☁️ 3 Best Cloud Mining Sites in the UK

The only way to avoid losing money to fake bitcoin cloud mining companies is to research the best mining service providers. Doing such research is no easy feat.

If you do a Google search for "bitcoin cloud mining sites", you'll find tons of ads referring to shady companies ready to separate you from your money. Worse still, some of the top-ranking websites feature paid content from bad guys and list companies that don't even exist.

How do you separate the wheat from the chaff?

Well, we did that for you in this article.

We spent ample time researching the space before coming up with this shortlist of the best and most trusted crypto cloud mining providers. We also provide information such as their launch date, country, available contracts, and payment methods.

Before we dive in, we want to ask you kindly to do your own research on each product before you decide to put any money. This article was created for educational purposes and a general overview of the market offerings. 

Best bitcoin mining websites

IQ Mining

Launch date: 2016

Country: United Kingdom

IQ Mining is a company that has been around for four years now. The company has data centres in Canada, Georgia, China, Russia, Algeria, and Iceland. It offers affordable contracts, and possible payouts are easy-to-calculate.

Available Contracts and Minimum Pricing

1-Year Contract

SHA-256 = $50 for 4808 GH/s

SHA-256 Pro = $60 for 5808 GH/s

SHA-256 Bitcoin Cash = $60 for 4580 GH/s

2-Years Contract

SHA 256 = $103 for 4582 GH/s

SHA-256 Pro = $108 for 4582 GH/s

SHA-256 Bitcoin Cash = $108 for 4582 GH/s

5-Years Contract

SHA 256 = $186 for 4585 GH/s

SHA 256 Pro = $195 for 4585 GH/s

SHA 256 Bitcoin Cash = $194 for 4585 GH/s

Lifetime

SHA 256 = $334 for 4576 GH/s

SHA 256 Pro = $349 for 4576 GH/s

SHA 256 Bitcoin Cash = $349 for 4576 GH/s

Payment Options: BTC, LTC, DASH, USD, TUSD, USDT, Card Payments, Wire Transfer, Perfect Money.

Pros

• Your income is trackable through an easy-to-navigate dashboard.
• Responsive customer support team.
• Phone support numbers are available.
• The referral program provides another source of income.
• The company supports multiple cryptocurrencies and payment methods for deposits and withdrawals.
• The website includes a mining income calculator.
• You can also register for a forex trading account on their service.

Cons

• The service is not open to U.S persons,
• No mobile app is available
• Ethereum and USDT contracts were out of stock at the time of writing.
• IQMining's website suffered a downtime when we were researching their product.

ECOS Mining

Launch Date: 2017

Country: Armenia

ECOS Mining is another cloud mining computing service. The company advertises itself as a provider of "legal solutions for mining bitcoins." ECOS claims to have authorization from the Republic of Armenia to operate in its free zone, thus allowing for tax-free and cheap electricity operations.

Available Contracts and Minimum Pricing

ECOS offers flexible mining contracts, allowing investors to choose their preferred duration.

Minimum Pricing: $25 for 1 TH/s (12 Months)

Other Contracts

6-Months

$149 for 11.12 TH/s

1-Year

$149 for 6.43 TH/s

2-Years

$149 for 3.97 TH/s

Payment Options: BTC, ETH, LTC, and XRP.

Pros

• ECOS provides flexible contracts starting from six months.
• The website allows equipment owners to connect to a pool.
• Customers can monitor account earnings via their dashboard.
• ECOS has an active Telegram community.
• Their website is available in English and Russia.
• Potential investors can attend a webinar to learn more about ECOS.
• The company supports cryptocurrency and credit card payments for buying contracts.

Cons

• ECOS only supports SHA-256 Bitcoin mining.
• No lifetime plan is available.

Genesis Mining (only available to existing customers since 2020)

Launch date: 2013

Country: Bermuda & Hong Kong

Genesis Mining is one of the oldest cryptocurrency cloud mining services. The company mines Bitcoin, Ethereum, Litecoin, Dash, Litecoin, Monero, and ZCash. Investment contracts are sold periodically and, thus, not always available for new investors.

Available Contracts and Minimum Pricing

At the time of writing this article, only the Ethereum Radiant Zero Plan was available.

1-Year

Small = $198 for 9 MH/s

Medium = $992 for 46 MH/s

Large = $4,989 for 236 MH/s

2-Years

Small = $198 for 8.50 MH/s

Medium = $993.5 for 43.50 MH/s

Large = $4,993.5 223 MH/s

Payment Options: Debit and Credit cards, Bitcoin, Litecoin, Dash.

Pros

• Genesis Mining is a reasonably reliable service provider.
• The platform supports credit card payments.
• Users can choose a custom plan that matches their financial strength.
• Genesis provides a 24/5 customer service desk.
• The company also publishes regular updates regarding operations and new developments that could affect customers.

