Phoenixhash Reviews Phoenixhash.com, Scam or Legit Bitcoin Mining

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Contents

Bitcoin Cloud Mining

Want to find the best Bitcoin cloud mining contracts? This post has you covered.

Most Bitcoin Cloud Mining Companies are Scams

Like the heading says, most cloud mining contracts are scams. Why?

Because it’s easy for companies to take peoples’ money, and then not pay out. A company can claim to be a cloud mining company without any proof of actually owning any hardware.

So remember: 99% of cloud mining companies are scams.

Quick Tip

Mining is not the fastest way to buy bitcoins.

Which Companies Are Not Scams?

We can’t recommend any cloud mining companies at this time.

Note: If you do find one, you’ll need a wallet to receive payouts to. A secure hardware wallet like the Ledger Nano X is a good option.

Is Cloud Mining Profitable?

It depends what your goals are with cloud mining. If your goal is to obtain bitcoins, then there is really no reason to cloud mine or even mine at all.

You will get more bitcoins for your buck if you just buy bitcoins!

If you think mining is cool and want to try, then cloud mining still is not a good option. Grab a cheap USB miner and run it at home.

VPNs for Mining

As a Bitcoin miner, you may also want to look into getting a VPN.

You can never have enough security when it comes to bitcoin. Using a VPN adds an extra layer of security.

Bitcoin Cloud Mining Comparison

There is not much to compare, because we personally do not recommend buying any cloud mining contracts so we will not spend the time to compare the two companies above.

But check back in to see if we find any new, legit cloud mining companies.

Bitcoin Cloud Mining Scams History

The reason there are so many cloud mining scams is because it is very easy for anyone in the world to setup a website.

Once the website is setup it can claim that the company has a large mining facility.

The company can act legit by sending initial payments to its customers. But after that it can just keep the already received payments for hash power and then make no further payments.

In just the last few months, two cloud mining scams were uncovered: HashOcean and Bitcoin Cloud Services.

What Payment Methods do Cloud Mining Companies Accept?

Most cloud mining companies accept Bitcoin, PayPal, and credit cards. If a cloud mining company accepts bitcoins then there is a good chance it is a scam.

This is because Bitcoin payments cannot be reversed. Once the scam company receives your bitcoin payment you have no way to get your coins back.

Are there Free Cloud Mining Trials?

No company would give away free cloud mining; this is basically giving away free money.

Any company offering free trials, especially if they require payment information, is most likely a scam.

Quick Tip

Mining or buying bitcoins? You can’t do either without a Bitcoin wallet.

Our guide on the best bitcoin wallets will help you pick one. Read it here!

How does Bitcoin Cloud Mining Work?

Cloud mining means a host company owns Bitcoin mining hardware and runs it at a warehouse.

You pay the company and rent out some of the hardware. Based on the amount of hash power you rent, you will earn a share of payments from the cloud mining company for any revenue generated by the hash power you purchased.

Cloud Mining Viruses

There have been viruses that land on computers and then use the computers’ power to mine bitcoins.

Run a malware detector on your computer if you think you may have come under attack.

Is Mining Software the Same as Cloud Mining?

Mining software is something you download on your computer. It is required when you OWN mining hardware. Software connects your hardware to the internet so that it can make hashes and communicate with the network.

Just buy Bitcoins!

If you just want bitcoins, don’t bother with cloud mining. Just find an exchange in your country and buy some bitcoins.

Learn More

Best Bitcoin Mining Software

Best Bitcoin Mining Hardware

Best Bitcoin Mining Pools

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Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites.

Wallabit Media LLC and/or its owner/writers own Bitcoin.

Bitcoin Mining Pools

Now that you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool.

What is a Mining Pool?

Mining pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining hash power.

While mining pools are desirable to the average miner as they smooth out rewards and make them more predictable, they unfortunately concentrate power to the mining pool’s owner.

Miners can, however, choose to redirect their hashing power to a different mining pool at anytime.

