For many participants in the crypto market, mining is an attractive way to earn passive income. However, this option typically requires expensive hardware and significant energy consumption. Increasingly, people are turning to cloud mining instead. Users simply choose a provider, invest upfront, and let the providers generate profits. Sounds simple, right?
Unfortunately, selecting the best provider isn’t that straightforward. To help, we’ve compiled a list of the top seven contenders for 2023.
Table of Contents
What Is Cloud Mining?
Cloud mining allows you to rent computing power from other network participants, such as cloud mining service providers. Traditional mining methods involve expensive computers and high energy consumption, which can quickly eat into your profits.
By leveraging external computing power, cloud miners avoid the costly purchase and maintenance of complex hardware. This is especially useful for beginners. When you use a cloud mining service, you’re essentially renting hash rate—a metric used to evaluate a network’s processing power. Users register with a mining company to purchase their "share" of computing power via a contract.
While Bitcoin remains the most common asset for cloud mining, it also works for any other Proof of Work cryptocurrency. For example, you can mine Cardano. Due to the unavoidable upfront investment, choosing a trustworthy provider with good reviews is essential. Below are the best cloud mining providers on the market.
The 7 Best Cloud Mining Providers
1. YouHodler
| Availability | Worldwide (except USA) |
| Fees | 1.5% for transfers, 10–20% for mining |
| Payout Interval | 7 days |
YouHodler’s cloud mining is a low-risk, scalable way to earn passive income with Bitcoin. No upfront costs are required—you can start mining with as little as 0.0001 BTC.
Pros:
- No hardware maintenance required.
- Simple setup with just a few clicks.
- Flexible scaling options.
Cons:
- High fees (10–20% of mining profits).
- No control over mining hardware.
2. KuCoin
| Availability | EU and many other countries |
| Supported Coins | BTC, ETH, BNB + 700+ others |
| Fees | 3% management fee, 15% electricity fee |
KuCoin offers competitive hash rates for Bitcoin, Litecoin, and Dogecoin mining.
Pros:
- No hardware setup needed.
- Low entry barrier for small investments.
Cons:
- Centralized platform (less control over funds).
3. Binance
| Supported Coins | BTC, ETH, BNB + 200+ others |
| Fees | 0.001 BTC per TH/s/day (rent) |
Binance provides high hash rates at relatively low fees.
Pros:
- Reliable and reputable platform.
- High profitability potential.
Cons:
- Costs scale with hash rate.
4. Hashfrog
| Availability | EU + 100+ countries |
| Supported Coins | BTC, KDA, LTC |
| Payouts | Daily |
Hashfrog partners with ANTPOOL and BITMAIN for reliable mining contracts.
Pros:
- Daily payouts.
- Multi-coin mining support.
Cons:
- Not available in the USA.
5. Bitfufu
| Availability | EU + 100+ countries |
| Payouts | Daily |
Bitfufu collaborates with BITMAIN for scalable cloud mining.
Pros:
- Hosting and self-mining options.
- Regular rewards and coupons.
Cons:
- Supports only Bitcoin.
6. Hashing24
| Fees | $52–$130 (one-time purchase) |
| Payouts | Daily |
Hashing24 has been operational since 2012, offering transparent contracts.
Pros:
- Trusted provider.
- Flexible contract terms.
Cons:
- Market-dependent profitability.
7. ECOS
| Payouts | Daily |
| Min. Withdrawal | 0.001 BTC |
ECOS is a legally compliant provider with 90,000+ users worldwide.
Pros:
- Low minimum payout.
- Free one-month trial.
Cons:
- Bitcoin-only support.
How to Choose the Right Provider
Before selecting a provider, do your own research. Look for:
- Verified payout history.
- Transparent hash rates.
- Positive customer reviews.
Cloud mining can be profitable if you:
- Manage risks carefully.
- Choose a reputable company.
- Only invest what you can afford to lose.
FAQs
Is Cloud Mining Profitable?
Profitability depends on the coin, provider, and your mining plan. Market volatility plays a key role.
Is Cloud Mining Risky?
Yes, due to crypto market fluctuations. Always practice risk management.
How Do I Start Cloud Mining?
- Choose a trusted provider.
- Sign up and purchase a hash rate plan.
- Monitor earnings and withdraw profits.