Bitcoin Cloud mining Services - Are they worth trying?
What is Bitcoin cloud mining?
Bitcoin mining involves mining hardware, electricity, monitoring, maintenance. If you do mining at your place, you need to take care of all the afore mentioned! To replace these hassles, cloud mining came into existence where in everything happens at a Data center and you need to pay the fees for mining contracts to generate bitcoins.
Companies that offer cloud mining Services
You need to be very careful here as majority of the companies that offer cloud mining contracts are fake and majority are branded under ponzi schemes.
So, are there any reliable cloud mining companies?
To my knowledge and test below have shown real datacenters and are paying till date so they can be of exception. However note that you won't become rich over night and ROI takes long time.
1. BITMAIN's Hashnest
2. Genesis (Supported by Spoondalies)
As you see BITMAIN and Spoondalies are two major bitcoin hardware manufacturing companies supporting the above two sites gives the confidence to try them out.
Lets look in detail of what they offer
Bitmain is china based hardware company that offers cloud mining services using https://www.hashnest.com. They are offering short term/long term contracts
1. Short term contracts - You can buy PACMIC contracts for certain period and you will get guarteed payments for that specified year and the term closed after the contract ends.
2. Buy Hash Power - You can buy Hash power from S2, S3, S4, S5 and latest S7 Miners and depends on the number of TH/s you buy, your payout will depends on it. However you need to keep in mind the following
1. Hashnest charges service/maintenance charges for each TH/s
2. Though its a life time mining contract, once the profits becomes negative for 10 consecutive days, the contract ends and you will have an option to import your miiner from datacenter by paying the shipping charges.
You can buy Miner of your choice using Bitcoin as payment
You do have the option to buy hash power in the secondary market at lower prices
You have the option to sell your hasing in the secondary market and get profit.
Possible to withdraw Bitcoins multiple times a day.
Genesis mining has teamed up with Spondalies-tech to offer mining contracts for short term and long term. You can mine Bitcoins (SHA 256) and Various Scrypt coins (at this time of writing, they stopped scrypt contracts as hash power got sold off)
Flexible Contracts - You can by hashpower as you like
You can buy Mining contract using Bitcoin/Alt coins or with your credit card
Mine your favorite coins
Flexible hash power allocation ( You can assign % of mining power to various SHA256 coins like bitcoin, BitcoinDark etc)
Compare Hashnest vs Genesis
You can buy Hash power using credit card at Genesis and you don't have the option at Hashnest.
Genesis offers SHA256/Scrypt Mining where as Hashnest is purely into SHA256
You can withdraw mined bitcoins multiple times at Hashnest where as its only once at Genesis.
There is a secondary market at Hashnest which is missing at Genesis.