Cointelegraph concludes its review of a selection of the most popular cloudmining providers with the all-important overview of just how much money is involved for potential users.
Cloudmining needs to be suitably profitable for customers, as well as offer flexibility when it comes to harnessing and spending or reinvesting those profits. With this in mind, we check out the costs to the consumer for each of our cloudmining providers, and see how easy it is to get your hands on your precious coins fresh from the ether.
(Please note that due to currently experiencing difficulties, BitcoinCloudMining.com will not be included in this review.)
GH/s prices quoted are averages.
PB Mining
Mining costs
| Any GH/s rate is possible for a 5-year contract. | 1 GH/s = 0.003BTC. |
Payment and withdrawal types
Payment for services and withdrawal of profits are only available in Bitcoin.
Taxes and fees
PB mining does not impose a fee on profits once a contract is purchased.
Eobot
Mining costs
| Any GH/s rate is possible for an unlimited contract period. | 1 GH/s = 0.0048BTC. |
| 1 KH/s = 0.0005BTC. |
Payment and withdrawal types
Payment for services and withdrawal of profits are only available in Bitcoin.
Taxes and fees
Eobot currently charges 45% for SHA-256 and 45% for Scrypt mining.
MineOnCloud
Mining costs
| For daily contracts, a minimum price applies of 24.90EUR. | 1 GH/s = 0.0152BTC. |
| For yearly contracts, a minimum price of 2999EUR applies. | 1 GH/s = 0.0064BTC. |
Payment and withdrawal types
Payment for services can be made with Visa/ MasterCard and Bitcoin. Withdrawal of profits is only available in Bitcoin.
Taxes and fees
Altcoin mining profits are subject to 1% fee.
CEX.IO
Mining costs
CEX.IO does not offer contracts; it allows trading of GH/s. See below for commission information.
Payment and withdrawal types
CEX offers the functionality of its exchange for payments. Funds can be deposited and withdrawn from mining using any method available for exchange customers (NMC, LTC, IXC, DRK, DVC, DOGE, FTC, AUR, BTC). Fiat payments are possible once 2-factor authentication has been approved.
Taxes and fees
Commission on profits is calculated using a formula (available here), resulting in an average rate of around 33%.
Genesis Mining
Mining costs
| A yearly contract @ 2 MH/s costs 158USD. | 1 KH/s = 0.00013BTC. |
| A yearly contract @ 100 MH/s costs 5900USD. | 1 KH/s = 0.000099BTC. |
Payment and withdrawal types
Payment for services can be made with bank transfer and Bitcoin. Withdrawal of profits is only available in Bitcoin.
Taxes and fees
Genesis Mining does not impose a fee on profits once a contract is purchased.
Group Bitcoin
Mining costs
| 1-99 GH/s in a one-year contract | 0.0054BTC per GH/s. |
| 1000-8000 GH/s in a one-year contract | 0.0037BTC per GH/s. |
Group Bitcoin does not impose a fee on profits once a contract is purchased.
Payment and withdrawal types
Payment for services can be made with bank transfer and Bitcoin. Withdrawal of profits is only available in Bitcoin.
Taxes and fees
Group Bitcoin does not impose a fee on profits once a contract is purchased.
Cloudhashing
Mining costs
| 40 GH/s in a one-year contract costs 299USD. | 1 GH/s = 0.012BTC. |
| 600 GH/s in a one-year contract costs 2999USD. | 1 GH/s = 0.007BTC. |
Payment and withdrawal types
Payment for services can be made with bank transfer and Visa/ MasterCard and Bitcoin. Withdrawal of profits is only available in Bitcoin.
Taxes and fees
Cloudhashing does not impose a fee on profits once a contract is purchased.
Pacific Hashing
Mining costs
| For a daily contract, a minimum price applies of 25USD. | 1 GH/s = 0.0152BTC. |
| For yearly contracts, the maximum price is 27999USD. | 1 GH/s = 0.0046BTC. |
Payment and withdrawal types
Payment for services can be made with Visa/ MasterCard, PayPal and Bitcoin. Withdrawal of profits is only available in Bitcoin.
Taxes and fees
Pacific Hashing does not impose a fee on profits once a contract is purchased.
Cointerra Mining
Mining costs
| For a one-year contract, a minimum price applies of 999USD. | 1 GH/s = 0.0083BTC. |
| The maximum price for two-year contracts is 3,850,000USD. | 1 GH/s = 0.0064BTC. |
Payment and withdrawal types
Payment for services can be made with Bitcoin. Wire transfer is available only for US citizens. Withdrawal of profits is only available in Bitcoin.
Taxes and fees
Cointerra Mining does not impose a fee on profits once a contract is purchased.
If you would like to know more about the companies listed, check out the other parts of the review series: Cloudmining Part 1: A market overview for users, Cloudmining Part 2: Sites review and Cloudmining Review, Part 3: Everyday Use.
You can also get to grips with cryptocurrency exchanges with the help of Cointelegraph – click here for more information.