Pool Concentration in China

Before we get into the best mining pools to join, it’s important to note that most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoin’s biggest issues at the moment.

There are about 20 major mining pools. Broken down by the percent of hash power controlled by a pool, and the location of that pool’s company, we estimate that Chinese pools control

81% of the network hash rate:

Bitcoin Wallets

Before joining a mining pool:

You’ll need a bitcoin wallet. Why?

This is because all Bitcoin mining pools will ask you for a Bitcoin address that will be used to send your mining rewards and payouts.

Our guide on the best bitcoin wallets will help you get a wallet. Read the full guide.

The Biggest Mining Pools

The list below details the biggest Bitcoin mining pools. This is based on info from Blockchain’s pool share chart:

We strongly recommend new miners to join Poolin or Slush Pool.

1. Poolin

Poolin is a public pool which mines about 18% of all blocks. They are based in China, but have a website fully available in English.

2. F2pool

F2Pool is based in China. It mines about 17% of all blocks.

3. BTC.com

BTC.com is a public mining pool that can be joined and mines 15% of all block. We strongly recommend joining Slush Pool or Poolin instead.

4. Antpool

Antpool is a mining pool based in China and owned by BitMain. Antpool mines about 11% of all blocks.

5. ViaBTC

ViaBTC is a somewhat new mining pool that has been around for about one year. It’s targeted towards Chinese miners and mines about 9% of all blocks.

6. 1THash&58coin

This is a Chinese pool made from two pools: 1THash and 58coin.

7. Slush

Slush Pool was the first mining pool and currently mines about 11% of all blocks.

Slush is probably one of the best and most popular mining pools despite not being one of the largest.

8. BTC.top

BTC.top is a private pool and cannot be joined. It mines about 7% of all blocks.

9. BTC.top

BTC.top is a Chinese ming pool.

10. Bitfury

Bitfury is a private pool that cannot be joined. Bitfury currently mines about 3.5% of all blocks.

Quick Tip

Mining is not the fastest way to get bitcoins.

Bitcoin Mining Pool Comparison

Pool Location Fees Private Pool
BitFury Georgia 0% Yes
Slush Pool Czech Republic 2% No
Antpool China 1% No
BW China 1% No

The comparison chart above is just a quick reference. The location of a pool does not matter all that much. Most of the pools have servers in every country so even if the mining pool is based in China, you could connect to a server in the US, for example.

Get a Bitcoin Wallet and Mining Software

Before you join a mining pool you will also need Bitcoin mining software and a Bitcoin wallet.

Mining Pools vs Cloud Mining

Many people read about mining pools and think it is just a group that pays out free bitcoins. This is not true! Mining pools are for people who have mining hardware to split profits.

Many people get mining pools confused with cloud mining. Cloud mining is where you pay a service provider to miner for you and you get the rewards.

Just Want Bitcoins?

If you just want bitcoins, mining is NOT the best way to obtain coins.

Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins.

Get $10 worth of free bitcoins when you buy $100 or more at Coinbase.

Which Countries Mine the most Bitcoins?

Bitcoin mining tends to gravitate towards countries with cheap electricity.

As Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the vast majority of network hash power.

With many of these companies in the same country, only a number of countries mine and export a significant amount of bitcoins.

China

China mines the most bitcoins and therefore ends up “exporting” the most bitcoins.

Electricity in China is very cheap and has allowed Chinese Bitcoin miners to gain a very large percentage of Bitcoin’s hash power.

It’s rumored that some Chinese power companies point their excess energy towards Bitcoin mining facilities so that no energy goes to waste.

China is home to many of the top Bitcoin mining companies:

It’s estimated that these mining pools own somewhere around 60% of Bitcoins hash power, meaning they mine about 60% of all new bitcoins.

Georgia

Georgia is home to BitFury, one of the largest producers of Bitcoin mining hardware and chips. BitFury currently mines about 15% of all bitcoins.

Other Countries

The countries above mine about 80% of all bitcoins.

The rest of the hash power is spread across the rest of the world, often pointed at smaller mining pools like Slush (Czech Republic) and Eligius (US).

