We’ve picked out the top reputable cloud mining providers, so you can avoid scam companies.
Let’s start with noting that cloud mining is a high-risk speculative investment. Ok, with that out of the way, onto the rest of the article… As recently as a few short years ago, cloud mining offered a potentially cost-effective way of mining for Bitcoins and other cryptocurrencies. Currently though with extensive industrialization of the mining process, combined with extreme volatility in the value of all cryptocurrencies translates to that all but the most serious business attempts at mining are likely to profit at all over time. Furthermore mining providers pretty routinely state that they will close down customer accounts if cryptocurrency values have not been profitable for a period. Certainly this can protect miners against long-term losses, but it also raises the odds for short-term losses. This specifically applies more the shorter the period involved – for example, for some mining providers it can be 30 days, however for others it is as short as 10 days. Also realize that in the event of your account being closed, it is a one way trip, and there are no refunds. Therefore, take great care if you’re attracted to mining for cryptocurrency, because the early days of easy mining are long gone, and it is now an extremely serious, and seriously cut-throat, business. For those interested in cryptocurrencies, but want to stay away from mining it themselves, another option is to simply purchase Bitcoin as an investment (see our guide on how to buy Bitcoins with Bitstamp). Without further delay, let’s get on to our choices of the best cloud mining providers. ECOS is in Armenia, and was founded in 2017. It grew out of the Free Economic Zone in Hrazdan located in Armenia to foster high tech startups, with an emphasis on AI and blockchain technology. In this special economic zone which offers a zero income and property tax rate for 25 years is the ECOS Cloud Mining, an industrial cloud mining center with over 200 MW of power capacity. Set up is easy and you can start mining immediately for Bitcoin. ECOS indicates that there is technical support available 24/7. There is also a payout system that is both transparent, and timely as it provides payments every 24 hours. Backing up this transparency is that anyone can join the ECOS cloud mining Telegram group chat, and ask questions of the 15K+ members.
