Why Mine Ethereum?
But there are a few things you should take into consideration if you intend on mining Ether:
- Computational power
- Number of hardware devices
- Hash Rate
- Power cost
These costs add up can sometimes even outweigh your mining profits. But nonetheless, mining Ethereum is still more profitable than mining Bitcoin, but you have to opt for a less costly option.
Instead of setting up a rig by yourself and supporting all the costs, you can enlist the service of a cloud mining service. Cloud mining takes care of the hardware and maintenance costs and rents out their hash power for miners.
If you are interested in making some Ethereum through cloud mining, continue reading our article about the best cloud mining sites of 2019.
Genesis Mining is one of the most well-known mining service dedicated to Ethereum. The website began their cloud mining activity at the end of 2013. Probably the best thing about them which attracts miners is the fact that no maintenance fee is charged. An Ethereum mining plan for a period of two years will cost you $1520 per 40 MH/s.
Genesis Mining provides a cloud mining service which uses multiple algorithms, based on the capacity of their mining farms which are spread across the world in various locations. Users can choose from several investment plans to conduct a merged mining activity with other altcoins and Bitcoin.
Their mining plans can be customized to suit the hash power requirements of each individual customer. The coins resulted from mining can be automatically converted into Bitcoins, ensuring that the most efficient coin is mined.
However, the maintenance fee on Bitcoin contracts and additional credit card fees makes Genesis a less affordable option.
Minergate is a mining service established in 2014, and it is still paying miners even to this day. The platform enables users to mine Ethereum and 13 other cryptocurrencies. The Minergate app can be downloaded and installed on any personal computer, making it extremely convenient.
The minimum amount you can buy is 20Gh/s, which is not a very large amount if you consider it, but there are other sites with lower options. Most complaints about this platform are regarding the lack of statistics about the mining process.
Minergate also features a profit calculator which allows you to have a rough estimation of how much you can make. But you should not put your faith entirely in this calculation, as there are many factors lacking and no calculator can predict with accuracy and outcome.
Nicehash is without a doubt the most popular Ethereum cloud mining provider. No one really knows where the company is based, but they have a good website which is available in three languages. Their site was launched in 2014 and since then it has still been operating and paying users, proving that it is a legit service.
Many users noticed that withdrawal times became longer than usual, pointing out the company’s scalability issues. A disadvantage here is that you can only pay in Bitcoin. No other crypto payment options are available, and neither fiat ones.
The Nicehash site is more for experienced miners that already are familiar with the principles of mining. Because of this, we do not recommend this mining service to novice miners as it can get hectic and confusing to use their platform.
OxBTC, formerly Zeushash, was founded in 2014 by a Chinese company. The platform is regarded as one of the best services as it has the most advantageous cost to power ratio.
The platform also mines Bitcoin, Litecoin, and Zcash in addition to Ethereum. The only accepted payment method by OxBTC.com is in cryptocurrency form. This platform is rather limited for foreign users, as some pages of the site outside of China cannot be accessed.
However, the site still pays its users, which is why it is still on our list. Cloud hashing can be purchased from sums as low as 0.099 USD per GH/s. The cloud mining is running on mining rigs that belong to one of the world largest cryptocurrency farms.
If you are keen on cloud mining Ethereum, do your research and opt for the most reliable companies that provide computing power from proprietary mining farms. There many scam sites that claim they are cloud mining services, but in reality, they offer no such service.