A Note on Pools

While we can see which mining pools are the largest, it’s important to understand that the hash power pointed towards a mining pool isn’t necessarily owned by the mining pool itself.

There are a few cases, like with BitFury and KnCMiner, where the company itself runs the mining operation but doesn’t run a mining pool.

Bitcoin miners can switch mining pools easily by routing their hash power to a different pool, so the market share of pools is constantly changing.

To make the list of top 10 miners, we looked at blocks found over the past 6 months using data from BlockTrail.

The size of mining pools is constantly changing. We will do our best to keep this posted up-to-date.

If you cloud mine then you don’t need to select a pool; the cloud mining company does this automatically.

Why are Miners Important?

Bitcoin miners are crucial to Bitcoin and its security. Without miners, Bitcoin would be vulnerable and easy to attack.

Most Bitcoin users don’t mine.

However, miners are responsible for the creation of all new bitcoins and a fascinating part of the Bitcoin ecosystem.

Mining, once done on the average home computer, is now mostly done in large, specialized warehouses with massive amounts of mining hardware.

These warehouses usually direct their hashing power towards mining pools.

Antpool Review

Despite recent controversy, Antpool remains the largest Bitcoin mining pool in terms of its Bitcoin network hash rate. Antpool holds roughly 15% of the total hash rate of all Bitcoin mining pools.

About Antpool

Antpool mined its first block in March 2020, meaning that it emerged roughly four years after the first mining pool; Slushpool.

Antpool is run by Bitmain Technologies Ltd., the world’s largest Bitcoin mining hardware manufacturer, and a large portion of their pool is run on Bitmain’s own mining rigs.

Antpool supports p2pool and stratum mining modes with nodes that are spread all over the world to ensure stability (US, Germany, China etc.).

Also, Antpool’s user interface is surprisingly slick considering that the underlying company thrives mostly off of hardware sales.

How to Join Antpool

The pool is free to join and the process is simple.

First, you need to acquire Bitcoin mining hardware. Then you need to download mining software. If you need help deciding, I suggest you take a look at our hardware and software guides.

Hardware is important because it determines the size of your contribution to the pool’s hash rate. Software is important because it enables you to direct your hardware’s hash power towards the pool you prefer. So make sure to make the right choice in order to optimize your rewards.

Finally, sign up at antpool.com to get started.

What are Antpool’s Fees?

Antpool claims that it does not charge any fees for using its pool. Although there is some truth to this claim, it is not 100% correct.

While Antpool does not directly charge fees, it also does not disclose the Bitcoin transaction fees that are collected. Basically, clients are left in the dark. Currently, every Bitcoin block has a 12.5 BTC reward which Antpool does share with you when it finds a block.

Lately, however, Bitcoin transaction fees have been rising and an additional 1-2 bitcoins are collected per block by pools. At this time, Antpool keeps 1-2 bitcoins form transaction fees for itself, which are not shared with miners who have hash power pointed toward the pool.

It can be argued that these rates prevent the service from being usable for small-time and big-volume users. Consequently, some users on bitcointalk.org heed that the undisclosed fees make the service unwise to use for the time being.

What is the Payout Threshold?

The pool does not appear to have a payout threshold and pays out every day around 10 AM UTC.

The minimum withdrawal amount is 0.0005 BTC (other sources say 0.001 BTC).

Can you do Solo Mining on Antpool?

Solo mining means you mine for bitcoins without joining a pool. So if you use Antpool you are not solo mining by default.

Generally, you will receive more frequent payouts by joining a pool.

What is the Controversy around Antpool?

Antpool has refused to enable arguably beneficial upgrades to Bitcoin for reasons based on claims that have been largely disproved. Notably, this has taken place with somewhat of a vindictive attitude.

More specifically, the controversy revolves around Segwit – a feature that requires miner activation to be enabled. Despite the fact that most Bitcoin users want this feature activated, Antpool, among other pools, appears to be blocking this feature.

