crypto mining is dead ? the best crypto mining platform 2023

Cloud mining is a practice that is attracting more and more individuals who are looking for a way to generate profits from crypto-currencies. Indeed, it is now possible to practice crypto mining without having to buy expensive hardware thanks to the services offered by these cloud mining companies.

But how does cloud mining work and how is it practiced? What are the best cloud mining sites and their advantages?

This is what we propose you to discover here with complete information about this practice, the best platforms and sites that offer it.

Ecos: the multi-functional crypto cloud mining platform

Currently, the Ecos platform is one of the best for cloud mining in France. It is indeed a cloud mining provider based in Armenia, a country that is a free economic zone. In addition, Ecos has signed a partnership with the Armenian power plant Hrazdan, which provides up to 200 MW of electricity for crypto-currency mining.

Cloud mining offered by Ecos is therefore a simple yet reliable way to generate passive income with crypto-currencies. The platform even offers a free contract in order to test the platform before getting started.

Ecos also distinguishes itself by the quality of its mining equipment since it buys its machines from Bitmain, which is the most important ASIC manufacturer in the world.

For users, Ecos offers several types of contracts depending on your risk profile, expiration date or investment size.

Finally, we appreciate the quality and responsiveness of Ecos’ advisors and support, with quick responses to various questions from its website or social networks. Ecos also has more than 15,000 members in its Telegram community.

BitFuFu: The crypto cloud mining player with the most computing power

The BitFuFu platform is an entity-shared crypto-currency mining platform based on self-managed mining. It thus rents the computing power of self-built and cooperative mines.

BitFuFu machines are placed in a professional mining machine hosting site and a professional team will look for low cost energy.

BitFuFu’s computational power is therefore its main asset as it holds quality mining sites based in the US, Canada, Iceland and Norway.

BitFuFu allows you to practice both cloud mining and cloud hosting. As far as cloud mining is concerned, the accessible tokens are Bitcoin, Bitcoin Cash, Ethereum, Filecoin and Dash.

BitFuFu also offers a mobile app for iOS and Android that allows you to follow the crypto-currency market with exclusive offers.

Feel Mining: the French crypto cloud mining specialist

Feel Mining is also one of the giants of crypto-currency cloud mining in France. It gives you the opportunity to mine tokens without investing in expensive machines.

It is also a platform particularly appreciated by French investors since it was recently recognized as a PSAN by the AMF.

The platform has been designed to take care of the purchase of the equipment, its installation and maintenance and is particularly suitable for beginners. The mining machines used are indeed among the most sophisticated on the market in order to promote the profitability of investments.

Feel Mining’s cloud mining offering achieves close to 150% profitability over a year, and the platform also offers other ways to generate passive income with crypto-currencies like staking or masternodes.

What is crypto cloud mining?

Cloud mining is, as the name suggests, an activity related to the mining of crypto-currencies. Here, the user will go through a company that will do the mining work for him, in exchange for a fee. He will then get the tokens produced by the mining.

In short, cloud mining is the rental of the computing power available to this company. One of the advantages of cloud mining is that it does not require any specific hardware and therefore no major investment and does not require any monitoring either. To practice cloud mining, you just have to register on a platform offering this service. It is then necessary to buy contracts or shares within it.

The contracts allow the client to use the mining services and to withdraw profits. It is then possible to withdraw profits after reaching a minimum amount set by each platform.

Cloud mining is of course not the only way to earn crypto-currencies and platforms currently offer different alternatives that also allow you to earn crypto-currencies passively. Here are the main ones:

• Traditional mining: if you have the capital and the environment, you can of course choose to mine crypto-currencies independently.
• Staking crypto-currencies: another way to generate crypto-currency tokens is to stake them, i.e. immobilize them in exchange for a regular reward.
• Crypto-currency lending: finally, it is also possible to profit from crypto-currency loans by making your tokens available to borrowers in exchange for interest paid in crypto-assets.

How does crypto cloud mining work?

Cloud mining works as an alternative to traditional mining that requires a large investment and a lot of hardware. Today, a significant portion of crypto-currency mining is done in the cloud.

To understand how cloud mining works, you have to understand that the investor will no longer be the owner of the mining equipment but will rent this equipment or more precisely a computing power.

He pays a subscription fee for this rental and is paid in exchange on the basis of the crypto-currencies that have been created by the machines. The machines themselves are installed in a mining farm.

Thus, it is the company offering the cloud mining service that makes the necessary investments in the infrastructure and equipment needed for mining. Generally, these infrastructures are based in countries where electricity is cheaper, such as Eastern European countries.

Which tax system for crypto cloud mining?

The taxation that applies to cloud mining as well as to crypto-currency mining in France is the same as that which applies to non-commercial profits. This means that you have to declare the income from mining to taxes as a micro entrepreneur or auto-entrepreneur.