Cons

• Not all contracts are readily available.
• Earnings are not paid out daily, but when they reach a certain threshold (0.0015 BTC).

How we picked and tested

As we mentioned at the onset, numerous fake bitcoin cloud mining companies exist. We carefully reviewed the offerings provided by the services listed in this article and concluded that they're relatively reliable.

Among the factors we considered include how long they've existed, available contracts and the feasibility of fulfilling payouts, and the countries where they operate. Although Bitcoin mining is not illegal in most countries, including the UK, the high electricity costs associated with it make cloud mining companies a hot service.

Meanwhile, we still recommend that you do more research on any firm that you eventually choose to invest money with and make decisions only when you're satisfied with the answers they provide.

What is cloud mining?

Cloud mining, as used for cryptocurrencies, refers to renting CPU power to mint new cryptocurrencies.

Most cryptocurrencies, like Bitcoin and Litecoin, work on a Proof-of-Work (PoW) consensus mechanism and require computational power to verify and confirm transactions. The miner who verifies a block receives new units of cryptocurrencies as a reward.

However, one would require a lot of capital to acquire equipment, pay electricity bills, and hire personnel to manage their operations.

Cloud mining allows interested investors to buy a contract with a company that has machines mining on a cryptocurrency network and then earn proceeds from their investment.

Sometimes, the person buying the contract purchases dedicated mining equipment associated with his account. The company charges a maintenance fee for setting up and managing the equipment.

Types of cloud mining contracts

Each company offers unique plans to customers. However, these plans could easily come under the two categories listed below:

1. Periodic Mining Contract: In this case, the company purchases and leases a mining machine to the investor over a specified period, usually six months to five years. The company charges a maintenance fee for the duration and pays out profit to the investors.
2. Lifetime Mining Contracts: Some cloud mining companies offer lifetime contracts or agreements that will exist for as long as the cryptocurrency industry exists. The fees are usually lower, while a portion of the profits is set aside for replacing the mining equipment if it becomes obsolete or completes its life cycle.

What should you look for in a cloud mining service?

Before you invest money in any service, here are some factors to look out for:

• History: You can determine if a mining company is legitimate by reviewing how long it has existed and consistently fulfilled its obligation to customers. If you can't find any reliable information about the company other than a few paid articles published by media publications, it's probably best to stay away from them.

  You can also use free tools such as WhoIs to determine which company owns the domain, when they registered it, and how long it has been online.

• Available Contracts: Cloud mining services offer different units of purchasable hash power or mining equipment. Therefore, finding one that matches your investment needs and capital size is vital.

  Yobit arguably offers one of the most flexible contracts, although it doesn't provide adequate information regarding its operation.

• Community: Another thing to look for in a cloud mining service is whether it has a loyal investor community. No, we're not talking about the community with members posting proof of payment or comments that put you under pressure to invest.

  Such comments would indicate that the company isn't legitimate and is only looking for unsuspecting investors.

• Payout Threshold: While many companies claim to offer daily payouts, they often do not mention a threshold before users can withdraw funds. If a service stipulates this information on its website, it's probably a sign that they're legitimate.

  Additionally, although some offer daily payouts, it is usually best to accumulate your returns over a period to save on network and exchange fees for conversion to fiat or other cryptocurrencies.

• Supported Coins: If you want to mine a particular cryptocurrency, it's best to confirm that the service supports it. While many companies support BTC cloud mining, they may exclude Litecoin, XMR, Dash, etc., based on client demands.

• Payment Methods: We provided information on supported payment methods for the companies listed above. Offering credit and debit card payments alongside cryptocurrency deposits and withdrawals could signify that the company promotes inclusion.

How to start cryptocurrency cloud mining

Since cryptocurrency cloud mining is to save investors the stress of setting up a physical mining farm, starting a cloud-based bitcoin mining farm is straightforward. It involves the following steps:

• Select a service provider.
• Sign up and complete their verification process.
• Choose a mining contract or equipment.
• Know how much to invest in cloud mining for a good daily profit.
• Review investment information and potential risks.
• Purchase a mining contract via your chosen payment method.
• Monitor your machine's performance and earnings via the provided dashboard.
• Withdraw your earnings.

Bonuses & promotions

Cloud mining companies may periodically offer bonuses to attract new customers.

We found that ECOS mining offered BTC rewards for new signups during our research. At the same time, Yobit gave 10 BTC to a group of investors who purchased their mining contracts and shared their portfolios on their Bitcointalk forum.

Therefore, you may want to enquire about promotions and bonuses associated with any service you choose. Using these bonuses allows you to maximize your profit potential.

How to avoid cloud mining scams

Aside from what we've shared so far, here are some additional ways to identify and stay away from mining scams:

• Paid articles and reviews: The easiest way to identify scams is that they usually pay publications to publish fake review articles that are either marked or not marked as such.