Antpool began signaling for Bitcoin Unlimited in early March 2020 for reasons that have not been elucidated by Bitmain CEO (and cofounder Jihan Wu).

Antpool claims that it will only signal for Segwit if there is a hardfork, which is a proposition that most users oppose. Furthermore, allegations that the owner refuses to sell hardware to Segwit supporters have also begun to circulate.

By using Antpool, you allow the pool to decide your hardware’s approach to these matters, meaning that the pool that you used dictates the type of Bitcoin protocol that your hardware employs. If you wish to decide which implementation your hardware should signal for, you can use a pool that leaves the choice to its users, like the Slush mining pool.

Bitfury Information

According to BlockTrail, Bitfury is the third largest Bitcoin mining pool and mines about 11% of all blocks.

The main difference between the Bitfury pool and other mining pools is that Bitfury is a private pool.

Bitfury, the company, makes its own mining hardware and runs its own pool. So, unlike Slush or Antpool, Bitfury cannot be joined if you run mining hardware at home.

Bitfury 16nm ASIC Chip

Unrelated to its pool, Bitfury sells a 16nm ASIC mining chip.

Although Bitfury controls a large portion of the Bitcoin network hash rate, its committed to making Bitcoin decentralized :

BitFury is fundamentally committed to being a responsible player in the Bitcoin community and we want to work with all integrated partners and resellers to make our unique technology widely available ensuring that the network remains decentralized and we move into the exahash era together.

Valery Vavilov, CEO of BitFury

Quick Tip

Using mining software is not the fastest way to get bitcoins.

Try an exchange below for the fastest way to get bitcoins.

Beware of These 5 Bitcoin Scams

Bitcoin’s meteoric rise in prices in 2020 awakened mainstream interest in the original cryptocurrency.   But the rise in interest has not been without consequences. One of the downsides of new investors entering the market is the increase in the number of scams, frauds, and stories of retail investors who lose their coins to shady ventures. From ICO scandals to wallet theft and fraud, regular consumers can fall prey to crime easily.

It may seem as though it’s the Wild West for investors, but it doesn’t have to be. While there are certainly risks in the market, the opportunities may be irresistible for some. However, being cautious is always a must, and there are clear signs of scams that investors can look for. By avoiding these traps, users can better their chances of success and protect their investments. These are some of the most common scams and how they can be avoided.

Key Takeaways

  • Bitcoin investors can increase their odds for success by identifying common scams, such as Ponzi schemes, fake ICOs, and fraudulent exchanges.
  • One common scam, exposing bitcoin users to theft, is the sale of a hardware wallet with a compromised pre-configured seed phrase, which allows hackers to steal funds.
  • Since bitcoin exchanges are unregulated, fraudulent exchanges can trap investors with the promise of unrealistic prices and heavy discounts on use.
  • Websites featuring fake ICOs instruct users to deposit funds into a compromised wallet through their site, resulting in the theft of funds.

Hardware Wallet Theft

For users who are concerned with security and privacy, a hardware wallet—a physical device that stores their private keys—is an increasingly popular option. Usually, as small as keychain USB drives, these wallets offer an offline way to help crypto investors protect their bitcoin even further. However, there have been reports that some of them have built-in vulnerabilities that open them to hackers that could easily steal all a user’s holdings. 

This is far from the only issue, however. According to Ofir Beigel, the owner of 99Bitcoins.com:

One scam entails selling hardware wallets to users with a ‘pre-configured’ seed phrase hidden under a scratch card. The new user is told that he should scratch the card . and set up the wallet with the compromised seed.

This creates a backdoor that allows hackers to drain funds once a wallet is activated. These scams are becoming more common, but they can easily be avoided by only accepting wallets from trusted sources. 

Exchange Scams

Despite their decentralized nature, most cryptocurrencies are still bought and sold at exchanges. While this makes it easier to find the coins investors desire, there is still no regulatory body overseeing these exchanges in many countries. Thus, many investors have been left penniless when the exchanges they signed up for turn out to be traps. In December of 2020, several South Korean exchanges were exposed, leading to promises of stiffer regulations by the country’s authorities. 

