Cryptocurrency mining can be a great way to make money but you have to be smart enough. Contributing to the software technology running the crypto blockchain can help you earn!
Your personal computer can make some money while you binge-watch your favourite shows on Netflix. This article will discuss various cryptocurrency mining platforms that can help you make passive income.
The crypto world’s lifeline is mining. It verifies transactions and puts new coins in circulation. A miner is a person who solves complex Math problems in order to verify transactions.
It’s the method by which a miner exchanges his computing power for the block reward. Block reward is an incentive for miners to support the blockchain technology behind cryptocurrency.
Blockchain is, in simple terms, the foundation of all crypto and the FFT universe. It is a distributed digital ledger that keeps a tamperproof record of each entry.
We will be discussing the many benefits of cryptocurrency mining in the next section.
Crypto Mining has many benefits
It can be a great side job if you are a crypto-miner. You can easily generate passive income from your computing power with little analysis. Get-Set-Forget.
You can also be a key part of the crypto movement by becoming a miner. Decentralized finance is a reality because miners are the main contributors.
You have the power to veto any changes in network protocols.
The difference between mined and non-mined cryptocurrency
A consensus mechanism allows transactions to be approved in a distributed system like a blockchain. It helps to protect the system from potential vulnerabilities like a 51% attack.
A 51% attack refers to a situation in which a bad actor has more than 51% control over blockchain. This majority allows the fraudsters to manipulate the protocols according to their will. The power is kept decentralized by a consensus mechanism. This level of decentralization requires enormous computing resources and the ability to execute a 51% attack. Scammers are more likely to lose than they gain.
There are many consensus methods, such as proof-of work, proof of stake, proof -of capacity, and proof -of activity.
Crypto coins can be mined or not depending on the consensus mechanism.
Mining is required for blockchains that use a proof-of work consensus mechanism.
They use miners to approve the transactions (entries). When transactions are up for verification, miners begin competing to solve 64-digit hexadecimal numbers.
As proof-of-work, the first person to solve the problem broadcasts it to all of the network. The winner receives the reward, while others wait for their next challenge.
For each block of transactions, this process is repeated. A block is a collection of transactions that total 1 megabyte.
Bitcoin and Ethereum are the most popular cryptocurrencies. They use proof-of work along with many other cryptocurrencies. They need to be mined in order to prevent double-spending.
The only problem with proof-of-work is that it consumes energy and takes time per transaction. All miners, except the winner, end up using their computing power for nothing.
Non-mineable cryptos that don’t use proof of work include Ripple and Cardano.
To validate transactions, they use energy-conservative techniques. One such consensus protocol is proof-of work, and it is called Proof-of Stake.
Proof-of-stake eliminates competition. Blocks cannot be mined. They are instead validated by stakeholders. Random selection is made for validators. They hold their crypto share for the approval of any block. They lose their share (partial or complete) depending on the level of misconduct.
Although proof-of-stake can be eco-friendly, there are some drawbacks. For example, it encourages the accumulation of crypto instead of its expenditure.
For the foreseeable future, there are no strong alternatives to proof-of-work (mining).
Who can mine Cryptocurrency
Anyone can mine cryptocurrency if they have a supported wallet and an internet connection. It all depends on what cryptocurrency you want to mine.
You have two options: solo or pool mining.
Solo solves the hash by you, while pool solving is more collaborative. Similarly, it’s also based on the type of hardware you’ve deployed, CPU, GPU, or the professional ASIC (application-specific integrated circuit) miners.
Crypto Mining Platforms
We will be discussing some of the most important mining platforms and utilities, which make it easy to mine without much technical setup.
Before you start mining, ensure that you have a crypto wallet as well as mining software that supports your cryptocurrency choice.
Let’s get started with the top mining platforms.
Ecos is a fully-fledged cryptocurrency investment platform. You might agree with them if you look at their extensive crypto portfolio.
It offers a crypto wallet, exchange, cloud mining contracts and portfolios to investors. ECOS also offers a mobile app. It can be downloaded from the App Store or Google Play.
Their cloud mining contracts can only be used for Bitcoin mining. A contract can be created for USD 75 up to USD 50000 and is valid for between 15 and 50 months.
They accept payment by cards as well as in a few cryptos such as BTC, ETH and XRP.
