Cloud mining – Howto use cloud mining to earn bitcoins

Dear Readers,

as some of you asked me explicitely what i think about cloud mining, i’ll start now a special cloud mining review where i will add new cloud mining offers which will evolve time by time.

At first i want to tell you to be very cautious about using cloud mining services. It sounds easy and comfortable to buy you a cloud mining stake and earn money 2 years or 5 years without thinking about your power bill, spending your money on mining hardware and without having to expand mining hardware every 3 or 6 month to keep up with the evolving overall mining power hashrate to keep your earnings and investment.

UPDATE 2nd february, 2015: GHash.IO and zenminer stopped cloud mining service

In the last days GHash.IO and zenminer stopped their cloud service, because of the drop in Bitcoin price the earnings are eaten up by maintance and energy costs. I think they both will start again when the Bitcoin price stabilizes on much higher rates.

UPDATE 30th december,2014: Hashprofit very likely to be scam!

The last 3 days i got no payout from Hashprofit, and on their homepage they claim to have a DDOS attack – if you want to send a message to the team there is a small text line saying this will cost you 0.03 BTC – !!!! wow. no more words. If thats no scam, i dont know.
So today i removed Hashprofit from the list.

So i urgently suggest you to diversify your cloud mining engagements and don’t spend too much of your bitcoins there. Some of the cloud mining offers could be scam, some just pay out too much so that they are going to bust someday because they dont earn so much to keep their services. Some cloud miners charge a fee for maintenance and power, which of course is needed to finance their service.

Most of the cloud miners i mention have special offers for first signers, so lets start:

Cloud miner mining type payout coins / time signup bonus contract time fees
Cloudminr sha-256 / GH/s BTC, weekly payouts 7 days 100GH/s 5 years actually no fees

GHash / CEX cloud mining


GHash Cloudmining is the Cloudmining service of GHash, actually the second biggest Mining Pool worldwide. Ghash is partnered with CEX, one of the biggest exchange markets for cryptocurrencies, USD, Euro and more. Investing money in Cloud mining with GHash is relatively safe – because of the size of GHash and the maintenance fees which are charged from your mined BTCs GHash does have a business model and i think – its no scam so they don’t get broke.


Cloud mining with GHash is simple – just signup here for free and fund your Account. Then you can simply buy your desired GH/s in the “Trade” section of GHash/CEX. As simple as you buy BTC against USD you can trade in their marketplaces GHS which mean you can buy and sell the amount of GHS you like – just like buying and selling a currency. So if you want to stop mining in the future, you simply can sell your GHS at the CEX marketplace, actually 1 GHS cost about 0.00137 BTC or $0.44 at the market.

HashProfit

HashProfit is a cloud mining service started in April 2014 and the company is located in Limassol, Cyprus. They use scrypt mining, so the hashing power is always stated in kH/s, and based on their stats you earn 0.00144 BTC per day with a 200 KH/s contract.

If you signup here you get a signup bonus of 0.0001 BTC and get a 7 day free package of 200 kH/s which earns you about 0.00144 BTC per day. To get your earnings paid out, you must buy contracts with a mininum one time investment of 0.02 BTC. Each contracts with Hashprofit is guaranteed for 2 years, after the 2 years there can be depriciation expenses.

I use their service for 6 weeks, invested there a total sum of 0.36 BTC having now active 400 kH/s and actually i have contracts there which result in each 2nd day payout of around 0.006 BTC, so for me they have a very high payout.

Attention: They have often discounts, like actually the discount code HP>165000 with a 60% discount when you buy KH/s, so if you want to invest there, be sure you take a discount code, if you register for free, discount codes are sent irregularly to you as e-mail.

Cloudminr

Cloudminr is another cloud mining company which is located in Trondheim, Norway. Cloudminr started just some month ago. They are mining Bitcoins, so the Hashing Power is stated in GH/s. Each contract with Cloudminr is a 5 year contract – you pay one time and participate with your bought hashrate for 5 years.

If you signup here, you can get a 100 GH/s free trial. Just enter your e-mail address, your desired password an click on “get 100GH/s free trial” and you receive a 100GH/s trial contract for 7 days.

Attention: To activate your account and receive the free trial payouts, you have to buy at least one contract with 50 GH/s. The regular price is 0.07BTC. You can buy contracts there for 0.0014 BTC per GH/s, but they also offer sometimes promo-codes where you can buy GH/s for 0.0011 BTC or another discount – when registered, you will receive these offers via e-mail.

I use their service for 4 weeks, actually have an active hashing power of 600 GH/s and invested a total of about 0.75 BTC and get automatic weekly payouts of around 0.056 BTC, so if the payouts last it is a good investment.

Zenminer


Zenminer also started in early 2014 and is partnered with GAWminers, the hardware manufacturer of mining hardware. Zenminer offers you so called “Hashlets” which represents each a special type of miner. The most common Hashlets are the “MultiHashlet” which can mine scrypt coins and is stated in MH/s, and the “Hashlet Genesis” which can mine Bitcoins and is stated in GH/s.


If you buy a Hashlet you pay a one time fee and have this hashlet as long as the service of zenminer runs.


Attention: But – different to other cloud miners but maybe more secure to keep their business running – Zenminer is applying a maintenance and power fee of $0.08 a day for each 1MH/s MultiHashlet and $0.01 a day for each 5 GH/s Hashlet Genesis.


Wow, does that mean i can make minus with my investment? No, actually zenminer charges a maximum of your deaily earnings with a miner minus 1 satoshi, so you cant make minus.


This means practically for my in the last days, i just earn 0.00000001 BTC (=1 satoshi) a day when buying a 1MH/s MultiHashlet because the maintenance charges leave you only this satoshi, but with a 10 GH/s Hashlet Genesis you earn a day about 0.000064 BTC.


The web application is very user friendly and intutive, and the best is – if you signup here for free and complete their tutorial you get as a gift one 10 GH/s Hashlet Genesis which earns you about 0.000065 BTC a day. So since this is really free and you don’t have to buy something to receive your payouts, its a nice offer.


You can buy and sell your Hashlets at the Hash Market directly from other users or to other users, so actually i ordered some Genesis Hashlets.


I spent around 0.07 BTC in the last 7 days at Zenminer and now i have 3 x 10 GH/s Haslet Genesis which earns me about 0.00019 BTC a day after maintenance fees. I ordered also a MultiHashlet first, but sold this on the HashMarket because its not having a good return because of the maintenance fees.

Thank you for reading!

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