These scams are not hard to spot but can be costly if not avoided. One of the biggest red flags is the promise of unrealistic prices. Exchanges that promise heavy discounts on bitcoin use this strategy to lure in unsuspecting victims.

Additionally, users can check exchanges’ URLs. Web addresses should always begin with HTTPS, a sign that traffic is encrypted. Visiting unsecured websites is a bad idea, but alert investors can avoid losing thousands by looking for the right signs.

Fake ICOs

One of the best results of the cryptocurrency boom has been the rise of the initial coin offering as a way for companies to raise capital. With thousands of new blockchain-based companies entering the market with unique ideas and exciting projects, users can now back their favorite businesses easily. However, this massive explosion of ICO opportunities has inevitably raised the specter of fraud.

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There are several ways scammers can separate investors from their bitcoin. One popular method involves creating fake websites that resemble ICOs and instructing users to deposit coins into a compromised wallet. Other times, it’s the ICOs that are at fault.

Centra Tech, for example, a blockchain venture backed by several celebrities, has been sued in the US. The company stands accused of portraying fake team members, misleading investors, and lying about their products.   The best way to avoid these scams is close research that involves picking apart the white paper, reviewing the team behind the venture, key board members, and investors. Before making any investment, it’s vital to learn as much about the company as possible to avoid any unpleasant surprises.

Cloud Mining Schemes

Mining is the only way to extract new bitcoins without buying or exchanging them, but it has become an incredibly resource-intensive activity. Due to the unique way new coins are mined, it takes massive amounts of processing power and electricity, and thus money, to mine a coin. However, many companies now offer regular users the ability to rent some server space to mine coins for a set rate.

Some companies offer “lifetime contracts” that keep costs the same and supposedly offer outstanding returns. However, as the difficulty of mining increases, the same investment will return smaller amounts each time. Moreover, some companies make bold claims regarding their returns without being transparent about the true costs and diminishing returns. Others operate Ponzi schemes that can lead to massive losses. It’s vital to look into opportunities and understand the risks and costs associated with mining before investing.

Multilevel Marketing

Even in the digital spheres, many multilevel marketing schemes have emerged that offer naïve investors excellent “opportunities” for progressively larger sums of bitcoin. MLMs, as they’re known, are predicated on offering quick returns, but involve taking more money for the promise of even higher profits.

One major company that has been repeatedly outed is OneCoin, whose owners were implicated in several other shady operations. The company offered investors massive earnings, as well as luxury goods and perks for paying more. 

However, there is little information on the company outside of its site, and users have left scathing reviews online. It’s important to pay attention to a company’s fine print and ensure that their claims are feasible and real. Avoiding these scams early can protect investors’ wallets.

With the current craze, being vigilant and doing one’s due diligence are a must before investing in bitcoin. The market is also showing signs of maturity, leading to better transparency and clearer rules. Regardless, a smart investor’s first step should always be careful research to ensure their investments are winners.

Best Bitcoin Cloud Mining Contract Reviews and Comparisons

What is Bitcoin Cloud Mining?

Cloud mining or cloud hashing enables users to purchase mining capacity that of hardware in data centres.

Two operators, Hashflare and Genesis Mining, have been offering contracts for several years.

Bitcoin cloud mining enables people to earn Bitcoins without bitcoin mining hardware, bitcoin mining software, electricity, bandwidth or other offline issues.

Bitcoin cloud mining, sometimes called cloud hashing, enables users to buy the output of Bitcoin mining power from Bitcoin mining hardware placed in remote data centres.

Then all Bitcoin mining is done remotely in the cloud. This enables the owners to not deal with any of the hassles usually encountered when mining bitcoins such as electricity, hosting issues, heat, installation or upkeep trouble.

Sometimes you may want to mine a more volatile altcoin like MWC which is superior for scalability, privacy, anonymity and fungibility by utilizing MimbleWimble in the base layer.