You can order a Bitmain Antminer through their website. It will also mine Bitcoins at their mine. You can also choose to have it delivered to you at your convenience. They pay every day for cloud mining and miner host contracts. You can view all details about your account.
The main selling point of the ECOS platform, is their free cloud mining contract that you can use for 1 month.
StormGain has one of the easiest mining platforms. It’s easy to use and doesn’t consume any local resources. There’s one catch.
This is a complete crypto platform. This platform allows you to trade, buy, sell, exchange, mine, and trade. StormGain servers are used for mining Bitcoin.
The catch is that mining takes place in a 4 hour shift. You must click every four hours to activate the miner. Mining speed can also be slow if StormGain is not being used. You will only get 0.5 USDT per session.
To increase your mining speed, you will need to raise your trading level. There are six levels beyond the starter. VIP 3 is for traders who trade 75,000,000 USDT per month. This level allows you to earn a monthly mining income of approximately 16,000 USDT.
The fees for trading, exchange, or withdrawals are dependent on the coin type. However, there is no commission on deposits.
StormGain offers native apps for iOS and Android. It can also be used as a web app.
StormGain can only be used if you are a crypto-do-it-all. If you are interested in mining only, continue reading to learn about the crypto platforms.
Hashlists provides such cloud mining services. They believe everyone should be able to earn passive income using cryptocurrency. It offers a variety of plans to ensure this is possible. LTC, ETH and BTC are all options for contract mining. Prices range from $8 to $6,000.
Hashlists is used by more than 240,000 people! Stable profit accrual, favorable terms for cooperation, and flawless work are the keys to success.
Listed below are some of the features.
- Cloud mining is free
- Within 30 minutes, withdraw
- There are no deposit or maintenance fees
- Support is available 24/7, 24 hours a days
- SSL protects the system and secures it.
- Regulated by UK Financial Conduct Authority (FCA).
- Referral Bonus of 3%
Register now to receive $8 and get your project started right away.
Slushpool can be used to get in on pool mining.
It is a veteran in bitcoin mining, currently mining approximately 3.5% of all bitcoins.
SlushPool charges an 2% fee to use its platform. There is also a 0% option for ASIC miners who are supported by SlushPool.
The official app is available for both Android and iOS. You can use the app to monitor your accounts. SlushPool clearly states you cannot mine its mobile app.
Two-factor authentication (2FA), is available on the platform for additional security. You can also use FIDO2 compatible physical authentication devices such as the Yubikey or TREZOR in addition to regular passwords.
Transactions below 0.01 BTC are subject to a minimum payout of 0.001 BTC. However, transactions less than 0.01 BTC will be paid a payout fee in the amount of 0.0001 BTC. Zcash payouts are the same.
SlushPool offers Bitcoin mining servers on all continents, including the USA, Europe and Canada. Zcash mining servers can be found in Europe and the USA.
Next up on the list of crypto mining platforms is Awesome Miner. It’s similar to Cudo Miner. It’s a mining management tool for Windows and Linux users.
It is free for 2 miners. The paid plan begins with USD 4 per year billing.
A cloud subscription is also available that allows you to manage your mining operations from anywhere, as long as you have an internet connection. The monthly cost for this service is USD 4 and the annual billing is USD 10 per miner. If you have less than 400 mining equipment, this service is available for a 30-day trial.
Monthly plans are also available, but they are slightly more expensive than their annual counterparts.
The Awesome Miner is a great solution for large mining operations. It is well-documented and has help sections that can be used to assist users in any way.
Zionodes is hands-down the easiest BTC mining platform that we have come across. The platform has the most intuitive UI, and allows you to sign up and begin mining in seconds. Their dashboard is dynamic, so you can see your earnings every minute.
This platform’s rise can be attributed to ViaBTC and other prominent players in the mining sector. These strategic partnerships help them to be a part of the remote Bitcoin mining domain.
This platform is highly recommended because you become the sole owner of your hardware and don’t have to worry about availability. The data centers offer an amazing uptime of 99.99%. There are also no maintenance breaks.
You can pay with multiple crypto currencies such as USDP and TUSD. You can also add these coins to multiple networks like Ethereum, Binance smart chain, and TRON. Zionodes’ data center is located in North America, South Africa and Europe.
You can also bulk order from the trading table by using the MetaMask UST ERC token.
Zionodes, which works with remote mining modules and you can control it according to your schedule, is an alternative to other cloud mining platforms.
