How To Identify A Scammer Among The Cloud Mining Websites

Every day, cloud mining is gaining momentum and is becoming popular. This method of mining helps to increase assets with minimal costs. You no longer have to independently equip your farms, spend money on electricity and accessories, and perform constant monitoring. First, you need to understand what cloud mining is and how to find legit cloud mining sites.

What Is Cloud Mining?

This is a completely new system for earning cryptocurrency using special cloud services. This type of mining allows you to extract the most popular types of cryptocurrency. It provides all the technical components of the process. It means that you do not need to spend money on an expensive hardware.

The main advantage of this method is that it benefits both companies that provide equipment, and their users. Cloud mining companies have large data centers, and this significantly reduces the cost of maintenance.

In simple words, cloud mining is when one company manufactures and installs working and finished equipment for mining, and end-users buy operating power from this company. The end user does not care about the technical condition of the equipment, the cost of electricity and maintenance; he simply uses it through special cloud services.

Choosing A Service For Cloud Mining

There are a huge number of companies that offer cloud-based services.

Some services offer a contract for a certain period of time. Other services offer rental equipment for an indefinite period. Services with short-term options are suitable for mining new cryptocurrencies. If the currency has proven itself, then you can buy the service for a longer period.

Some services immediately provide their capacity after payment of the principal amount. Other services can take a monthly commission, which will seriously affect the overall profitability. You need to choose the most profitable services, which, without extra costs, will bring you cryptocurrency.

The Criteria To Determine The Scam Service

Scams are services that deceive their users, receiving money from them and disappearing. Such services aim to take your money and give you nothing back. Because of the incredible popularity of cryptocurrencies and mining, scammers often appear on the market. That’s why you should be especially careful choosing the cloud service for cryptocurrency mining.

There are seven basic rules that allow you to recognize the scam service:

There is no reason to hide the information about pool from the client. If the company hides the address of the pool and does not provide an opportunity for its selection, then it is likely that this is a scam service.
All self-respecting cloud services provide complete information with photos. If there are no photos and information, then most likely there is no equipment. Sometimes this can be a deliberate step of leadership and not mean a cryptocurrency such as Litecoin, scam but it’s worth paying attention to it. If you aren’t sure, it is better to check out other points to find whether the company a scammer or not.
If the company offers you capacity without any restrictions, then this is a scam service. No matter how powerful the equipment is, there will always be power limitations. Sometimes services indicate how many capacities are sold, and how much is left freely, which removes doubts on this point.
If you see that the service offers various rewards, especially large ones, for attracting new customers, take a little longer to study the company.
If there is no information about the service, and information about domain owners is hidden, then it can be a Bitcoin scam. Also, check the indicated addresses. Before investing, carefully read the user agreement, in which important points can be written.
If there is absolutely no opportunity to re-sell the rented capacity or return the invested money back, then it is a Bitcoin or Ethereum scam service.
If you see on the site that it guarantees you big profits in a short time, then it’s a cloud mining scam. Mining is a very risky occupation, and no one can guarantee anything to you. The profit will depend on many different factors.

Trusted Bitcoin and Ethereum Cloud Mining Sites

The modern market of cloud mining services offers a large choice for miners but there are only a few trusted companies. Below you’ll find the list of the best cloud services for Bitcoin and Ethereum mining that are widely used and praised by miners. These services proved their reliability and are used by thousands or even millions of miners all over the world. If you don’t know which cloud service to choose, you may give preference to one out of the given list.

Genesis Mining

Nowadays, Genesis Mining is one of the largest companies on the market. The company gain its popularity due to the small extra commissions and numerous discounts and bonuses. The service proved its reliability with a long-term work. Among numerous plans you are able to use the most suitable one.

Eobot

Eobot company offers a large number of various services such as cloud mining, SETI, folding and faucet. All these services give you the opportunity to earn cryptocurrency in numerous ways. The point is that the service is widely used by miners all over the world as there are small initial payments, stable income and the possibility to withdraw money daily.

Each service offered by the company has its specifics and can be used to get stable income daily.

HashFlare

HashFlare is objectively placed in the list of the best cloud mining companies. Due to the stable improvements during all the existence of the company, it became really popular and a lot of miners trust this service greatly. It is especially popular as you can withdraw money daily.

The number of positive comments highlights the fact that the company takes one of the top places in the list of cloud mining services.

NiceHash

This service is really unique. NiceHash is almost the only company that gives the opportunity to buy capacities even for the really short period of time. Moreover, you are able to change the terms of your contract any time you need without canceling it which allow you to save money and time while improving your opportunities. You are going to pay money for that capacities that you use and not to waste money unreasonably.

Summary

Cloud mining itself is a very risky occupation, but on the other hand, it is a profitable and promising investment. If you are planning to do this kind of mining in the near future, then you should learn how to distinguish a reliable cloud-mining service from Bitcoin mining scams.

Following the recommendations above, you can evaluate any service. This will immediately reveal the scam service and protect your money. However, no one can give you a full guarantee of protection of your investments. But if you decide to invest in cloud mining, it is better to choose time-tested companies.