With mainnet launching in November 2020 it has risen from $0.22 to over $8.00 in its first two months.

What are Bitcoin Cloud Mining Advantages?

  • No excess heat to deal with
  • Quiet because of no constantly humming fans
  • No electricity costs
  • No bitcoin mining equipment to sell when bitcoin mining is no longer profitable
  • No ventilation problems with hot equipment
  • No preordered bitcoin mining hardware that may not be delivered on time by bitcoin mining equipment suppliers

What are Bitcoin Cloud Mining Disadvantages?

  • FRAUD.
  • Unverifiable or otherwise shady Bitcoin cloud mining operations
  • No fun! If you like building your own Bitcoin hashing systems.
  • Lower profits – Bitcoin cloud mining services or mining company will have expenses
  • Bitcoin mining contracts may have the ability to cease operations or payouts in the contracts if the Bitcoin price is too low
  • Lack of possession of the Bitcoin mining hardware
  • Lack of ability to change the Bitcoin mining software

Best Bitcoin Cloud Hashing Services

Being listed in this section is NOT an endorsement of these services and is to serve merely as a Bitcoin cloud mining comparison. There have been a tremendous amount of Bitcoin cloud mining scams.

Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.

Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.

Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2020. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.

Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.

Minergate Review: Offers both pool and merged mining and cloud mining services for Bitcoin.

Hashnest Review: Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnest’s website. At the time of writing one Antminer S7’s hash rate can be rented for $1,200.

Bitcoin Cloud Mining Review: Currently all Bitcoin Cloud Mining contracts are sold out.

NiceHash Review: NiceHash is unique in that it uses an orderbook to match mining contract buyers and sellers. Check its website for up-to-date prices.

Eobot Review: Start cloud mining Bitcoin with as little as $10. Eobot claims customers can break even in 14 months.

MineOnCloud Review: MineOnCloud currently has about 35 TH/s of mining equipment for rent in the cloud. Some miners available for rent include AntMiner S4s and S5s.

Best Bitcoin Cloud Mining Contracts and Comparisons

Bitcoin cloud mining contracts are usually sold for bitcoins on a per hash basis for a particular period of time and there are several factors that impact Bitcoin cloud mining contract profitability with the primary factor being the Bitcoin price.

For example, Pay per GHash/s would be 0.0012 BTC / GHs for a 24 month contract.

Contracts vary from hourly to multiple years. The major factor that is unknown to both parties is the Bitcoin network difficulty and it drastically determines the profitability of the bitcoin cloud hashing contracts.

Bitcoin network difficulty is a measure of how difficult it is to find a hash below a given target.

The Bitcoin network has a global block difficulty. Valid blocks must have a hash below this target. Bitcoin mining pools also have a pool-specific share difficulty setting a lower limit for shares.

The Bitcoin network difficulty changes roughly every two weeks or 2,016 blocks.

There are all types of cloud mining options for other forms of blockchain technology.

Best Litecoin Cloud Mining Services and Comparisons

There are limited options for Litecoin cloud mining contracts. If nothing on the list below meets your needs, you can buy Bitcoin cloud mining contracts (listed above) and simply convert the bitcoins you earn to litecoin.

Hashflare Review: Hashflare offers scrypt mining contracts with a minimum purchase of 1 MH/s.

Genesis Mining Review: Genesis Mining offers Litecoin cloud mining contracts.

Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.

Minergate Review: Offers both pool and merged mining and cloud mining services for Litecoin.

Eobot Review: Eobot offers Litecoin cloud mining contracts with 0.0071 LTC monthly payouts.

Best Dash Cloud Mining Services and Comparisons

There are limited options for Dash cloud mining contracts. If nothing on the list below meets your needs, you can buy Bitcoin cloud mining contracts (listed above) and simply convert the bitcoins you earn to Dash.

Genesis Mining Review: Genesis Mining is the largest X11 cloud mining provider. Genesis Mining offers three Dash X11 cloud mining plans that are reasonably priced.