Hint! Register on the marketplace and send them a message. They might give you a free trial to the miner of choice.
Bitfly allows you to mine six crypto currencies: ETH and ETC. Each coin has its own domain name and instructions.
It charges a standard HTML1% pool fee regardless of how many coins you mine. It supports Android and iOS third-party apps to monitor your coins.
Bitfly provides specific configuration guides based on your operating system, graphics card, and coin.
Click Start Mining to access the server details and options for mining software. You can then download your preferred mining utility, and install the mining software to begin mining.
It has mining servers in Europe and Asia.
Bitfly claims instant payouts. Bitfly also offers a Discord channel where you can share your knowledge with other miners. If you are new to the mining industry, this channel can prove useful.
This unique idea allows you to mine cryptocurrency while browsing. It comes with mining features.
CrytoTab browser promises automated algorithm switching to increase profits. It also guarantees no battery drain or overheating while browsing with its in-house web browser.
All rewards are converted to Bitcoin. The minimum payout is 0.00001 BTC. Earn by mining hardware and also receive referral commissions.
This browser is compatible with Windows, Mac, Android and iOS.
This is a good option for those who don’t have any technical knowledge but still want to experience the benefits of cryptocurrency mining.
This website is very modern and says “Stable, Predictive Revenue from Crypto Mining.”
On Cruxpool, you can mine ETC, BEAM and Ravencoin. They are constantly adding new coins to their portfolio.
However, when you visit their mining page, only two mining pools are displayed: ETH and ETC.
These are their largest pools. Their help section shows the two other mining pools, Ravencoin and Beam.
Cruxpool charges a 11% pool fee.
The quick start guide provides detailed instructions for setting up Ethereum Classic and mining Ethereum. It helps you to get started with different operating systems (Windows, Linux).
Minimum payouts are:
Ethereum 0.01 ETH
Ethereum Classic– 0.1 ETC
Ravencoin 50 RVN
Beam 1 BEAM
With HashCity, you can mine 14 cryptocurrency.
This platform doesn’t charge a payout fee, like SlushPool.
The pool mining fee for is 1%
Click the button ‘How do I start?’ for each cryptocurrency to find start-up guidelines.
This will be the case if you click ‘How do I start?’ for Litecoin.
This section allows you to directly locate the correct miner and other files.
You can also download detailed instructions to set up HashCity mining for each crypto coin.
There is a HashCity Android app and a Telegram channel to communicate with pool members.
Coinfly offers a crypto operating platform (COS) that is unique to other companies. There is no mining setup required. They don’t have their own mining pool. They provide connections to other pools.
To start with Coinfly you will need a bootable USB drive and be able to boot from it on the mining rig. It comes preinstalled with the miner utilities and is configured.
You can also choose to use COS for the primary OS of your mining rig.
Coinfly does not charge any fees for its services at this time. You can also try their unique service for free.
CoinFly connects you only to other pools. The payout terms for each pool will vary.
Video of CoinFly COS set up:
Nicehash has the best pool/services that we’ve reviewed. However, the website can be overwhelming for new miners.
It is a crypto mining utility, a crypto exchange portal, and a marketplace for hash rates.
Windows 10 makes mining easy. For more information, see this video:
NiceHash offers two options: either you use the in-house mining software, NiceHash Quickminer or you can use any third party miner app with NiceHash Miner.
You can find detailed tutorials for mining with each hardware-CPU/GPU, or ASIC depending on which one you have.
NiceHash OS (NHOS), is very similar to CoinFly’s COS. NHOS allows you to connect unlimited mining rigs free of charge. This is a significant advantage over COS which charges for more than 4 rigs.
NiceHash can be used with many pools, including F2Pool and SlushPool.
Nicehash also offers a mobile app for iOS and Android.
BTC Mining is easy
Cloud Mining Contracts offer a hassle-free and easy way to mine bitcoin. Cloud mining allows for you to purchase a certain amount hash power during the contract period.
Register with an email address and sign a contract to begin Bitcoin mining.
Their platform guarantees immediate and automatic payments.
This platform allows you to mine BTC, ETH and LTH.
ZHash.pro provides pool mining at a flat 0% fee
These coins can be mined as ZEC, ZEN or BTG.
It is simple to mine and does not require registration. You only need a supported wallet to mine and you can choose the server of your choice. Once you have your wallet configured, it is time to configure your miner software.