However, this regime only concerns minors whose annual income does not exceed 72 600€.

A flat-rate deduction of 34% with a minimum of 305€ is finally applied to the realized turnover.

How profitable is crypto cloud mining?

In reality, the contracts offered by most cloud mining companies show very similar earning possibilities with a maximum of 150%.

The operation of a cloud mining company is always roughly the same. It requires a large upfront investment that will be used to finance a contract for a number of years.

However, the duration and price conditions of these contracts vary greatly from one intermediary to another. Of course and due to the fees that are applied by the cloud mining companies and platforms, the profitability of this type of mining remains lower than that of traditional mining.

For example, let’s say you choose a contract that requires a minimum deposit of €500 with an average return of 150% and a daily payment in crypto-currencies.

By investing the minimum requirement of €500, you can earn up to €650 on average per month. This means that every month, the cloud mining platform will pay you the equivalent of €650 in crypto-currency tokens. You can then choose to reinvest these tokens for mining or withdraw them.

Here is an example of a return on an investment of €100 in cloud mining.

How to get started in crypto Cloud Mining?

To start practicing cloud mining, you must first choose a platform offering this service and create an account. Then, you will just have to choose your subscription and subscribe to it.

For example, to start cloud mining on the Hashing Ecos platform, you need to follow these steps:

1. From the home page of the site, click on “register” and enter your email and phone number.
2. Then select a contract based on duration, risk profile, price and power.
3. Pay the subscribed contract by credit card or in crypto-currencies with BTC, ETH, LTC and XRP.
4. You will then be able to monitor your account’s mining work from a dashboard.

If you want to start cloud mining with Feel Mining, follow these steps:

1. Go to the Feel Mining website and click on “Registration”.
2. Fill in an online form with your name, first name, date of birth, billing address, country, email address and a password.
3. Click on the link sent by email to validate your registration.
4. You will then be able to log in and access a tutorial explaining how to sign up for a cloud mining contract and make your first investments.

What is the cost of crypto cloud mining?

The price of cloud mining subscriptions vary according to several criteria including :

• The duration of the mining: it is necessary to commit yourself on a duration known in advance.
• The computing power or hashing: the more computing power is rented, the higher the price will be.

Here are some examples of minimum prices to purchase a cloud mining subscription:

What to choose between crypto cloud mining and mining?

Crypto-currency mining is an activity aimed at validating transactions in the blockchain. In exchange, miners receive remuneration in the form of crypto-currency tokens. To practice crypto-currency mining, it is necessary to have adequate equipment and space to store it. Traditional mining also consumes a lot of electricity. The machines can be bought or rented and have an average lifespan of four years. Conventional mining allows the miner to be self-sufficient and increase his or her net profitability, but it also has its drawbacks in terms of cost.

As for cloud mining, it consists of renting computing power to mine crypto-currencies. The investor no longer needs to buy or manage expensive equipment. He will simply pay a monthly or annual subscription against the rental of computing power. The rewards will be the same as for a classic miner with the payment of crypto-currencies each month in exchange for the validation of transactions on the blockchain.

Traditional crypto-currency mining is a more profitable solution than crypto cloud mining but it is not aimed at the same investors. Indeed, the traditional mining will require a substantial material investment of departure whereas it is possible to practise the cloud mining with a very weak capital.

The cloud mining offers proposed by Feel Mining will notably allow you to mine crypto-currencies without any constraint in terms of hardware purchase or storage.

Regarding the cost effectiveness of cloud mining versus traditional mining, here is a concrete example for Bitcoin mining:

• With a cloud mining offer at BitFuFu and for a monthly subscription of €100 on Bitcoin mining, your profitability will be $97 per month.
• With traditional mining, still on Bitcoin and with a hash power of 100TH/s and a power consumption of 3,000W, your profitability will be $312.39 per month.

What are the free crypto cloud mining sites?

Several sites now offer free packages in addition to paid packages to practice cloud mining.

StormGain

This platform offers a free app for cloud mining on smartphone. Rewards are earned after 4 hours if you reach more than 10 USDT in bitcoins. Withdrawal is done via a simple button and the assets are credited to your account within 72 hours.

Bitland.pro

This site offers a paid and a free formula by offering you a bonus of 1USD at the time of registration. It allows you to mine Bitcoin, Dogecoin, Litecoin, Tron and Tether. To get rewards faster, you can add funds to your account. Bonuses are offered if you mine between 5 and 52 GH/s of hashrate. Paying plans range from $1 to $450.

Freemining.co

Primarily based on paid formulas, this site also offers a free level that requires reaching a minimum threshold to unlock a withdrawal. The site also offers a game of chance to win bitcoins that can then be used to pay for mining.

Of course, free cloud mining will not give you the best conditions for crypto-currency mining and the rewards are often difficult and time consuming to obtain. We therefore recommend that you instead use serious and reputable paid cloud mining platforms and services such as those you can find in our comparator like Feel Mining, Ecos or Bitmain.