Best Ether Cloud Mining Services and Comparisons

There are limited options for Ether cloud mining contracts. If nothing on the list below meets your needs, you can buy Bitcoin cloud mining contracts (listed above) and simply convert the bitcoins you earn to ether.

Hashflare Review: Hashflare is a large Ether cloud mining provider with reasonably priced Ethereum cloud mining contracts.

Genesis Mining Review: Genesis Mining is the largest Ether cloud mining provider. Ethereum cloud mining contracts are reasonably priced.

Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.

Eobot Review: Eobot offers Ethereum cloud mining contracts with 0.0060 ETH monthly payouts.

This Ethereum cloud mining guide will show you how to mine Ethereum using Amazon cloud servers.

Bitcoin Cloud Mining Scams

There have been a tremendous amount of Bitcoin cloud mining scams like the possible $500,000 Bitcoin cloud mining ponzi scheme that was uncovered. Potential buyers should be extremely guarded and careful before purchasing any bitcoin mining contracts. Services to beware of:

Scrypt.cc Review: Scrypt.cc allows purchase of KHS in a matter of seconds, start mining right away and even be able to trade your KHS in real time with prices based on supply and demand! All KHashes are safely stored and maintained in 2 secured data-centres.

PB Mining Review: Claims to operate Bitcoin mining ASIC hardware. When customers buy a bitcoin mining contract then they will begin earning Bitcoins instantly. At Piggyback Mining, they cover the electricity costs and all Bitcoin mining pool fees. The Bitcoin mining contract is 100% insured because they want customers to succeed.

Bitcoin Cloud Services (BCS) Review: Appears to have been a $500,000 Ponzi scam fraud.

Zeushash Review: Appears to have halted payouts.

Bitminer.io Review: Based on user reports they appear to have halted payouts.

Cryptocurrency Cloud Mining Companies

Hashflare Review: An Estonian cloud miner with SHA-256, Scrypt and Scrypt-N options and currently appears to be the best value.

Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider.

Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2020. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.

Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.

Minergate Review: MinerGate is a mining pool created by a group of cryptocoin enthusiasts. It is the first pool which provides service for merged mining. This means that while mining on our pool you can mine different coins simultaniously without decrease of hashrate for major coin.

Hashnest Review: Hashnest is operated by Bitmain, producer of the Antminer line of miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnest’s website.

Bitcoin Cloud Mining Review: Supposedly has been mining Bitcoin since mid-2020. All Bitcoin miners are located in a state-of-the-art data centre in Australia and they have direct access to high quality equipment and 24/7 support.

NiceHash Review: NiceHash offers you to sell and buy hashing power. Selling hashing power is as simple as connecting your miner to our stratum mining pools while buyers can buy hashing power on demand, on pay-as-you-go basis. Claims to bring an innovative easy-to-use and risk-free cloud mining service. You can mine the vast majority of popular coins, based on SHA-256 (Bitcoin, etc.), Scrypt (Litecoin, Dogecoin, etc.), Scrypt-N (Vertcoin, etc.) and X11 (DarkCoin, etc.).

Eobot Review: Claims to be the easiest, cheapest, and best cloud mining solution. Start with as little as $10 using PayPal and choose between any cryptocurrency including Bitcoin, Litecoin, Peercoin, Namecoin, Feathercoin, Dogecoin, NautilusCoin, and Vertcoin.

MineOnCloud Review: MineOnCloud appears to have obselete hardware. It was launched on November 2020. They offer Bitcoin mining contracts for SHA256 using a very stable ASIC 28nm chip. They have two bitcoin mining contract options – a day pass and an annual contract. Customers can choose the Bitcoin mining pool and change every month for free with year contract.

Scrypt.cc Review: Scrypt.cc allows purchase of KHS in a matter of seconds, start mining right away and even be able to trade your KHS in real time with prices based on supply and demand! All KHashes are safely stored and maintained in 2 secured data-centres.

PB Mining Review: Claims to operate Bitcoin mining ASIC hardware. When customers buy a bitcoin mining contract then they will begin earning Bitcoins instantly. At Piggyback Mining, they cover the electricity costs and all Bitcoin mining pool fees. The Bitcoin mining contract is 100% insured because they want customers to succeed.