  Such articles usually highlight all the benefits of investing with the company, while little or no information regarding the associated risks is available. If such reports appear to be the only information about the company online, it's probably a scam. Note that we used a Sponsored Tag for the SHAMINING company included in this article. Other companies included are independent reviews.

• Pressure to Invest: Mining scams try to instil in you the fear of missing out (FOMO). You may find a ticker telling you that the last few contracts are about to sell out, and you will miss out on potential profits if you fail to take action.

  Fraudsters use this method to make their victims act faster; you shouldn't fall for it. If you're uncomfortable with it, don't do it.

• Unreal Returns: How about making 100% of the invested amount within a month? Cryptocurrency mining is high-risk and susceptible to massive price fluctuations that could make your investments nearly worthless (albeit for some time). Other risks include damage to mining infrastructure caused by adverse weather conditions or corporate mismanagement.

  Therefore, any company offering you the chance to get fixed and guaranteed returns only want to quickly separate you from your money. Please don't do it! They only portray the supposed benefits and not the risks.

• Free Trial: No legitimate company offers a free trial since this would be detrimental to their capital and business objectives.

  Therefore, if any service claims to provide a free trial contract, it's probably an advanced scam. Please don't fall for it!

• Difficulty With Withdrawal: The most glaring way to identify a cloud mining scam is when you reach the stipulated withdrawal threshold, and the company still doesn't let you withdraw.

  Instead, they require that you pay an additional amount in processing fees or hold your funds longer to attract more interest. It would be best not to put in more money since you will not get it back.

• Spend Quality Time on Research: Do not get tired of searching government and corporate websites, reading reviews, and engaging with communities to find out if they're legitimate. It will be worth it and help you decide whether to proceed with a particular company.

• Don't Invest More Than You Can Afford to Lose: When you've found a legitimate cloud mining company, we strongly recommend investing only the amount you can afford to lose.

  The developing nature of the crypto space means that even the most reputable companies in the industry could go bankrupt instantly.

Pros

Undoubtedly, cloud-based Bitcoin mining is an idea that looks good and exciting on paper but still lacks sufficient industry adoption. Here are some benefits that it brings to investors:

1. It allows anyone with capital to participate in securing the Bitcoin network.
2. Mining operations' maintenance and costs are low compared to setting up a physical mining farm in your location.
3. To set up a cryptocurrency cloud mining account, little or no technical knowledge is required.
4. Most mining companies issue payouts daily and allow withdrawal once the income reaches a certain threshold. Thus, cloud mining could provide a passive income opportunity for investors.
5. Investors are not confined to the hash rate limits usually associated with having in-house mining equipment. You can increase or decrease your purchased hash rate based on market performance.
6. It's easier to exit the market if BTC's price sharply drops since you don't have to worry about selling your equipment.

Cons

Here are some reasons why we don't recommend this method of cryptocurrency mining:

1. Most cloud mining firms are not transparent regarding their operations and are only interested in accepting investors' funds.
2. Surprisingly, most mining websites have a poor UI interface and dashboard for monitoring earnings.
3. Although it is often advertised as cheap cloud mining, it could take a long-time, up to six months, to break even on your investment. You'd probably be better off just holding bitcoin.
4. Most do not have a mobile app that investors can rely on to track their portfolios.
5. Even though one would expect it, these companies usually offer no phone-call support options.
6. Many have reported losing bitcoins to fake cloud mining scams, and finding trusted actors in the industry isn't easy.

F.A.Q

Should I Invest in Bitcoin Cloud Mining?

You should only invest in bitcoin cloud mining if you understand the risks associated with doing so. You could gain a lot and lose all your money if you invest with a fake company or if prices drop like a rock. It is usually best to buy Bitcoin or set up your private Bitcoin mining operation. Alternatively, you can purchase stocks in Bitcoin mining companies.

How Much Can I Earn from Bitcoin Cloud Mining?

The amount you can earn from your mining investment depends on the hash rate you purchase or the mining equipment.

Most companies also provide a mining profit calculator for listed contracts. Note that the numbers are usually estimates and rely heavily on the remaining healthy, less competitive, and attractive markets.

Are There Regulated Cloud Mining Companies?

Most cryptocurrency mining companies are unregulated (including the ones covered in this article). Although some may claim to have some government affiliation, it doesn't typically mean that they are regulated.

We believe that as the cryptocurrency industry matures, we could see regulated cloud-based mining companies join the party.

Conclusion

This article reviewed five (5) trusted cloud mining sites that UK investors can check out. We also cover other vital information, such as identifying cloud mining scams and the pros and cons of cloud mining investment opportunities.

We hope the information provided herein will guide you to make the right choice and protect your capital. Bitcoin cloud mining looks good on paper and is still a largely unexplored space that we'll keep an eye on in the coming years.