin lifetime contract and one for their sha contracts. The sha is much more profitable as you can see: I ponder to add mining difficulty and price estimation to my calc, but you have done it well. Good information in the write up. Thanks for posting on Steemit! Escape do Barulho e contas de Eletricidade dispendiosa Have a look to mine, I think you will like them: Wanna try cloud mining? No noisy and slow computers at home.
Everything automatedyou choose hashrate, crypto to mine, pay and just sit back and let everyone else do the work while you are making money. I am looking into trying cloud mining and you cleared up a lot of things for me. I found this review website http: In the past i would say that genesis was the best cloud mining platform. What is the best BTC cloud mining company?
When considering to buy a cloud mining contract you need to take the following 8 things into account: Authors get paid when people like you upvote their post. Hey man in your spreadsheet,why hashflare has two prices? I just updated invest in bitcoin mining pool chart with all the most recent prices!
Will write a invest in bitcoin mining pool post soon. I've just made a new report as well. Well written and nice explanations of the key invest in bitcoin mining pool.