Bitcoin Cloud Services (BCS) Review: Appears to have been a $500,000 Ponzi scam fraud.

Zeushash Review: Appears to have halted payouts.

Beware of These Top 5 Bitcoin Scams

The value of bitcoins goes up, and then it comes back down. The press is all over the story. Pundits and market watchers all have their opinion and voice it loudly across the airwaves and the Internet.

Bitcoin has taken us all on quite a rollercoaster ride. Only time will tell whether this cryptocurrency, which has been controversial since its introduction in 2008, will continue booming or if the bubble will burst and prompt more people to short-sell Bitcoin.

One thing is certain: Bitcoin’s meteoric rise has attracted a lot of attention. People may not understand the technology or philosophy behind Bitcoin, but they do see stories of early adopters and savvy investors who turned a few thousand bucks into millions when Bitcoin’s value increased.

And they want to be one of them.

Unfortunately, that puts them in a position—along with veteran investors—to be victims of opportunistic con artists and hackers who perpetrate Bitcoin scams. One of the benefits of cryptocurrency is that it’s unregulated by the government and very private. But that also makes it ripe for fraud.

Let’s check out the top five Bitcoin scams you need to look out for:

Bitcoin Scam 1: Fake Bitcoin Exchanges

In 2020, South Korean financial authorities and the local Bitcoin community exposed one of the most insidious Bitcoin scams: a fake exchange called BitKRX. It presented itself as part of the largest trading platform in the country and took people’s money. To avoid this, you should stick with popular, well-known Bitcoin exchanges and Bitcoin forums so you get news of fakes quickly.

Bitcoin Scam 2: Ponzi Schemes

Bernie Madoff is perhaps the most well-known Ponzi schemer. He did it with mainstream investments. But the principle of a pyramid scheme, in which you take money from new investors to pay previous investors, can be applied to Bitcoin scams. MiningMax, one such scheme, brought in $200 million before 14 fraudsters were arrested. As you can imagine, the investors never got any returns on their Bitcoin investments.

Bitcoin Scam 3: Fake Cryptocurrencies

A common scam is to present a new cryptocurrency as an alternative to Bitcoin. The idea is that it’s too late to cash in on Bitcoin and that you need to invest in one of these up-and-coming cryptocurrencies. My Big Coin was shut down for this reason. The fraudsters behind My Big Coin took $6 million from customers to invest in the fake cryptocurrency and then redirected the funds into their personal bank accounts.

Bitcoin Scam 4: Old School Scams

If somebody emailed or called and said they were from the IRS and that you owed back taxes that had to be paid immediately, would you send them money? Many people do. Instead of having the victim wire money via Western Union or transfer funds to a bank account, con artists are contacting victims and demanding that victims transfer bitcoins. The best way to avoid this scam is to be skeptical of phone calls or emails that say they’re from a government agency. Legitimate authorities wouldn’t contact you that way, and they won’t ask for bitcoins.

Bitcoin Scam 5: Malware

Malware has long been a way for hackers to get passwords needed to access computer networks or steal credit card and bank account numbers. Now they’re using it to conduct another one of the most common Bitcoin scams. If your Bitcoin wallet is connected to the Internet, they can use malware to get access and drain your funds if you’re not protecting yourself from malware.

You can download malware by clicking links in your email. You can also download it from websites and social media. There might be a post, for example, where someone claims a certain program allows you to mine bitcoins for free. Download it, and you get malware.

When in Doubt, Verify

If you’re not sure of a website or email’s legitimacy, contact the company involved directly. If you can’t find the company’s contact information easily on social media or on its website, that’s a red flag.

Don’t Fall Victim to Bitcoin Scams

Bitcoin is a volatile enough investment as it is. Don’t increase your chances of losing money by falling prey to these Bitcoin scams. Stay alert for potential fraudsters and trust your instincts. If something seems too good to be true, it probably is.

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