For those interested in mining ether, but don’t have the technical expertise to get set up with their own hardware, ethereum cloud mining could be the perfect option.
Ethereum Mining Options
If you’ve looked into mining your own crytocurrency, you may well have considered building or buying an ethereum rig.
You’ll also know that the task in hand required very high computing power! And whether it is buying a rig or building one, it involves capital investment upfront and of course some time and efforts. Not to take into account the nitty gritty of hardware, software installation, integrations, and making it all work together for the whole time.
Fortunately there is another option…
Ethereum Cloud Mining Services
Just before diving in, let us also consider another option, Ethereum Cloud Mining and its details in brief. Of course as any other one, this option also goes with its own pros and cons.
In the age of everything available as a service, there are dedicated cloud mining services too. And that services presents itself a really serious and attractive option.
Computing power has been available as a service for quite some time now, including Infrastructure As A Service (IaaS), Software As A Service (SaaS) and Platform As A Service (PaaS).
Software Applications are also bundled with these services and made available readily to everyone who want to start anything. In recent times it is a real success that it is considered even before opting for owning the equipment.
A decade back it all started as an innovative alternate option but now cloud computing is the first option. Examples of globally leading services are AWS – Amazon Web Services, Microsoft Azure, Google Cloud, IBM Cloud etc.,
It is quite natural that cloud mining services also emerged quickly and being adapted. There are some distinctive advantages of cloud computing which leads to its success and adaption.
Ethereum mining pools
Ethereum Cloud Mining Benefits
When considering Ethereum Cloud Mining Services, on the one side this job being one that requires costly computing power and on the other side there some service providers emerging as attractive services – well these make it more attractive and tend to push towards the solution.
All one need to do is sign up for a service and start doing the work of mining Ethers. An Ethereum Miner starts the work of mining without having to worry too much about Ethereum Rig, Ethereum ASIC, Ethereum Hardware, the hassle maintaining the hardware/software etc.,
These services seems to be solving some more issues like:
- efficient cooling,
- technology upgrades
- more statistics,
- better pool allocation etc.,
Not to add the benefits of easy realization of rewards, trading options etc.,. It should be mentioned that Ethereum is moving to PoS (Proof of Stake) from PoW (Proof of Work) and some of the old rigs built used for mining may become unusable for this purpose.
Leading Ethereum Cloud Mining Services
There so many Ethereum Cloud Mining services available now. We will discuss only market leading or emerging innovative service providers.
It should be mentioned that some Ethereum Miners are also using leading mainstream cloud computing services like AWS, buying the computing instances from them and setting up mining rigs.
And there are pure play cloud mining services. These pure play cloud mining services are the easiest way to get started and so being discussed here in this article. Service offering features may vary between different service providers and miners experience may also vary as mining is a complex process that not only depend on the rig but also with some external factors.
Some of the service providers include:
- Genesis Mining
At this point as an extra cautionary alert, we can site some of the disadvantageous as these
- recurring fees service may be higher operational cost reducing the profitability
- and some scam and default of pay-out risks by service providers.
It should be a general advice to new miners to go for established, trusted service in the market.
Ethereum Cloud Mining – Distinctive Advantages
Keeping aside the CAPEX (capital expenses) and OPEX (operational expenses) part let us look at what are the distinctive advantages that Ethereum Cloud Mining services presents.
One as we have already seen is instant start-up. We can sign up and start. Go for a contract offering period that is suitable to us.
Since Ethereum Mining is a hardware computing power intensive activity, cloud service provides flexible options for choosing and scaling the mining activities. When buying and owning we cannot expect or get this flexibility. Cloud mining service providers’ servers are usually kept in high standard datacenters that have:
- better network connections
- cooling power
- power efficiency
- security standards
And service goes with service level agreements and guaranteed uptime. Plus there is 24/7 customer service to get technical issues sorted out or support for mining service issues.
Ethereum Cloud Mining Contracts
Cloud mining contracts offered by cloud mining companies like Genesis go as small, medium and large. Small contracts start with 1 Mh/s, Medium at 25 Mh/s and Large at 100 Mh/s and you can note current rates and pay-out in Genesis site. Fixed hash rate contract for fixed duration is easy to start-with. Cloud Mining Services definitely offer attractive benefits to consider and get started with Ethereum Mining.
An ethereum mining calculator will help you assess how profitable your approach will be, which will in turn influence your choice of hardware.
Once you have mined your ether, you may want to invest in an ethereum hardware wallet as a secure way to store your currency.