They have mining servers in Europe and the USA.
All four pools have detailed instructions that correspond to the mining hardware.
You can also get assistance from other pool members via Discord.
However, the pool size is small, at least for discord, with only 89 members online, compared to Ethermine which has 7,371 members online on the same platform.
Although small pools can be a good thing, the payouts for large pools are higher than those of smaller ones. Due to the lower pool hashrate, smaller pools may have a lower chance of finding a block.
You can view their most recent payout lists for each pool to help you forget any worries about ZHash.pro.
Minimum payouts are 0.01 ZEC and 0.1 ZEN. 0.05 BTG and 0.5 TENT.
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K1Pool offers the possibility to mine solo. You can find each block individually and keep the whole reward for yourself.
Solo mining is not recommended unless you have powerful hardware and are mining cryptocurrencies with minimal network difficulty.
With K1Pool, you can mine 16 cryptocurrency. It has servers in China and Europe as well as the USA.
To get started, you will need to create an account. You can then configure the system according to your hardware and server location.
You can also mine the hashrate bought at NiceHash. You can also use the NiceHash control panel.
You can download almost every major mining software. The download section allows you to choose the right mining software based on your mining algorithm.
Each pool page contains vital information such as minimum payouts and pool hashrate.
You can also get help from pool members via discord or telegram channels. According to discord channel headcounts, K1Pool seems to be new to the mining sphere.
The user interface is simple and easy to use. It’s well worth a look.
Minergate offers 7 active mining pools to help you get started. You can mine ETH and XMR as well as LTC, ZEC and LTC. It promises to be a simple mining process.
They also have MinerGate XFast in-house mining application, which they claim is the fastest in the industry. This application allows you to mine 5 coins. The rest of the coins can be mined manually.
It is very simple to start. Browse their pool section to find the one you like. This will take you to the server or application download.
MinerGate may charge a pool fee of up to 1.5% depending on the cryptocurrency coin and the reward system. A MinerGate control application for Android is also available.
SimpleMininig has a similar mining OS to Coinfly.
Their services are free for one mining rig for 30 consecutive days.
The interface is easy to use and includes helpful information.
You can register and deposit the amount in order to continue using their services after the trial period.
This video tutorial will show you how to use SimpleMining OS.
Cudo Mining offers cryptocurrency mining software solutions.
Cudo’s mining platform allows for automated mining that requires minimal manual configuration. It can manage 100,000 mining rigs as well as ASIC miners from one platform.
It features an auto coin switching feature which sticks to the most profitable mining algorithm for maximum profit.
A CudoOS is available for dedicated mining rigs. This setup is very similar to what we have seen in the article on mining OSes.
As of the writing, you can mine 9 coins using their automated mining and more than 100 cryptocurrencies using manual configuration.
There is a Telegram channel that has over 6.5k members. It has a great user interface and tons of articles that will help you with crypto mining.
Their pricing is commission-based, meaning there are no upfront fees. They offer mining software for all major desktop OSes including Windows, Linux and Mac.
BetterHash, an automated mining tool that is only available for Windows OS users as of right now. It will detect your hardware and select the most efficient algorithm to maximize your gains.
This video will give you an introduction to automated mining using BetterHash.
With BetterHash you can mine 9 cryptocurrencies, including the renowned BTC, ETH and XMR, as well as ZEC.
There are two types of mining: manual or profit-switching (automatic).
There is no mining fee for crypto coins, but there is a withdrawal fee (for accounts other than Coinbase) and FIRO for Bitcoin.
Crypto mining has become a household name. Numerous crypto mining platforms are available to both novice and experienced miners.
Although it may seem logical to use idle computing power to mine, technical proficiency is necessary to generate profits and avoid losing. When choosing a crypto mining platform, it is important to consider supported coins, mining algorithms and reward systems. Also, you need to take into account minimum payouts, withdrawal fees, user reviews, and user reviews.
You could also consider buying dedicated hardware such as Antminer.
Crypto mining, despite its popularity, is not for everyone. Especially those with inefficient hardware should stay away from it.
Cloud crypto mining is the easiest way to mine cryptocurrency, but the payouts aren’t guaranteed. It is similar to investing in the stock exchange. You are bound to pay the entire amount once you sign a contract regardless of any mining income.
Cloud mining requires that you be cautious and take the time to research before entering this exciting world of passive income.