What are the different categories of crypto cloud mining?

Cloud mining is a service that can be offered in different forms and goes through either a physical mining server or a virtual server.

Today, there are three different types of cloud mining:

• Cloud mining by virtual private server or VPS: this technique consists in renting a server and installing a mining software. The access to the rented computer is then possible from a distance.
• Cloud mining by renting computing power: this method consists in buying a contract with a mining company to rent part of its hash power. Different contracts allow you to choose the amount of computing power you wish to rent and the gains are proportional to the rented power. The advantage is that this method does not require any mining equipment and this is why this type of cloud mining is the most popular at the moment.
• Cloud mining by hosted mining: here, the company pays the miners’ fees and takes care of the consumption and maintenance of the customers’ mining equipment. Although this method is uncommon, it is becoming increasingly popular.

Which crypto-currencies to mine with crypto cloud mining?

It is possible to mine many crypto-currencies with cloud mining but some have more advantages than others. Here are the 10 best crypto to mine in the cloud according to our opinion :

1. Bitcoin: This token remains the preferred token for miners around the world with a particularly high price. The current reward for bitcoin mining is 6.25 BTC per block. However, since bitcoin mining is more complex and requires more resources, the price of these contracts is often very high.
2. Ethereum: this crypto-currency is currently very popular due to its smart contracts and apps. It is still possible to mine it on some platforms with a current reward of 2 ETH per block. However, there are only two years left to enjoy mining this crypto-currency which will then move to a new version.
3. Zcash: launched in 2016, this crypto-currency focuses its development on privacy and is one of the best to mine. This crypto-currency is ideal to mine over the long term and its current reward is 2.5 ZEC for a block. The ZEC money supply is expected to reach 21 million tokens by 2023.
4. Grin: Grin is not a token-limited crypto-currency and uses Cuckoo mining which is easy with CPU and GPU devices. Therefore, it does not require a large investment. The current reward offered for this crypto-currency is 60 GRIN per block.
5. Monero: This popular crypto-currency values equity in terms of mining and is among the most profitable in cloud mining. The mining of this crypto-currency currently offers a reward of 2.15 XMR per block with a total of 2,272,762 blocks at the maximum. The CryptoNightR hash model that is used for its mining makes it possible with both CPU and GPU devices.
6. Ravencoin: with its advantageous features and special characteristics, this recent crypto-currency is becoming increasingly popular among miners. Highly liquid thanks to its large number of exchanges on the most popular crypto-currency platforms, this crypto-currency is interesting to mine thanks to its KawPow protocol and X16R hash function. Currently, the reward offered for mining this token is 5,000 RVN per block.
7. Litecoin: Considered one of Bitcoin’s best competitors, Litecoin is very popular and is among the top 10 crypto-currencies on the market. It was one of the first tokens to be mined with the GPU protocol. The current and proposed reward for mining it is around 12.5 LYC per block until 2023. The maximum number of tokens that will be mined with this project is 84 million.
8. Dash: Created in 2014, Dash is very similar to Litecoin and is notably known for its high speed and secure transactions worldwide. It uses the X11 hashing algorithm and offers a reward of 2.88 DASH per mined block.
9. Dogecoin: Dogecoin, originally conceived as a joke, has become a serious and legitimate crypto-currency that is becoming increasingly popular. This crypto-currency is mainly used to tip Redit and Twitter content creators and its mining can be done with CPU and GPU devices and with the Scrypt protocol. There is no limit on total token production. Doge offers a mining reward of 10,000 DOGE per block.
10. Bitcoin Gold: Finally, Bitcoin Gold is a hard fork of Bitcoin and is also a very popular crypto in the eyes of miners. It was thought to make bitcoin mining more popular and accessible and can be mined with GPU devices. It is an excellent crypto currency to mine right now in terms of profitability. Currently, the reward offered for mining Bitcoin Gold is 6.25 tokens per block.

Our opinion on crypto cloud mining

As you scour the web for user reviews about cloud mining, you’ll quickly realize that there are as many positive reviews as negative ones about this method of investing in crypto-currencies.

Indeed, let’s remember that many companies offering cloud mining have been recognized as frauds or scams and it is therefore necessary to be cautious and not to give in to the sometimes very attractive offers of some of them. You will indeed pay a subscription to the platform through which you will practice cloud mining. Using a reliable and secure platform will ensure that your money is really used to mine crypto-currencies and that you will earn a return from this activity.

The platforms we present in our comparison of the best cloud mining platforms are all reliable and secure.

Taking this precaution, cloud mining remains however an activity that can be lucrative on the short, medium or long term and relatively accessible with a low capital. Of course, cloud mining is less profitable than traditional mining since mining companies charge more or less important fees for the rental of their mining equipment or their computing power.